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0119 (Providing for the Insurance )ORDINANCE ruLEsza 14/47. • AN ORDINANCE -Droviding for the issuance and delivery of 450,000.00 Corporate Bonds of the City of Okeechobee, Florida. WHEREAS, in accordance with the provision of the charter law of the City of Okeedhobee, Florida, the Ci\y Council thereof did heretofore and prior to April 23, 1927, cause to be issued and delivered fifty Municipal Improvement rilme War- rants of said City, in the aggregate sum of Fifty Thousand Dollars (450,000.00), payable to bearer, numbered from 1 to 50, inclusive, of the denomination of 41,000.00 each, dated August 1, 1925, bearing interest at the rate of six, per cent (e%) per annum, payable semi-annually and maturing in numerical- order 410,000.00 on August 1 of each of the years 1945 to 1949, inclusive, all of which Time Warrants are now outstanding and unpaid; and 4 • WHEREAS, said indebtedness in the aggregate amount $50,000.00, evidenced by said. Municipal Improvement Time War- rants, has been valAated bff Senate Bill Number 111 of the Acts of the Legislature of Florida, Regular Session, 1927, and said City is authorized and empowered by said Senate Bill Number 111 to provide by ordinance for the issuance of nego- 4, tiable coupon corporate bonds of said City in exchang upon the surrender of a like par eai now outstanding and evidenced by said Municipal Impro Time Warrants; and "WHEREAS, the purchaser and present owner and holder of said Time Warrants has agreed to surrender same and accept in exchaAge therefor a like amount of Corporate Bonds of said City, maturing at the same times and bearing the same rate of interest as the Municipal Improvement Time Warrants proposed to be aurrendered; -and HEREAS, interest has always been paid on said Warrants promptly when due and none of said indebtedness thus evidenced has ever been adjudicated to be invalid and no litigation is pending or threatened involving the validity of any of said indebtedness, and said indebtedness thus evidenced is a legal, valid and binding obligation of said City, for the payment of the principal, of which there are now no funds on hand, and said Warrants are in such form and of.auch character that they can be legally funded and retired in the manner hereinafter provided; NOW, THEREFORE, Be It and It Is Hereby Ordained by the City Council of the City of Okeechobee, Florida, as follows: Section 1. That for the purpose of funding and retiring the indebtedness of the City of Okeechobee, in the aggregate amount of $50,000.00, evidenced by a like amount of Municipal Improvement Time Warrants of said City, referred to in the preamble of this ordinance, there be issued the Corporate Bonds of said City in the sum of $50,000.00; that said bonds be dated August 1, 1927, be of the denomination of 1,000.00 each, numbered from 1 to 50, inclusive, mature serially in numerical order and in annual installments of the same amounts as the Municipal Improvement Time Warrants to be retired and that such Corporate Bonds mature as follows: $10,000.00 on August 1 each of the years 1945 to 1949, inclusive. That -gait:11)Q bear interest at the rate of Six Per Cent (6%) per annum, p able semi-annually on the first days of February and August in each year, and be payable at the Peoples Bank of Okeechobee, Okeechobee, Florida, or the American Exchange Irving Trust Com- pany, New York, at the option of the holder. That said Bonds be signed by the Mayor of said City, countersigned by the Presi- dent of the City Council, attested by the City Clerk, and that and that the corporate seal of said City be affixed to each of said bonds. That the interest accruing upon said bonds be evidenced by coupons thereto attached, and that such coupons be signed, countersigned, and attested by said Mayor, President of the City Council, and City Clerk, respectively, by their fac simile signatures, and said officials, by the execution of said bonds-, shall adopt as and for their own proper signatures their respective fac simile signatures appearing upon each of said cou:?ons. Section 2. That said bonds and coupons be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF OKEECHOBEE CITY OF OKEECHOBEE CORPORATE BOND , 000. oo KNOW ALL MEN BY THESE PRESENTS: That the City of Okeechobee, in theCounty of Okeechobee, and State of Florida,for value received, promises to pay to bearer, the sum of One Thousand Dollars (4,000) on the first day of August 19 , with interest on said sum from the date hereof until paid at the rate of six per cent (S% payable semi-annually on the first days of February and each year on presentation and surrender of the interest hereto attached as they severally mature. Both