Loading...
0086 (Water Bond Redumption)ORDINANCE NUMBER 86 AN ORDINANCE PROVIDING FOR THE REDEMPTION OF CITY OF OKEECHOBEE WATERWORKS EXTENSION BONDS OF 1925, AT MATURITY, AND FOR THE PAYMENTS OF INTEREST UPON THE SAYE ''Y A LEVY OF A TAX OF A"SUFFIOIINT MILLAGE AS MAY BE NECESSARY FOR SUCH PUR F POSE;`"PROVIDING FOR DESIGNATING OF DEPOSITORY TO RECEIVE AND BE CUSTODIAN OF SAID BONDS, AND PROVIDING FOR BIDS FOR WORK TO BE DONE WITH THE PROCEEDS OF SALE OF SAID BONDS; AND FOR THE USE OF.ANY UNEXPENDED BALANCE AFTER COMPLETION OF ANY SUCH .WORK. .' Whereas, Ordinance number 85, authorizing the Mayor and the City Council of. the City of Okeechobee, Florida, to issue bonds -of said City, in an amount of One Hundred Ten (3110,000.00) Thousand•Dollars, and WHEREAS, Said ordinance provided that before such issuance the electors of the City of Okeechobee, Florida, should in an election, held for such purpose, vote their approval or rejection of said issue, and WHEREAS, said election was held on the 24th day of February A. D. 1925, in pursuance to law and said ordinance, and the result thereof appeared to be infavor of the issuance of the said bonds in the amount of One Hundred Ten Thousand 0110,000.00) Dollars, and WHEREAS, said ordinance number 85, provided that before the issuance of said bonds the City Council should by Ordinance provide for the redemption of said bonds at maturity, and for the payments of interest upon the same by a tax levy of a sufficient millage as may be necessary for such purpose, now therefore BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF OKEECHOBEE, FLORIDA; Section 1. That bonds of the City of Okeechobee, Florida,be issued in the sum of One Hundred Ten 3110,000.00) Dollars, in accordance with Ordinance number 85 of the Ordinances of the City of Okeechobee, Florida. Seotion II. A bank or banks or other depository to be designated by the City sr Qounoil .shall ;receive and be custodian of said bonds and all moneys arising from the sale of said bonds. Section%III. The City aourioil shall advertise for bids for work-to be done for which bonds are issued under this Ordinance and Ordinance number 85 of the Or- nanoes of . the `City . of Okeechobee, Fl orida, ' making- contracts with the lowest re- sponsible bidder, who shall himself give bond for the faithful performance of the wark,J� but the said Council shall have the right to reject any or all bids received. They shall personaily'or through proper agents, select all materials and have super- .,, rX'si.on and oharge of the work for which bonds are issued under said Ordinances, and sha audit all account's connected with such work. -and shall pay the same by check an banks or depositories handling the proceeds of sake of said bonds. 4 SectionjV In the event there is remaining in the bank or banks or other depository an unexpended balance from the sale of the bonds issued under. the pro - visions of this ordinance or of Ordinance number 85 of the Ordinances of the City of < eechobee, 'Florida, after the work entrusted to them has been completed, the City council shall invest such balance. in such interest bearing securities as they =may°eleot, to be approved by the Mayor, and such securities shall be turned over by them to the City depository and the, proceeds thereof to be applied to the pay - ment of trie' bonds or `the interest thereof as directed by resolution of the City Council,, r. a :.r ',Section V. It shall be the duty of the City Council to levy annually by tax upon:the taxable property in said City a sum sufficient to meet the amount annually 4'required to be raised to pay interest and create.a sinking fund to pay-the principa f bthebondsF provided for herein. Such tax shall be levied and collected as other taxes of said City. 'Section VI . All ordinances and parts of ordinances inconsistent herewith are ereby repealed. Section VII. This ordinance shall be in full force and effect upon its passage and 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 final reading; read a ,third time and passed in open session of the City Council, this the 26th day of: ',--February A. D. 1925. ATTEST: R. P. Fletcher City Clerk. (CORPO RATE SEAL) Approved by me"this 26th day of:February, A. D. 1925. T. W. Conely,.Jr.; H. H DeY rman President of City Council. Mayor.