Page 23 - 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
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Charter of the City of Lake City
paper published in said City of Lake City, and at
which election only qualified electors of said city 20/257
who own real estate or personal property in
said city and have paid taxes thereon last due,
shall be allowed to vote.
When bonds are issued under the terms of this
act either for the construction of public utilities
or for the purchase of existing public utilities, the
said bonds shall be under the seal of the City of
Lake City, shall run for thirty years, and shall be in
denomination one thousand dollars ($1,000.00)
each and shall be signed by the Mayor, counter­
signed by the President of the Council and at­
tested by the Clerk with interest coupons attached,
which shall be signed in like manner,and the Mayor
and City Council of said City of Lake City shall
be authorized to levy a special tax upon all taxable
property within said city, at such rate as in their
judgment may be necessary to raise a sufficient
fund to pay off the interest that may accrue upon
said bonds, as well as to provide a sinking fund
for their final redemption.

Sec. 38. The bonds herein provided for shall
in no case, be sold at greater discount than five (5)
per cent, of their par value, and shall not bear a
greater interest than five per centum per annum.
Sec. 39. It shall be the duty of the said City
Council, as soon as the bonds herein authorized
have been executed, to offer the same for sale by
notice, stating the amount of bonds for sale, the
rate of interest, and when the same shall become
due and payable, advertised in a newspaper pub­
lished in Lake City, and also in not less than two
ether newspapers in cities reputed to be money
centers, if deemed necessary. The City Council

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