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0218 (Time Warrants)INANCE NO. 218 ,,,, AN ORDINANCE AUTHORIZING THE MAYOR AND THE CITY COUN«. CIL OF THE CITY OF OKEECHOBEE, OKEECHOBEE COUNTY, FLORIDA, TO ISSUE AND SELL INTEREST - BEARING TrIE 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 PAYMENT OF SAID TIME WARRANTS, PRINCIPAL AND INTEREST, AS THE SAME SHALL BECOME DUE, AND FURTHER PROVIDING FOR THE LEVY AND COLLECTION OF A TAX UPON ALL THE TAXABLE PROPERTY IN THE CITY OF OKEECHOBEE SUFFICIENT TO MEET THE PRINCIPAL AND IN.. TEREST OF SAID TIME WARRANTS IN ThE EVENT THE WATER REVENUE IS INSUFFICIENT TO PAY SAME; PROVIDING A DEPOSITORY FOR SAID TIME WARRANTS AND PROCEEDS THEREFROM; PROVIDING AND PRESCRIBING THE FORM IN WHICH THE SAID TIME WARRANTS SHALL BE ISSUED, AND PROVIDING FOR THE SALE OF SAID TIME WARRANTS. WHEREAS, THIS COUNCIL, UNDER THE PROVISIONS Or ORDI.. NANCE NO. 214, PASSED AND ADOPTED MARCH 12, 1945, ISSUED CITY TIME WARRANTS IN THE AMOUNT OF $20,000 FOR THE PURPOSE OF MAKING URGENT REPAIRS TO THE WATER SYSTEM OF SAID CITY IN ORDER THAT PROPER WATER FACILITIES COULD BE GIVEN TO THE CONSUMERS, AND WHEREAS, THIS COUNCIL NOW FINDS THAT AN ADDITIONAL SU1 OF $12,000 IS NECESSARY TO COMPLETE THE NEEDED REPAIRS TO SAID WATER SYSTEM, AND WHEREAS, THIS COUNCIL HAS BEEN ADVISED BY A COMPE- TENT ENGINEER THAT UNLESS SUCH REPAIRS ARE COMPLETED, THE SAID WATER SYSTEM WILL NOT BE IN SUCH REPAIR AS WAS FIRST CONTEM- PLATED, AND IT IS HIGHLY PROBABLE THAT THE CITY OF OKEECHOBEE WILL BE UNABLE TO FURNISH SUITABLE WATER TO ITS CONSUMERS, NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF OKEECHOBEE, OKEECHOBEE COUNTY, FLORIDA: Section 1. Tho Mayor and the City Council of the City of Okeechobee, Florida, subject to the provisions of Sec- tion 4? of Chapter 8318, Laws 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 City in the sum of Twelve Thousand Dollars 012,000) for the purpose 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 Caunr..tl, and attested by the Clerk of said City with the seal thereof affixed. Section 2. The Time Warrants issued under the pro• visions of this Ordinance shall be in denominations of One Thousand Dollars ($1,000) each and shall bear interest payable semiannually at the rate of 5 per centum per annum, both prin- cipal and interest payable at Okeechobee County Bank, Okeechobee, Florida. Said Time Warrants to be dated November 1, A.D. 1945; interest payable on the let day of November and the 1st day of May of each and every year after date of issuance until maturity of sR.td. Time Warrants. The principal of said Time Warrants shall be payable as follows: Two Thousand Dollars ($2,000) on the let day of November, A.D. 19 43; and Two Thou- sand Dollars ($2,000) on the let day of November of each and every year thereafter up to and including the let day of Novem- ber, A.D. 19,x,. Said Time Warrants to be numbered from one to twelve inclusive, and to be payable in the following order: Time Warrants 1 and 2 payable November 1, A.D. 19 48. Time Warrants 3 and 4 payable November 1, A.D. 19_ 9. Time Warrants 5 and 6 payable November 1, A.D. 19 50. Time Warrants 7 and 8 payable November 1, A.D. 19 51. Time Warrants 9 and 10 payable November 1, A.D. 19 2. Time Warrants 11 and 12 payable November 1, A.D. 19„, Section 3. Okeechobee County Bank, Okeechobee, Florida, being a banking corporation organized and existing under the laws of the State of Florida, 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 re... pairs to said water system to be made by a competent contractor and all of said work shall be approved by a representative of tho City before payment is made for said work. All payments for work and ma icr-iais shall be paid by check on the Bank, above named, after said accounts have boon audited and approved by the City Council. Section 5. In the event there is remaining it the depository an unexpended balance from the sale of said Time Warrants issued under the provisions of this Ordinance, after all work has been completed, the City Council shall deposit said funds in an 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, shell be levied and collected at the samo 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; No. UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF OKEECHOBEE CITY OF OKEECHOBEE WATER T 1FROVEMENT TIME WARRANT ISSUE OF NOVEMBER 1, 1945 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 1st day of November, 19, with interest at the rate of 5 per cent per annum, payable semi - annually on the lot day of November, and the let day of May of each year, both prin.» oipal and interest payable at Okeechobee County Bank, Okeechobee, Florida. This Time Warrant is one of a series of twelve aggre- gating Twelve Thousand Dollars (312,000), except as to its number and date of maturity, and is issued by virtue and in pursuance of Section 5? 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 nec- essary repairs to the water system of the City of Okeechobee, Florida. It is hereby certified that the issue of Time Warrants, of which this is one, is within every debt and other limit prescribed 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, dilly authorizing the same, and that all proceedings essential to the validity of these Time Warrants have been performed, and that every requirement of law relating to the issuance thereof he.s been duly complied with. IN WITNESS WHEREOF, the City of Okeechobee, Florida, has caused this Time Warrant, bearing date of lst day of Novem- ber, 1945, to be signed by the Mayor, countersigned by the Presi- dent of the City Council, attested by the City Clerk, and its seal to be hereto affixed. (CORPORATE SEAL) Attest: City Clerk Mayor Countersigned: President City Council Section 8. 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 attributes 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 adequate 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. 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 let day of October, 1945. Attest: Press ent of t e ity Council Cit (CORPORATE SEAL) Clerk Approved by me this let day of October, A.D. 1945. Mayor of City of Okeechobee, )F'la.