0093 (Time Warrants)•
AN ORDINANCE AMORIZING THE MAYOR AND TER CITY
COUNCIL or THE CITY OF OXIMHOBEE• OKEECHOBEE COUNTY, FLORIDA,
TO ISSUE AID SELL INTERESTAEARING TIME WARRANTS FORTIS
PURPOSE OF EXTENDING THE WATN: SYSTEM OF THE CITY OF OKEE-
CHOBEE, FLORIDA; FOR THE PURPOSE OF EXTENDING THE SEWERAGE
MST= ocLuDING THE ERECTING or AN INCINERATOR; FOR THE
PURPOSE OF OPENING, WIDENING, AID PAVING STREETS OP SAID
MUNICIPALITY; FOR THE PURPOSE OF OPENING, CONSTRUCTMG,
AND MAINTAINING PUBLIC PARES AND PROMENADES; AND FOR THE
PURPOSE OF ERECTING A MUNICIPAL BUILDING FOR THE CITY OF
OKEECHOBEE: PROVIDING mum THE AMOUNT OF TIME WARRANTS
TO BE SO ISSUED AND SOLD, THE RATE OF INTEREST THEY SHALL
BEAR, *X“ TIME OR TIMES, AND PLACE OR PLACES, WHEN AND
WHERE PRINCIPAL AND INTEREST SHALL BE PAYABLE, AND PRO-
masa FOR Ta1 LEVY AND COLLECTION OF A TAX UPON cuttl. RE
TAXABLE PROPERTY IN THE CITY OF 0:E-4-oHOBEE SUFFICIENT TO
KEIT T INTEREST AND PRINCIPAL AS THEY SHALL BECOME DUE;
PROVIDING DEPOSITORIES FOR TIME WARRANTS AND PROCEEDS THEREFROM;
PROVIDING AND PRESCRIBING THE FORM It WHICH THE SLID TIME
WARRANTS AND INTEREST COUPONS ,SATJ. BE ISSUED, AND PRO-
VIDING FOR THE SATE OF SAID TIME WARRANTS;
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF
THE CITY or OKEECHOBEE, OKEECHOBEE COUNTY' FLORIDA:
Seetion 1. The moyor and the city Couneil of the
0117 of Oke•ehobee„ Florida, subplot to the provisions of
law and this ordinanee are hereby authorised to issue int est-
i \
'Ny bearing time warrants of said city under the seal of said
eorporatien in the sun of FiftyThousand Dollars ($50,000.00)
for the yarpese of extending the water system of the City of
Okeechobee, Florida; for the purpose of extending the sewerage
system including the erection of an ineenerator; for the
purpose of opening, widening, and paving streets of said mun
si
e p rpose cif opeaain$, eonstaeting, and main-
taining public parks and prom Jades; and for the purpose of
erecting a municipal building for the Oity of Okeechobee, issuance
of said time warrants being authorised under Section 47 of Chapter
to
8318, laws of Florida, sots of 1919 as amended, "An net /amend
Section 47 of Chapter 8318, special sots of 1919 ", passed by the
Legislature and enaeted into law at the 19 session of the Leg-
islature of the State of Florida
aid time warrants to be signed
by the mayor, vounteraigned by the President of the City Council,
and attested by the Clerk of said city with the seal thereof
affixed, with interest coupons ettacehed,i6ned in like manner
with the facsimile signatures thereof lithographed on said interest
ooupons, The amount of said time warrants shall be Fift Thousand
Dollars 050,000.00).
Section 2. The time warrants issued under the pro-
vista ne of this ordinance shall be in denominations of One Thousand
Dollars each ($1000.00) and shall bear interest, payable semi-
annually at the rate of six per centum per annum, both principal
and interest payable at the Bank of Okeechobee, Okeechobee, Florida,
or at the American Bxehange National Bank, New York City, N.Y.,
at the option of the holder. Said time warrants to be dated
August First, A. D. 1925; interest payable on the first day of
August and the first day of February of each and every year after
date of issuance until maturity of said time warrants. The prin-
cipal of said time warrants shall be payable as follows: Ten
Thousand Dollars (410,000.00) on the first day of August, A. D.
1946, and Ten Thousand Dollars (t10, 000.00) on the first day of
August of each and every *ear thereafter up to and including the
first day of August, A. D. 1949. Said time warrants to be numbered
from ens to fifty inclusive. The said time warrants shall be par-
able in the following order:
No. 1,
A D. 1946
No. 11, 12,
D. 1944.
4,
Tine Warrants No. 21 82, 23
payable August 1, A. D. 1 T.
Time Warrants 'o, 51 52, 35, 64
payable August 1, A. D. 1948.
4, 15, 16,
14101
Time Warrants NO 41 42, 48. 44, 4,6, 46, 49,
payable August 1, A. D. 1949.
3eetion 3. People's Bank of Okeechobee and of
0kesoho bee. both aforesaid hanks being banking corporations in.
oorporate+ . under the laws of the State of Florida.. sha11 receive
and be custodian of the tine tea rrants authorised by this Ortineaee,
and of all money arising from the sale thereof. People's Bask
of okasehobse shall receive ant be ouatodian of time warrants of
the par value of Twenty.Five Thousant Dollars (026 , 000,00) n ber-
ini from 1 to 25 both inolusive, and also moneys arising from the
Val* of said tiro warrants. Bank of 3keeohobes shall reoee ve
and be vustadian of time warrants of the par value of Twsnt
Thousand Dollars ( *25,000■co),
elusive, and also moneys arts'�
$eotion 4. The City
er werk to be toms for Whisk tans
4rdinanoe, making contrsot8 with the lowest reap
boring from 26 is 50 both in.•
sons the sale of said tine grants
bids
this
ble bidteat,
who stall himself give bond for the faithful performance of the
work, bat tbo eeaueil ahs11 have the right to reject any or all
bias rsee ved. They shall personally or through proper ageats
*sleet ail aasle end have supervision and ohargs of the work
for which time warrants are issued under this ordin*nes, and mall
audit all aseeunta eennseted with such work and shall pay the
safe by Cheek sa the beaks or depositories bantling the preseeds
of the sale of said time warrants.
