HomeMy WebLinkAbout04153721-2 MINUTES
CITY COMMISSION, SANFORD, FLORIDA, April 15 at 7:30 P M 19_37
The City Commission of the City of Sanford, Florida, met in adjourned regular
session at the City Hall in the City of Sanford, Florida, at 7:30 o'clock P.M. April 15,
1937•
Present: Commissioner Edward Higgins, Mayor.
If W.R.Dupree
If W.A.Leffler
If M J Lodge
Commissioner -Elect A.W.Lee
City Attorney Fred R.Wilson
City Clerk F.S.Lamson
Chief of Pollee R.G.Williams
Meeting called to order by the Chairman.
Commissioner -Elect A.W.Lee then signed the oath and acceptance of office as a
City Commissioner of the City of Sanford, Florida, and was inducted into office.
Consideration next given to the status of projects heretofore submitted to the
Works Progress Administration of the Federal Government , as well as any new projects
which it may be advantageous to submit.
After considerable discussion , W.P.A.Engineer Earl was requested to endeavor
to obtain an allotment of funds for the project covering the widening and repaving
of Second Street and Lagnolia Avenue; also to prepare a project covering the re-
pairing of books at the Municipal Library. Instructions also issued covering the
preparation of data to be used in a project for the construction of park and recreation-
al facilities in the area between Sanford Ave. and San Juan Ave. and.egtending from
First St. to Lake Monroe.
Commissioner Dupree next introduced Resolution No. 504 an follows:
RESOLUTION NO. 504
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA, PROVIDING
FOR THE PAYMENT IN CASH OF A PORTION OF CERTAIN INTEREST ON A PART OF THE FUNDED INDEBTED
OF SAID CITY AND FOR THE ISSUANCE OF CERTIFICATES OF INDEBTEDNESS OF SAID CITY TO REFUND
THE REMAINDER OF SAID INTEREST AND'TO PROVIDE FOR AN ANNUAL LEVY OF TAXES FOR THE PAYMENT
SAID CERTIFICATES OF INDEBTEDNESS,
WHEREAS, The City of Sanford, Florida, had a funded indebtedness in the principal
sum of approximately $5,900,000.00, as evidenced by its bonds and certificates of indebt-
edness and judgments on bonds and certificates of indebtedness, and has provided for the
issuance of its refunding bonds for the purpose of renewing and extending time of payment
of said indebtedness-at reduced rates of interest, which said refunding bonds are to be
exchanged for said bonds, certificates of indebtedness and judgments evidencing said
indebtedenss; and
WHEREAS, approximately eighty -seven percent of the aforesaid funded. indebtedness
of said City of Sanford is held by C.T.Diehl, Kenneth M . Keefe, A.C. Mittendorf and
Natt T.Wagner, as a Depositors' Committee of bonds for said City, said parties be ng here
after referred to as the " Committee "; and
WHEREAS, interest accrued to the 30th day of September, 1935, upon the portion of
said indebtedness held by said Committee has been paid in part and the remainder canceled
and interest upon said portion of said indebtedness accruing to the lst. day of 11arch ,
1937 will be paid in part and the remainder canceled; and.
WHEREAS, there has accrued to January 1st, 1937, upon the portion of the afore-
said indebtedness of the City of Sanford not held by the aforesaid Committee, interest
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CITY COMMISSION, SANFORD, FLORIDA, April 15, 1937 7:30 P M 19_37-
In the approximate sum of $275,000.00, which interest is represented by matured
coupons, accrued interest on matured bonds, accrued interest reduced to judgment, and
accrued interest on judgment on matured bonds and matured interest, and interest
will continue to accrue until an exchange of said indebtedness for said refunding bonds
is effected, which said interest is a general obligation of said City for the payment
of which its full faith and credit are pledged, and the City of Sanford desires to
pay a portion of said interest in cash and issue its certificates of indebtedness to
refund the remainder of said interest; and
WHEREAS, Central Hanover Bank & Trust Company of New York City, New York, has
been selected as the agency through which an exchange of said refunding bonds for said
indebtedness to be refunded thereby shall be effected and the holders of such indebted-
ness have been requested to deposit with said Central Hanover Bank & trust Company
bonds and certificates of indebtedness held by them, together with all matured and unmatured
such purpose. Said certificates of indebtedness shall be in substantially the following
form;
No
STATE OF FLORIDA
CITY OF SANFORD, FLORIDA
CERTIFICATE OF INDEBTEDNESS
March 1, 1937
CITY OF SANFORD, FLORIDA, a municipal corporation, acknowledges itself indebted
and promises to pay to the bearer hereof the sum of
DOLLARS in lawful money of the United States of America on or before the lst. day of
July 19 ,without interest, at the Sanford Atlantic National Bank, of Sanford, Florida.
coupons and satisfactions of judgments where any portion of said indebtedness has been
reduced to judgment:
NOW THEREFORE,BE IT RESOLVED BY THE CITY C01,11ISSION OF THE CITY OF SANFORD,FLORIDA:
SECTION 1. That the City of Sanford shall pay upon the aforesaid interest on the
portion of its aforesaid funded indebtedness not held by the aforesaid Committee, the sum
of $20.00 in cash for each of said bonds and certificates of indebtedness, whether the
same have been reduced to judgment or not, which payments shall be made froIA any funds
available for such purpose, and that said City do issue its certificates of indebtedness
to refund the remainder of said interest at the rate of $50.00 for each of said bonds
and certificates of indebtedness, as aforesaid, provided, however, that the aggregate
amount of such cash payments shall not exceed the sum of $10,000.?0 and that the aggre-
gate amount of such certificates of indebtedness shall not exceed the su>A of$35,000.00.
