The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1914-06-10

Brunswick to exceed in amount the
previously existing total bonded
debt With interest thereon Of said
city; and it is necessary for said
city to issue said refunding bonds;
Now. therefore, be it ordained by
The Mayor and Aldermen of the City
CT Brunswick, Georgia in council as.
sembled;
Section l, That under the author
ity aforesaid that the Mayor and
Aldermen of the City of Brunswick
fer the purpose of retiring bonds OF
the City of Brunswick IS follows
numbers 239 to 500, each of the face
value of one Thousand dollars, and
Of the total value of siXty-two thous,
and dollars, maturing January LIST,
1921, shall issue new bonds of the
City of Brunswick to the principal
amount of Sixty-two Thousand
| 1862 100000 Dollars, face value and
| the said issue OF bonds is hereby
fully authorized, the said bonds shall
be divided into denominations Of
One Thousand ($t0O0Oo) Dollars
face value They shall be executed
under date Of January first, 1914, and
/ Shall mature July first, 1914, be pay
able in gold, or. its equivalent, shall
bear interest at the rate of five per
cent pa' annum, payable semi-an-
nually and this interest shall be. re-
presented by coupons attached to
| said bonds. Interest on the said
bonds shall be payable in the City
Of Brunswick, Georgia. The said
bonds shall be used by said city for
the purpose Of retiring the aforesaid
bonds maturing on the first day Of
January, 1921, ana for no other pur-
pose whatsoever, and the said bonds
SO issued shall stand in the place
and stead of the said outstanding
bond and coupons,
Section IL. That the issuance of
said bonds shall III no way Increase
the amount Of the previously exist
ing total bonded debt, with interest
thereon. of said city but the purpose
hereof being to refund the said hond-
ed Indebtedness by the retirement OF
tthe maturing bonds; the same being
to the advantage of the City 81
brunswick.
Section Ill That the said bonds
shall be sold at the highest and best
prices obtainable, but in no event for
less than their face value; and par
ties holding said bonds maturing on
the first day Of January 1872 may use
the same, at their face value, in the
purchase of the new bonds.
i Section ~. That a sinking fund
: for the redemption Of the said new
issue of bonds Is hereby pledged,
WHICH fund shdfl net be less than
Twelve Hundred Dollars per year,
: Gbeginnng with the calendar year,
f19l5; and the Mayor and Council OF
he City OF brunswick shall annual
deposit withathe sinking fund
commission of said city the sad
sum Of Twelve Hundred Dollars
TO be kept and used by them In the
manner and form provided by law
Tor the purpose of paying said
, bonds.
Section V. That the said issue OF
bonds or parts of said issue shah
only be sold or, exchanged from time
to time as may be necessary or id
ylsable to take up by said exchange
any of said old bonds numbered 239
to 300 both inclusive, or to provide
funds for the purpose of redemption
OF any of said bonds numbered 239
to 800 by said city from the holders
thereof, either before or at maturity :
so that at not time shall the amount
OF the previously existing total bond
ed G9bt, with interest thereon, of
said city be increased.
Section VI. That the Mayor and
Finance Committee Of said city are
: hereby clothed with full power and
authority touching all matters apper-
tanning to the issuance of said bonds.
: the form, sale, exchange, protection
and execution, and also the dsposf
ton of the cid bonds, as is not herein
specifically provided.
oStttOil VII mat all ordinances
anc parts thereof in conflict with
: this ordinance be and the same are
hereby repealed.
New Business
Under this head Chairman Ludwig
of the Special Committee on Charter
Amendments, stated for information
Of the council and the public general
ly that meeting'w will be held Thurs.
day, June II at 10 o'clock a. IN. and
anyone having suggestions to Offer
is invited to- be present.
Bills and accounts properly approy
ed and audited, amounting to $2474.49
were read and ordered placed il.
course Of settlement.
Recessed until Tuesday, June 9lh,
1914 at II o'clock, a. m.
N d. RUSSELL, Clerk Of Council.
GOIIMHu E.tE.g!TrG