0214 (Time Warrants)ORDINANCE NO. 211.
AN ORDINANCE AUTHORIZING THE MAYOR AND THE CITY COUN-
CIL OF THE CITY OF OKEECHOBEE, OKEECHOBEE COUNTY, FLORIDA, TO
ISSUE AND SELL INTEREST - BEARING TIME WARRANTS FOR THE PURPOSE
OF REPAIRING AND IMPROVING THE WATER SYSTEM OF SAID CITY AND
PROVIDING THE AMOUNT OF TIME WARRANTS TO BE SO ISSUED AND SOLD,
THE RATE OF INTEREST THEY SHALL BEAR, THE TIME OR TIMES AND
PLACE OR PLACES WHEN AND WHERE PRINCIPAL AND INTEREST SHALL BE
PAYABLE AND PLEDGING REVENUE RECEIVED FROM SAID WATER SYSTEM
TO THE P1MENT OF SAID TIME wARRANTS, PRINCIPAL AND INTEREST,
AS THE QAME SHALL BECOME DUE, AND FURTHER PROVIDING FOR THE
3,EVY AND COLLECTION OF A TAX UPON ALL THE TAXABLE PROPERTY IN
THE CITY OF C:ZEECHOBEE SUFFICIENT TO MEET THE PRIN*:IPA. AND IN_
TEREST OF SAID TIME WARRAN T S IN THE EVERT THE WATER REVENUE
IS INSUFFICIENT TO PAY SAME PROVIDING A DEPOSITORY FOR SAID
TIME WAS" RANTS AND PROCEEDS tHEREFROM; PROVIDING AND PRESCRIBING
THE FORM IN WHICH THE SAID TIPS: WARRANTS SHALL BE ISSUED, AND
PROVIDING FOR THE SALE OF SAID TIME WARRANTS.
wHEREA3, THE WATER S':wSTEM OF THE CITY OF OKEECHOBEE,
FLORIDA, IS IN IMMEDIATE NEED OF REPAIRS IN ORDER THAT PROPER
WATER FACILITIES MAY BE GIVEN TO THE CONSUMERS AND
WHEREAS, THIS COUNCIL HAS BEEN ADVISED BY COMPETENT
AUTHORITIES THAT UNLESS REPAIRS ARE MADE IMMEDIATELY, THE HEALTH
OF THE CONSUMERS WILL BE ENDANGERED, AND IT IS HIGHLY PROBABLE
THAT THE CITY OF OKEECHOBEE WILL BE UNABLE TO FURNISH WATER
TO ITS CONSUMERS AND
WHEREAS, THIS COUNCIL HAS BEEN ADVISED THAT AN EXPEN-
DITURE OF MORE THAN $10,000 IS NECESSARY TO MAKE THE REPAIRS
AFORESAID AND THIS COUNCIL IS WITHOUT FUNDS TO MAKE SUCF REPAIRS
NOW THEREFORE
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF OKEECHOBEE, OKEECHOBEE COUNTY, FLORIDA:
Saction 1. The Mayor and the ;ity Cornell of tLe
City of Okeechobee, Florida, subject to the provisions of Sec-
tion 47 of Chapter 831S, Lawa of Florida, Acts of 1919, as
amended by Chapter 10966, Laws of Florida, Acts of 1925, and
this Ordinance are hereby authorized to issue interest- bearing
Time Warrants of said City under the seal of said Ctty in the
sum of Twenty Thousand Dollars ($2C,000) for the pi rpose of
making immediate repairs to the water system of the City of
Okeechobee, Florida. said Time Warrants to be signed by the
Mayor, countersigned by the President of the City Council, and
attested by the Clerk of said City with the seal thereof affixed.
Section 2. The Time Warrants issued under the provi-
sions of this Ordinance shall be in denominations of One Thou-
sand Dollars ($1,000) each and shall bear interest payable semi-
annually at the rate of 5 per centum per annum, both principal
and interest payable at Okeechobee County Bank, Okeechobee,
Florida., Said Time Warrants to be dated March 15, A.D. 1945;
interest payable on the 15th day of September and the 15th day
of March of each and every year after date of issuance until
maturity of said Time Warrants. The principal of said Time
Warrants shall be payable as follows: One Thousand Dollars
($1,000) on the 15th day of September, A.D. 1945; Two Thousand
Dollars ($2,000) on the 15th day of September, A.D. 1946, and
Two Thousand Dollars ($2,000) on the 15th day of September of
each and every year thereafter up to and including the 15th day
of September, A.D. 1954, and One Thousand Dollars ($1,000) on
the 15th day of September, A.D. 1955. Said Time Warrants to
be numbered from one to twenty inclusive, the said Time Warrants
shall be payable in the following order:
Time Warrant 1 payable September 15, A.D. 1945.
Time Warrants 2 and 3 payable September 15, A.D. 1946.
Time Warrants 4 and 5 payable September 15, A.D. 1947.
Time Warrants 6 and. 7 payable September 15, A.D. 1948.
Time Warrants 8 and 9 Payable September 15, A.D. 1949.
Time Warrants 10 and 11 payable September 15, A.D. 1950.
