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2210 LAWS OF FLORIDA <br /> of paying current expenses or to meet any unexpected expenses to <br /> borrow money from time to time on negotiable notes maturing in <br /> not to exceed two years after date at a rate of not exceeding eight <br /> per cent interest per annum, payable semi-annually; provided, <br /> however, that the total indebtedness at any one time under this <br /> section shall not exceed $50,000. No money shall be borrowed <br /> under this section so as to increase the indebtedness of said City <br /> as composed of bonds, time warrants and notes to more than twenty- <br /> five per cent of the assessed valuation of the taxable property of <br /> said City as shown by the current assessment roll thereof and the <br /> City Council shall assess and levy a tax upon the taxable property <br /> in said City for the purpose of paying the notes issued hereunder <br /> both principal and interest at the maturity thereof, which tax shall <br /> be levied, assessed and collected annually in the same manner as <br /> other taxes. <br /> Section 94. The City Council is authorized to issue and sell <br /> interest bearing time warrants, bearing interest at a rate not <br /> exceeding eight per cent per annum, to an amount not exceeding <br /> One Hundred Thousand Dollars to be outstanding at any one time. <br /> The City Council shall prescribe the form, denomination and date <br /> of maturity of such warrants. The City Council may sell such <br /> warrants at private sale, provided they are not sold for less than <br /> par, or said warrants may be sold to the highest bidder after <br /> advertisement for two successive weeks in a newspaper published <br /> in Indian River County, Florida, provided that no such time war- <br /> rants shall be sold for less than ninety-five per cent of par plus <br /> accrued interest to date of delivery. No time warrants provided <br /> for herein shall be issued so as to increase the indebtedness of <br /> said City, as composed of bonds, outstanding time w:rrants, and <br /> notes to more than twenty-five per cent of the assessed valuation <br /> of the taxable property of said City as shown by the current <br /> assessment roll of said City. <br /> The proceeds of the time warrants provided for herein shall be <br /> used for the purpose of repairing and maintaining electric light <br /> works and extending the electric light system; for the purpose of <br /> repairing and maintaining the sewer system; for the purpose of <br /> opening, constructing, repairing and (or) maintaining the streets <br /> and (or) sidewalks, for the purpose of maintaining public parks <br /> and promenades; for the purpose of maintaining a Bre depart- <br /> ment; for the purpose of constructing, repairing and (or) main- <br /> taining public buildings; for the purpose of refunding any in- <br /> debtedness of said City; or for any other municipal purpose. <br /> Iar7 <br />