•
Seotioa b. In the event there is remaining
basks or depositsrios as unexpiaded balance from the sale of slid
time warrants issued under the provisions of this ordinaaoe,
work
attar the/intrusted to than has boon mom, feted, the City Coun
Shall invest suoh balance in sash interest - bearing seonritiss
as they shall select, to be approved by the mayor, and such
securities shall be turned over by them to the city depositories
in equal amounts, Aet the proceeds thereof to be applied to the
payment of the time warrants, or the interest thereof as directed .
by resolution by the City Council.
to 1
pr
le
Section %. It shall be the duty of the City Council
ly by tax upon the taxable property in said oity
t to meet the amount annually regnirsd to be
pay interest, and create a sinking fund t0 pay the
o pitl of the bonds provided for herela. Such tux shall be
collected es other taxes of said city.
ection 7. Tie time aerranta out horia ad to be issued
e provisions
the following form:
No.
o ordinance shall be in snbstestially
STATES OF 1CA
STATE OF ?LORI:
COUITS OF Oi ICROBEE
ITT OF (=ECHO II
MUNICIPAL 12RO'`
ISSUE OF 19
T TIME WARRANT
The City of Okeeohob.o, for value rowel %reby
prosiises to pay to the bearer the sum of One Thousand and n0/10O
$1000.04) geed and lswfhl sentry of the United states
on the First day of August, 19, with interest thereon at the
rate of six per sent per annum, payable semi-annually on the
First Tay of Angsa►st, and the ?t rut day of February of
upon the presentation and surrender of the interest coupons
attached hereto, as they severally become due and payable, both
principal and interest payable at the Bank of Okeeohobee, Use
*hobo*, Florida, or at the American Exchange National
New York, New York, at the option of the holder.
This time warrant is one of a series of
warrants aggregating Fifty Thousand Dollars 450000004 exeep
and is issued
as to its number and date of maturity/ ryjrirtue and in pursuance
of Chanter of the laws of Florida; special seta of 194
oh year
and of this o,
co. The series of bonds of which this is one
was issued for the purpose of eztendin:~ the water system of the
City of Okeechobee, Florida; for the purpose of extending the
sewerage system, including the creating of an incinerator; for
the purpose of opening, widening, and paving streets of said
munioipality; for the purpose of opening, constructing, and
maintaining public parks and promenades; and for the purpose of
erecting a municipal building for the City of Okeechobee, Florida.
t is hereby certified that the issue of time warrants
of which this is one is within every debt and other limit pre••
scribed b.,° the constitution and laws of the State of Florida,
and is made in striot ooaformity with the oanstitution and laws
of the State of Florida, and the ordinances of the City of Okee-
chobee, Florida, duly authorising the same, and that ellproocetings
essential to the validity of these time warrants have been performed,
and that every requiremen t of law relating to the iseuaaee thereof
has been duly eomplisd with
Iff WITNESS WHEREOF, the City of Okeeohobee
has caused this time warrant, bearing date of First day
August, A. D. 19& , to be signed by its mayor, *canter signed by
the president of the City Council, attested by the City Clerk,
eat its nisi to be he
(CoRP0 ATE SUL )
Attest
City Char].
0 II P 0 1.
On the First of Asst, (February ?, 1
of Okeechobee, 1orida, will pay to the bea;
$$0 00) at the Bank of Okeechobee, Okeechobee
t7
i4a,
r at the American Exnhan ge National Bannk, New York City, LT*,
the option of the holder, for six months interest then due
Munieipsl Improvement Time Warrant, issue of 1925, lo.
(CoRPoRAT : sF.AL )
ATT ES T
i Clerk.
.4
Section 8. The City Council shall offer the tise
warrants authorized to be issued by this ordinance for sale,
by giving notice, said not.ee to be signed by the President
of the City Counoil and attested by the City Clerk, stating
the amount of time warrants for sale, the rate of interest,
and when the same shall become due and payable, said notioe
to be published in the Okeechobee News, a newspaper published
in the City of Okeechobee, Florida, and also in the Manufacturer's
Rsoord, or some other newspaper or commercial paper published
in New York or Baltimore. Said notice shell be published in at
least three issues of said newspapers prior to the date of sale.
The City Counoil shall reoeive sealed bids for the purchase of
said time warrants on the date of the sale, which said date uhall
be fixed by the President of the City Counoil in his notice.
The City Council shall have the right to reject any or all bids
end re- advertise the time warrants, or to reject all sealed
bids and to continue the sale by auction, or in ease no sat-
isfactory bid is received from either the sealed bids or the
auction the Council may sell said time warrants at private sale,
bat no such private sale shall be made unless the amount paid!
thereat shall exceed the highest sealed bid as aforesaid, or
any auction bid, nor shall any such private sale be made unless
after
made within ten days / she advertised date of sale aforesaid.
Section 9. This ordinance shall take effect immed-
iately upon its passage and approval by the Mayor.
Read a first time and by unanimous consent passed to
a semend reeding.
Read a second time and by a unanimous consent passed
tog third ant final reeding.
Read a third time and passed in open session of the
City Council this the
(Corporate 3
day of :all A. D. 1925.
President of Oita Council.`
Approved by me thi
day of Jhly, A. D.