The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1916-07-23
and claims before final action there

and claims before final action there
on.
Sec. SIS. Bond Issue. Money may
be borrowed by the issue and sale of
bonds, pledged on the credit of the
city, or on the property or revenues
of any public utility owned by the
city, for the purchase of land, the
construction and equipment of build
ings and other permanent public i'm
provements and the payment or re-
funding of bonds previously issued.
Nc ordinance providing for the issue
Of bonds snall be passed without pub
lie notice at least two weeks before
final action by the council, and the
approval Of two-thirds of all the mem
bers of the council, or submission to
the electors of the city at a regular
or special election and the approval
of a majority of those voting there
on. No bonds shall be issued on the
credit of the city beyond per
cent of the assessed valuation of prop
erty in the city subject to direct tax
alton, as shown by the last preceding
valuation for city taxes. (17). Every
issues of bonds shall be payable with
in term of years, not to exceed the
estimated period of utility of the i'm
provement for which they are issued.
and in no case to exceed thirty years;
| (18), and shall be payable in equal an
nual installments, including principal
and interest. Every ordinance for the
issue of bonds shall provide for a tax
! levy for each year to meet the annual
serial installments of principal and
interest, and such amounts shall be
included in the tax levy for each
year. (19).
Note IL. II desired, provision may be
made for the issue Of bonds outside the
debt limit on the credit of the city for
self-sustaining utilities.
Note IS. In cities where subways and
other improvements of extraordinary cost
iod may be extended to fifty years.
Note 10. For cities having sinking
funds, provision should be made for
I IQanaEeTnenI
til maturity. The sinking fund board may
consist Of the mayor, director of finance
and three other members appointed by
the council for term of four years, to
serve without compensation.
Sec, 81. Temporary Loans. Money
may be borrowed in anticipation Of
the receipts from taxes during any
fiscal year, by the issue of notes
: certificates of indebtedness or revenue
bonds; but the aggregate amount o.
such loans at any time outstanding
shall not exceed per cent o.
the receipts from taxes during thl
preceding fiscal year; and all suci
loans shall be paid out of the receipt
from taxes for the fiscal year il
2 which they are issued. If upon tn,
day of thcr
shall be any outstanding loans o
b notes for money borrowed in anticipa
E ton of taxes prior to the adoption @
= this charter, such loans or any par
5 thereof may be renewed or refunde
i by the issue of notes, certificates q
II Indebtedness or revenue bonds, Day
able IN equal installments with intsi
l. est, fc1 not more than five successiS
n years. No temporary loans authorize
re by this section shall ke made withot
re purlic notice at leoEt two weeks +,
e fore final action By the council, ar
, the approval of tvO-thirds of all Il
l. members of the cCuucil.
II Sec. So. Restriction on Loans az
Z: Credit. No money shall be borrowt
- by the city except for the issue
= bonds or temporary loans, as autho
- lied by sections Sc and 81 of tn
~ charter, and subject to the limitation
- prescribed by law and this charte
y The credit of the city shall not
= any manner be given or loaned to
~ in aid of any individual, ASSOCIATE,
" or corporation, except that suitab
provision may be made for the a
:, and support of its poor.
Il Sec. SO. Collection and Custody
.. City Moneys. All taxes, special a
40 sessments, and license fees accruil
o to the city shall be collected by of
ne GERS of the department of finan,
= All moneys received by any offic
~ or employee of the city for or in co
or nection with the business of the CT
Of shall be paid promptly into the CT
in treasury, and shall be deposited wi
N, such responsible banking institutio
as furnish such security as the cou
" Gil may determine and shall pay t
=, highest rate of interest, and all su
IN interest shall accrue to the benefit
nd the city. The council shall provi
or by ordinance for the prompt and re
,aI ular payment and deposit Of all Ct
ua moneys as required by this section.
,ly Sec. 60. Contracts and Yurchas
be No continuing contract (which
ey wolves the payment of money out
the appropriations of more than t