0076 (Time Warrants)ORDINANCE NO. 76
AN. ORDINANCE. AUTHORIZING THE MAYOR AND OITY COUNCIL Or
ODE,, Okeechobee County, Florida,- to issue interest bearing' Time
Warrants, for the purpose of paving, macadamizing or otherwise'
mproving certain avenues, streets or parts thereof of the City of
pkeechobee and providing a fund for'paving streets until lien cer-
..tificates can be issued and sold therefor, 'for retiring existing-
-
I, indebtedicess of the : City of Okeechobee and for fire protecion,
for 'repair and oonstructioA ofxSewerage, improvement of parka; and
:repair of water ,mains, and for other, municipal purposes. The amouf,t
thereof, andthe sale of the same, the rate of interest °andt
time and place of payment of the principai. and interest
provide for a sufficient tax levy annually for the purpose of pro-
viding a fund for the payment of the principal and interest as =thgy
may become due and payable as, authorized under Section 47, Chapter
8318 Acts of the Legislature at its session A. D..1919.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE,
FLORIDA.
Section 1. The City Council and Mayor of the City of Okeechobee,
Florida, subject to the provisions of law and this ordinance are here-
by authorized to issue interest bearing Time Warrants of said City
under the seal of said corporation in the sum of FIFTY THOUSAND
DOLLARS ($50,000.00) for the purpose of paving, macadamizing or
otherwise improving certain avenues, streets or parts thereof of the
0
said City of Okeechobee, dent hated as follows:
Paving 8th Street
Paving 7th Street
Paving 6th Street
Paving 5t7a Avenue
Paving Osceola Street on the West side. of the present paving.,
and curbing same from South Park Street to Seventh Street,
from Parrott;, Avenue to Osceola Street.
from'Parrott Avenue to Hiwassee Street,
from Parrott Avenue to Hiwassee Street.
from Osceola Street to Cherokee Street.
Opening of some street in East Okeechobee, when donated and
accepted by the City Council.,
improvement of certain parks and, =for retiring the present indebted-
ness *of the City of Okeechobee and for,fire protection and construc-
tion° *and repair of sewerage and for other, municipal purposes as
authorized under Chapter 8315 of the ,Acts of the Legislature at its
eeskion A. 'D, 1919,
' Section II. It is further ordained that the money obtained
from the sale of said Time Warrants shall be pro - rated, distributed
and used in substantial accordance with the following schedule.:.,
For improvement of Parks'
Total
For fire protection, buying lot and building
station
Purchasing Fire dose
Payment olVFire Truck
For construction and repair; of sewerage
'or paving and .improvement of Streets
For providing a General l -Fund with which to carry
through to completion the above mentioned projects
in case of deficit, to grade and improve street in
East Okeechobee,' and for othermunicipal'purposes
5,500.00
2,250.00
1,000.'00-
3,000.00
20,000.00
11;250.00
'Section III.
Countersigned by the President-of 'the City Council, and attested by
Said Time Warrants to.be signed by the Mayor,
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. The amount of Time' Warrants
shall,be`:FIFTY THOUSAND ($50,000.00) DOilgre , dated May 1st, A.-D2
1921, and shall beinn such''formas the'O.ty Council shall hereafter
adopt, and shall bear interest at the rate of six per cent per annum,
payable semi- annually. Said Tie Warrants shall be in denominations
of $1,000.00 each, and both principal and interest shall be payable
at the Bank of Okeechobee,'` Okeechobee, Florida, or American Exchange
National Bank, New York City. The principal of Time Warrants shall
be payable as follows:
Five'Thousand ($5000.00) Dollars on the first of May , 1926,
Five Thousand on the'firsrt day of May of each and every year there-
after up- to and including the first day of May 1935. The bonds
shall be numbered from one to fifty (1 to , 50) inclusive and be dated
the first day of May A. D.'192i ;' the interest thereon shall be
'paid on the first day of Mavr and November of each and every year
thereafter until !filly paid.
Section 3. '` The form of the said Time Warrants
be-substantially as follows:
Nurnb er
and coupons algall
UNITED STATES,OF AMERICA ONE THOUSAND
I,}
STATE OF FLORIDA DOLLARS
CITY OF`OKEECHOBEE
• TIME'WARRANT ISSUE
OF 192+
The ity ofd Okeechobee, Florida for vUtlue received hereby
micas ,to
to bearer the sum
ON THOUSAND'. DOLLARS
100 (LOO) on therfirst day of May, 19__ with Interest-thereon at
pro-
six percent per annum, payable semi - annually to the bear
respective coupons thereof hereto' attached upon surrender
they may mature; both principal and interest being payable
"of Okeechobee, Okeechobee, Florida, or American' Exchange
Nast ,or a1,/Bank,
New >;York' City, Jat' the , option of the holder,
,This .
r.
Time Warrant i:s °i$sued`'by virtue of and in pursuance
hapt.er 831 '8, Aote of ;the: Legislature at its session
1919,. ;9f the ;.Laws of the State of Florida and of Ordinance'
tf
f the City Council of the' City of. Okeechobee, duly adopted, sand, it
is hereby certified that every requirement of law `relating to the
issue hereof has;: been duly complied with and that this Time Warrant
is within every.debt.and other limit prescribed by the Constitution
and laws - of the State of Florida.
N WITNESS,.'WHEROF, th'e said City` of Okeechobee has caused- its
seal ; to be hereto affixed; and this Time Warrant to be signed,by its
Mayor, ` countersigned by the President' of the City Council,', and wad-
tested by the Clerk of the City of Okeechobee this let day of stay.
Mayor of City of Okeechobee, Fla.
President of City Council,.`
Attest:,
F,
ity'of Okeechobee, .Florida
Okeechobee; Okeechobee
Florida, orAmerican Exchange',National Bank, New York City, for
six months interest then due on Time Warrant, issue`of 1924.
Mayor of Okeechobee, Florida.'
pR
,Countersigned;
Attest:
SEAL
City, Clerk.
Section ,4. That` a tax also be levied ,by the,City NIX Council for
each and every year for. el, veil years 'on all of the real and personal
property in the City of Okeechobee, sufficient .to ..raise
rich sums o± money as wiilkmeet and pay off the interest of said
i
Time--Warrants ,Es same'_;become due, and payable during each of said
e 'City Coun`oi14 pf the.. City - pf Okeechobee kshall at
fixed by' law <<levy' 'a'tax of sufficient number Qf
mills.:
c ollar ,va3ua ion upon` all taxable property real and peso
;n said City of Okeechobee as will be 4uuff1oiez i to raise, Meet
to ... 1.
Aff2 the, princii a1 of said Time, Warrants as`! the same. become
due :and payable.
The'above ordinance was read a first and'second time and by
consent` read a . third time /and passed in open session by
this.the 7th day of Aprtl A. D. 1924
th
of
'CC"
H. H. DeYarman
President of City Council
Apprpved this the
day of
A. D. 192_,_
Mayor of the City of Okeechobee,
Florida.
cY
ti
J
1