The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1920-11-12

at any interest paying date AFTER HVe
years from issue any or all of said Con
; soils at said time not matured shall be,
at the option of said City, caIlable at
! par, and paid by said city, with inter-
est tod date Of payment, provided said
city give ninety days notice of its
intention to do So by resolution, which
! resolution shall be duly published in
said city, and intedest thereon shall
case after the said date fixed for pay
ment.
: Sec. ". Be it further ordained that
a special tax be levied each year like
the sinking fund tax is levied, to be
| known specifically as the Consols Re
! tirement tax, which quota shall be a
| percentage of the one and One-half per
centum tax exclusive of taxes for the
Beard OF Education OF Glynn County,
now allowed, sufficient to pay the prin
/ Cipal and interest Of the ConSOlS ma
| turing each year. That said special
| tax for the principal, shall be paid
over to the Sinking Fund Commission
! ers of the City of Brunswick, Ga,
Tor the express purpose OF retiring the
annual amount of consols falling due
and the tax for the interest to the APP
Piled by the City Treasurer, in pay
i ment of the coupons thereof. That
said Consols shall be payable to bear
er and both principal and interest
payable at the office of the City Treas
urer of Brunswick Ga.
Sec. V. Be it further ordained that
any Consol at its par; value and ac-
crued interest, ard interest coupons.
shall be accepted by the City Treas
urer, in payment of City Taxes, if ten
dered by Nov. Is, in the year in which
the Consol and Coupons mature and
the same may be delivered to the Sink
ing Fund Commission, by the city
Treasurer, in lieu of like amount of
the special tax levied in the year
which shall be covered in that event
into the general fund Of the city.
Sec. VI. Be it further ordained
chat said Consols shall not be taxable
by the City of Brunswick.
Sec. VII. Be it further ordained
that the Mayor and Finance Commit
tee be empowered to do so and per-
form the things necessary for the
printing, execution, sale or exchange
/ of said Consols, and that they are
hereby empowered to appoint any
bank Or banks in the City of Bruins
wick, as the city's fiscal agent to eX-
change for the outstanding notes re-
| ferred to, a like amount of Consols.
/ In their discretion the Mayor and FL
Z, nance committee, may sell the entire
amount of Consols ct the best price
! Obtainable, but in no event at less
than par and accrued interest, but if.
said entire amount is sold, or a por-
ton Thereof, then the proceeds shall be
deposited in a Special Account in the
bank handling the transaction and dis
| bursed only upon the check of the
! Treasurer, upon voucher by the City
Clerk, certifying that the voucher is
drawn for the payment of the afore-
said notes, properly Identifying said
noteor notes in such voucher.
Sec. VIII. Be it further ordained
that all ordinances and parts thereof
! in conflict with this ordinance be and
| the same are hereby repealed.
The following ordinance was read
the second and third time, passed and
adopted
An ordinance to refund a portion of
the bonded indebtedness of the Cit
of Brunswick, maturing on January
first, 1921; the said portion originally
issued prior to the present 1877 Con-
stiiution of the State OF Georgia
Whereas, certain bonds Of the City
Of Brunswick, Georgia, numbered two
! hundred and thirty-nine (239) to three
hundred (300) both inclusive, each of
the face value of one thousand dol
lars, and of the total face value of six
ty two thousand dollars, will mature
on the first day of January, 1921 said
original bonded indebtedness having
been created prior to the Constitution
of 1877 of said state; and it is desired
to refund this Indebtedness by the is
suance of new bonds to be used for the
purpose of retiring the said present
outstanding bonds, numbered and iden
titled by said numbers the same to be
done under the provisions of the act of
the Legislature. approved December
II, 1873, and particularly under sol
much of said act as is codifed in Sec
tions 900, GOT and 90S Of the present
Code of Georgia.
| And whereas the said refunding is
sue of said bonds will not cause the to-
! tai bonded debt Of said city to exceed
| lin amount the previously existed bond
ed debt, with interest thereon, of said
city; and it is necessary for said city
! to issue said refunding bonds;
Now therefore be it ordained by the
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