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6720 ORDI11IANCE 1,10.07 An Ordinance to Provido for the lssuoing of Bonds by the Town of Clearwater, and to Prescribe the Purpone for Wbich the Money Arising Yrom t)-.o Salo of Said Bonds Shall be Expended. . r of i Be it Ordained by- tho Town Council of the Town of Clearwater: , Section 1. That the Town Council of the Town of Clearwater be and it is hereby authorized to borrow the sum of Fifteen thousand ($15000.00) Dollars to be used and expended in providing for and oonstructing a sewerage system in the Town of Clearwater; and said Council is hereby authorized to borrow the sum of Twenty ` five thousand (25,000.00) Dollars to be used and expended in r purchasing, erecting and astablishinr, a water works plant for V the Town of Clearwater. If it should not be necessary to borrow the full amounts herein set forth for each of the purposes above ° specified, then the said Town Council may borrow such part thereof as Shall be necessary to carry out said designated purpose:.. or purposes as in the judgement of said Council shall seem necessary. ' Said amounts to be borrowed for a porJod of thirty years with the option or privilege of repaying and discharging said indebtedness or any part thereof and redeeming the evidences of indebtedness given for the security thereof, commencing with the last numbered bond or evidence of indebtednoss at any time after the expiration of five years from the date of said bonds or evidences of indobt- edness provided said payment and redemption shall be made upon the z same day on which the interest on such bonds or evidences of indebtodne s s shall be due and payable, and after giving due notice ± .: to the holder of such .bonds or evdances of indebtedness of the ; intention of the Town of Clearwater to pay and redeem tho same at `: ..` the place where the same iiro made payable, said option or privil? ego shall be expressed in the face of the bonds hereinafter pro- i vided for. And for the said amounts so borrowed or any of them the Town or Clearwater shall not pay, as interest more than five ,. per eontum per annum said interest to be paid semi-annually, :interest of the bonds hereinafter provided for Bath prcipal. and rz?Fs???`?? ??'?'''°???;f::>.?l`????::? _,•: ;.'}•.7j«?.fi fir, ?..a 1 •l; s° :.F''1.,. -?-;?, ;AAA to be ersde payable in gold coin of the United States. of Amerieoi c,•'4F;;` L. f:.? f? yam: -.. ? ,??.; '?" •1. r'',' - ? :tn;!'?' ??.7?' ? I? id :i[k' 'sti.4xi :.t' .;;. ,, r•d? `.: -.7; - ? ;: rf.; wa' ot ourrant wolght and fineness, and to be so expended on the ?[t , ? C kr" '?:1-'r`e '14.5 ??`f,>.Ja?i .1 , ,..i? 4?•.•y-'`('•Y? •' v • .. Ir } face -of the bonds. ` Section ?.. That to secure the payment of the loans provided for in section one of. thi6 ordinance; there shall be issued coupon bonds of the Town. of Clearwater of the denomination of five hundred dollars each; said bonds shall be made payable at the office of the 'treasurer of the Town of Clearwater, (also at such place in the city of Now York as the Council may herein- after designate by resolution.) and that the interest coupons attached to each bonds shall be made payable at the same place as the bonds. That said bonds shall mature within thirty years from the date thereof, and shall be made payable at maturity or at the expiration of five years if the Town of Clearwater so desires to pay and redeem the same, as provided for in section one of this ordinance. That each bond shall have :attached to it . interest coupons of such number and amounts as shall be-necessary • to pay the interest semi.-annually on the principal sum for which said bonde is given at the rate of five per centum .par raraniun until the principal of said bonds shall become due; provided, however, that in case said bonds or any of them shall be paid and redeemed at any time after the wxpiratioa of five years from the date thereof and before said bonds shall have fully matured, that said interest coupons that have not matured at that time shall be null and void. That said interest coupons . when due shall be receivabl)e by the Town of Clearwater for all taxes due to it of every bind whAtso©ver. Section 3. That said Bonds shall be signed by the mayor, i Town Clerk and President of the Town Council of the Town of ( ' i Clearwater, and shall have the Corporate seal : of the Town of Clearwater attached thereto. Section 4. Vjhen the Town Council shall have issued the Bonds as aforesaid, they shall appoint by resolutions, to be recorded r. i 1 • in the minutes a financial Canmittee of three persons who shall s? ? ?.r? ! be resident freeholders of the Town of Clearwater to be • •`?_"_ styled Trudtees of Town Bonds, who shall each bond give tanning Y 1 ; 131 s - t H . ! . . i', ??>t#?r' T ? '~ e' '? '° l ? 