HomeMy WebLinkAboutOrdinance No. 549
. ORDINANCE
;7
No. 549
ORDINANCE NO. 549 BEING AN ORDINANCE FIXING THE MAXIMUM
RATE OF INTEREST THAT THE CITY SHALL PAY UPON SPECIAL
IMPROVEMENT DISTRICT BONDS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAUREL:
Section 1. That from and after the effective date of the passage
of this Ordinance, the maximum rate of interest that shall be allowed upon
any special improvement district bonds sold by the City of Laurel shall
be five per cent (5%).
Section 2. That in the event that any special improvement district
bond shall not be sold at open bidding, when the same shall have been put up
for open bidding, that thereafter, the Mayor of the City of Laurel shall be,
and he is hereby authorized, empowered and directed to negotiate a private
sale for said bonds.
Section 3. This Ordinance shall be effective thirty (30) days after
the passage of the same.
Passed and approved this 19th day of July, 1960.
ATTEST: l
. Parker, Mayor.
Dorothy P. undy, Clerk.