Page 160 - 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
157
Charter 0} the City oj Lake City
shall have been so signed and sealed they shall be
turned over to the board of public works who shall 157/257
be trustees for said bonds and shall be by said
board offered for sale to the highest and best bidders
for cash on sealed bids; but said board shall reserve
and have the right to reject any and all bids and
shall not sell any of said bonds for less than par
value. The proceeds of sales of said bonds, as soon
as received by the said board, shall be deposited in
a depository selected by said board and kept by
them in a separate account to be drawn out only
for the purposes for which said bonds are authorized
to be issued upon warrants approved by the board
of bond trustees and signed by the chairman and
countersigned by the Secretery of said board.

Sec. 4. Said bonds shall be payable to bearer
and shall be delivered by said board only after
being countersigned by the chairman and secre­
tary of said board; whereupon said bonds shall be­
come payable to the lawful bearer thereof. It
shall be the duty of the board of public works as
bond trustees when any bond is sold or issued by
them to register the same in a book to be kept for
that purpose, the said board shall keep an accurate
account of all bonds and coupons outstanding and
of all such as may be paid. Said board is hereby
authorized to incur and pay such reasonable ex­
penses as may be declared to be necessary by a
majority of said trustees in and about the sale of
said bonds.

Sec. 5. Said bonds and the coupons attached
shall be in the following words and figures, the
blanks left for the number of each to be filled in as
the number of the bond may render necessary:

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