0240 (Water Tank Repairs)ORDINANCE NO. L4L.a
AN ORDINANCE PROVIDING FOR THE PAYMENT FOR REPAIRS
TO THE STORAGE TANK OF THE WATER SYSTEM OF THE CITY
OF OKEI CHOBEE, FLORIDA.
This' Ordinance is adopted pursuant to the pro-
5 / g' /\laws of Florida,
visions of Charter
1911, and amendments thereof and supplements thereto,
the same being the Charter of the city of Okeechobee,
Florida.
WHEREAS the hurricane of September 1949, partially
destroyed the Storage Tank of the titer System of the
city of Okeechobee, Florida, end in order to properly
preserve the heelth,._end safety of the inhabitants of s'ald
city, the City Council of said. city, deemed it imperative
and necessary to repair said Storage Tank without de-
lay, end
WHEREAS the city did not heve sufficient funds
in its possession or under its control to defray the
exnenee of said repairs, and
WHEREAS S ,,° of "rla ndo
Florida, agreed to repair said Storage Tank at „ cost of
P6,500.00, which said sum WP considered by said city
council, to be a fair and reasonable price for said
repairs, upon the payment of ONE THOUSAND DOLLARS,
in cash, and
the balance to pe paid as
AI,500.00 on or before
`2,000.00 on or before
2,006.00 on or before
together with interest
per annum, and
follows'
•
January IOth, 1951;
January IOth, 1952, and
January Iotr, 1955,
at tree rate of 6 per cent
WHEREAS the revenue from the operation of the
Water System of said city, over and above the cost
of said operation, is in an amount sufficient to
meet said payments es they severelly become due, now,
THEREFORE-
BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF
OKEECHOBEE, FLORIDA:
Section 1-
That the president of said city council and the
Clerk of said city, be end they are hereby authorized
to execute, in be Zalf of said city, three promissory
notes, peyablt to the said K. L. SHA,riPE
or bearer, as follows:
'1,500.00 payable do or before January IOth, 1951;
2,800.00 peyeble on or before January 1'th, 1952 and
x2,000.00 payable on or before January IOth, 1953,
together witi interest thereon at the rate of six percent
per annum.
Section 2-
Thet the net Revenues derived from said Water System
in an amount sufficient to pay the principal of and interest
on the Promissory Notes herein authorized, are hereby
irrevocably. pledged to the -oeyment of said aromissiory
notes aforesaid.
Section 3-
The Clerk of said city of Okeechobee, Florida, is
hereby authorized and directed t'? deposit, montrly, in
the r- serve grid sinkinc. fund of said city, a sufficient
amount, which will insure the payment of said promissory
notes, together with interest thereon, es they severally
become due.
THEREUPON seid ordinance was read in full, end by
unanimous consent, passed to second reading.
Said 'jrdinance was reed a second time and, by unanimous
consent, was gassed to third end final reeding.
Said ordinance wre read in full a. third time, and
unananimousl;; passed, in re6ular session of said city
council, this the (o day of February, A. D. 1950.
AffEST:
�T
ecIlY 0 LEn K .
A. D.
PRESIDENT CITY CuUuC L
OKEECHOBEE, FLORIDA.
APPROVED BY ME , THIS THE
1950.
o:.
6
DAY 0F_FEBRUARY,