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0228411 �J F, n L. MINUTES 4,'.T.3 CITY COMMISSION, SANFORD, FLORIDA, February 25 at 5:00 P U19—Al The City Commission of the City of -�anf ord, Florida, met in adjourned session at the City Hall in the City of Sanford, Florida, at 5 :00 o'clock P,M.February 25,1941. Present: Commissioner W.C.Hill, Mayor. If H.James Gut if Edward Higgins If M.J.Lodge If G E Rollins City Attorney Fred R.'Nilson City Clerk H N Sayer. Meeting called to order by the Chairman who announced that the primary purpose of the meeting was to consider final draft of a proposed modified plan of composition for refunding of all the outstanding unref unded bonded indebtedness of the City of Sanford, said modified plan having been agreed upon by both the City Commission and Mr. Ed C.Wright, who owns more than two- thirds of said bonds, after careful study and several conferences with &r ,7right over a period of several months duration. Thereupon after careful study of the final draft of the modified plan of composition as prepared by City Attorney Wilson, Commissioner Higgins offered Resolution No. 593, entitled: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA, ADOPTING A MODIFIED PLAN FOR THE COMPOSITION OF CERTAIN INDEBTEDNESS OF SAID CITY, AND DIRECTING THE SUBkISSION OF SUCH PLAN TO THE UNITED STATES DISTRICT COURT IN AND FOR THE SOUTHERN DISTRICT OF FLORIDA, FOR CONFIRMATION. AND SAME `WAS READ IN FULL BY THE CLERK. Thereupon Commissioner Higgins moved the passage and adoption of said Resolution No. 593• Seconded by Commissioner Gut and carried by the following vote of the Commission: Commissioner Hill Aye It Gut Aye If Higgins Aye if Lodge Aye It Rollins Aye Said Resolution No. 593 being in words and figures as follows: RESOLUTION NO. 593 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA, ADOPTING A MODIFIED PLAN FOR THE COMPOSITION OF CERTAIN INDEBTEDNESS OF SAID CITY, AND DIRECTING THE SUBMISSION OF SUCH PLAN TO THE UNITED STATES DISTRICT COURT IN AAD FOR THE SOUTHERN DISTRICT OF FLORIDA, FOR CONFIRMATION. WHEREAS, on the 25th day of January , 1939, the City of Sanford, Florida, filed its petition in bankruptcy in the United States District Court in and for the Southern District of Florida, for the completion of the plan of composition of its indebtedness, as provided by Resolution No. 499, passed and adopted by the City Commission of said City on the 1st day of February , 1937, said petition showing, in Paragraph 4 thereof, outstanding bonds in the principal sum of $246,000.00 ; and, WHEREAS, objections to said plan of composition were filed by certain creditors of the City, holding certain of said unref unded bonds; and, "dHEREAS, the City has , under and by authority of said Court, effected a composition of certain of said unref unded bonds of the City in the principal amount of $74,000.00 , and there now remain outstanding One Hundred and Seventy -two (172) of said unrefunded bonds of the denomination of $1,000.O0 each, of which forty -eight (48) bonds, aggregating the principal sum of $45,000.00 are past due, and upon all of which bonds interest will have accrued and remain unpaid as of March 1st, 1941, in the sum of $63,759.16, and the City was, at the time of the filing of said petition in bankruptcy, and still is, unable to M1 MINUTES CITY COMMISSION, SANFORD, FLORIDA, February 28 5:00 P M 19 41 pay its indebtedness as it has matured and will mature; and, WHEREAS, after due and careful consideration of the matter, the City Commission of the City of Sanford believes that its original plan of composition of its indebtedness, as evidenced by its aforesaid Resolution No. 499, a. certified copy of which is attached to the petition in this cause and marked Exhibit No.2, may be modified by providing for the issuance of refunding bonds of the denomination of $1,000.00 each, and aggregating the princim sum of 41722000.00, said bonds to be dated March 1, 1941, and to mature 'September 1, 1977, and to bear interest at the rate of 4/o per annum, payable semi - annually, and evidenced by coupons thereto attached, said bonds to be exchanged par for par for the aforesaid outstanding