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