0008 (Time Warrants)ORDINANCE NCB,
AN ORDINANCE PROVIDING FOR THE ISSUARCE AND SALE OF TIME-WARRANTS
TO RAISE FUNDS FOR NECESSARY AND T NEXr EC TLD To '- :NTIn OP TUT' I TY
OF OKE CH OBEE, FLORIDA.
WHEREAS, IT IS ABSOLUTELY NECESSARY VAT THE CITY I AVE FUNDS AT ONCE
TO PROVIDE NECESSARY SUPPLIES AND PAY RUNNING EXPENSES, AND NO
SUFFICIENT FUNDS WILL BE AVAILABLE FROM THE COLLECTI,-' Y OF TAXES AND
OCCUPATIONAL LICENSES FOR SOME MONTHS TO COME, WHEREBY AN EMERGENCY X is r 5
JUSTIFYING THE ISSUE OF TIME WARRANTS FOR RAISING MONEY FOR SAID
PURPOSES. IH EREFO R'E
BE IT ORDAINED BY VE MAYOR AND CITY COUNCIL OF THE CITY OF OKEECH OBEE,
FLORIDA:
SECTION 1. The City Council is hereby authorized to issue and sell
interest bearing time Warrants of the City of Okeechobee, bearing
interest at the rate of six per cent, per annum after date, interest
payable semi- annually, to an amount not exceeding Five Thousand
Dollars, to b e dated when issued and payable one year after date
thereof, and to be in such denominations as the City Council may
by resolution determine. The City Council may issue such time
warrants from time to time and may provide for such issuance by
resolution. Such time Warrants shall be signed by the Mayor,
countersigned by the President of the Council and attested by the
Clerk and shall b ear t he seal of said City. Said Time Warrants
may be sold at par ti at private sale at any meeting of the City
Council.
SECTION 2. The proceeds of the sale of such time warrants shall
be deposited in a bank to be named by the City Council, and such
proceeds shall be used for the necessary running expenses and for
purchasing supplies for said City.
SECTION 3. The City Council shall levy a tax upon all the taxable
property of said City sufficient to pay the principal and interest
of said tine warrants when due, which tax shall be assessed, levied
and collected at the same time and in the same manner as other
City t axes.
SECTION 4. This Ordinance shall be in full force and effect
immediately upon its passage and approval by the Mayor.
Aprroved July 22, 1915.