1991-35 Limiting General Obligation Debt1
ORDINANCE N0. 35-91
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA,
LIMITING GENERAL OBLIGATION DEBT IN PROVIDING CAPITAL
IMPROVEMENTS TO AN AMOUNT THAT DOES NOT EXCEED FIVE (5X)
PERCENT OF THE PROPERTY TAX BASE OF THE VILLAGE; PROVIDING
FOR THE REPEAL OF ALL ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT HEREWITH; AND, PROVIDING FOR AN EFFECTIVE DATE.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. The Village Council of the Village of North Palm
Beach, Florida, in the making or providing of capital improvements
shall not incur a general obligation debt requiring the full faith
and credit and taxing power of the Village of North Palm Beach
that exceeds five (SX) percent of the property tax base of the
Village.
Section 2. All Ordinances or parts of Ordinances in conflict
herewith are hereby repealed.
Section 3. This Ordinance shall take effect immediately
upon passage.
PLACED ON FIRST READING THIS 24th DAY OF October , 1991.
PLACED ON SECOND, FINAL READING AND PASSED THIS 14th DAY OF
November 1991.
(Village Seal)
ATTEST:
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