HomeMy WebLinkAbout120229t4-4 MINUTES
Dec. 2 at 9: 30 A M 1 9�
CITY COMMISSION, SANFORD, FLORIDA, _
The City Commission of the City of Sanford, Florida, met in adjourned Session at the
City Hall in Sanford, Florida at Nine - Thirty O'Clock A.M. December 2, 1929•
Present: Commissioner Vivian A Speer, Mayor
" Frank L Miller
" R A Newman
City Attorney, Fred R Wilson
City Clerk F S Lamsom.
Absent: Commissioner S 0 Chase
The purpose of the meeting was to confer further with Mr A F Rawlings, Receiver of the
First National Bank of Sanford, Florida, with respect to settlement of City of Sanford claims
against the First National Bank of Sanford.
After considerable discussion, Commissioner Newman moved that the proposition of Mr.
Rawlings to pay the City's account at the First National Bank in full by first offsetting
and delivering certain City of Sanford bonds and time warrants, and then paying the balance
of the account in cash, be accepted.
Seconded by Commissioner Miller and adopted by the following vote:
Commissioner Speer
Not Voting
" Miller Aye
" Newman Aye
ThereApon, Commissioner Miller offered resolution No. 389, which was seconded by Com-
missioner Newman and adopted by the following vote:
Commissioner Speer
Not voting
" Miller Aye
" Newman Aye
Said resolution being in words and figures as follows:
RESOLUTION 398
RESOLUTION AUTHORIZING SETTLEMENT OF CLAIMS OF CITY OF SANFORD, FLORIDA, AGAINST THE
FIRST NATIONAL BANK OF SANFORD , FLORIDA.
WHEREAS, THE FIRST NATIONAL BANK OF SANFORD, FLORIDA, suspended business on the 12th day
of July 1929, and is now in the hands of A F Rawlings as Receiver thereof, and at the time of
the suspension of business by said bank, the said CITY OF SANFORD FLORIDA had on deposit to
its credit in said bank, together with interest on said accounts therein, the total sum of
$134,589.50, including the remainder of one -half of deposits of said City in the Sanford
Bank and Trust Compaq and,
WHEREAS, The Said First National Bank of Sanford, Florida, had pledged as security for thi
deposits of said City of Sanford Florida, in said bank, the following bonds and other
securities, to- wit:
City of Sanford, Florida, Public Improvement Bonds numbers 12,15,16,17,18,19120121,22,23
24, 25,26,27, and 28 dated July 2, 1923; Numbers 468, 469 ,470,471,472,4732474,475,476, 477 and
478 , dated July 1, 1922; City of Sanford Florida, Refunding Bonds dated January 1, 192$,
numbers 174, 175, 1962 197, 198,2 199, 200 , 221,222, 223, 224, 225,246,2472248,249,250,271,272
273,274,275,2962297,2982299p3OO ,321,322232323242325,3462 347 ,348,349,350,371,372,373,374, each
in the principal amount of $1000.00
67 City of Sanford bonds totaling ------ -- -------------------------------------- -- $67,000.00
City of Homestead Florida Bonds dated May 1, 1924, numbers 59,60,106,107,108,109
110912127, 128', 129 ,130,131,132,147,1492177,179, 1482196,179,1g0,18`1,182,1952197,
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CITY COMMISSION, SANFORD, FLORIDA, Dec. 2 at 9:30 A M 19_29
209,210,211,212,214,213 each in the principal amount of $ 1000 .00 ----------------- $32,000.00
County of Marion, Florida, Road Bonds numbers 999 ,999,997,394,395,393, each in the
principal amount of $ 1000. 00 ---------------------------------------------------- --$ 6,000.00
County of Sarasota, Florida Highway Bonds, numbers A76,A77,A91,A82,A93, each in
the principal amount of $ 1000. 00 --------------------------------------------- $ 5,000.00
Seminole County Florida, School Warrants,
Numbers 9 and 9, each for $ 1000. 00 ----------------------------------------------- $ 2,000.00
and,
WHEREAS, Said First National Bank of Sanford at the time of its suspension as aforesaid,
was the owner of the following described bonds of said City of Sanford, Florida, to -wit:
City of Sanford Florida, Public Improvement bonds numbers, 12115,16,17,19,19,20,21,22
145-
23,24,25,26,27 and 29, dated July 2, 1923; Numbers 469, 469, 470 ,471,472,473,474,475,476,477, and
479, dated July 1st, 1922; City of Sanford, Florida, Refunding Bonds dated January 1, 1929,
numbered 174,175,196>197,199,199,200, 221, 222, 223, 224, 225, 246, 247,249,249,250,271,272,273,274
275 ,296,297,299,299,300,321,322, 323, 324, 325,346,347,34$,349,350,371,372 373,374, each in
