City officials on Tuesday opened a time capsule that was found in the base of a Confederate memorial that once stood in Lake Eola Park.

The 106-year-old statue, nicknamed "Johnny Reb," was dismantled June 20 so it could be relocated from the public park -- where it had stood for a century -- to the city’s historic Greenwood Cemetery.

The statue was moved to the park from East Central Boulevard and South Magnolia Avenue because the monument posed a traffic hazard.

The monument will be refurbished and re-erected in a section of the cemetery where 37 Confederate veterans are buried. The process is expected to cost taxpayers more than $120,000.

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Credit: WFTV.com

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Credit: WFTV.com

Orlando Mayor Buddy Dyer decided to relocate the statue after a blogger said the memorial was a symbol of racism.

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Credit: WFTV.com

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Credit: WFTV.com

The time capsule, which weighs about three pounds, had been stored in the city clerk’s vault. Its contents included newspapers, a Confederate flag, pins bearing the flag's likeness and Confederate States of America dollar bills.

"We weren't quite sure there would be anything left judging from the condition of the piece left on top of the box," said Richard Forbes, a historic preservation officer. "We were concerned that it would all would have been dust."

The items were placed in protective bags so they can be documented. They'll eventually be taken to the Orange County Regional History Center.

More than 50 city and county streets, roads, lakes and neighborhoods bear Confederate tributes in the area. Six other Confederate monuments stand in Central Florida.