The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-07-30

of Thirty Thousand Dollars. tsso DOC. oo)
| For the purpose of grading, paving and
curbing or otherwise improving streets
between Barrancas Avenue and o.
/ Street and between Garden and Govern
ment Streets, in the subdivision adjacent
| to the Pensacola Shipbuilding Company's
i Plant, the sum OF Twenty-Five Thousand
Dollars. (s25.0oo.oo).
otherwise improving streets. including re-
| paving and repairing of DeVilliers and
/ Garden Streets, the sum of Fifty Thou
/ sand Dollars. s50.00o.oo).
1 Any money received from the sale Of
any of said bonds. which shall not be
used for the purpose authorized, shall be
placed IN the sinking fua fr and used use s9ls
i issued under this ordinance.
| Section 2. That the bonds provided for
herein shall be known as Improvement
Bonds of the City of Pensacola, Florida
They shall be issued In the name of the
i City Of Pensacola and shall be signed by
CITY Clerk and countersigned by the City
porate seal of the City of Pensacola. Said
thousand A dollars. Isl. 900. oo1 and shan be
numbered in the order in which they are
issued: The form Of said DO bonds u shall be
Said bonds shall be dated the first day
of october, A. D., 1918. and they shall
| the date of their issue with the option
reserved by the city OF retiring at par
and accrued Interest any or all OF said
from the date of issue. The said bonds
shall draw interest from the date Of
issue at the rate 20, Of five "a. 20 per c cent n,
April and the first day of October of each
year, and shall have interest coupons at
tached payable on said dates. The prin-
| cipal and interest of said bonds shall be
payable In gold coin of the United States
OF america OF the present r,a weight and
| be designated by ordinance prescribing
the form. of said bonds
Section 8. That, for the purpose of pay
| ing the principal and interest of the bonds
herein provided for, the entire taxable
property within the City of Pensacola is
hereby pledged, and it shall be the duty
| of the Board of Commissioners of the
| City of Pensacola, to levy annually a
| in the corporate limits of said City as
may be necessary to pay the interest on
said bonds and to provide sinking fund
I for the payment of said bonds. The tax
| levy to provide a sinking fund shall.
nually, from the date of said bonds to
| October LIST. 1928 amount to not less
than one-haif of one per cent of the total
amount of bonds issued, and thereafter
to October 1st, 1928, to not less than one
| from and after October 1st, 1928. to Octo-
Der list, 1888, to not less than one and
one-half per cent of the amount of said
bonds, and from and after October LIST.
1888, to October LIST, 1888, to not less than
two per cent of the amount of said bonds,
and from and after October list. 1888, to
not less than two and one-half per cent
| of the amount of said bonds. All money
raised by taxation. or otherwise for the
payment of the interest, principal. of
said bonds shall, when collected, be paid
into depository or repositories shall
pc designated by the Board of Commits
sioners of the City of Pensacola, and said
Board of Commissioners may invest the
same. or as much thereof may be adj
visa BILE in bonds of the United States
Government or bonds of any state Coun-
| ty or City, or may lean same with any
| of said bonds as collateral security
4 Nat Ran ifa1f r>fA 1-cfr
with approved collateral.
Section 4. The Board or Commissioners
shall offer said bonds for sale by. notice
published in newspaper published in
1 the City of Pensacola, and in such other
cities as the Board of Commissioners may
deem advisable, and calling for sealed
/ bids for said bonds on a day specified
/ in said notice On the day specified in
said Notice for receiving bids the Board
/ OF Commissioners at meeting to be held
in the City Hall in the City of Pensacola.
shall publicly open and read all bids re-
shall have the right to reject any and all
bids, and to re-advertise for sale, and
sell from time to time any of said bonds
Section s.. That all bonds, when en-
graved or executed, shall be placed by
| bank, or banks. or other depository as
shall be designated by the Board of Com
niissioners of the City of Pensacola. and
all money received from the sale of said
| bonds shall be deposited by the Board of
| Commissioners with such depository, and
1
disbursements shall be placed at interest
i by such Board at such places and upon
such terms and conditions as prescribed
| by resolution of the Board.
| Section 6. That it shall be the duty
! OF the Board of Commissioners whenever
/ IT sells, otherwise disposes of any
bond, to register the same in a book to
be provided. for that purpose and to be
| kept in the office of the City Comptroller,
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 disposed of.
| Section Z. That the City Treasurer 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 in
| terest of said Bonds, or any of them. or
any portion of the Indebtedness created
thereby, shall make semi annually. or
| oftener If required by the Board of Com
missioners written reports, in duplicate,
received by them, and the person or
source from which the same was received,
or collected. One of said reports shall
the Board of Commissioners and the
other shall be filed with the City Comp
troller and entered by him in book to
be provided for that purpose under the
direction of the Commissioner of Finance
and Revenue.
Section 8. That the Mayor of the City
of Pensacola. is hereby directed to issue
his proclamation calling election to be
held on the 18th day of August. A. D..
1918, to determine whether or not the
issuance of bonds for the purposes and
amounts herein enumerated, or any of
them, shall at that time be approved by
the majority of the votes cast by the
qualified electors qualified to vote and
ton shall be published daily in the news
papers published in the City of Pensa-
cola: during the period from August 7th
Section 9. That the ballots used in said
election shall be substantially in the fol-