principal and in- terest of this bond are payable in lawful money of the United States of America at the Peoples Bank of Okeechobee in the City of Okee- chobee, Florida, or at the American Exchange Irving Trust Company, New York, at the option of the holder. For the prompt payment of this bond, both principal and interest, as the same become due, and for the levying of taxes sufficient therefor, the full faith, credit and resources of said City are hereby irrevocably pledged This bond is issued by the City Council of said City pursuant to the provisions of Senate Bill Number 111 of the Acts of the Legislature of Florida, Regular Session, 1927, and in conformity with an ordinance of said City Council duly adopted and approved for the purpose of funding and retiring a like amount of the outstanding an unpaid indebtedness of said City evidenced by Municipal Improvement Time Warrants. And it is hereby certified and recited that all acts, conditions and things required by the law and the Constitution of the State of Florida and the Charter of said City to be done precedent to and in the issue of this bond, and precedent to and in the issue of the indebtedness hereby funded and retired, were and have been properly done, happened and been performed in regular and due form and time as required by law; that the indebtedness hereby refunded was a valid, subsisting and legal obligation of said. City and that the total indebted- ness of said City, including this bond, does not now, and did not at the time of the incurring of the indebtedness hereby funded and retired, including said indebtedness, exceed any constitutional or statutory limitations. . IN TESTIMONY WHEREOF., the said City, by its City Council has caused this bond to be signed by the Mayor of said Cit Countersigned by the President of said City Council, attes by the City Clerk of said. City, and the seal of said City to be affixed, and the coupons hereto attached to be signed, countersigned, and attested by said Mayor, President of the City Council, and City Clerk, respectively, by their fac simile signatures, and said officials, by the execution hereof, do adopt as and foratheir on proper signatures their respective 40* facsimile signatures app)earing upon each of said cou)ons, all this first day of Auglist, 1927. Mayor of the City of Okeechobee. Co.mtersined: President o± the City Council. Attested: City Clerk. (Form of Coupon) No. On the day of , 19 , the City of Okeechobee, Okeechobee County, Florida, will pay to bearer Dollars (4 ) at the Peoples Bank of Okeechobee, Okeechobee, Florida, or at the American axchamze Irving Trust Company, New York, at the option of the holder, for sei-annual interest on its Corporate Bond dated Auust 1, 1927, No.. Countersigned: President. Attested: City Clerk. AO' %or sf• Section 3. That in order to provide or the funding and retirement of the 17arrants hereby ordered funded and retired, said cutstandin 'arrants shall be surrendered and cancelled and all areements heretofore entered into in that respect are hereby ratified and confirmed. Section 4. That the bonds hereby authorized be exe- cuted as herein providei .. as soon after the adoption of this resolution as may be, and be thereupon deposited with the Peoples Bank of Okeechobee, Okeechobee, Florid a qualified City Depository, for delivery to the present owner and holder of the Time Warrants to be retired and in excane therefor par for par. The IT,:arr.ants herby ordered to be funded and retire& shall be surrendered End cancelled simultaneously with the delivery of the Corporate Bonds hereby authorized, the intention bein to chame but not to increase the indebtedness of said city. Section 5. That for the purpose of providln for the levy and collection of a direct annual tax sufficient to pay the interest on the Ocr)orate Bonds hereby authorized as it falls cue, and also for a sinkin::. fund hereby created to pay and discharge the principal thereof at maturity, there be and there is hereby levied upon all the taxable property in said City in each of the years while said bonds or any of them . outstandinz;, a ta: sufficient for that purpose, and for.thgt prompt payment of both prtncipal and interest of said bonds ai-,d for the annual levy, certification and collection of taxes sufficient therefor on all taxable property in said City, the full faith and credit of said City are hereby irrevocably pledged. Section 6. That all ordinances or resolutions or parts AO, and the same are hereby thereof in conflict herewith be n repealed and this ordinance be in full force and effect idiediately upon its passaLe amd aprova1. Passed )00 192,7_ President City Council. Approved Recorded 1927. ef th-. City of Okeechobee. 1927. City Clerk.