0479 Municipal BorrowingORDINANCE NO. 479
AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE CITY OF
OKEECHOBEE, FLORIDA; REPEALING ARTICLE X RELATIVE TO LOANS,
TIME WARRANTS AND BONDS; REWRITING ARTICLE X TO CONFORM WITH
CHAPTER 166, PART III, MUNICIPAL BORROWING; PROVIDING THAT
BORROWING MAY BE BY RESOLUTION OR ORDINANCE; RATIFYING EXIST-
ING DEBT; PROVIDING AN EFFECTIVE DATE.
• BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE, FLORIDA, AS FOLLOWS:
SECTION I: Article X of the Code of Ordinances of the City of Okeechobee, Florida, is
hereby repealed.
SECTION II: A new Article X conforming with Chapter 166, Florida Statutes is hereby
adopted which shall read as follows:
ARTM.F. X
MUNICIPAL BORROWING
Section 46: Authority to borrow - The City Council of the City of Okeeccobee ma
borrow monev. contract loans, and issue bonds as permitted by the Constitution of the
State of Florida and by the Florida Statutues including Chapter 166, Part III, from time
to time to finance the undertaking of any capital or other project for the purposes
ermitted by the State Constitution or Florida Statutes. At the option of the Cit
Council said borrowing shall be authorized by Resolution or Ordinance of the City of
n~lAP!`I'1!l}lPP
SECTION III: All existing borrowed money, contract loans and bonds are hereby ratified
and determined to be valid.
SECTION TV: This ordinance shall take effect upon its adoption by the City Council.
Introduced on first reading and set for public hearing this 22nd day of February
1983.
14
ayor
ATTEST:
C ty Clerk
Introduced and passed on second and final reading this 8th day of March 198-
Mayor
ATTEST:
• City Clerk
APPROVED AS TO FORM:
City Attorney