Fort Walton Ordinance 25: Artesian-well debt to M. J. Gray — reading text

83 AN ° DINANCE #25 TO BE ENTTTLEF AN ORDI™ ANCE appropria ting the sum of $7469.20, together with terest at the rate of six (6%) per cent, and authorizes the Town of ; Fort Walton, throush its Mavor and Town Clerk, to pledge its current revenue and give first lien against its water. receipts; and authorizing the execution of ea note hy the Town of Fort Walton to represent its unpa indehtedness to M.J. Gray, of Pensacola, Florida. 4 WHEREAS, the Town of Fort Walton was without and adequate supply of water for the use and mrotection of its inhabitants and hy reason of said emergency contracted with M.J. Gray to remedy its sttutation, and WREREAS, M.J. Gray has successfully and satisfactorily completed the installation of an Artestan Vell after performing services and furnishing materials authorize’ by appropriate resolutions of the Town Council of the Town of Fort Walton to the end that the Town of Fort Walton is now henefit ted with an adequate water supply, and WEEQEAS, the reasonable costs of services, and equipment and materials furnisned by MJ. Gray has been determined to he oll, 278. 20 of which amount the Town of Fort valton has paid to M.J. Gray $3, 309.60 leaving an oute- standing balance of $7,469.20, and WHEREAS, iid. Gray has offored to allow ani agreed with the Town of Fort Walton to pay the balance of said indebtedness at the rate of 3250.00 per month, with stx (6%) per cent *‘nterest thereon until paid, which arrang- ment the Town oF Fort Walton destres to accept, sot that the said instal- iment can he paid out of current water receipts as received and can he supplemented ou: t of other current revenue, and WHEREAS, said agreement is conditioned upon the Town of Fort Walton giving its promissory note ania first lien against its eurrent water Eo nab 20 to MJ. Gray representing and as security for the said sum of 7,469.20, tosether with interest at the rate of six (6% per cent: NOW, VHEREPORE, THE TOWN OF FORT WALTON DORS ORDATN: SECT TON I. That the Mayor and the Town Clerk of the Town of Fort Valton he and thev are herehv authorized to execute in the name and for account of the Town of Fort Walton, a promissory note for O75 469,20 payable to the order rs] 9 of M.J. Gray, with interest from its date until natd at the rate of six (62%) per cent, payable in consecutive monthly tnstallments of $250. 00, the first ol Wal payment to he due and payable and made ty the 10th day of the month £ tiat month in which thts Ordinance shall hecome effective. lowing SECTTON 2. That there he and there is hereby aopropriated out oF : current and exrected and rresently ero zee water receipts and tax collected and to he collected hy the Town of Fort Walton the sum of 7 gh 459.20 plus the add? tional. sum of $875.93 for the repayient of the satd loan and inserest at matur? Pty. SECT ON 3. That ently authorized and previded for water recetsts an] taxes collectable an: collectable hy the Town of Fort Walton be and they are herehy pledged for the payment of the said note and interest, and the HMavor and the Town Clerk he and they are hereby euthorized CO execute in the name and for the aecount of tne Town of Fort Walton, a first lien on the said water taxes and recetpts as security for the promt ssory note of the Torn of Fort Walton in favor of Md. Gray in the amount of & yt59, 20 with six (6%) per cent interest. 84 drorton. 4, . That t .s-Ordinsnce is declared t .e-and is an emergency Ordinance and it shall take effect immedtately on its passage and approval, in accorjance with the Chapter of the Town of Fort Walton, the sa*d Ordinance to he nuhlished in syvnops?s form as required tv the said Chapter. 1 s ORDINANCE #25 unanimously passed on its third and final reading in open session of Fort Walton Town Council in speectal sess*on held Febriary 11, 1947. ATTEST APPROVED TOW CL: RE “MAYOR