0105 (Municipal Bonds).ORDINANCE NO. 1r;,ai
AN ORDINANCE PROVIDING' FOR THE. ISSUANCE OF 'a CITY OF OKEECHOBEE M.UNICIP .L
ppJVEMENTBCNDS,•:_;ISSUE OF 192G,' AND FOR THEIR REDEMPTION AT.. MATURITY AND FOR THE- E ?
YMENTS'OF INTEREST.UPONSAME BY A LEVY'OF.A TAX OF SUFFICIENT MILLAGE AS MAYBE
CESSARY FOR SUCH PURPOSE; DESIGNATING DEPOSITORIES.' TO , RECEIVE AND BE CUSTODIANS OF
NITS, ... TD TO 13E CUSTODIANS OF THE PROCEEDS .FROLi THE SALE OF. SAID BONDS; PROVIDING FOR -
FOR ". JORN TO SE D0 • WITH THE PROCEEDS FROM THE SALE OF SAID: PONDS, AND FOR -
F 01+ ANY UNEXPENDED BALANCE AFTER C0iIPL,ETION OF ANY SUCH •WORK., ,
•
THFREAS Ordinance Na'. 100`.`of the ordinances of `the City, of
Okee hobee
icia; authorized the Ti.ayor and the City Council of the _City of Okeechobee "to issue'
Inds in an amount not to exceed Two Hundred Fifteen Thousand 4$215,000.00) Dollars ;'arc
WHEREAS,, Said ordinance provided that before such issuance the electors`i
.e .City of-Okeechobee, Florida, should in an election held for' such' purpose vote he.i
Jproval or rejection of said issue and
411W WHEREAS , Said election was held orl the 26 `'Aday of'6 January;
pursuance of law.'and said'Ordinance No 100;,, and the resulttherof appeared to be in
favor -of t & is nuance of Two Hundred Fifteen Thousand ( 215,000,00) Dollars of said
ponds; and
WHEREAS, Said Ordinance.No. g00 provided that before the issuance of said
ponds the City:Council. should "by ordinance.provide for the redemption of said bonds
tt r:, .turity,:, and for the payment of interest upon the same by 'a tax .levy of `'a suffi-
pient millagle 'as may be °'necessa y for such purpose,- NOW THEREFORE
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITYOF OKEECHOBEE
LORIDA
SECTION 1.; That bonds of the City of Okeechobee,.Florida, be issued in the
jum of Two Hundred Fifteen Thousand ($215,000.00) Dollars in accordance with Ordinanc
lo. 100 of the Ordinances of the.City of Okeechobee,; Florida.
SECTION2, 'Peoples Bank of Okeechobee and Bank of Okeechobee, -•both aforesal
panke being banking corporations.ineoroporated under the.laws'of. the State of Florida
3ha:11 receive °and, be custodians= Of. the ,bonds authorized hereby_ and by Ordinance No.
1.00 of the Ordinances of the Oity o Okeechobee, Florida:, which bonds shall :be known
is ° City OF OKEECHOBEE 'MUNICIPAL =IMPROVEMENT BONDS, ISSUE 'OF 1926;.o and said banks
shall be custodians of all moneys arising from'the,,.sale of said bonds. Peoples Bank
3f- Okeechobee shall receive and be custodian of bonds ,referred to in Section 1 of
lydinance 100 of the Ordinances 'oft .the Gity of Okeechobee,,' of .the °par valme of One
Hundred 'Eight. Thousand ' (105, 000.00) . Dollars, Numbered. from 1 to 1.08„ ,both inclusive,
and of all moneys. arising from the sale of said bonds .Bank,pf Okeechobee shall recei
it d be custodian of :bonds referred to in Section 1' of said ordinance; of-. the par vale
One Hundred Seven Thousand (.$107,000,00) Dollars, numbered from1.09 to 215 both
Inclusive, and all moneys arising 'frog► the sale of paid bonds.
SECTIONL3..Said bonds shall be in' denominations of One Thousand Dollars
3ach, dated February let, 1926, with Interest at the rate of six 'per cent."per annum
•
if ter date, ,interest payable semi- annually, principal • payable . °as follows:.
numbered- „from 1 fo.21, both inclusive, payable Feb. lst, A.D. ' 1946,
numbered -from 22 to 42, both inclusive, payable-Feb. lst,A.D. 1947.
numbered from 43 to63, both inclusive-, payable Feb.';let, A.D. 1945.
numbered from 64 to 84, both inclusive, payable °Feb.° .1s.t, -: A.D. 1949.
{
numbered from 55 to105, both inclusive, payable Feb. let, A.D. 1950.
Bonds numbered from 106 to 126, both inclusive, payable,Feb.lst,A.D. 1951.
Bonds, numbered from 127 to 147, both inclusive, payable Feb,lst,A.D.'1952.
Bonds numbered from 148 to 168, both inclusive, payable`Feb.let,A.D. 1953.
Bonds .numbered from 169 to 189, both inclusive, payable Feb. lst,A. D..., 1954.
Bonds numbered from 190 to 215, both inclusive, payable Feb.lst,A,D, 1955,.
Section 4. The City Council shall advertise for bids for work:. *to be done
r w4ieht bends are issued under the provisions of this ordinance making`contravts
e'1oWest=r..•esponsible bidder who shall himself give bond for the faithful her_
)icls received -. They shall personally or through proper agents select all materials an
gave supervision and charge of the work for which bonds are issued under - 'said 'ordinanc
aid shall' audit -all accounts 'connected with said work, and shall pay the same'by checl
>n banks or depositories handling the proceeds of the sale of said bonds.
Section 5. In the event there is ',remaining in the Bank or banks, or
epttories, unexpended balance form the sale of the bonds issued under the provisior
f the ordinances after the work inttuated .to them has been completed the City6Oounci7
hall invest such balance in such interest bearing' securities`a.s they may select, to
pproved by,the Mayor, and,such,.securities shall be turned over by them to the city
epositibEtes and the, proceeds thereof Ito be applied to the payment of the -bonds or. the
nterest thereof as directed by resolution of -the City Council.
SECTION 6.LIt shall be the duty of the City Council to lev-y..annually a
ax upon the :taxable property in said 'city a, sum sufficient .to meet' -the amount annual:
equired to raise 'to pay interest and create a sinking fund to pay the Principal.of tl
onds,providedfor herein, Such 'tax shall be leved and collected as other, .taxee of
did city.
SECTION '7. This ordinance shall take effect immediately upOn.its
approval by the Mayor.
Read a first time and by unanimous consent passed to a second reading.
Read a second time and by unanimous consent passed to; a third and
reading.
Read a third time and passed `in' open session of the City 4ouncil this
he 26th day of January A.D. 1926.
R. P.Fletcher
City Clerk
( orporate seal)"
APProved by me this 27th day of \january, A. D. 1926.
T.W.Conely, \Jr.
Mayor of the Cityof Okeechobee, ,Florida. •
- .:vaaF!�f,- "r ... W 'p:r.