HomeMy WebLinkAbout061129?6 MINUTES
CITY COMMISSION, SANFORD, FLORIDA,_ June Ill at 5 P M i 9_ag__
The City Commission of the City of Sanford Florida met in adjourned session at the City
Hall in Sanford, Florida June 11, at 5 O'Clock P M 1929.
Present: Commissioner Nelson Gray Mayor
It S 0 Chase.
of Frank L Miller
" R A .Newman
if Vivian A Speer
City Attorney , Fred R Wilson
City Clerk F S Lamson
City Manager, G H Cairns.
After considerable discussion of the Bond Debt situation and in order to give the City
authority to consummate a contract with the bond houses or holders in case an agreement should
be reached whereby the annual interest payments will be reduced to a point commensurate with
the City's ability to pay,
Commissioner Gray moved that the City Attorney be instructed to prepare and transmit to
Tallahassee for passage at the 1929 Session of the Legislature , the following entitled Act:
"AN ACT TO AUTHORIZE THE CITY OF SANFORD, FLORIDA, TO ADJUST, COMPROMISE AND / OR REFUND OR
EFFECT AN EXTENSION OF TIME OF PAYMENT OF ITS PRESENT INDEBTEDNESS OR ANY PART THEREOF HOW-
EVER EVIDENCED, WHETHER OF PRINCIPAL OR INTEREST AND WHETHER DUE OR NOT DUE; TO ENTER INTO A'
NECESSARY CONTRACTS FOR SUCH PURPOSE WITH THE HOLDERS OF ALL OR ANY PART OF ITS SAID INDEBT-
EDNESS;. TO ISSN BONDS FOR EITHER PRINCIPAL OR INTEREST OR BOTH PRINCIPAL AND INTEREST OF ITS
SAID INDEBTEDNESS, SAID BONDS TO BE OF SUCH FORM , DENOMINATION, MATURITIES, PLACE OF PAYME
AWTO BEAR SUCH RATE OF INTEREST NOT TO EXCEED SIX PER CENT PER ANNUM AS THE CITY COMMISSION
MAY DETERMINE, SAID INTEREST TO BE EVIDENCED BY COUPONS ATTACHED TO SAID BONDS AND TO PROVIDE
FOR PAYMENT OF A FIXED PORTION OF THE INTEREST AT A DEFINITE TIME AND FOR PAYMENT OF A PORTI
OF THE INTEREST AT AN INDEFINITE TIME, SUBJECT TO CALL BY SAID CITY, AND TO AUTHORIZE THE EXC
OF SAID BONDS FOR OTHER OBLIGATIONS OF SAID CITY OF SANFORD, SAID BONDS ISSUED HEREUNDER TO
HAVE THE SAME, BUT NO OTHER SECURITY FOR THEIR PAYMENT AS THE BONDS FOR':WHICH THEY ARE EXCHAN
AND TO DETERMINE THE EFFECT OF SUCH EXCHANGE ON LIENS HELD BY SAID CITY OF SANFORD FOR PUBLIC
IMPROVEMENTS AND FOR WHICH BONDS HAVE BEEN ISSUED AND SOLD BY SAID CITY."
Seconded by Commissioner Chase and adopted by the following vote:
Commissioner Gray
Aye
" Chase Aye
" Miller Aye
" Newman Aye
of Speer Aye
The following committee were also instructed to proceed to Tallahassee with said Act, as
soon as prepared, in order to expedite its passage at the Legislature:
Commissioner
Commissioner Miller, /Speer, City Attorney, Fred R Wilson and City Manager, G H Cairns.
It was further unanimously agreed that before any agreement or contract shall be entered
into under authority of the foregoing Act, that a series of meetings shall be held with
the leading tag payers of Sanford for the purpose of discussing with them any such agree -
ment or contract and obtaining from them their opinions as ta, whether, it, should be entered_.
into or not.
P
E
7
1
J
411 V-44-4"
L
f-
MINUTES
CITY COMMISSION, SANFORD, FLORIDA, June 11th
1929--
There being no further business the meeting adjourned to meet at 16:30 A. M.,
June 22, 1929,
Attest:
City Clerk.
7