0078 (Bond Redemption)•
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:Ordinance number 78 was intodubed,by Councilman Bird, seconded
-116y Coun-oilman 'Bas e mnd upon roll call the vote was as follows:
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H,1 T. Bass
J. 'Denham Bird
it H. Hancock
ORDINANCE Number 78
j11 ORD/NAGE 15R0VIDING FOR THE KEDEMPTIO4 OF CITY OF OKEECHOBEE
MUNICIPAL BONDS, ISSUE OF 1924 AT MATURITY, AND FOR THE PAYMENTS OF
Nays
None
;;ITEREST-UkN THZ SAME BY A TAX LEVY OF SUFFICIENT MILLEAGE AS MAY
BE,NECESSARY'FOR SUCH PURPOSE: PROVIDING FOR .DESIGNATING OF DEPOS-
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ITORYTORECEIVE AND BE CUSTODIAN OF SAID BONDS AND PROCEEDS 03' ALL
MONEYS ARISINGFROM THE SALE OF SAID BONDS , AND PROVIDING FOR BIDS
FOR WORK-TO BE DONE' WITH THVPROCEEDS OF SALE OF SAID BONDS, AND FOR
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HEITS.t.i0F ANY -UNEXPENDED BALANCE AFTER COMPLETION OF ANY SUCH WORK.
'WHEREAS, Ordinance Number 77, authorized the Mayor and the City
Gouncil of the City of Okeechobee to issue'bonds of said City in
an amount not to exceed $172,00000, and.
EF'AS-Said ordinance provided that before such issuance the
—electors of the Gity of Okeechobee, Florida, should. in an, election
had for such purpose vote their approval or rejection bf said
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-issUeand , .
JWHEREAS, said election was held on the 22nd day of July ',.: in
."-pUrsuance to law and said ordinance,. and the result thereof appeared
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b:be tm:favor of the issuance of $150,000,00 of said amountof bonds
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WHEREAS, said ordinance number 77, provided the.t before the.is-
'-1Suance Of'Said bonds, the City'Council should by Ordinance provide
for the redemption of said bonds at maturity and for the payments
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:6r interest :upon the same.by a tax levy of a sufficient Milleage
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n,:as.may be necessary for such purpOse, now therefore
'BE IT ORDAINED BY THE MAYOR AND OITY COUNCIL OF THE CITY OF
Okeechobee, ,Florida be
4XEECROBEE, FLORIDA:.
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,tection 1. ..That bonds of the City of
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,,,, :‘, 7ilt¢,
issued in the SUmfof $159,000,06 in,'accordance with Ordinance number
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.4 A
of the ordinances of the City of Okeechobee, Florida.
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Section II .L bank 4r Thanks or other depositorY,tPOe.designated.
1 yy -ouAciI, shalt reoeirVe' antl be- cust4din 04:- Said bonds and
,,,„,,' **44,7,,,,,' '4-..14..4J.ift,.:14A. ., ;. ,,..=.:' ,i,:.‘!:,,,' „„ .• ;.;-'4, .;.! ;,„
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and all:poneyskarising from the sale of said bonds:
SectionIII. The City'Council shall advertise for bids for
werk teJoe done' for which'bonds are issued under this Ordinance' '
and Ordinancenumber,77 of the Ordinances of the City of Okeecho-'
bee, Florida, 'mak$ng contracts with the lowest responsible bidder,
who' shall himself give bond for the faithful
workbut the said-,Council
all'bids recelved. They 03a11%personally,
:select all materials and have supervision
performance
of the
right to reject any or
or through proper agents
and charge 'of tie.Work
forwhich bonds: are issued under said ordinances, and shIVaudit
a1,32:aceountsbOnnected'with such work and Shall pay the same by
:theck,on:banks depositories handling the proceeds of sale of
Ytaidbonds.-
Section IV. In the event.there'is remaining in the bank or
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'bank's or other depository'an.unexpended balance from the sale
of'the bonds-lissued under the provisions of this ordinance or of
Ordinance number 77,'of-the ordinances of the City efOkeechobbe,
FlOrida, After the work entrusted to thbm has been completed, the
Cy. Council shall invest suchloalance in such interest-bearing
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peoUrIties,ai they maylelect,'ta be approved by the Mayor,'and such
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-Securities shall be turned o'Ver bY them to the City Depository and
the proceedeLthereof to -be applied to the payment 'of:the bonds or,
the'interest 'thereof at''directed.by resolution of the City CoU/1011,
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section V. It shall' be the duty of the City Council'ta,levf,
annually by tak!upon the taxable property in ,said City a SUM-suf-,,,
fioient to meet the amount annually required to be raised to pay
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:interest and ,oreate,a sinking fund to pay the principal of the ,
i)onds4provided';fbr herein.' Such tax-shall be levied and collected
as, other te,xes;,of said City.
Section.Vp All ordinances 'an/v arts of ordinanceS inconsietent
,tereith'.are hereby repealed:'
'Section ordinance shall be infull force and effect
up6h'its passage and approval by the Mayor.
Read afirst.and second time and by unanimous consent read
a:third time and passed in,open session of:the City Council:this
;31t day ofiJuly,A. D. 1924.
'AITEPT:
R. P. Fletcher
f '*
City °Plerk.
" ( Corporate'4Seal)
•H. H. DeYarman
, President of City, Council
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7.
A,pprovod.by: me this 31st day of duly A. D. 1924.
T. W. Lonely,; Jr.
'Mayor of the City: of Ckee-
chob'ee, Florida...
The following resolution was introduced by Councilman Hancock,
seconded" by Councilman Bird and upon roll call the was as follows:
Yeas
H. DeYarman
T. Baas
Denham Bird
Hancock
Nays •
None