the principal amount of $ 1000. 00 --- --- ------------ — -------------------- ---------- $67,000.00
also:
6% Improvement bonds , Series A -BB numbered 149, 149,150,151,152,153,154,155,156
and 157, each dated January 1, 1926 and being in the denomination of $1000.00 each,
with interest coupons in the sum of $30.00, all of said bonds maturing July 1, 1929 - $10,000.00
and,
WHEREAS, the said Receiver of the First National Bank of Sanford, Florida, also has
in his possession the following described so- called or purported time warrants:
Purported City of Sanford Time Warrant No. 10967 dated July 21,1927 purporting.to
be payable to Seminole County Bank or order out of the Ordinary Fund of said City,
six months from date., , in the sum of-- --------------------------------------------- $10,000.00
Purported City of Sanford Time Warrant No. 10967 dated July 21, 1927; purport-
ing to be payable from the Ordinary fund of said City to the Seminole County Bank or order,
six months from date, in the sum of----------------------------------------------- 0 5,000.00
Purported City of Sanford Time Warrant No. 10967 dated July 21, 1927, pur-
porting to be payable from -the Ordinary Fund of said City to the Seminole County
Bank or order, six months from date, in the sum of ------------------------------- $ 59000.00
Purported City of Sanford Time Warrant No 10917 dated June 30, 19x7, and
purporting to.lbe payable out of the Ordinary Fund of said City to the Seminole County
Bank or order six months from date, in the sum of --------------------------------- $ 4,000.00
as to all of which said purported time warrants the City denies any liability thereon
and contends that said above described purported time warrants do not constitute a legal
obligation of the City of Sanford, Florida, for which its credit is pledged.
and,
WHEREAS, The total amount of the aforesaid bonds of said City of Sanford, Florida, pledged
by said First National Bank of Sanford, Florida, to secure the aforesaid deposits of the
said City of Sanford, and said bonds owned by said First National Bank , together with interest
accrued to July 11 1929, is the sum of $79,310.00, exlcusive of said so- called time warrants
with accrued interest thereon to July 1, 1929, leaving a difference between the amount of
said deposits and said bonds owned and pledged by said First National Bank of Sanford, Florida
of.$55,279.50, exclusive cif said purported time warrants with accrued interest thereon held
146 MINUTES
CITY COMMISSION, SANFORD, FLORIDA, Dec . 2 at 9:3.0 P It 19.E
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by the said First National Bank of Sanford as aforesaid, and A F Rawlings, as Reveiver of
Said First National Bank by and with the approval of the Comptroller of Currency of the
United States, has offered to surrender to said City of Sanford, Florida, all of the afore-
said City of Sanford bonds owned and/or pledged by it to secure said deposits, together with
matured, unmatured and unpaid interest coupons thereon, and also to surrender the aforesaid
so- called time warrants of said City of Sanford, ind to pay to said City of Sanford the sum,
of $27,464.43 in cash, in settlement of all claims of said City against said First National
Bank by reason of the aforesaid deposits, upon the return by said City of Sanford to him, the
said A F Rawlings, as Receiver as aforesaid,of the aforesaid City of Homestead , Florida, bon
County of Marion Florida road bonds, County of Sarasota highway bonds, and two Seminole County
Florida school warrants Nos S and 9, which were also pledged as security for said City of
Sanf ord,deposite;
NOT ruMSPORE, Be It Resolved by the Oity Commissioners of the City of Sani'ord, Florida,
that the aforesaid offer of the said A F Rawlings, as Receiver of the Said First National Bank
of Sanford, Florida, to surrender to said City of Sanford the above described City of Sanford,
Florida, improvement bonds in the denomination of $1000.00 , totaling $67,000.00 principal
with all matured, unmatured and unpaid coupons thereon, and also the above described ten six -
per cent Improvement bonds, Series A -BB , in the sum of $1000.00 each with all matured, unmatu
