HomeMy WebLinkAbout082273-Regular Session N.U T E S AdjOurned Regular Meeting
City .Commission, Sanford, FlOrida August 22 at 7: 00 P. M.
19.73
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 7:00 o'clock P. M. on August 22, 1973.
Present:
Absent:
Mayor-Commissioner Lee P. Moore
Commissioner A. A. McClanahan
Commissioner Gordon T. Meyer
Commissioner John G. Morris
Commissioner Julian L. Stenstrom
City Manager W. E. Knowles
City Clerk H. N. Ta~, Jr.
City Attorney C. Vernon Mize, Jr.
Police Chief Ben E. Butler
The meeting was called to order by the Chairman.
The first item of business was to consider bids received at 12:00 o'clock noon for
the sale of $700,000.00 Public Improvement Revenue Bonds, Series 1971, as proposed and described
in a "Notice of Sale" published in the Daily Bond Buyer on July 30, 1973, as follows:
$700,000
CITY OF SANFORD
FLORIDA
PUBLIC IMPROVEMENT REVENUE BONDS, SERIES 1971
SEALED BIDS will be received by the City Commission of the City of Sanford, Florida
(hereinafter called "City") at its regular place of meeting in the Chambers of the City Com-
mission, City Hall, Sanford, Florida, until 12:00 noon, E.D.S.T.,
AUGUST 22, 1973,
at which time and place all bids will be publicly opened and read for. the purchase of $700,000
Public Improvement Revenue Bonds, Series 1971 of the City of Sanford, Florida, dated Septem-
ber 1, in the years 1977 through 1998, will be payable from the utilities services taxes and
the franchise tax, and will be redeemable on September 1, 1983. Additional information may
be obtained from Pierce, Wulbern, Murphey, Inc., CNA Bldg., Suite 1150, Orlando, Florida
32801, or the undersigned.
H. N. TAMM,
City Clerk
BIDDER
Merrill Lynch, Pierce, Fenner. & Smith Inc.
William R. Hough & Co.
duPont, Watston Inc.
First Equity Corporation of Florida
Pierce Wulbern, Murphey, Inc.
Leedy, Wheeler & Alleman, Inc.
NET
INTEREST COST
$682,756.50
686,250.00
699,525.00
702,575.00
PERCENT
INTEREST COST
5.89854
5.92872
6. 043412
6.06976
After consideration of the bids and on recommendation of Loomis C. Leedy, Jr., Fis-
cal Agent for the City, Commissioner Stenstrom moved to authorize the acceptance of the low
Seconded by Commissioner Meyer and car-
bid of Merrill Lynch, Pierce, Fenner & Smith Inc.
ried.
Commissioner Stenstrom next introduced Resolution No. 1130 and after being read
in full, moved on its passage and adoption. Seconded by Commissioner Meyer and carried by
the unanimous vote of the Commission.
M I N U T E S Adjourned Regular Meeting
Oity. Commission, Sanford, Florida_~ugust 22 at 7:00 P. M.
~9_ 73
339
RESOLUTION OF AWARD
WHEREAS, pursuant to notice heretofore duly pub-
lished for the sale of $700,000 ~Public Improvement Revenue
BOnds, Series 1971, the City Cor~ission of the City of San-
ford, Florida met on August 22, 1973, at 12:00 Noon, EDST,
to open and consider all bids submitted for said bonds; and
WHEREAS, the following bids were submitted:
Bidder
Merrill Lynch, Pierce, Fenner & Smith, Inc.
W. R. Hough & Co.
DuPont Walston, Inc.
Leedy, Wheeler & Alleman, Inc.
Net Interest Cost
$682,756.50
686,250.00
699,525.00
702,575.00
WHEREAS, after due consideration it appears to
the City Commission of the City of Sanford that the bid of
Merrill Lynch, Pierce, Fenner & Smith, Inc. in the amount of $690,606.
and accrued interest for the $700,000 Public Improvement Rev-
enue Bonds, Series 1971, bearing interest as hereinafter stated
is the best bid received.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMIS-
SION OF THE CITY OF SANFORD, FLORIDA:
SECTION 1. The Public Improvement Revenue Bonds,
Series 1971 be awarded to Merrill Lynch, Pierce, Fenner & Smith, Inc.
in the amount of $700,000 and accrued interest for
said bonds bearing interest as follows:
Bonds Maturing
Interest Rate
1977-1982 5.50%
1983-1984 5.60%
1985-1986 5.q0%
1987-1988 5.75%
1989-1992 5.8070
1993-1998 5.90%
SECTION 2.
The proper officers of the City be
and they are hereby authorized and directed to execute said
bonds when prepared and to deliver same to said purchaser
upon payment of the:-purchas'e~'price pursuant to the conditions
stated in the notice of sale without further authority from
this Commission.
SECTION 3. The bonds will be payable at The
Florida State Bank of Sanford, Sanford, Florida.
SECTION 4. The bonds shall be delivered on or
MINUTES
Adjourned Regular Meeting
City Commission, Sanford, FlOrida. August 22 at 7: oo P. M.
19.73
checks of all unsuccessful bidders.
SECTION 6. This Resolution shall take effect
immediately upon its passage.
PASSED this 22nd day of August A.D. 1973.
CITY OF SANFORD, FLORIDA
s/ Lee P.Moore
Lee P. Moore, Mayor
Attest:
s/ H. N. Tamm, Jr.
H. N. Tamm, Jr., City Clerk
Attest:
There being no further business, the meeting was adjourned.
MAYOR
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