Page 172 - 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
169
Charter of the City of Lake City
the contract and franchises of said company except­
ing only money and accounts, for the sum of
Twelve Thousand Dollars to be paid to the said 169/257
company in cash or with bonds of said City at
their market value provided for in this ordinance;
the said purchase shall be made subject to the
existing indebtedness thereof of Forty Thousand
Dollars now outstanding against the property and
represented by the bonds of said company secured
by a trust deed covering the said peroperty for the
payment of which all the said property purchased
from said Lake City Electric and Water Company
and all the improvements and additions made to
said electric and water svstem bv said Citv and
* w y
all property in said City bought for the use of said
electric and water system, except the eight hun­
dred acre tract of land mentioned herein, are here­
by pledged. When the said electric and water
system shall be purchased as beforesaid the board
of public works shall take possession of and per­
manently control and operate the same and all
other property purchased or to be purchased in
connection therewith and pay all operating ex­
penses out of the revenue derived therefrom; and
said board shall also have the executive control
and management of the construction, operation,
repair and extension thereof and of all other public
utilities of the said City and over the expenditures
of all moneys arising from the sale of bonds and
the making of all public improvements and over all
municipal buildings and property and to fix the
charge for water and electricity and shall require
the payment to the said board from each of the
departments of the City Government of the reason­
able value of the water and electricitv used bv
*
them, based upon prices usually paid by Muni-

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