Time Warrants 12 and 13 payable September 15, A.D. 1951.
Time Warrants 14 and 15 payable September 15, A.D. 1952.
Time Warrants 16 and 17 payable September 15, A.D. 1953.
Time Warrants 18 and 19 payable September 15, A.D. 1954.
Time Warrant 20 pay able September, A.D. 1955.
Section 3. Okeechobee County Bank, Okeechobee, Flor-
ida, being a banking corporation organized and existing under
the laws of the State of Florida,
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shall receive and be custodian
of the Time Warrants authorized by this Ordinance, and of all
monies arising from the sale thereof.
Section 4. The City Council shall require all repairs -
to said water system to be made by a competent contractor and
all of said work shall be approved by a, representative of the
City before payment is made for said work. All payments for
work and materials shall be paid by check on the Bank, above
named, after said accounts have been audited and approved by
the City Council.
Section 5. In the event there is remaining in the
depository an unexpended balance from the sale of said Time War-
rants issued under the provisions of this Ordinance, after all
work has been completed, the City Council shall deposit said
funds in en interest and sinking fund to apply on the payment
of the principal and interest as directed by resolution by the
City Council.
Section 6. It shall be the duty of the City Council
to allocate, from the water revenue, a sum sufficient to meet
the amount annually required to be raised to pay interest, and
creAte a sinking fund to pay the principal of the Time Warrants
provided for herein. In the event the water revenue is not
sufficient, in any year, to meet said amounts annually required,
then it shall be the duty of the City Council to levy annually
a tax upon the taxable property in said City, a sum sufficient
to meet the amount annually required as aforesaid. And such
tax, if levied, shall be levied and collected at the same time
and in the same manner as other City taxes.
Section 7. The Time Warrants authorized to be issued
under the provisions of this Ordinance shall be in substantially
the following form:
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UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
CITY OF OKEECHOBEE
WATER IMPROVEMENT TIME WARRANT
ISSUE OF 19+5
No.
The City of Okeechobee, for value received, hereby
promises to pay to the bearer the sum of One Thousand. Dollars
($1,000), good and lawful money of the United states of America,
on the 15th day of geptember, 19 , with interest ?t the rate
of 5 per cent per annum, payable semi - annually on the 15th day
of September, and the 15th day of March of each year; both prin-
cipal and interest payable at Okeechobee County Bank, Okeecho-
bee, Florida.
This Time Warrant is one of a series of twenty aggre-
gating Twenty Thousand Dollars ($20,000), except as to its num-
ber and date of maturity, and is issued by virtue and in pur-
suance of Section 57 of Chapter 8318, Laws of Florida., Acts of
1919, as amended by Chapter 10966, Laws of Florida, Acts of 1925,
and of this Ordinance. The series of Time Warrants of which
this is one was issued for the purpose of making necessary re-
pairs to the water system of the City of Okeechobee, Florida.
It is hereby certified that the issue of Time Werrente,
ofiwhich this is one, is within every debt and other limit pre-
scribed by the Constitution and Laws of the State of Florida and
is made in strict conformity with the Constitution and Laws of
the state of Florida and the Ordinance of the City of Okeechobee,
Florida, duly authorizing the same, end that all proceedings
essential to the validity of these Time Warrants have been per-
formed, and that every requirement of law relating to the issu-
ance thereof has been duly complied with.
IN WITNESS WHEREOF, the City of Okeechobee, Florida,
has caused this Time Warrant, bearing date of 15th day of March,
1945, to be signed by the Mayor, countersigned by the President
of. the City Council, attested by the City Clerk, and its seal
to be hereto affixed.
(CORPORATE SEAL)
Attest:
Eity Clerk
Mayor
Countersigned:
President City Council
section S. The City Council shall have the right to
sell said Time Warrants at private sale provided the same are
sold for their par value plus accrued interest at the time of
said sale and said Time Warrants shall have all of the Otributes
and incidents of commercial paper.
Section 9. (a) That all of said Time Warrants shall
be callable upon any interest payment date prior to maturity
at par plus accrued interest.
(b) That the option to call any or all
of said Time Warrants prior to maturity shall be exercised in
the following manner: The Time Warrants which are to be re-
deemed shall be drawn by lot, by the City Council of said City,
from all the Time Warrants then outstanding, and notice of such
redemption specifying the Time Warrants to be redeemed, shall
be filed at least fifteen days prior to such redemption date,
and said Time Warrants when so called for redemption shall cease
to draw interest on such redemption date, provided that adeauate
funds for their redemption and payment shall have been deposited
and set aside at the depository hereinabove named.
(c) That all of said Time Warrants re-
deemed by the City, or paid at maturity, shall be cancelled
immediately upon their surrender to the City.
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Section 10. This Ordinance shall take effect immediately
upon its passage And approval by the Mayor.
Read the first time and by unanimous consent passed
to a second reading.
Read a second time and passed to a third and final
reading.
Read a third time and passed in open session of the
City Council this 12th day of March 1945.
President of the City Council
Attest:
(CORPORATE SEAL)
dity Clerk
Approved by me this 12th day of
March, A.D. 1911
ayor of City of Okeechobee, Fla