unref untied 'bonds in the aggregate principal sum of $172,000.00 , all interest accrued as of March 1, 1941, aggregating the sum of $63,789.16, to be cancelled; and WHEREAS, said City Commission of the City of Sanford, Florida, believes that said City will be able to perform its obligations under said refunding bonds, to be issued and exchanged as aforesaid, and that the City will not be adversely affected thereby in the performance of its obligations under said outstanding refunding bonds, Series A and Series B, which have been exchanged for 'bonds of the City under the aforesaid Resolution No. 499 adopted on the 1st. day of February , 1937, and the City has prepared a modified plan of composition, in accordance with its proposal to issue said refunding bonds in the aggregate principal sum of $172,000.00, to be dated March 1, 1941, and maturing September 1, 1977, and to be exchanged per for par of the principal amount of the aforesaid outstanding unref ended bonds of the City in the aggre- gate principal sum of $172,000.00, which said modified plan of composition is attached here- to and marked Exhibit A and made a part hereof. NUJ , THEREFORE, BE IT RESOLVED by the City Commission of the City of Sanford, Florida, that said modified plan of composition, which is attached hereto and marked Exhibit A, be, and the same is hereby adopted as a modified plan of composition of the indebtedness of said City, evidenced by unref unded bonds to the number of One Hundred and Seventy -two (172), of the denomination of $1,000.00 each, aggregating the principal sum of 4172,000.00 and interest accrued and to accrue thereon as of March lst,1941, refunding bonds to be issued in accordance with the said modified plan and exchanged per for par of the principal amount of said unrdfund( bonds, all interest accrued and to accrue as of March 1, 1941, on all of said unrefunded bonds, whether evidenced by coupons or not to be canceled; and BE IT FURTHHR RESOLVED that the City Attorney be, and he is hereby instructed to present said modified plan of composition to the United States District Court in and for the Southern District of Florida, in which the aforesaid bankruptcy proceeding is pending, for approval and confirmation. BE IT FURTHiR RESOLVED that this resolution shall become effective immediately upon its passage and adoption. PASSED and ADOPTED this 28th day of February , 1941. Attest: H_ N Sayer .City Clerk ( Seal) W C Hill Mayor. H,James Gut Edward Higgins M.J.Lodge G.E.Rollins As the City Commission of the City of Sanford, Florida. 1 1 C 1 1 1 MINUTES CITY COMMISSION, SANFORD, FLORIDA, IN RE CITY OF SANFORD, FLORIDA a municipal corporation, : Petitioner February 25 5 :00 P M 19 41 IN THE UNITED STATES DISTRICT COURT IN AND FOR THE SOUTHERN DISTRICT OF FLORIDA IN BANKRUPTCY MODIFIED PLAN OF CDMPOSITION OF CERTAIN INDEBTEDNESS OF THE CITY OF SANFORD, FLORIDA. 4,'�'3 5 Section 1. The indebtedness of the City of Sanford, Florida, to be composed by the provisions of this modified plan comprises all of the following of the outstanding unrefunded bonds of ,said City, described in Paragraph 4 of the petition filed herein on 'th 26th day of January 1939, to -wit: GENERAL TERM BONDS. Series , F, dated July 1, 1924, due July 1, 1954, 51% interest, Numbers 33,34,35,36, 37,35,39,40,41,42,43,44 ,45,46,47,48,49,50,51,52,53,54 55,56,57,58,59,6o,61,62,63,64 65,66,67,65,69,70,71,72, 73,74,75,76,77,75,79,50,51.52,1 11,112,113,114,115,116,117,115, 119, 120, 121, 122, 123 ,124,125,126,127,126ll29,130, 131, 132 ,133,134,135,136,137,135,139, 140,141,142,143, and 144, Aggregating the principal sum of .................$842000.00 Series , JJ, dated July 1, 1926, due July 1, 1956, 51% interest, numbers 66, 67,65,69,70 Aggregating the principal sum of ............................. 5,000.00 Series, KK, dated July 1, 1926, due July 1, 1956, 521% interest, Numbers 154,155,156,157, 158, 355 and 505, Aggregating the principal sum of--- - - -... 7,000.00 Series , 00, dated July 1, 1926, due July 1, 1956, 5.% interest , Numbers 49,61,62,63,64,65,'6,67,65,69 and 70, Aggregating the principal sumof....... ..... ............................... 11,000.00 GENERAL SERIAL BONDS. Series - A -2 , Refunding Bonds, dated January 1, 1925, due January 1, 1938, 6% interest, Numbers 71,72,73,74, and 75, Aggregating the principal sum of- ...5,000.00 Series, A -3, Refunding Bonds, dated January 1, 1925, due January 1,1931, 6p interest, Numbers 11, 12 and 13, Aggregating the principal sum of .......... 3,000.00 Series, A -3, Refunding bonds, dated January 1, 1925, due January 1, 1936, 6% interest, Numbers 66,67,65,6q,70,71,72,73,74 and 75, Aggregating the principalsum of.. ...... ............................... ......................10,000.00 GAS UTILITY BONDS. Series , DD, dated July 1, 1926, due July 1, 1956, 5� � interest, Numbers 129 and 130, aggregating the principal sum of ....................... 2,000.00 SPECIAL ASSESSMENT BONDS - PAVING. Series, B, dated January 1, 1924, due July 1, 1937, 5-_� interest, Numbers 61,62,63,64 and 65, aggregating the principal sum of................. 5,000.00 Series, C, dated July 1, 1924, due January 1, 1934 , 6 � Interest, Number 1641 in the principal sum of.. ......... ............................... 1,000.00 Series H, dated January 1, 1925, due July 1, 1935, 5/'0 Interest, EXHIBIT A 4,'3 �� MINUTES 1 a. 5: 00 P Md 9 41 CITY COMMISSION, SANFORD, FLORIDA, February 23 t _ Numbers, 151, 182, 183, 134, 155, 156, 137, 163, 159, 190, 191 and 192, aggregating the principal sum of...... ................. ......................12,000.00 Series, AA, dated January 1, 1926, due January 1, 1935, 6'o interest, Numbers 135,136,137,135 and 159, Aggregating the principal sum of---- .........5,000.QO Series, RR, dated January 1, 1927, due July 1, 1935, 5-L', % interest, Number 356, in the principal sum of.... ........ ............................... 1,000.00 SPECIAL ASSESSMENT BONDS - BULKHEAD. Series, Abbe, dated January 1, 1926, due July 1, 1936, 6A interest, Numbers 75,76,,77,75 and 79, aggregating the principal sum of... ............... 5,000.00 Series, Abbc, dated January 1, 1926, due July 1, 1930, 6Yo interest, Number 210, in the principal sum of........ ........... ............................... 1,000.00 PUBLIC UTILITY BONDS. Series, CC, dated July 1, 1926, due July 1, 1956, 51/o interest, Numbers 273, 274, 275, 276, 277, 275, 279,230,28 1,232,?_03,254,if65,236 and 287, aggregating the principal sum of .............. ............................... 15,000.00 Total........... ...... ............................... ....................$172,000.00 Section 2. The City of Sanford, Florida, will issue its general obligation refunding bons in an aggregate principal amount of the above described unrefunded bonds , namely, X172,000.00, which are to be exchanged on the basis of par for j)ar ot" the p r .nciT,e 1 ar�Gunt of agtid unrefunded bonds. -11 claims for interest, whether evidenced by coupons or other - wise, accrued to Y-arch 1,1941, on said unrefunded bonds shall be waived and cancelled. Said refunding bonds shall be dated March 1, 1941, shall mature September 1, 1977, shall be non - callable, shall be in the denomination of $1,000.00 each, and shall bear interest at the rate of 4jo per annum; provided, however, that in the event the City defaults in the payment of interest on said refunding bonds, and such default continues for a. period of six months after its happening, then and in such event, upon declaration in writing, filed with said City by the holders of at least 40% in principal amount of all of the refunding b,),gds of this issue outstanding upon the happening of such default, such bondsshall, at the option of the respective holders, revert to the original interest rate of the securities exchanged therefor, but such reversion shall only be effective from the date to which interest had been paid on said refunding bands prior to the date of the filing of the declaration of intention to exercise such option, and if the right to the higher interest rate shall accrue, the higher rate of interest shall be evidenced in the manner then provided by law. Each refunding bond issued under the authority of these proceedings, shall show on its face the interest rate borne by the obligation or security in exchange for which it was issued. Section 3. The City of