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LAWS OF FLORIDA 2197 signatures of the Mayor, President of the City Council and City Clerk respectively, and the Mayor and City Council of said City of Vero Beach shall be authorized to levy a special tax upon all the taxable property within said City at such rate as may be neces- sary to raise a sufficient fund to pay off the interest that may accrue upon said bonds, as well as to provide a sinking fund for their final redemption. Section 49. The bonds herein provided for shall in no case be sold at a greater discount than five per cent of their par value, and shall not bear a greater rate of interest than eight per centum per annum, payable semi-annually. Section 50. It shall be the duty of said City Council, as soon as the bonds herein authorized have been approved, to advertise the same for sale on sealed bids, w1iich advertisements shall be pub- lished once a week for two successive weeks in a newspaper of gen- eral circulation published in Indian River County, Florida, and if said bonds be not sold pursuant to such advertisement they may be, sold at private sale at any time after the date advertised for the reception of sealed bids; providing that no bonds issued here- under shall be sold for less than ninety-five per cent of the par ..� value thereof with accrued interest to date of delivery, and pro- vided further that no bonds shall be sold at private sale for less. than the sealed bids received therefor, and no private sale shall be made of said bonds subsequent to'thirty days after the adver- tised date for the reception of sealed bids. Section 51. A bank or banks, or other depository to be desig- nated by the Council, shall receive and be custodian of said bonds. and all money arising from the sale of said bond or bonds. Section 52. The City Council shall advertise for bids for work. to be done for which bonds are issued, making contracts with the lowest responsible bidder, who shall himself give bond for the faith- ful performance of the work, but the said Council shall have the right to reject any or all bids received; it shall personally, or through proper agents, select all material and have supervision and charge of the work for which the bonds are issued, and shall audit all accounts connected with such work, and pay the same by check on the banks or depositories handling the proceeds of the sale. .of the said bonds. Section 53. The entire issue of bonds, or such portion thereof as the Mayor and Council may deem advisable, may be sold and. converted into money at once.