0054 (Time Warrants)ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE MAYOR AND CITY COUNCIL
OF OKEECHOBEE, OKEECHOBEE COUNTY,.' FLORIDA, TO ISSUE
INTEREST BEARING TIME WARRANTS, FOR THE PURPOSE OF
Ca TAINING FUNDS FOR THE COMPLETION, <.OF ,, THE WATER
WORKS AND SEWERAGE SYSTEMS OF THE CI OF OKEECHOBEE,
FLORIDA, THE AMOUNT THEREOF AND THE SALE OF THE SAME,
THE RATE OF INTEREST AND THE TIME AND PLACE OF PAYMENT
OF THE PRINCIPAL AND INTEREST, AND TO PROVIDE FOR A
SUFFICIENT TAX LEVY ANNUALLY FOR THE PURPOSE OF PRO-
VIDING A FUND FOR THE PAYMENT OF THE PRINCIPAL AND
INTEREST AS THEY MAY BECOME DUE AND PAYABLE AS AUTHOR-
IZED UNDER SEC. 47, CHAPTER 8318, ACTS OF THE LEGIS-
LATURE AT ITS SESSION, A. D. 1919.
BE IT ORDAINED BY THE **YOB AND CITY COUNCIL OF THE CITY OF OKEECHOBEE,
OKEECHOBEE COUNTY, FLORIDA.
Section 1 :- The Maymr and the City Council of the eity of
Okeechobee, Florida, subject to the provisions of law and this ordinance,
are hereby' authorized to issue interest bearing Time Warrants of said
City under the seal of said Corporation, in the sum of Thirty Thousand
Dollars, ($30,000.00), ,for the purpose of Obtaining funds for the
completion of the water works and sewerage systems of the said City of
Okeechobee, Okeechobee County, State of Florida, as authorized under
Section 47 of Chapter 83, of the Acts of the Legislature at its session
A. D. 1919.
Section 2 : -- Said Time Warrants to be signed by the Mayor, counter-
signed by the President off` the City Council,, and attested by the Clerk
of said City with the seal thereof affixed, and ,with interest coupons
attached signed in like manner, with the facsimile signatures thereof
lithographed thereon.
Section 3: -- The amount of said Time Warrants shall be Thirty
Thousand Dollars ($30,000.00), and shall be in such form as the said
City Council shall hereafter adopt, and shall bear interest at the
rate of seven per cent. per annum, payable semi-annually. r Said Time
Warrants shall be in denominations of $500.00 each, and both principal
and interest shall be payable aet the Bank of Okeechobee, Okeechobee,
Florida, or at the American Exchange National Bank, New York City,
New York, at tbhe option of the holder. The principal of said Time
Warrants shall be payable as follows: 15000.00 on the 1st. day of
April, A. D. 192,g, and 0000.00 on the 1st. day of April of each and
every thereafter up to and including the let. day of Api .l, A. D. 1932
shall be numbered from 1 to 60 inclusive, and be dated on the 1st. day
of April, A. D. 1921. The interest thereon shall be paid on the 1st.
day of October,' A, D. 1921, and the 1st. day of April and October of
each and every year thereafter, until fully paid.
Sait °grants to be sold by-watt-City Council after thirty
days notice by publication in a newspaper printed within the city of
Okeechobee and some money center, to the best bidder, but not for
less than 95 canto on the dollar, plus accrued interest, reserving the
right to reject any and all bids, and if not sold, may cause new notices,
and call for bids to be made in like manner, from time to time until sold,
Section 4 : -- Said Time Warrants shall be issued Without delay, by
the said City Council, and be dated, such date; as herei# provided.
Before the issuance of said Time Warrants the CiWCouncil shall
provide for an interest and sinking fund, for the payment of the principa
and interest thereon as the same may become due and payable, by a tax
levy upon all the real and personal property within the City of Okeechobe
subject°'io taxation, of sufficient millage as may be necessary for such
purposes.
Section : --
5 This Ordinance shall take effect immediately upon its:
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passage and approval by the Mayor.
Read a first and second time, and by unanimous consent read a
third time, and passed in open session of the n.ty Council this the
day of March, A. D. 1921.
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President of City Council.
Approved this the day of March, A. D. 1921.
Mayor of the City of Okeechobee,
Florida.
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