Sanford, Florida, agrees that it will levy taxes for the payment of the principal and interest of the refunding bonds in an amount sufficient to provide therefor upon all property within the present territorial limits of said City, excepting that property which was exempted from municipal taxation by the constitution of Florida as it was in force and effect immediately prior to November 6, 1934,; provided that in making the levy of taxes for the refunding uonds to be issued hereunder, the City of Sanford may include and deduct therefrom, at its option, any other revenue which may be available and which is actually so applied and may use, at its option, any and all collections from delinquent taxes levied prior to the year 1937, and any and all other funds that may be available in the interest and sinking fund set up for the [1 1 1 Fj 1 1 r I 1 lJ 1 MINUTES CITY COMMISSION, SANFORD, FLORIDA,February 28 8 t 5: 00 P M 19 - 41 refunding bonds to be issued under this modified plan of composition; and when such funds are so paid into the interest and sinking fund aforesaid the City may, at its option, reduce the tax levy for the ensuing fiscal year by such amount so paid in as aforesaid. Section 4 . The City further covenants that all taxes levied for the payment of the principal and interest of said refunding bonds issued hereunder, including taxes upon HM homesteads, will be collected in cash at the same time and in the same manner as operating and governmental ad valorem taxes levied by said City, and the contractual rights and remedies for the enforcement of the bonded indebtedness refunded hereby shall appertain to the Refunding bonds issued hereunder and the taxes securing the same independently of any restrictions or limitations thereon enacted by the Legislature of the State of Florida or otherwise taking effect on and after November 6, 1934. Oection 5. Said refunding bonds shall be issued as continuations, mergers and renewals of the indebtedness hereby proposed to be refunded and shall have the identical tax base as the original bonds to be exchanged therefor, and all rights and remedies which were available for the support and enforcement of the original bends shall continue and remain available for the support and enforcement of said refunding bonds when issued. Said refunding bonds shall be general obligations of said City and for the prompt payment thereof, and the interest thereon, as the same shall fall due, the full faith, credit and taxing power of said City shall be irrevocably pledged to the same extent and with like force and effect as the same were pledged for the payment of the indebtedness to be refunded by said issue of bonds. `'ection 6. Provision is further made that every six months after interest then due has been paid on said refunding bonds issued under this plan, and due allowance has been made for interest requirements due six ( 6 ) months thereafter, making a reasonable allowance for anticipated receipts, any surplus funds in the interest and sinking fund for the refunding bonds issued hereunder may be used by the City for the purpose of purchasing refunding bonds issued hereunder or may be used by the City, at its option, for the purpose of investing in other bonds or securities issued by the City of �anf ord, at the lowest available prices; when such funds are invested in other securities of the City, the bonds so purchased shall not be cancelled, but shall be held in trust for the benefit of this interest and sinking fund account; when 'bonds of this issue are purchased, they shall be immediately cancelled and retired. Section. The City has employed Ed.C.yright as fiscal agent of the City of 6anford, Florida, to consummate this plan of composition, and hereby agrees to pay him the sum of Three Thousand Dollars ( $3)000.00) Dollars withoutinterest, ninety X90) days after March 1, 1941, provided at least 75% of the bonds to be issued hereunder shall have been exchanged at that time and if not when said amount of said bonds have been exchanged. Section 8. All expenses incurred in connection with this bankruptcy proceeding and the issuance of the refunding bonds to be issued under this modified plan shall be paid by said fiscal agent, except the fees of the attorney for the City of aanford, Florida. 