Page 54 - 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
Charter of the City oj Lake City
acted in good faith and the city received the full
benefit of said loans; Therefore, 51 51/257
Be it enacted by the Legislature of the State of Florida:
Section 1. That the several obligations con­
tracted by the City of Lake City, at divers times
during the year 1906 and 1907, aggregating the
sum of $43,200 evidences of which were issued in the
form of promissory notes or bonds, payable each
one year after the date thereof with interest at the
rate of eight per cent, per annum, are hereby rat­
ified and approved, and the same are hereby rec­
ognized as valid and binding on the City of Lake
City, as fully and to the same extent as if said
city had been authorized by law to contract said
obligations, and issue evidences thereof in manner
and form aforesaid.

Sec. 2. That the Mayor and the City Council
of the City of Lake City, in their corporate capaci­
ty, are hereby authorized to issue from time to
time, bond of said city to such amounts as may be
necessary to pay said obligations with interest,
and such denominations bearing such rate of
interest, not exceeding five per cent, becoming due
and at such times and upon such conditions, as
may, by ordinance calling for such bond election,
be determined, the proceeds from the sale of
which bonds at not less than par value, shall be
used for the payment of said obligations,. con­
tracted and evidences thereof issued as aforesaid,
and for the payment of which bonds and the in­
terest thereon, the entire taxable property of
said city and the public utilities acquired and own­
ed by the city may be pledged ^Provided, that before
the issue of said bonds be made, the issuance of

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