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 Orlando
 Code of Ordinances
 Title I. CHARTER
 Chapter 3. BONDS

  § 5. Certificates of Indebtedness.  

Latest version.

  • The City Council as soon as practicable after said assessments are confirmed, shall issue certificates of indebtedness for the amounts so assessed upon the said real estate, (except for any such amounts as shall be paid before or at the said meeting) and separate certificates shall be issued against each parcel of land assessed, containing a description of the lands and the amount of the assessment thereon together with the general nature of the improvement for which the assessment as confirmed has been made, and the date thereof. Such certificates shall be payable in one year, or in one, two (2) and three (3) years, in equal installments as the Council may decide, with interest at the rate of eight percent (8%) per annum, payable annually from the date of the issuing of the certificate of indebtedness. The principal and interest of all certificates shall be made payable at the Office of the City Clerk and shall be guaranteed by the City of Orlando.

    In case of the non-payment of any interest or principal on any certificate at maturity by the owner of the real estate, the same shall be redeemed by the City at the option of the holder, but such redemption by the City shall not discharge the lien or assessment against the property described in the certificates; and in case of non-payment of any interest or of any installment upon any certificate issued under the provisions of this act, it shall be optional with the holder to consider the principal sum as immediately due and payable with interest to date. The City Council may sell or dispose of the certificates when issued for cash or in payment for said work or improvement in their discretion.

    The City Council is hereby authorized to accept the payment of any portion of the amount due on any certificate of indebtedness and release from the operation of the lien covered by said certificate any portion of the lots or lands described in said original certificate without invalidating said lien as to the remaining lots or lands covered in said original certificate of indebtedness.

(Laws of Fla. ch. 7210(1915), § 2; Laws of Fla. ch. 10972(1925))