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Home My WebLink About444 -- ~ , .i :;I" 6. 1. . ;~.". \ "- \ I . .' ., ORDIFXl:CE 1:0. 444 .AE ORDI1L:"ITCE Ol!' T'.-::E CITY Ol!' S.A1TFORD, FLOJlDA, D3Flnn~G T=~E DUTIES .Al::O PO.r.~RS Ol THE BOND TRUSTEES OF 'I'I-:E CITY OF SAr:E'ORD, FLOHIDA, APPOD,;-TED lJHDER SECr.rION 57 OF CHAP- TER 9897, LA"JS OF FLOHlDA, ACTS OF 1923 AS Jk,:E;l:DED; PRIBCRIBJ2:G Hey S.AID J:-O~imRS AND DUTI ES SLUL BE FERFORI,TEI) AITD l!:illRCISED; REQ,UIRING THE FURNISHING OF A BOED BY EACH 03 SAID TRUSTEES COlillITIONZD FOR lJ.l}S FAITEl!'UL FER- FORV.A:[CE OF i~J:S Dr'rIES; DIRECTING TIlli TRAI.:3F~R TO SAID BUTD '::RUSTEE3 OF F1J1TDS 1W"-1 IN TEE D:2."BT SERVICE Fmw OF SAID CITY ~:!'OR ~:=.:E F AYL:El,;rr OF I1TTEREST ON OUTSTAlTDIl;:G B01ms OF SAID CI'rY AIm TEE PURCE.-I.SE OR PAY1BJ:1T OF SAID Borms; DIRECTIEG TEE 1<:Ol:TTJ.LY DEPOSIT c:nTH SAID BOlTD TRUSTEES OF ALL F1J1'::TIS COLLECTJ.I:D BY TIrE CITY DURIl'm TIm PRZCZDIITG :.~orTH FOR PAl1:,~.2r!T OF INTERBST orr ITS OUTSTANDIlTG BONns .41TD FOR FLTRCFJJ\SE OR PAY;:JI:NT OF SAID BOEDS; REQJJIRIlTG PERIODICAL AUDITS OF ~~r::E ACCOUNTS OF SAID BOND TRU3TEJ;S; R3QUIRn:G SAID T RtS'I'EES TO FILE 1ifITE TEE crEY COj I.:"IS:3IOH Q.UA:.'1T:;~RLY REPOHTS A:::n FrtOVIDII~G FOR A33I:3Ti.u:CE fl'(i S.AID :JCFD Tl1U.3TK.:I;S IIr K]~EPI1-;G T:':E BOOKS OF SAID BOND ~l2lT:3':2EES. 3E 1':[1 R~.A.CTED 3Y :'EE Poi:OPLE OJ' S'EE CIr:::Y OF BAl~a'OHD, 3'LOJID.A: Section 1. That the Board of Bond Trustees of the City of Sanford, Florida, appointed by the City Conwlission of said City under Section 57 of Chapter 9897, Laws of Florida, Acts of 1923 as amended at an election held in said City on the 18th day of September, 1928, and which said election was ratified by Chapter 14345, Laws of Florida, Acts of 1929, as Trustees of the Sinking Fund shall be Trustees of such bonds as have been or may be issued by said City from time to time for authorized municipal purposes and shall manage and control the sinking funds created for the liquidation of such bonds subject i to the provisions pf the general laws of the State of Florida and the ordinances of the City of Sanford with relation to the management of such funds. Section 2. The Board of Bond Trustees of the City of Sanford, Florida shall serve without compensation, but they shall be re-imbursed for all expenses incurred by them in connection with the performance of their duties. Section 3. That each of said Bond Trustees shall give a bond payable to the City of Sanford, Florida, in the sum of Ten Thousand Dollars with a surety company qualified to do business in the State of Florida, as surety thereon and conditioned for the faith- ful performance of his duties as such trustee. Each bond shall remain T . , in full force and effect throughout the term of office of the Trustee giving the bond and the premiums on said bonds shall be paid by the Ci ty of Sanford. Section 4. That all funds now held by the City of Sanford, Florida, for the payment of interest on its outstanding bonds and for the purchase or payment of said outstanding bonds shall be paid to W. A. Leffler, George D. Bishop, and Frank Shames, as the aforesaid Board of Bond Trustees appointed by the City Commission of the City of Sanford, Florida, which funds shall be managed and controlled by them as Trustees as stated in Section 1 hereof, and applied by them first to the payment of interest on the outstanding bonds of said City and then to the purchase or payment of said bonds, in accordance with agreements between said City and its bondholders, and all securities, bonds, and other papers pertaining to their office shall be delivered to said Trustees. Section 5. That on or before the 15th day of each month hereafter, funds collected by the City during the preceding month