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AN ORDINANCE authorizing and providing
for the issuance of $150,000 Water System
Bonds of the Town of Atlantic Beach, Florida,
and for the payment of same as to both
principal and interest from the levy of
taxes, and in addition, the net income and
revenue from the operation of the municipal
water system of said town.
WHEREAS the Town of Atlantic Beach, a municipal corpora-
tion organized and operating under the provisions of Chapter 13907,
Laws of Florida 1929 as amended and supplemented, and located in
Duval County, Florida, is without an adequate supply of water for
fire protection and for public, domestic, commercial and industrial
uses, and it is necessary for the preservation of the health and
welfare of said town and its inhabitants that a municipal water
system be established and constructed, the estimated cost of which
is hereby found and declared to be one hundred fifty thousand dollais
150,000) ; and
WHEREAS it is permitted and provided by Section 4 of Nouse
Bill No. 237 of the Acts of the Legislature of Florida, 1949, that
said town may issue and sell its bonds for such municipal purposes
as may be provided by ordinance and for the payment of which, includ-
ing interest thereon, the entire taxable property in said town may
be pledged and in addition the revenue of the particular utility or
facility to be constructed may be pledged; provided, such ordinance
is approved by a majority vote in an election in which a majority
of the freeholders who are also qualified electors, as defined in
said House Bill No. 237, shall participate; and
WHEREAS it is also required by Section 6 of Article 9 of
the Florida Constitution as amended that the issuance of such bonds
by said town be approved by a majority vote in an election in which
a majority of the freeholders who are qualified electors as defined
by Section 1 of Article 6 shall have participated;
NOW, THEREFORE, Be It Ordained by the Mayor and Town
Council of the Town of Atlantic Beach, Florida, as follows:
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Section 1. That subject to (1) the approval of this
ordinance by a majority vote of the freeholders who are qualified
electors, as defined in House Bill No. 237 of the Acts of the
Legislature of Florida, 1949, and (2) approval of the proposition
of issuing bonds by a majority vote of the freeholders who are quali-
fied electors in said town, as defined by Section 1 of Article 6 of .
the Florida Constitution; and for the purpose of paying the cost of
establishing and constructing a municipal water system in and for
the Town of Atlantic Beach, Florida, there shall be and there are
hereby authorized and ordered issued the negotiable Water System
Bonds of said town in the total principal amount of $150,000, to be ,
dated October 1, 1949, of the denomination of $1000, numbered 1 to
150, inclusive, bearing interest at the coupon rate of four per cent
4%) per annum or such lesser rate or rates as may be determined at
the time of the receipt and consideration for bids for the purchase '
of the bonds, such interest to be payable semi-annually on the first
days of April and October in each year. Said bonds shall be
scheduled to mature serially and in numerical order on October 1 of
the respective years as follows :
Year Amount Year Amount
1951 5,000 1960 8,000
1952 5,000 1961 9,000
1953 6,000 1962 9,000
1954 6,000 1963 9,000
1955 6,000 1964 9,000
1956 7,000 1965 9,000
1957 7,000 1966 10,000
1958 7,000 1967 10,000
1959 8,000 1968 10,000
1969 10,000
provided, however, said bonds numbered 23 to 150, inclusive, shall
be subject to redemption by said town prior to maturity on any
interest payment date on or after October 1, 1954 in whole or from
time to time in part in the inverse order of their maturities (less
than all of a single maturity to be selected by lot) upon terms of
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par and accrued interest at the coupon rate plus a redemption
premium of two per cent of the principal amount thereof if called
for redemption on or prior to October 1, 1959; one Per cent of the
principal amount thereof if called for redemption thereafter and
on or prior to October 1, 1964; and upon terms of par and accrued
interest without Premium if called for redemption thereafter.
Notice of the redemption of any of said bonds which by their terms
are redeemcble will be given by publication at least once not less
than thirty days prior to the redemption date in a financial news-
paper or journal of general circulation published in the City of
New York, New York. Both principal and interest of said bonds shall
be payable in lawful money of the United States at the
in the City of
Each of said bonds shall be executed on behalf of said town by its
Mayor, countersigned by the President of its Town Council, and
attested by the Town Clerk, with the corporate seal of said town
affixed, and each of the interest coupons evidencing interest on
said bonds shall be executed with the facsimile signatures of said
Mayor, President of the Town Council and Town Clerk. Said bonds
and the interest coupons appertaining thereto shall be in the cus-
tomary form, which shall be approved by the Mayor and Town Council
prior to execution thereof.
Section 2. That for the payment of the bonds hereby
authorized and the interest thereon the full faith and credit of
said town and the entire taxable property therein shall be and are
hereby ordered pledged, and in addition the net income and revenues
of the municipal water system established and constructed through
the issuance of said bonds shall be and is hereby ordered pledged.
The Mayor and Town Council shall annually levy and collect a direct
annual ta.x on all of the taxable property in said town sufficient
to pay the interest on said bonds as it falls due, and also create
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a sinking fund adequate for the payment of the principal of said
bonds at or prior to maturity. The proceeds of said tax, when
collected, shall be kept apart from all other corporate funds of
said town and shall be used for the payment of said interest and
principal, and for no other purpose whatsoever.
Provided, however, and it is hereby ordered and directed
that the available net income and revenue derived from the operation
of the water system of said town shall be used toward the payment
of the interest on and the principal of said bonds and to the re-
mission and reduction of the tax aforesaid by the amount so used;
and in each ye r while any of said bonds or the interest coupons
appertaining thereto shall remain outstanding and unpaid. such of
said available net income . nd revenues up to an amount equal to the
amount of interest and principal during the then current year and
during the next succeeding calendar year shall be accumulated and
held apart to pay said interest and principal, the intention of
these provisions being that the net income and revenues from the
water system shall be used to pay the interest on and principal
of said bonds as the same become due and to accumulate a reserve
for that purpose equal to the amount of interest and principal to
become due during the respective succeeding years, and whenever and
to whatever extent the net income and revenues have accumulated an
amount sufficient for that purpose the ad valorem tax otherwise
required to be levied for paying said bonds and interest thereon
may be abated.
Section 3. That the bonds hereby authorized shall be
validated in accordance with the provisions of Chapter 75 of the
Florida Statutes, and following the required approval, as herein-
before recited,Frank Thompson as attorney for and
on behalf of said town, is hereby authorized and directed to take
appropriate proceedings in the Circuit Court of the Fourth Judicial
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Circuit of Florida for the validation of said bonds.
Section That said bonds when approved as hereinbefore
recited shall be sold in such manner and upon such terms as may be
hereafter prescribed by the Mayor and Town Council, and the proceeds
received through the issuance of said bonds, exclusive of accrued
interest, shall be used and applied for establishing and construct-
ing a municipal water system for said town, which is generally
described as follows:
Section 5. That this ordinance be in full force and
effect immediately upon its adoption and approval.
Adopted by the Town Council j2-e.. • I D 1949.
ice.
Attest: President, To iCouncil
rIA-U(2A— S -
Town Cler
X X ti
The foregoing constitutes a true, correct and complete
copy of the ordinance adopted by the Town Council and submitted to
the Mayor for approval this l0 1949•
kt;4413471fro-'9 43
O-v6- /3 1949. Town Clerk
ayor.
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