170
ORDINANCE NO 170 OF THE CITY OF CLEARWATER, FLORIDA.
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AN ORDINANCE ENTITLED " AN ORDINANCE TO PROVIDE FOR THE
ISSUANCE AND SAID; DF PUBLIC IN PROVEMENT BONDS OF THE CITY OF
CTLARWATER, FLORIDA, TO ThE AMOUNT OF OUT STANDING CERTIFICATES
OF INDEBTEDNESS FOR ASSESSMENTS OF PUBLIC IMPROVEMENTS, AND TO
PROVIDE FOR THE PAYMENT OF THE PRI14CIPAL AND INTEREST OF SUCH PUBLIC
IMPROVEMENTS BONDS".
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CLEARWATER,
FLOR IDA:
Section 1. That the City Council may, as soon as any assessment
for improvements shall be made and certificates issued as provided
by the Charter and Ordinances of the City of Clearwater, instead of '
disposing of said certificates of indebtedness and guaranteeing
the payment thereof, retain such certificates of indebtedness and
deposit the same with the City Depository, and the payments which
shall be made thereon, either as interest or partial payments of
the principal sum, shall be kept In a special and separate fund to
be known as the Improvement Certificate, Interest and Redemption Fund,
and the City Council may immediately after the issuing of such certif-
icates, issue and sell bonds to be designated "Improvement Bonds"
of the City, with interest coupons attached, to amount not in excess
of the aggregate amount of such certificates of indebtedness that
shall from time to time be issued; such bonds shall bear interest
at the rate of six per cent per annum payable semi-snnually; such
bonds shall be issued with such maturities and in such form and
denominations as the Council shall by resolution determine. The
amount of such bonds so issued shall never exceed the amount of
certificates of indeftedness deposited with the City Depository
and the maturities of the bonds shall coincide substantially with
the maturities of the installments of the certificates of indebted-
ness so deposited. That all. such bonds shall bear a certificate
signed by the proper officer of the Depository certifying that
certificates of indebtedness equal in amount to the face value of the
bonds being iaeiued, have been deposited by the City with such
Depository; and•t1voceeds of all such certificates shall be applied
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exclusively to the payment and retirement of such bonds when the
some shall mature or become due. In case there should not be suffici-
ent money in the funds to pay any installment of interest at maturity
!'. the City shall borrow such an amnun,t of money as shell be.
necessary
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for such.purpose, issuing a note against said funds due within ?
not more than twelve months end such note shall bear interest at
r the rate of eight.per cent per annum.
I, Passed by the City Council this 1st day of March; 1916.
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J . R . Thomas
President of City Council.
Attest:
R._ m . -Daniel
City Clerk
Approved by me this 1 st day of March , A. D . 1916.
John R. Jeffords
Mayor of City of Clearwater,Floride.
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