4?' i to :the .Town Treasurer of the Town of CbearVrater, with sufficient ' 1? • }'y 1 ???? ayn? • ',S i ; •! ? ; =i sr `Y sureties in such sums as may be required by Ihe.'Town Counei3 3 <r ; , x ' r, r 21 } 22 r conditioned that tho said Trustees shall faithfully discharge J the trust confided to him, and shall pay over and duly account for all such sins of money as may come into his hands by virture of such trust, which said bond shall bo, approved as to the form and the sufficiency of sureties by the Towya Council, and the i Town Council from time to time, as circumstances may require, demand additional surety from any such trustee. That the Bonds which may be issued under this ordinance as soon as the same are prepared•and executed, shall be taken charge of by the Bond ' Trustees and shall be sold by said Trustees; provided, however, said bonds shall not be sold for less than par value. ' Section 5. That the Town Council shall, have exclusive control management and direction over the construction, maintainance and operation of sewerage and water works plant which may be constructed and put in operation by'and under the provisions of this ordinance.- section 6. That a special tax shall be assessed and collected each year upon the property, both real and personal, within the Town of Clearwater for the payment of the interest upon said bonds; and a special tax of two and one half (21) per centum "i of the principal of the total issue of said bonds shall be assessed and collected annually as a sinlting fund for the payment of the issue of bonds herein provided for; and the Bond Trustees shall have full power and authority to invest said sinking fund in ' State or County Bonds, or any outstanding bonds of the Town of, Mearwater• Section. 7. That the Mayor of the Taan of Clearwater shall call a special election under the ordinances of said Town of the registered voters of said Town who real estate therein and have paid their taxes for the year last due thereon. Said election to be held on the 14th day of December. At which said election the question of whether bonds to the amount and for the purpose herein before specified shall be issued and sold by the said r< :i. t = :' •{ , ? , : . r Town of Clearwater, shall be submittes to the electors of said . , , ;5, , ( :.P?.•??j''.{ ef{??,'iI'''`r•.*?SSwi?."Er(.5 tF1 ?fTh , .. ' ,?,. ,a ''- ? . ?':•s'• , Town posessing the qualifications hereinbefore specified; that F , said election shall-be called and conducted in accordance with 'k5 ''tr?.'t#? .?r?.`'?:.: • r 1 ` rwi '? '. of said Town providing for the holding' of the oirdinanoea' 1 id ^r . ? . 5 3 c i i 51 • u I. r} 23 ` i oleotiona. That the Council shall. cause to be printed for uae at said special election ballots substantially in tho following 1 Official Ballot Spocial Bonding Election r Dec. 14th, 1908, of the Town of Clearwator. i ..,w , I Make a cross(x) mark beforo'each proposition in favor of ' issueing bonds which you favor; Make a cross (X) mark before each proposition against issuoing bonds if you oppose issuing same. ----------- -------------- ,WO 0 SEVIERAGE. For. issueing and sale of bonds for sewerage to the amount of fifteen thousand dollars, t' ?,S't --------- ------------------ For the issueing and sale of bonds for sewerage to the amount of fifteen thousand dollars, "N0" - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - : WATER WohKs. For issuei.ng and s+i.lo of bonds for the amount of twenty five thousand dollars for the purpose of purchasing, erecting and establishing a water works plant for the Town, "YES". --------------------- For the issueing and sale of bonds for the amount of Twenty five thousand dollars for the purpose of purchasing, erecting ., and establishing a water works plant for the Town, "I30". _----------•-------_---- Section 8. That if a majority of the votes cast at said election upon all of said propositions shall be in favor thereof then it shall be the duty of the Town Council to issue said bonds in accordance with the provisions of this ordinance hereinbefore ;;..' set forth, but if a majority of votes cast at said election shall 't be against any one or more of said propositions then this ordinance shall be of no effect and no bonds' shall be issued and no 'lean shall be negotiated therefor* section 9. All ordinances or parts of ordinances in conflict herewith' are •hereby repealed. 'a . ?sy=:i????:': ??+.Y:,-5:, yir"1ee11.• _rrt?:.',tKiE . f i f? 111, . 601 • j. ? ? ? I I ' .'J ' •,?, '1 . ? .. ., .. ? : " 'F it .y r' ? 7- .S YMt-{nAliwFk'•n. +4,.z. ... n. °r .r , .. _.., .r•. 1 t•3 ? ? .. 24. 'Section 10. This ordinance shall go ifto effect immediately upon its passage and approval by the ?mayor and publication in compliance with tho Charter. 1 Passed by the Tow n Council of the Town of Clearwater this 1- I Vr IS 1 ff. Y-1 tjW ` Xl tt; 't':til.•- t. ?;a??;.4t;.;K Leroy Brandon Mayor of the Town of Clearwater. 11th day of 'Vovember, 1908. Attest: T. J. Sheridan own Clerk. • M. H Eldridge President o Town Cow. Approved by ze this llth day of Novamber, 1908. 1 .y r z"ly1 " y :.S' • k t , . .e1 } Yp,.it '. iFiw n-7L`["...: t.?,?:iii. ?'•k?;:,,:,..,;, `, c „ ' . _ -I•' r'12 •, .: `?i,?a_.+: o:l„ la.,'y:' -?,? „y itSr }.^'sr',> f