§ 26. Description of Note.

Such loan may be authorized at any time after the first Monday in April in any year, in an amount not in excess of the amount of delinquent taxes then outstanding and shall be made upon such terms as said City Commission may deem advisable and for the best interest of said City. Such loan shall be evidenced by notes designated "Tax Secured Notes" which shall be in such form and denominations, bear such date and such rate of interest, not exceeding eight (8%) per cent per annum, as said City Commission shall by ordinance prescribe, and be executed by the signatures of the Mayor and City Clerk or other officer or officers designated by ordinance, and shall have the corporate seal of said City impressed thereon. Such notes shall mature in not to exceed five years from their date and may have semi-annual interest coupons attached thereto and any and all of said notes shall be redeemable at the option of the said City Commission one year from their date or at any subsequent semi-annual interest period on giving sixty days written notice at the place of payment of its intention so to redeem any or all of said notes. Principal and semi-annual interest of said notes shall be payable at such place or places within or without the State of Florida as the said City Commission may designate.

(Laws of Fla. ch. 14267(1929), § 2)