The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-09-09
Mayor.
city coptroller.
Chairman, Board Of Bond Trustees,

City Coptroller.
Chairman. Board Of Bond Trustees.
Sec 8. 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
the duty of the Mayor and Council Of the
City of Pensacola to levy annually
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 a sinking fund shall. annually
from the date Of said bonds to October
Of one per cent. of the total amount ct
bonds issued, and thereafter to October
/, 1921, to not less than one per cent Of
the amount OF said bonds, and from and
after October l., 1921, to October 1. 1926,
to not less than one and one-half per
cent. of the amount of said bonds, and
from and after October 1, 1926, to Oc-
tober l, 1881, to not less than two per
cent. of the amount of said bonds. and
from and after October 1, 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
so much thereof, as may be advisable, in
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
Certificates Of Deposit with approved COL
lateral. Provided, that all such invest
ments and loans shall be made with the
approval of two-thirds Of all the members
of the City Council, and shall at all times
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 pay
ment of said bonds.
Sec. f. The Board of Bond Trustees
shall offer said bonds for sale by notice
City of Pensacola, and in a newspaper
published in the Cit5Ie9E New York or
may deem advisable, and calling for
sealed bids for said bonds thirty (30) days
after the day specified in said notice. On
the day specified in said notice for re-
ceiving bids the Board Of Bond Trustees,
at meeting to be held at the City Hall
Building In said City Of Pensacola, shall
publicly open and read all bids received.
but no bid shall be accepted unless 1t
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 re-advertising. from time to time
any of said bonds remaining unsold.
Sec. 5. That all bonds when. engraved
shall be placed by the Board OF Bond
Trustees in such bank or banks or other
depository as shall be approved by the
Council of the City of Pensacola and all
monies received from the sale of said
bonds shall be deposited by the Board OF
Bond Trustees with such depository to
be applied in the payment and satisfac-
ton OF any and all bonds now outstand-
ing ana intended to be compromised. re-
Sec. 6. That it shall be the duty Of
the Board Of Bond Trustees whenever II
sells. or otherwise disposes of any bond.
or bonds, to register the same In a book
to be provided for that purpose and to
be kept in the office of the City Comp
troller. Such registration shall show the
number and denomination Of each bond,
when and to whom sold, or how disposed
Of. and. the amount for which sold or
Sec. l. That the City Comptroller and
all other officers and agents collecting or
receiving any money from any assess
ment, tax, or other sources to be applied
to the payment Of the principal or interest
OF said bonds. or any Of them, or any
thereby, shall make semi monthly, or
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 fled with the City Comptroller
and entered by him In a book to be pro-
yided for that purpose under the direction
OF the. Finance Committee Of the City
Sec. 8. 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
VIII 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-
cetved by them, and no sale Of the said
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 shall be received
by. said Board of Bond Trustees to be
held for the purpose Of refunding the
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
a bond for the faithful performance Of his
duties in the sum Of Ten Thousand Doll
lars ($10.000.o0), in such form. and with
such surety, or sureties, as the Council
may approve.
Sec. g. That all ordinances and parts
Of ordinances in conflict herewith be and
the same are hereby repealed.
Sec. 10. That this ordinance shall
take effect Immediately upon its passage
and approval.
Passed August 2sd. 1911
Approved August gath, 1911,
Attest; FRANK REILLY.
aug26oaw4w City Clerk.
IN the County Judges Court Of Escam-
bia County, Florida.--In the Name and