for the payment of interest on its outstanding bonds ffild for the purchase or payment of its outstanding bonds shall be transferred to said bond Trustees. Section 6. The Board of Bond Trustees of the City of Sanford, Florida, shall ~eposit all funds coming into their hands in an account in the name of nCi ty of Sanford, Florida, Board of Bond TrusteesU, in an officially designated depository of the City of Sanford. Section 7. The Board of Bond Trustees shall rent a safe deposit box in an officially designated depository of the City of Sanford, Florida, and keep therein any unissued bonds of the City of Sanford, and any other securities of the City of Sanford coming into their hands; access to the contents of said box shall be had by not less than two of said Board of Bond Trustees together with the Mayor, Actine Mayor, or a oember of the City CO.mmission in that order. Rent on said safe deposit box shall be paid by the City of Sanford. Section 8. That all checks on the funds in the custody of said Bond Trustees shall be signed by the Mayor, Acting IEayor or a City Commissioner, in that order, of the City of Sanford, and two members of said Board of Bond Trustees. If only one of said Trustees is available, said check shall be signed by an additional City Conuuissioner. Section 9. That the accounts of said Bond Trustees shall be audited by the City between the first and fifteenth of February and between the first and fifteenth of August of each year and at any other time the City COnIDlission may require an audit. Section 10. That said Board of Bond Trustees shall file with the City Conmdssion quarterly beginning April 1, 1949, reports of their acts and doings as such Trustees for the preceding quarter. Section 11. That said Board of Bond Trustees shall act in an advisory capacity to the City Commission in regard to the levy of taxes for the sinking fund of said City. Section 12. That said Board of Bond Trustees shall have the right to call upon the City for assistance in keeping the books of said Bond Trustees or the City shall give to the said Bond Trustees authority to employ such assistance for that purpose at such compen- sation as may be approved by the City Commission. Section 13. That any bonds exchanged for refunding bonds of the City and any bonds purchased or paid by the Board of Bond Trustees shall be perforated to such extent as to prevent the further negotiation thereof. Section 14. A majority of the aforesaid Board of Bond Trustees shall constitute a quorum for the transaction of business and the vote of a majority of said bond Trustees shall be sufficient to decide any question to be determined by said Trustees. Section 15. The aforesaid Board of Bond Trustees shall have the right to adopt rules and regulations consistent with the laws of the State of Florida, the Charter of the City of Sanford, and this ordinance for the transaction of their business. Section 16. The provisions of this ordinance shall be binding upon the successor or successors of any of the present Board of Bond Trustees. Section 17. That all Ordinances or parts of Ordinances in conflict with this Ordinance be and the same are hereby repealed. Section 18. That this ordinance shall become effective upon its passage and adoption. PASSED Al.:D ADOPT'ED this 24th day of January , 1949. ~~ LIayor ~ . JL- ~(QM) C~_:T {}.. ~S~ As of COLlmission of the City .?lorida NCTEST: .~... / (ei ty#.~'g~;' / K ~ /' . { I, H. N. sayer, City Clerk of the City of sanford, Flor1da, hereby oertify that a true and oorrect copy of the fore01ng ordinance NO. 444, PASSED AND ADOPTED by the C1ty comm1ss!.on of the C1ty of Sanford, Florida, on the 24th day of January, 1949, was POSTED at the front door of the Clty Hall !n the City of sanford, Flor1da, th1s 25th day of January, 1949. ,r~- -