and unpaid coupons-thereon, said bonds maturing July 1, 1929, and also said purported City of
Sanford Time warrant No. 109671 in the sum of $10,000:00 Dated July 21, 1927, and purported
City of Sanford Time Warrant No. 109671 dated July 21, 1927 in the sum of $5000.00 , and also
purported City of Sanford Time Warrant No. 109671 dated July al, 1927 in the sum of $5000.00,
and also purported City of Sanford Time Warrant No. 10917 dated June 30, 1927 in the sum
of $4000.00 and to pay to said City said sum of $27,464.43 in cash in settlement of all
claims of said City against said First National Bank of Sanford, be and the same is hereby
accepted and the City Clerk and Auditor of said City of Sanford is hereby authorized to execute
and deliver to said A F Rawlings, as Receiver-ad aforesaid, proper receipt for said bonds
and coupons and said money and to deliver thelaforesaid City of Homestead bonds, County of
Marion road bonds, County of Sarasota Florida highway bonds, and Seminole County School War-
rants Nos 9 and 9 to the said A F Rawlings as Receiver as aforesaid, taking proper receipt
therefor.
BE IT FURTHER RESOLVED, that surrender and delivery of said bonds be-and they are hereby
accepted of and from the said A F Rawlings, as Receiver of said First National Bank, without
any concession or admission as to the validity thereof, and without prejudice to the right of
Said City to assert the invalidity of any other bonds of said City that may now or hereafter
be questioned or involved in any litigation.
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BE IT FURTHER RESOLVED, That the surrender by said Receiver to the City of Sanford, Florida
of said so- called purported time warrants, and the acceptance thereof by the City of Sanford,
Florida, shall not be deemed and considered as any admission by said City as to the validity o
said purported time warrants, or any of them, or as any legal obligation on the part of the
City of Sanford, Florida, to pay and discharge said purpotted time warrants as obligations of
the City of Sanford Florida, and said purported time warrants are accepted by the City of
Sanford, Florida, in a compromise settlement and adjustment of its financial affairs with said
Bank and said Receiver and without any prejudice to the right of the City to assert the
invalidity of any and all so- called time warrants of said City that may now or may hereafter be
questioned or involved in any litigation pending or threatened, or that may hereafter arise;
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and,
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CITY COMMISSION, SANFORD, FLORIDA, _Dec. 2 at 9: 30 A M i9____29
BE IT FURTHER RESOLVED, That the settlement and adjustment of the accounts of the City
of Sanford, Florida , as hereinabove expressed and set forth has been made, after mature
consideration, by the City Commission in the interest of the taxpayers and citizens of the
City of Sanford, Florida.
The foregoing Resolution was adopted this 2nd day of December 1929•
R A NEWMAN
FRANK L MILLER
As City Commissioners of the
Attest: City of Sanford, Florida.
F S LAMSON
City Clerk ( Seal)
Commissioner Miller next moved that in accordance with Resolution No. 399 heretofore
passed and adopted by the City Commission, that Bond Trustees Frank L Woodruff,Sr. , Walter
L Cooper and R B Wight be directed to turn over and deliver to F S Lamson, City Auditor and
Clerk , the following securities in their possession as said Bond Trustees, for disposition
by the City Clerk in accordance with the provisions of said Resolution No. 399:
Fifteen City of Sanford, Florida Public Improvement Bonds dated July 2, 1923•
Eleven City of Sanford Public Improvement Bonds dated July 1, 1922.
Forty -one City of Sanford, Florida Refunding Bonds dated January 1, 1929.
Thirty -two City of Homestead , Florida Bonds dated May 1, 1924.
Six County of Marion, Florida, Road Bonds.
Five County of Sarasota, Florida Highway Bonds.
Two Seminole County Florida School Warrants.
Seconded by Commissioner Newman and carried by the following vote:
Commissioner Speer
Not voting
" Miller Aye
" Newman Aye
The meeting then adjourned.
Attest:
City Clerk.
Mayor
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