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LAWS OF FLORIDA 2219 Section 113. The City Council of the City of Vero Beach, Flor- ida, is authorized to issue and sell bonds of said-City in an amount not exceeding $1,000,000 for the purpose of refunding any bond, note, certificate of indebtedness or other obligation for the payment of which the credit of said City is pledged, or the credit of the municipality of Vero B9ach abolished b;r this Act has been pledged. Section 114. That upon determining to issue such bonds the City Council of the City of Vero Dcach, Florida,shall by ordinance, authorize the issuance thereof, prescribe the form of said bonds; the date thereof; the rate of interest which the same shall bear, which shall not exceed six per cent per annum; and the time of maturity of said bonds. All of said bunds shall be in the denomi- nation of One Hundred Dollars each or some multiple thereof, and the same shall be signed by the Mayor, countersigned by the Presi- dent of the City Council, and attested by the City Clerk, with in- terest coupons attached, which shall be signed in like manner, ex- cept that such interest coupons may be signed by the lithographed or facsimile signatures of the said officers of said City. Section 115. That bonds issued under the provisions of this Act shall have all the qualities of negotiable paper under the law mer- chant, and shall not be invalid for any irregularity or defect in the proceedings for the issuance and sale thereof, and shall be in- contestable in the hands of bona fide purchasers or holders thereof for value. Delivery of any bonds or coupons so executed at any time thereafter shall be valid, although before the date of delivery the person signing such bonds or coupons shall have ceased to hold office. Section 116. That it shall be the duty of.the City Council of the City of Vero Beach at or before the time of issuing bonds here- under to provide for the imposition and collection annually of a tax in excess of all other taxes on all property subject to taxation in said City sufficient in amount to pay the interest on such bonds and the principal thereof as the same respectively become due, not- withstanding any tax rate limitation for the payment of such in- debtedness refunded, such tax to be levied and collected by the same officers at the same time and in the same manner as general taxes of the municipality. Section 117. The bonds herein provided for shall in no case be sold at a greater discount than five per cent of their par value, and it shall be the duty of the City Council of said City, as soon as it shall authorize the issuance of any of the bonds herein provided for, to offer the same for sale by advertising the same for sale for �3