The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-07-16
LEGAL NOTICE.
Series No. 8, Ordinance No. 8
AN ORDINANCE

and by virtue of an Act of the Legisla-
ture OF the state of Florida entitled: an
TO issue negotiable bonds fer municipa,
PURPOSES and provide for the payment
81 IT oR apRTexsn Nay na rE e BOARD OF
SSGMMMlIssIoNERs OF The CITY OF
of the City Of Pensaeoia shall be issued
as hereinafter provided for the several
purposes and amounts enumerated. as
For the. purpose of extending and i'm
proving Ysts the G.ys sewsssss ana a Tho,
For the purpose Of extending and inn
proving the City's water system. the sum
OF Thirty Thousand Dollars. lsso, GOO. COZ;
For the purpose Of grading paving ana
setween Barraneas Avenue ana 20"
ment Streets. in the Subdivision adjacent
to the Pensacola Shipbuilding Company
Plant, the sum of twenty-five Thousand
For grading, paving and curbing or
otherwise improving streets, Including re,
paving and repairing of Deyiiliers and
sand Dollars. 1s5o. ooo5.
ANY money received from the sale OF
any any OF said bonds, which shall not De
placed In the sinking fund end used sole
~ for the purpose of retiring the bonds
Section q That the bonds provided for
herein shall be known as Improvement
Bonds of the City of Pensacola, Florida"
City of Pensacola and shall be signed by
the City Commissioners, attested by the
City Clerk and countersigned by the City
porate seal of the city of Pensacola. Said
bonds shall be of the denomination of one
thousand dollars. $1,000 GOD. and shall be
issued The form of said bonds shall be
as hereinafter provided by. ordinance.
Sc SAD bonds shall be aated the first DAY
become due and payable thirty years after
the date of their issue with the option
S sy any Of rs er q sge
bonds. at any time after twenty years
from the date of issue The said bonds
issue at the rate of five (5) per centum
per annum, payable on the first day OF
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 weight and
hneness at such place or places as may
be DESIGNATED by ordinance prescribing
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 il shall be the duty
Of the Board of Commissioners of the
City of Pensacola, to levy annually
In the corporate limits of said City as
may be necessary to pay the interest on
said bonds and to provide a sinking fund
levy to provide a sinking fund shall. an
nually, from the date of said bonds to
october LIST: 1923 amount to not less
amount of bonds issued and thereafter
to October LIST. 1928, to not less than one
per f%nnS cent mt OF the amount of said bonds and
per lst. 1888. to not less than one and |
,ne-haif per cent of the amount of said |
ponds. and from and after October LIST, |
-wo Der cent of the amount of said bonds. |
ana from and after October list, 1888 10 |
Z, ,Pt the less than two and one-half per cent
'aised by taxation. or otherwise for the |
payment of the interest, or principal of /
nto a depository or depositories as shall |
,e designated by the Board of Commits
ioners OF the City of Pensacola. and said |
anne, or as much thereof as may be ad- /
disable in bonds of the United States |
government or bonds of any State Coun- |
If said bonds as collateral security or I
m National Bank Certificates OF Deposit |
With approved collateral
section 4. The Board or Commissioners
mall offer said bonds for sale by notice |
,u !. in newspaper published in |
ne NJ. City Of Pensacola, and in such other |
ieem advisable. and calling for sealed /
bids for said bonds on a day specified |
2 SAID notice. On the day specified in |
II Commissioners at a meeting to be held |
= the City Hall in the City Of Pensacola |
.eiHed puD Tss 9gs ara and re1a all bids
shall have the right to reject any and all |
olds. and to re-advertise for sale. and |
,em from time to time any Of said bonds
Section s. That all bonds, when en-
era or executed. shall be placed by |
oank, or banks, or other depository as
snaii be designated by the Board of Com |
nl1issioners of the City of Pensacola, and |
ponds shall be deposited by the Board of |
-ommfssioners with such depository, and |
ny moneys not needed for immediate |
.y such Board at such places and upon |
sucn terms and conditions as prescribed |
oy resolution of the Board.
Section 8. That it shall be the duty
d the Board of Commissioners whenever
= sens, or otherwise disposes of any |
ooho, to register the same in a book to |
<ept IN the office of the City Comptroller. !
'uch registration shall show the number |
% whom sold or how disposed of. and /
ne amount for which sold or disposed Of |
section a That the City Treasurer and |
LII other officers and agents collecting |
'r receiving any money from any assess
nent, tax, or other sources to be applied /
3. ers .ne payment Of the principal or in |,
ercst OF said Bonds, or any of them, or
my portion of the Indebtedness created |
hereby, shall make semi-annually. or
'ftener IL required by the Board of Com
nlssioners written reports, in duplicate.
showing the exact amount collected or |
'eceived by them. and the person or
source from which the same was received.
'r collected. One of said reports shall
,e Kept in the records of proceedings Of
ne Board of Commissioners and the
'tner shall be filed with the City Comp
roller and entered by him in book TO
,e PROVIDED for that purpose under the
lirectlon of the Commissioner of Finance
md Revenue.
Section s. That the Mayor of the City
u PENSACOLA, is hereby directed to issue
lis proclamation calling an election to he
leld on the 18th day of August, A. D.,
sls, TO determine whether or not the
of bonds for the purposes and
mounts herein enumerated. or any OF