HomeMy WebLinkAboutOrdinance No. 05-1985MICROFILMED AUG 87
ORDINANCE NO. 5 -85
AN ORDINANCE AMENDING ARTICLE XX, SECTION
VIZZ, "SIGNING BONDS ", OF THE CHARTER OF THE
CITY OF CAPE CANAVERAL, FLORIDA, BY DELETING
THE MINIMUM TERM FOR BONDS; BY CHANGING THE
ALLOWABLE PAYMENT DATES; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Cape Canaveral, finds it necessary
to occasionally acquire certificates of indebtedness; and
WHEREAS, in the highly fluid market of today, terms of
less than two years are sometimes advantageous;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Cape Canaveral, Florida, as follows:
SECTION 1. Article XX, Section VliI, of the Charter of
the City of Cape Canaveral, Florida, is hereby deleted in
its entirety and replaced with the following:
Sec. 8 Signing Bonds. All bonds, public improvement
certificates or public utility revenue certificates,
or other obligations for the payment of money, shall
be signed in the name of the City of Cape Canaveral by
the Mayor or such other officer as shall be designated
for said purpose in the resolution authorizing the
issuance of the same, and shall be attested by the City
Clerk and shall be under the Seal of the City, and all
of said bonds and certificates of indebtedness, except
public improvement certificates payable only from
assessments from public improvements, may bear interest
coupons to be signed with facsimile signature of the
Mayor; and all of the said obligations shall be of
such denominations as shall be determined by the City
Council, and to bear interest at the rate fixed by
the City Council, not exceeding the prevailing market
rate for similarly rated bonds, payable as may be
determined by the City Council and not to exceed fifty
(50) years from the date thereof.
SECTION 2. This Ordinance shall take effect immediately
upon its adoption.
ADOPTED by the City Council of the City of Cape Canaveral,
Florida, this 19th day of February
th Form:
ity Attorney
, 1985.
NAME
YES
NO
FISCHETTI
x
MARCHETTI
X
NICHOLAS
X
RUTHERFORD
x
WINCHESTER
First Reading 2 -5 -85
Posted: 2 -6 -85
Advertised: 2-9-85
Second Reading: 2 -19 -85