The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-07-09

City Of Pensaola, to levy annually a
special tax on all taxable property with
may be necessary to pay the interest on
said bonds and to provide sinking fund
for for the ne payment Of said bonds The tax
nually. from the date of said bonds to
October LIST, 1928, amount to not less
amount of bonds issued. and thereafter
to October LIST, 1928, to not less than one
per cent of the amount of said bonds. and
Der LIST, 1898, to not less than one and
one-hah per cent of the amount of said
1888. to October 1st, 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-hah per cent
of the amount of said bonds All money
raised by taxation or otherwise for the
payment of the interest. or principal of
said bonds shall, when collected, be paid
into depository or repositories as shall
be designated by the Board of Commits
Board of Commissioners may invest the
same. or as much thereof as may be ad-
visable In bonds of the United States
Government or bonds of any State, Coun-
ty or City. or may loan same with any
OF said bonds as collateral security or
on National Bank Certificates of Deposit
with approved collateral
Section 4. The Board of Commissioners
shall offer said bonds for sale by notice
p Is in a newspaper published in
cities as the Board of Commissioners may
deem advisable. and calling for sealed
BIDS for said bonds on day specified
said notice for receiving bids the Board
OF Commissioners al meeting to be held
In the City Hall in the City Of Pensacola,
snail publicly open and read all bids re-
ceived. The Board OF Commissioners
shali 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
remaining unsold.
Section 5. That all bonds. when en-
rf1I -h11
the Board of Commissioners. in such
pank, or banks, or other depository as
shaH be designated by the Board of Com
missioners 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
disbursements shall be placed at interest
by such Board at such places and upon
such terms and conditions as prescribed
by resolution of the Board.
Section g. That it shall be the duty
OF the Board of Commissioners whenever
1t sells, or otherwise disposes of any
be provided for that purpose and to be
Kept In the office of the City Comptroller,
such registration shall show the number
and denomina ton of each bond, when and
to whom sold or how disposed of, and
the amount for which sold or disposed Of
Section T. 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
terest of said Bonds, or any Of them or
any portion of the indebt edness created
thereby, shall make semi or
oftener if required by the Board of Com
missioners written reports, in duplicate,
showing the exact amount collected or
received by them, and the person or
source from which the same was received
or collected One of said reports shall
be kept in the records of proceedings OF
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 s. That the Mayor of the City
Of Pensacola, is hereby directed to issue
held on the 10Th 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
CUzEeed electors qualified to vote and