1947-09-20 Time Warrants-V
R E S 0 L U T 1 0 N
the City Council of the City of Okeechobee,
Florida, did, on March 12, 1945, under the provisions of
Ordinance No. 214 of said City, issue City Time Warrants in the
amount of $20,000 for the purpose ofmaking urgent repairs to the
Water System of said City, and
WHEREAS, said City Council under authority of Ordinance
No. 218 Passed and Adopted on the lat day of October, A. D. 1945,
issue additional Time Warrants in the sum of $12,000.00 for the
purpose of making further repairs to theWater System of said
City and providing that all of said Time Warrants should b% paid
from water revenue of said City, and
WHEREAS, said City Council of Okeechobee, Florida, did
on the 13th day of May, 1946, pass and adopt Ordinance No. 219
providing for the issuance of $19,000 hevenue Certificates of the
City of Okeechobee, Florida, and providing for the payment of said
Revenue Certificates from a Special Utility Tax and from revenue
derived from the Water System of said City, and
WHEREAS, said City Council did, by Ordinance No. 216
passed and adopted the 8th day of October, 1945, provide for and
levya graduated tax on purchases of electricty, bottled gas and local
telephone service for payment of said Revenue Certificates and
providing further in Section 6 of said Ordinance No. 219 that "for
the prompt payment of principal and Interest of said Revenue
Certificates according to the tenor thereof which were issued
pursuant to thisOrdinance 4219) the entire revenue received from
the Utility Tax levied by the City Council under authority of Chapter
22929 Laws of Florida, Acts of 1945, is hereby irrevocably pledged,
and net revenue after expenses of operation, receivedfrom the
Water System of said City, not heretofore pledged, is hereby
irrevocably pledged", and
WHEREAS, the said City Council has fully paid and
satisfied Water Improvement Time Warrants No. 1, due September
1945; 2 and 3 due ft
,pbember, 1946; 4 and 5, due September, 1947;
6 and 7, due September, 1949, 9 and 9, due September, 1949, and
WHEREAS, none of the Time Warrants issued under
Ordinances No. 219 and 214 are due and payable prior to November
1, 194s, and
WHEREAS, said City Council has fully paid and satis-
fied Revenue Certificates issued under authority of Ordinance
No. 219 as aforesaid, Certificates No. 1 and 2, due April, 1947;
3 and 4, due April, 1948; and Certificate No. 5, due April, 1949,
and
�MEREAS, no Revenue Certificate issued under authority
of Ordinance No. 219 will become due prior to April 1, 1949, and
WHEREAS, the City of Okeechobee has recently passed
through a severe and destrkctive hurricane, and that in the opinion
of said City Council of Okeechobee, Florida, a serious emergency
exists, and
WHLREAS, the City is in urgent need of funds with which
to repair the public streets and buildings
U Of �7`d City, and
14HEIFEAS, the -Heveniefrom the Utility Tax is amply
sufficient to take cabe of the revenue certificates issued under
Ordinance No. 219 as they severally become due and payable, and
WHEREAS, the revenue derived from the Water System
of said City amounts to a sum in excess of the amount needed and
required to retire Time Warrants issued under Ordinance No. 218
and Ordinance No. 214 of said City,
THEREFORE) BE IT RESOLVED by the City Council of
the City of Okeechobee., Florida, that the Okeechobee County Bank
and its associates be, and the same are, hereby requestedt to
release all funds derivingfrom the Revenue from the City Water
System in excess of the amount required to pay Time Warrants
Issued under Ordinance No. 214 and Ordinance No. 219 and that the
covenants and agreements contained in Section 6 of Ordinance
No. 219 which pledges all revenue after expense of operation
received from Water System of said City not heretofore pledged
be set aside and reserved for payment of Utility Revenue
Certificates,pbe cancelled and/or eliminated.
PASSED and ADOPTED in open session this the �-A- day
of September, A. D. 1947.
ATTEST:
City Clerk
1947.
Sident,loi-ty Council.
11 -9�
APPROVED by me,this the 2:�2, day of September, A. D.
LIE