The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-09-02
Mayor.
city coptrolle


Chairman, Board Of Bond Trustees.
Sec. 9. That for the purpose Of paying
the principal and interest Of the bonds
herein provided for, the entire taxable
property within the City of Pensacola Is
hereby irrevocably pledged and It shall be
City Of Pensacola to levy annually a
special tax on all taxable property within
the corporate limits Of said city as may
be necessary to pay the interest on said
bonds and to provide a sinking fund for
the payment Of said bonds. The tax levy
to provide q sinking fund shall. annually
from the date Of said bonds to October
=, 1915, amount to not less than one-half
of one per cent. OF the total amount of
bonds issued. and thereafter to October
1, 1921, to not less than one per cent. Of
after October l. 1921, to October /. 1895
to not less than one and one-haf per
cent. of the amount Of said bonds. and
from and after October !, 1926. TO Oc-
tober l, 1881. to not less than two per
cent OF the amount of said bondsA and
from and after October l. 1881 to not
less than two and one-half per cent. Of
the amount of said bonds. All moneys
raised by taxation or otherwise, for the
payment Of the interest, or the principal,
Of said bonds shall. when collected. be
paid to the Bond Trustees OF the City Of
Pensacola, who may invest the same. or
bonds Of the United States Government
or bonds. OF any State, County or City,
or may loan same with any Of said bonds
as collateral security or on National Bank
lateral Provided. that all such invest
nents and loans shall be made with the
approval Of two-thirds Of all the members
be subject to such approval All interest
accruing from the loan of any Of said
money shall be held and invested as part
OF the sinking fund provided for the pays
Sec. 4 The Board Of Bond Trustees
shall offer said bonds for sale BY notice
published in newspaper published in the
published in the City Of New York. or
such other cities as the Bond Trustees
may deem advisable. and calling for
after the day specified in said notice On
the day. specifed In eaid notice for re-
ceiving bids the Board of Bond Trustees,
e nesting % be held at the city Hall
publicly open and read all bids received.
but no bid shall be accepted unless it
shall be approved BY the City Council.
The Board Of Bond Trustees shall have
the right to reject any and all bids, and
with the approval of the Council to re-
advertise for sale and sell, or to sell
without advertising. from time to time
any OF said bonds remaining unsold.
Sec. ). That all bonds when engraved
shall be placed by the Board OF Bond
Trustees in such bank or banks or other
coune II the CIV CIV 81 e PsDposs s o m
monies received from the sale OF said
bonds shall be deposited by the Board of
Bond Trustees with such depository to
pc applied in the payment and satisfac-
ton OF any and all bonds now outstand-
Ing and intended to be compromised, re-
funded or extended hereby.
Sec. s., That It shall be the duty Of
the Board Of Bond Trustees whenever 1t
sells, or otherwise disposes Of any bond
or bonds. to register the same in a book
to be provided for that purpose and to
troller Such registration shall show the
number and denomination OF each bond
when and to whom sold, or how disposed
ct and the amount for which sold or
Sec. I. THAT the city Comptroller and
all other officers and agents collecting or
receiving any money from any assess
TO the payment Of the principal or interest
Of said bonds. or any of them. or any
portion of the indebtedness created
oftener, II required by the Board OF Bond
Trustees, written reports, in duplicate
showing the exact amount collected or
received, by them. and the person or
source from which the same was received
or collected One Of said reports shall be
kept in the records of proceedings OF the
Board Of Bond Trustees. and the other
shall be filed with the City Comptroller
vided for that purpose under the direction
Of the. Finance Committee Of the City
council.
sec. s. That the Board OF Bond rrus-
tees Of the City OF Pensacola shall as
soon as practicable after the adoption of
this ordinance advertise for sale the said
Two Hundred and Fifty-four Thousand
Dollars Of bonds, or so much thereof as
may be necessary, above mentioned and
hereby authorize to be issued. for the
purpose Of refunding the above mentioned
bonded Indebtedness Of said City which
will mature on the LIST day of November
1911. Before said bonds are sold BY said
Trustees they shall make report to the
City Council of their advertisement Of
the sale OF the bonds and OF the bids re-
bonds by the Board OF Bond Trustees
shall be valid or binding until the same is
confirmed by resolution or ordinance of
this Council The money arising from
the sale Of said bonds shah be received
BY said Board Of Bond Trustees to be
bonded Indebtedness OF said City above
mentioned. and applied only to such pur-
pose.
That each Of said Bond Trustees, shall,
before the time of advertising for sale the
bonds herein authorized furnish the City
q bond for the faithful performance of his
duties In the sum of Ten Thousand Dol
lars Oslo. 000.0 0). In such form. and with
such surety. or sureties. as the Council
may approve.
Sec. 8. That all ordinances and parts
Of ordinances in conflict herewith be and
Sec 10. That this ordinance shall
take effect Immediately upon its passage
and approval
Passed August 2sd. 1911
Approved August 21th, 1911.
Attest; q AYMARPPlR FRANK REIL Msyor.
aug2soawlw City Clerk: