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0219-A (Time Warrants)ORDINANCE NO. 219 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 STREETS AND PARKS IN 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 OR WHERE PRINCIPAL AND INTEREST SHALL BE PAYABLE AND PLEDGING REVENUE RECEIVED FROM A UTILITY TAX LEVIED UNDER THE PROVISIONS OF ORDINANCE NO. 216 TO THE PAYMENT OF SAID TIME WARRANTS, PRINCIPAL AND INTEREST, AS THE SALE 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 INTEREST OF SAID TIME WAR- RANTS IN THE EVENT THE UTILITY TAX IS INSUFFICIENT TO PAY SAME; PROVIDING A DEPOSITORY FOR SAID TIME WARRANTS AND PROCEEDS THERE- FROM; 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 OF ORDI- NANCE NO. 216, PASSED AND ADOPTED OCTOBER g, 1945, LEVIED A UTILITY TAX FOR THE PURPOSE OF OBTAINING FUNDS WITH WHICH TO IMPROVE THE STREETS AND PARKS OF SAID CITY, AND WHEREAS. THIS COUNCIL BELIEVES IT WILL BE TO THE BEST INTEREST OF SAID CITY THAT THE STREETS BE REPAIRED IMMEDIATELY AND THAT THE SERVICES OF A RELIABLE CONTRACTOR ARE NOW AVAILABLE TO SAID CITY, AND WHEREAS. THIS COUNCIL IS IN NEED OF MEDIATE FUNDS WITH WHICH TO HAVE SAID STREETS REPAIRED, NOW COME THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF OKEECHOBEE, OKEECHOBEE COUNTY, FLORIDA: Section 1. The Mayor and the City Council of the City of Okeechobee, Florida, subject to the provisions of Sec- tion 47 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 Eighteen Thousand Dollars (L.8,000,00) for the purpose of making immediate repairs to the streets in the City of Okeechobee, Florida. Said Time Warrants to be signed by the Mayor, counter- signed 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 pro- visions of this Ordinance shall be in denominations of One Thousand Dollars ($1,000) each and shall bear interest payable semi - annually 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 April 1, A.D. 1946; interest payable on the lst day of April and the lst day of Oct- ober 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: Two Thousand Dollars ($2,000) on the 1st day of April, A.D. 194 ?; and Two Thousand Dollars ($2,000) on the let day of April of each and every year thereafter up to and in- cluding the 1st day of November, A.D. 1955. Said Time Warrants to be numbered from one to eighteen inclusive, and to be payable in the following order: Time Warrants 1 and 2 payable April 1, A,D, 194 ?. Time Warrants 3 and 4 payable April 1, A.D. 1948. Time Warrants 5 and 6 payable April 1, A.D. 1949. Time Warrants 7 and 8 payable April 1, A.D. 1950. Time Warrants 9 and 10 payable April 1, A.. 1951. Time Warrants 11 and 12 payable April 1, A.D. 1952. Time Warrants 13 and 14 payable April 1, A.D. 1953. Time Warrants 15 and 16 payable April 1, A.D. 1954. Time Warrants 17 and 18 payable April 1, A.D. 1955. 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 repairs to said streets 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, which is above named, after ss.id 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 sole of said Time Warrants issued under the provisions of this Ordinance, after all work has been completer, the City C©uneil 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 utility tax, 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 utility tax is not suf- ficient, in any year, to meet said Amounts Annually required, then it shall be the duty of the City Council to levy annually a tax up- on the taxable property in said City, a sum sufficient to meet the amount annually required as aforesaid. And euch 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: No. UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF OKEECHOBEE CITY OF OKEECHOBEE STREET IMPROVEMENT TIE WARRANT ISSUE OF APRIL 1, 1946. The City of Okeechobee, for value received, hereby promises to pa.y to the bearer the sum of One Thousand Dollars ($1,000), good and lawful money of the United States of America, on the lst day of April, 19 , with interest at the rate of 5 per cent per annum, payable semi - annually on the lst day of April, and the lst day of October of each year, both principal and interest payable at Okeechobee County Bank, Okeechobee, Florida. This Time Warrant is one of a series of eighteen aggre- gating Eighteen Thousand Dollars ($18,000), except as to its number and date of maturity, and is issued by virtue and in pursuance 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 mime Warrants of which this is one was issued for the purpose of making nec- essary repairs to the streets 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, duly 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 has been duly complied with. IN WITNESS WHEREOF, the City of Okeechobee, Florida has caused this Time Warrant, bearing date of lst day of April, 1946, 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! City Clerk Mayor Countersigned! President City Council Seetion 8. The City Coureil shall have the right to sell said Time Warrants at private sale provided the same are Gold for their par value plus accrues' interest at the time n" geld ele end seld T=me Werrente shall heve all of the attributes and incidents of corn ereiel p .per. Section 5. (a) That all of said. Time Warreet- be callable upon any interest peyment ?ate prior to matvrity st par plus aeerued interest. (b) That the option to cell any or all of said Time Warrants prior to maturity shell be eyereised in the f ollawin :i&nner: The Time Varrents which are to be re- deemned shall be ereen ley lee, by the City Jeunci1 of s; id City, from all the Tir Warrants then outstanding, an notice of such redemption specifying the Time Werrant s to be r deeee , obeli be filed at least fifteen days prior to such r^arnription date, and sell. Time Warrants when so called for re emption shall cease to drew intere e t on sleet reaemptiofl acte, oreeided thet . a.ege ate funds for their redemption and payment shell hey e been a,.eposited and set aside at the depository hereinabcve nemea . (c) That :x.11 of said Time Warrants re- deemed by the City, or paid at maturity, ellell be zencelle?- iiamedietely upon their surrender to the C . Section 10. This: Ordinance shall tae effect imieediete y upon its passage end approved by the leeyor. Read the first time and by unanimous consent passed to a second. reeding. Read e s Bond time and passed to a third. 4nd i i_nel reeding. React_ a, third. time and. passed in open seesien of City Couneil this let day of April , 194 a. Attest: _ City Clerk (CORPORATE SZAL) the Pre E-• °' 1 ; of the City Council Aoprev,,r by me this 1st day of April, A.D. 1946. Mayor of City of 0kee .iobe I, Lorena Pearce, City Clerk of the City of Okeechobee, Florida, DO HEREBY CERTIFY, that the foregoing is a true mid correct copy of a Ordinance adopted by the City Council at a regular meeting held Monday, March 4, 1946. Witness my hand and seal of said City of Okeechobee, Florida, this 2nd day of April., A. D. 1946. .City .Clerk oRDINANCE NO. 219 AN OHDTNANCE AUTHORI7ING THE YAY01? AND THE CITY CO“N- CIL '1' THE CITY Or OKEIF,:15LE, OKEECHOBEE C.7:UNTY, FLORIDA, TO IsSIIE AND SELL INTET,EST-BEARING TM wARRANTS POR THE PURPOSE OF REPAIRING ANL ItIRCVING THE STRETT5 ,',ND PARKS I 11-A N ..ID CITY MU) PROVIDING TUE AmOuNT of TIME wiviRANT TO BE SO ISSUED AND SOID, THE RATE OF INTFREF1 THEY F,F1ALL LEAR, THE TIME 'fl TPTS AND ITACE OR PIACEB wHEN OP IMRE PRINTIPAI AND TNTFRERT RHAIT BE PA:c3E Al L PLEDGING REVENUE ‘...C.ANED FAN, A UTILITY TAX LEVIED UNDER THE PROVISIONS OF ORDINANCE NO. 716 TO THE PAYMENT OF SAID TIME WARRANT, PRINCIPAL AND INTEIT9T, AS THE SALE WALT BEC(VE DUE, AND !FURTHER PROVIDING F0 THE LEVY AND COLLECTION OP A TAY UPON ALL THE TAXABLE PROPEPTY IN THE CITY OF OFEECW0BEE SUFFICIENT TO VPJT TM E PRINCIrAL ANL INTEEZST or sAID TIvE RANTS IN IHE ZVEN? THE UTILITY TA/ IS imc.uPPICIENT TO PAY RAYE; PROVIDING A LIP7,3ITORy FOR 3AID TI pi qARANTS AND PROCEEDS 7REHE- FRC:4; l'R:IVIDING AND PRESCrIBL3G THE 1UI I' TICA THZ AAID TI0E wARRANTi 2,HALL E IUFD, AND PROVEYM THE ',1ALII OF RA D TIME wARRAMTS, wHEREAR, THIS COUNCIL UNDER THE PRoVISIONR Or ORDI- NANCE NO. ?16, PAS4ED AND ADOPTED OCTOKR p, 1945, LEVIED A UTILITY TAX FOR THEaiRPOSE OF OBTAINIG ?JD s WITH WHICH TO IMPROVE THE sTHEETS ,1,ND PAEAS OF RAID AHD Wvr:777., THIS COUNCIL BELIFVZS IT WILL BE TO THE BEST INTEKT OF RAID CITY T1AT THE STREETs BE REPAIRE1 ..P2EDIATELY AND TRAT THE SERVICER oF A RELIAALE CONTHAr,3ToR ARE 'IOW AVAILABLE TO SAID CITY, AAD . wHEREAs, TH,1 CQIINCIL IS IN NEED Or IMMEDIATE RIMS WITH wHICR TO HAVE SAID FTRFETS REPAIRED, NOw COME THEREFORE, . E IT ORDAINED BY THE MAYOR AND CITY COUMCIL OF THE CITY OF InECHoSEE, ONEECH0817: COY, PLMIDA: Section 1. The Veyr end the City Count]._ the City of Okeechobee, Florida, eubJect to the provisions of Rao- tion 4? of Chapter 8318, Laws of Florida, Acts of 1919, at amended by Chapter 10964, Lams of Florida, A ts of 1925 apti this Ordinance, are hereby authori?edto issue intere71-beering Time Warrants of eaitiCity under•the seal of said City in the sum of Eighteen Thousand. Dollart *8,000.00) for the purrote of making immediate repair to the etreete In the City of Okeechobee, Florida. Said Time Warranty to be signed by the Mayor, counter- signed by the President of the City Council, and attested by the Clerk of said City Olty wtth the seal thereof affixed. section P. The Time warrants imsued under the uro- visicne of this, rrdinance shall be in denominations of '?ne Thou a end Dollars 051,000) each end shell bear interest pe ygbl e semi- annually rat the rate of 5 per centum per annum, both prin- cip9i gnd intereet rRyeble 9t Okeechobee County Bsnk, okeechobee, Florida. Said Time +e Warrants to be dated April 1 A.D. 1946; interest payable on the let clay of April end the let day of Oct- ober of etch snd every year after date of issuance until maturity of seie Time werrante. The frin©irsl of triad Time Nerrents shall be nryeble es toiloae: Two `houeend Dollere ($P,0C0) on the let ley of April, A.D. 1947; snd Two Thousand Dollars (0,000) on the let day of April of each end every year thereafter ur to :end in- oluding the let dsy of November, A.D. 1955. Reid Time Warrants to be numbered from one to eighteen inclusive, and to be reymble in the following order: Time i errents 1 enci P payable April 1, A.D. 194 ?. Tine % rrents 3 and 4 payable April 1, A.D. 1946. Time Wa.rrenta 5 and 6 payable April 1, A.D. 1949. Time Warrants 7 end 8 payable April 1, A.D. 1950. ;'inure W rrante g and 10 payaable April 1, A.``. 1951. Time arrente 11 and 1? payable April 1, A.D. 195P. Time WRrrente 13 an4 14 payable April 1, A.D. 1953. TA M9 Werrente 15 and 16 Payable April 1, A.D. 1954. Time %err+ nte 17 end 18 payable April 1, A.D. 1955. Section 3. Okeechobee County Bank, Okeechobee, Florida, being R banking corporation organized Rnd existing under the laws of the At ►te of Florida, shall receive and be cuetodinn of the Time ' "err�nte euthorired by this Ordinance, and of all monies eriein ; from the eele thereof. Section 4. The City Council shall require all repairs to ?Pid etreets to be made by a competent contractor And All of pail work sh .11 be nx,proved by a representative of the City before pey'rent le made for a !id work. All Payments for work end mAterlele shell be paid by check on the Benk, which is above named, after said mounts have been eudlted end approved by the City Council, Section 5. In the event there is remaining in the depository an unexpended balanee from the sale of said Tim* Warrants issued under the provisions of this rdinnnee, after all work has been csomplete(, the City Council shall deposit said funds in an inter et and sinking fund to nppl.y on the payment of the prinolnral .an . interest as directed by resolution by the City Council. Section 6. It shall be the duty of the City Council to allocate, from the utility tax, a cum sufficient to meet the amount annually required to be raised to pay interest, and create a •inking fund to pay the prinoinal of the Time warrants provided for herein. In the event the utility tax is notauf- ficier.t, in any year, to meet said amounts annually required, .then it shall be the duty of the City Council to levy annuolly a tax up- on the taxable property in said City, a sure sufficient to meet the amount annually required as aforesaid. And eueh to, if levied, ehsll be levied and oolleeted at the same time and in the e manner as othe=r City taxes. Section 7. The Time Warrants authorised to be issued under the rrov! sirna ' tzzie Ordinanee 01911 be in substantially the following form: UNITED STATES OF AMLR A STATE OF FLORIDA COUNTY OF OKEECHOBEE CITY OF 0KEECF ?C)E3U STRUT imrRC?VEMENT TIME WARRANT ISSUE OF APRIL 1, 1946. The City of Okeechobee, for va=lue received, hereby :,romises to pay to the bearer the sum of One Thousand Dollars ($1,000), good an lawful money of the United States of Amertea, on the let day of At r11, 19, with interest at the rote of 6 per cent ner annum, pay€+b1e semi-annually on the lst day of April, and the lst day of October of each year, both prino end interne t )ayabl e st Okeechobee County Hank, Okeechobee, Florida. This Time Warrant 1s one of za series of eighteen. aggre- gating Eighteen Thousand Dollars ($18,OOO), except es to its number and date of maturity, And is issued by virtue and in nursuance of Section 57 of Chapter 8218, Lams of Florida, Acts of 1919, ae amended by Chapter 10966, Laws of Florida, Acts of 1925, and of this Ordinance. The series of Time Warrnnte of which this is one was iesuec for the purpose of making nec- eeeery repairs to the streets of the City of Okeechobee, Florida. It is hereby certified bhet the issue of Time 'esrrante, of which this iv one, ie within every debt and other limit prescribed by the Constitution and Laws of the State of Florida end is made in strict conformity with the Constitution and LawE of the .,t to of Florida and the Ordinance of the City of Okeechobee, Florida, duly authorizing the same, and that all proceedings essential to the validity of these Time W rrsnts have been .performed, and that every requirement of law relating to the issuance thereof has been duly complied with. IN '# iTNKHS wITEREOF, the Oity of Okeechobee 1orids hee oeuvel this Time Warrant, bearing Ante of lot day of April, 1946, . to be signed by the Mayor, countersigned by the Provident of the City Council, attested by the City Clerk, and its Beal to be hereto. affixed. (CO P Atteet: Otty Clerk yor Oountersi€ nee; Prept4ent City Council Section 8. The City Council all have the right to s7.1) aaR 1d Time rants at Private pole provided the earns are Pole for their r.sr va1ux► plus accrued interest at tke time of este stall ens esrid T1me "arrant, shall hsv, all of the i ttributoe and incidents of commereiel paper. S.ation S. (a) That all of said Time warrente ahe11 b. callable upon any interest payment date prier to 'maturity sat par n1us accrued interest. (b) That the t1on to call any or all of «sic Tim* ' "arra.nts rtor to maturity shell be trotted in the f 1.'.owing manner: The Tim* rarrant a which ere to be rs— ea 1,,m ahmll ba drawn by lot, by th, City Council of said City, frog all the Tim: :arrante than outstanding, and notise of push reeela tion ?pacifying that Time Warrants to be redtomod, shall be filee at least fifteen days prior to such reeemption date, and sss :.1!4 'Time 4 arraants when so ea9llod for roeomption shall o.sss to draw inter ,-;t on suoh rsdamption darts, provided that adequate furas for their re!smption and paymant shall have been deposited ane set aside at the c ep;sitory hereinaabove named. (c) Tkat all of said Time Warraants re- c5eemec3 by tho City, or paid at maturity, shall be saanssned imrnet i.,ta1y anon th+cir surrender to the City. ►ction 10. This Ordinance shall e sffsst immediately upon i pareage and approval by U. Mayor. Read the firet tins and by unanimous aoraeent pas to a second reading. ie0 s asesnnd time and psasased to a third and final res.. n . ''+aaa ,a third time and p.sssaad in open session of the City Council this let day of April , 1946. attest: (C0R H� Chen !s President of the City Council Lorena Pearce City Clerk Approved by me this 1st day of April, A.B. 1946. H. H. Rau Orson Mayor of City of Ckesshobee, "lei.