The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1915-06-03
AN ACT

TO Authorize the city - Pensaeola.
Florida, 70 Issue Negotiable Bonds for
Certain Municipal Purposes.
be in Enacted by the Legislature q the
section 1. That the Board Of Com
miHaionera a. the city az Pensacola.
Florida. are hereby authorized 20 provide
hT ordinance for the issuance o., and to
issue negotiable bonds o. said city fer
the several purposes and amounts cuum-
Grated us follows
For the purpose ~ erecting and equip
ping buildings for the use ~ the IRE
and police department. q said city. the
sum Of Ten Thousand tSio. coo 00D Dol
lars
For the purpose ~ erecting. equippinx.
extending and improving the buildings
and plant % the water department, and
ennstrucunE ard equAppinE of stable Tor
the department Of streets and public
works, the sum of Twenty Thousand
$4,000 0o) Dollars
ANY money received from the sale OF
said bonds which will not be used for
the purpose authorised. shall BE- placed
in e. sinking fund 20 be used solely Tor
the purpose ~ retiring the bonds Issued
under this Act.
Section 2 That said bonds shall be
designated By such name as the Board
- Commissioners shall determine. and
ahat hn issued IN the name ~ the city
q Pensacola. and shall be signed hv the
Commissioners and city clerk and coun-
bear the corporate seal ~ the city said
bonds shah be- numbered ORA the order tn
Whien they are issued. The form 81
saia bonds and the denomination thereof
shan be prescribed by ordinance. said
bonds shall Sc issued on die frst aav
81 July. A. -. 1918 0r at such time or
times thereafter as shall D. nrorEdeH
~ ordinance. and they shall become due
aNd pay able ten years after the date uf
their issue. said bonds shall draw ln-
tsresf from the date 81 issue az a rate
not exceeding siN Ter cent per auuum.
payable on the lrHt dav 81 January and
tee Hrst day ~ July % each year. and
shaH have interest coupons attached.
payable on said dates The prInrfpaf ard
interest nf said bonds shalt 80 r4vea hla
% Hnid coin - the United States %
America az Gre present weight and ans-
ness, 81 such place oF places as may ha
designated bv ordinance prescribing Tire
form q said bonds.
Section 3 That the Commissioner q
the City 81 Pensacola shall provide out
- che annual net profits Of fHe rftgr
water works and the general rsvergar -
the citE. q sinking fund FOR the payment
- the principal - said bonds, and 20 pas
said bonds a. maturity.
section =. The Board - Commission
ers shall offer said bonds for sale bv
notice published On a Newspaper published
tn the City ~ Pensacola and otherwise
- said board may determine and calling
ter sealed bids Fer said bonds on the
specified ~ said Notice FOR receiving BIDS
the Board of GaWsntsEtrmera Rf meet
tHE 20 be held 90 the eitv Hau in the
city nt Nru@MGuIH- shall uHh31~iH uunH
aUi read al bids received. and said
BOARD SHAH have the right o. reject any
and Oh bids. and rr-aaEerEfEe Tor sale.
and % SET from time 60 time any ~
said bonds remaiufaw unHoia.
section ;. That an bonds ahen en-
EfnFed oF issued, shan he placed by the
Board 70 Commissioners Co.. such bank Of
banks or other depository aH shaH -
desi auated rs the board. aud an money
received from Tire sale % said bonds
shan bs deposited rs the board w4fh said
4epositDr1es and nnE money not needed
for Immediate disbursement shall be-
placed BY said beard az such place and
upon aHeh terms and conditions a. the
board may designate, ard no1 tu con
nirt with any provisions 81 this Act
Section E. That 81 shall BE- the duty
- tae Board 10 Commissioners whenever
Is sells or otherwise dsposea q any
bond. ar h0ndR. 20 register the same
La 3 ha0k % be provided Cor thar pur.
pose. and - - kcpt in the once -
tao ritv comptroller Such registration
shah show the number and dsnomin4 ton
CT Bow disposed q. and THE aFn3uut Tor
which e e sold 81 disposed o.
Seetion Il That all offe1rh 81 said
eitSs ard other persons collecting Or re-
teiF1na ans money from ems assessment
taE or other sources - he applied %
the faFment 81 The principal 81 Interest
q a1id bonds. or cay - them. or any
portion 81 the indebtedness created
thereby. shall niaka semi monthly. o.
uiSsioners. written rsportA in Duplicate.