Page 22 - 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
19
Charter oj the City of Lake City
negotiations with the owners of such public
utility or utilities for the purchase thereof, and to 19/257
agree with such owners upon the price to be paid
and the terms of payment, all of which shall be
reported to the full Council, or a quorum thereof,
and affirmed or rejected by a majority vote.
In case it is decided to purchase any such
utility and the said City of Lake City has not the
cash in its treasury to pay the price agreed upon,
then and in that event the Mayor and City Council
in their corporate capacity are hereby given full
and complete authority, to issue the bonds of
said City of Lake City for the full amount of
such purchase price, said bonds not to be disposed
of for less than their par value and not to bear a
greater rate of interest than five per cent, per an­
num, payable semi-annually. Such bonds may
either be sold in open market after due advertise­
ment in such manner as the Council may deem
best, or may be delivered to the owners of the said
public utility or utilities so purchased to an amount
equal to the purchase price agreed upon, but the
said City of Lake City shall not issue bonds for
any or all purposes, the aggregate amount of which
shall exceed twenty (20) per cent, of the assessed
valuation of all the property in its limits as shown
by the city assessment roll, but may issue bonds
to that amount.

Provided, further, That before said bonds shall
be issued the issuance of said bonds shall be ap­
proved by an affirmative vote of a majority of the
electors voting at an election to be held for that
purpose by ordinance as to the manner of conduct­
ing and certifying same, after the same has been
advertised for not less than thirty days in a news­

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