SECTION 2. That the certificates of indebtedness referred to in Section 1 hereof
shall be dated as of March 1, 1937, shall be in theddenomination of $10.00 each, or multi-
ples thereof, and one -fifth of the aggregate sum of the said certificates of indebtedness
shall be payable July 1, 1938, one -fifth thereof July 1, 1939, one -fifth thereof Julyl,
1940, One -fifth thereof July 1, 1941, and one -fifth thereof July 1, 1942, and said
certificates of indebtedness shall not bear interest, and shall be payable at the
Sanford Atlantic National Bank of Sanftrd, Florida.
SECTION 3. That the certificates of indebtedness herein provided for shall be
executed in the name of the said City of Sanford, Florida, by its mayor and attested
and its corporate seal thereunto affixed by its City Clerk and shall be general obliga-
tions of the City of Sanford, Florida, for the payment of which its full faith and
credit are pledged and shall be payable out of taxes which shall be annually levied for
such purpose. Said certificates of indebtedness shall be in substantially the following
form;
No
STATE OF FLORIDA
CITY OF SANFORD, FLORIDA
CERTIFICATE OF INDEBTEDNESS
March 1, 1937
CITY OF SANFORD, FLORIDA, a municipal corporation, acknowledges itself indebted
and promises to pay to the bearer hereof the sum of
DOLLARS in lawful money of the United States of America on or before the lst. day of
July 19 ,without interest, at the Sanford Atlantic National Bank, of Sanford, Florida.
214 MINUTES
CITY COMMISSION, SANFORD, FLORIDA, April 15 at 7:30 P M 19-37-
This certificate of indebtedness is one of a series of certificates of inde6ted.Uess
issued by the City of Sanford, Florida, pursuant to Chapter 15,772, Laws of Florida, Acts
of 1931, and Resolution No. of the City Commission of said Citty, adopted on the
day of ,1937, for the purpose of refunding in part certain unpaid interest
on part of its funded indebtedness and for the payment of this certificate of indebtedness
provision for an annual levy of taxes has been made and the full faith and credit of
the City of Sanford, Florida, are pledged.
IN WITNESS WHEREOF, CITY OF SANFORD, FLORIDA, has caused this certificate of
indebtedness to be executed in its name by its Mayor and attested and its corporate seal
to be hereunto affixed by its City Clerk as of the first day of March 1937.
CITY OF SANFORD, FLORIDA.
By,
MAYOR.
Attest:
CLERK CITY
SECTION 4. That upon the delivery to the Central Hanover Bank & Trust Company
of New York City , New York, for said City of Sanford, Florida, of all of the bonds and
certificates of indebtedness upon which the interest to be refunded as aforesaid, has
accrued, together with all coupons representing interest accrued and to accrue and
satisfaction of judgments where bonds, certificates of indebtedness or interest have
been reduced to judgment, and when the City of Sanford is ready to effect an exchange of said
refunding bonds for the aforesaid funded indebtedness, there shall be deposited with said
Central Hanover Bank & Trust Company so much of said cash, not exceeding the sum of
$16,000.00, and so many of said certificates of indebtedness as may be necessary to, re-
fund said interest upon said portion of said indebtedness not held by the aforesaid Com-
mittee, as hereinbefore provided, which said cash shall be paid and -certificates of
indebtedness shall be delivered by said Central Hanover Bank & Trust Company, when directed
by the City so to do, to the holders of claims for said interest to be refunded thereby
at the rate of $20,00 cash and $50.00 in certificates of indebtedness for each bond or
certificate of indebtedness, whether reduced to judgment or not, as it may be directed to
do by said City of Sanford, Florida, and said cash so paid and said certificates of
indebtedness so delivered shall be in full and complete settlement and satisfaction of
all claims for said interest on said portion of said indebtedness up to the time of the
payment of said cash and delivery of said certificates of indebtedness, end said Central
Hanover Bank & Trust Company shall deliver said bonds, certificates of indebtedness and
satisfactions of judgments to the City of Sanford, Florida.
BE IT FURTHER RESOLVED that the Legislature of the State of Florida now in session
be and it is hereby requested to enact such legislation as may be necessary to validate
the issuance of said certificates of indebtedness to refund the remainder of said interest,
as aforesaid.
BE IT FURTHER RESOLVED, that this Resolution shall become effective immediately
upon its passage and adoption.
Passed and adopted this 15th day of April, 1937.
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CITY COMMISSION, SANFORD, FLORIDA, April 15 at 7:30 P M 193_7
Attest:
F.S.Lamson
City Clerk.
( Seal)
and same was read in full by the Clerk.
No. 504.
_Edward Higgins
Mayor.
M J Lodge
W.R.DuPree
A.W.Lee
W.A.Leffier
As the City Commission of the
City of Sanford, Florida.
Thereupon Commissioner Dupree moved the passage and adoption of said Resolution
215
Seconded by Commissioner Lodge and carried by the following vote of the Commission.
Commissioner Higgins
Aye
" Dupree
Aye
Lee
Aye
Leffler
Aye
Lodge
Aye
Consideration next given to request of Snows Paint & Glass Co. for permit to
erect 14 feet high pole sign in front of its place of business on S. Park Avenue, and
on motion duly carried, request approved.
Consideration next given to the matter of additional traffic lights for certain
dangeroues intersections in the City.
Thereupon the Chairman referred the matter to City Commissioner Lee and Chief
of Police Williams for investigation and report at the next regular meeting.
On motion duly carried, Tax Collector Ellen Hoy was next instructed to delay the
date of the 1936 tax sale to conform to that of the State and County, it appearing that
the Legislature has passed an Act extending the date of the closing of the County
Tax Rolls for the year 1936 until June lst, 1937.
There being no further business, the meeting then adjourned.
Attest:j�
G
City Clerk.
Mayor.