4 �3 8 MINUTES CITY COMMISSION, SANFORD, FLORIDA,February PS at _5 a nn P M 19-4L On motion duly carried the City Attorney and Clerk were next authorized to present the foregoing modified plan of composition before Judge Allen E.WElker, Special Master in the United States States District Court in and for the Southern District of Florida, at Winter Haven, Florida, the travel expenses in connection therewith to be borne by the City. Commissioner Lodge next introduced Resolution No. 394, and after being read in full by the Clerk, moved its passage and adoption. Seconded by Commissioner Gut and carried by the following vote of the Commission: Commissioner Hill Aye " Gut Aye " Higgins Aye Lodge Aye " Rollins Aye said Resolution No. 594 being in words and figures as follows: A RESOLUTION OF THE CITY COJMISSION OF THE CITY OF SANFORD, FLORIDA, AUTHORIZING THE PURCHASE OF A MOTOR VEHICLE FOR THE USE OF THE POLICE DEPARTMENT OF THE CITY AND THE EXECUTION OF A PROMISSORY NOTE IN THE NAME OF THE CITY BY THE MAYOR AND CITY CLERK FOR THE REMAINDER OF THE PU' CHASE PRICE THEREOF. WHEREAS, as the result of an accident occurring on the 20th day of February,1941, a 1939 Ford Sedan owned by the City of Uanf ord, Florida, and used by the Police Department , was damaged to such an extent that the City Commissioners are of the opinion that a new automobile in the place thereof should be obtained for the,Police Department and the Altman Chevrolet Company of i;�anf ord, Florida, after competitive bidding, has offered to sell the City a 1941 Chevrolet Master Deluxe Four Door Sports Sedan, equipped with high gear rear axle, for $876.00, plus freight to Sanford, Florida, in the sum of $74.00 making a total of 4950.00 for said automobile, and will allow the City $446.00 for said 1939 Ford Sedan as part payment on the purchase price of said car, leaving a balance to be paid of $504.00 and said Altman Chevrolet Company has agreed to allow said balance of 0504.00 to be paid on or before October let, 1941, with interest at the rate of 6�o per annum, said indebtedness for the balance of the purchase price to be evidenced by the promissory note of the City: N0-X, THEREFORE, BE IT RESOLVED by the City Commissionof the City of z1anf ord, Florida, that the City purchase the above described Chevrolet Master Deluxe Four Door Sports Sedan, equipped with high gear rear axle from said Altman Chevrolet Company for the sum of Nine Hund.3 Fifty Dollars ( 4950.00) and that the Mayor and City Clerk execute the promissory note of the City to said Altman Chevrolet Company for the sum, of Five Hundred Four ( $ 504.OU) payable on or before 'Ictober let, 1941, with interest at the rate of b% per annum. BE IT FURTHER RESOLVED that this resolution shall become effective immediately upon its passage and adoption. PASSED AND ADOPTED this 28th. day of February , 1941. Attest: H N Sayer. City Clerk. ( Seal) '4'7.C.Hill Mayor M J Lodge H.James Gut Edward Higgins G E Rollins As the City Commission of the City of �-=anford, Florida. :7 `1 J 1 1 1 MINUTES 4�9- CITY COMMISSION, SANFORD, FLORIDA, February 28 at 5:00 P M19-41- Fire Chief Cleveland next reported that Fireman J.M.Matthews had tendered his resignation effective March 1st, to accept a position that will pay him a much higher rate of salary than he is receiving from the City, stating however, that Mr. Matthews had agreed to reconsider his resignation, providing the City will increase his salary at least $15.00 per month. Fire Chief Cleveland then recommended that this increase of 415.00 in Mr Mezzhewbl salary be authorized, stating that he is a very valuable man to the Fire Department in the capacity of mechanic for the equipment, in addition to being a very good fireman. Thereupon after careful consideration and upon the aforesaid recommendation of the Fire Chief, Commissioner Higgins moved that Fireman J.M.katthews' salary be increased from $102.50 to $118.00 per month, effective March 1, 1941. Seconded by Commissioner Lodge and carried. 'There being no further business the meeting adjourned. Attest: f City Cler Mayor.