Page 55 - 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
52
Charter of the City of Lake City
the bonds proposed to be issued, shall be provided
for by ordinance, setting forth the denominations 52/257
of said bonds, the rate of interest, the time, place
and conditions when said bonds and the interest
thereon shall become due and payable, and that
the proceeds arising from the sale of said bonds
shall be used for the purpose of paying said obli­
gations, and interest due thereon, and subsequently
approved by a majority of the votes cast by the
qualified electors of said city who were qua.ified
to vote at the city general election next preceding
such election, at a special election held for that
purpose, or, if said question of issuing bonds be
submitted to be voted upon at a general city
election, then by a majority of votes cast by the
qualified voters of said city, at such election; the
time and manner of holding such election shall be
prescribed in the ordinance providing for the
issuance of said bonds; and Provided, further, That
the Board of Public Works of the City of Lake
City, shall be the Trustees of the bonds issued
under this Act, which board shall have all the
power in reference to the bonds issued hereunder,
as vested in said Board of Public Works, by law
and ordinance in reference to the existing bonds
of said city.
The Mayor and City Council shall levy and
collect annually such special tax on the taxable
property within the corporate limits of said
city as may be necessary to pay the interest on
said bonds, and to provide a sinking fund for the
payment of said bonds, and by ordinance, shall
require of the disbursing agents handling the money
hereby provided for such bonds, for the faithful
performance of their duties as they may deter­
mine.

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