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ORDIIIANCE. NO 1613 OF THE -CITY OF CLEARWATER, FLORIDA.
?,. X45.
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I AN ORDINANCE ENTITLED {' AN ORDINANCE TO PROVIDE FOR T11E ISSUANCE
'AND SALE OF IMPROVEMIM B014DS BY THE CITY OF CLEARWATER, TO THE
AMOUNT OF 11JE IMPROVEVENT CERTIFICATES OR CMTIFICATES OF INDEBTE4:
i DNESS AGAINST THE PROPERTY ASSESSED FOR I1APROVEMMITS AND HELD BY
T11E Cily".
BE IT O 1MAI NED BY THE CITY COUNCIL OF THE CITY OF C IE ARVIATIM ,
FL ORIDA:
Section 1. That whenever the City shall make , or cause to
be made, any municipal. improvement a part or all of the coat of
which shall be assessed against any of the real estate in said City
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and for which certificates of indebtedness or improvement certificates
shall be issued against the abutting property or property benifited,
as the ssaae may be, that the City Council may, instedd+ of disposing
of daid certificates of indebtedness or improvement certificates
and guaranteeing the payment thereof as provided by the charter and
ordiaaneesof the City, retain said certificates of indebtedness or
` improvement certificates and deposit the some with the City Depository
4??;Cir?.?.n1}<it.'}t??Jk§ 3• °ttjr>?. ,,'?-?',^`":x
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and may immediately issue and sell bonds to be designated "Improve-
ment Bonds of the City of Clewrwater" with interest coupons attached;
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to an amount-not in excess of the aggregate amount of said certifi-
cates of indebtedness or improvement certificates that shall from
time to time be issued, bearing interest at the rate of six percent
per annum payable semiannually.
Section 2 . That all bonds issued under the provisions of this
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ordinance shall be issued with such maturities and in such form and
l denominations as the City Council shall from time to time determine ?
by resolution, and,the maturities of the bonds shall coincide
substantially with the maturities of the installments of the certifi-,
cabs of indebtedness or improvement certificates so deposited in
the City Depository.
Section B. When any interest or any payment shall be made,
some shall be deposited in the City Depository in as separate fund
to be, kaorrn an the "Improvement Fund" and such fund shall be used !
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.' ordinance shall bear a certificate duly signed by the proper officer
of the City Depository certifying that certificates of indebtedness
exclusively for the payment and retirement of such bonds sited the
3 interest thereon when the same shell mature ,or become due. In case there
shall not be sufficient money in the Improvement Fund to pay any
installment of interest at maturity, the City Council shall born&w
such an amount of money as shall be neceagary for such puropse
i issuing a note against said fund due within not more then twelve
months, aril each note shall bear dnterost at not more than eight per-
cent per annum.
Section 4 . All bonds issued under provisions of this
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or improvement certificates equal in amount to the face value of
the bonds being issued have been deposited by the City with such
}depository.
Section 5. Whenever any contract shall be let by the City
for public improvements, a part or all of the cost of which is to
be assessed against the abutting property, the contract shall state
whatproportion of the cost of such improvement the contractor
shall be required to take in improvement certificates or improvement
bonds for such work. .
Section 6. All ordinances or parts of ordinances in
conflict herewith are hereby repealed.
Passed by The City Council of the City of Clearwater,
this let day of 88 t A. D. 1915.
Attest:
R. T. Daniel
City Clerk.
Approved by me this 2nd
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B. M. Caruthers
President City Council, Protem
day of September A. D. 1915.
3'. R . Thomas
Acting Mayor.
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