Page 158 - compilation-containing-the-charter-and-revised-ordinances-of-the-city-of-lake-city-florida-(1912)-gillen-and-hodges

Charter and Revised Ordinances of Lake City Florida (1912) Gillen & Hodges
155
Charter of the City oj Lake City
principal and interest the entire taxable property of
the City and the public utilities acquired and owned 155/257
by the City shall stand pledged by this ordinance.
Each of said bonds shall be of the denomination of
OneThousand Dollars, shall be dated September 1st,
1905, and shall bear interest, payable semi-annual­
ly on the first days of each September and March
at the rate of five per cent, per annum. The prin­
cipal of said bonds shall become due and payable
on the first day of September, 1935. The proceeds
from the sales of said bonds at not less than par
value shall be used as follows:

(A) The moneys arising from the sale of Twelve
Thousand Dollars of said bonds or so much thereof
as may be necessary to pay Twelve Thousand Dol­
lars shall be used to purchase the Electric Light
Plant and Water system of the Lake City Electric
and Water Company and all the property, fran­
chises and contracts properly connected therewith,
excepting only money and accounts.

(B) The moneys arising from the sale of
Sixty-five Thousand Dollars of said bonds, or so
much thereof as may be necessary, shall be used for
the opening, grading, paving, widening and repair­
ing of streets and for purchasing and maintaining
one or more parks and Cemeteries and improving
the same.

(C) The. moneys arising from the sale of
Twenty-five Thousand Dollars of said bonds or
so much thereof as may be necessary shall be used
for the purpose of providing a proper and scien­
tific system of sewerage in said City.

(D) The moneys arising from the sale of Ten
Thousand Dollars of said bonds or so much thereof

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