The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1918-08-10

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Florida of 1906. as is thereby pro-
vided.
Sec. 6. The city of Ocala shall have
the power to own, operate or lease any
electric or street railway or other
means for the conveyance of passen-
gers or freight and own or operate
the same either within or without the
corporate limits of said city. The said
city may issue bonds for such pur-
pose, and may acquire property there
for by eminent domain.
Sec. Z The city council shall have
the right, by resolution or ordinance,
to fix the maturities, negotiate and
sell, any and all special assessment
certificates which may have been
heretofore, or which may be hereaf-
ter, issued by it. and to guarantee the
payment thereof; it shall further have
the power to fix the rate of interest
such certificates shall bear, and shall
in addition. and at its option, to the
above power, have all powers con-
ferreed upon cities and towns by
Chapter 1864. Laws of Florida, APP
proved June 4. 1915. which said act
reads as follows:
sSection /. That the city council,
as soon as any assessment or munlc-
ipal improvement is made, issue GER
tificates of Indebtedness for the
amount so assessed against the abut
ting property or property benefited
as the case may be and separate GER
tificates shall be issued against each
tract of land assessed, containing a
description of the land and the
amount of the assessment, together
with the general nature of the inn
provement for which the said assess
ment is made, and the date thereof
lSaid certificates shall be payable in
not less than one or more than ten
years after date. in not more than ten
equal Sinstallments, as the coupcil may
determine, with interest to be fixed
Iby the council at rate no greater
than eight per cent. per annum, pay
able annually from the date of the is
suance of the certificates and annual
interest shall be guaranteed by the
| city or town, and in case of non-pay-
lment of any interest or principal at
maturity by the property owner the
same shall be redeemed by the city or
town at the option of the holder
thereof; but said redemption by the
lefty or town shall not discharge the
! lien or the assessment against the
property, and in case of non-payment
iof any interest of any. installment
upon any certificate issued under the
Iprovisions of this act. it shall be OPP
tional with the holder thereof to con-
slider the whole of said sum expressed
lin said certificate as Immediately due
and payable with interest to date. The
certificates when issued may be sold
or disposed of by the council in pay
ment for said work or improvement,
| or for cash, in the discretion of the
council and all certificates of indebt-
edness, constituting lien upon prop
Ierty shall be payable at the office of
the treasurer or depository of the
i city or town, as the case may be.
i ASec. q The council, at their OPP
ltion, instead of disposing of such GER
1tifcates of Indebtedness and guaran-
j teeing the payment, as above provld-
i ed, may retain such certificates of In
Idebtedness and deposit the same with
i the treasurer or depository, as the
case may be, in a special and separate
fund to be known as the Improve
ment Fund.- and may Immediately is
sue and sell bonds, to be designated
i Improvement Bonds of the city OF
4 town, with interest coupons attached
Il to an amount not in excess of the ag-
i gregate amount of said certificates
i that shall, from time to time, be Is
sued, bearing interest at rate not
Il to exceed six per cent. per annum
payable semi-annually; or whenever
i certificates are not issued, but liens
) are entered in a book provided fol-
that purpose, the council, at their OPP
4 ton may issue and sell bonds, to be
! designated Improvement Bonds OF
! the city, with interest coupons at.
! tached, to an amount not in excess OF
! the aggregate amount of said liens sc
j entered as aforesaid, and said bond:
!; may be issued from time to time bear
!, ing interest at a rate not to exceed SD
Il per cent. per annum, payable semi
, annually. Such bonds shall be ISSUED
!, with such maturities and in such form
: and denomination as the council shall
G from time to time determine. ANY
| bonds that shall be issued pursuant t.
| the provisions of this section shall
= mot be computed in determining thu
i limitations of the bonded Indebtedness
= prescribed by the special charter o.
) general law under which. the cit.
/ shall be operating; provided. that TIT
f amount of such bonds so issued shall
| never exceed the amount of certif
/ Gates of Indebtedness deposited witt
l the treasurer or depository, or tn
t amount of liens assessed and entere'
0 as aforesaid. and the maturities o
4 /. the bonds shall coincide substantial.
flwith the maturities of the install
f, ments of the certificates of indebted