042441MINUTES
CITY COMMISSION, SANFORD, FLORIDA, —_ APRIL 24, 4 P M 19 41
The City Commission of the City of Sanford, Florida, met in Special Called Session
at the City Hall in the City of Sanford, Florida, at 4:oo o'clock P.M. April 24, 1941
Present: Commissioner W C Hill, Mayor.
If H.James Gut
If Edward Higgins
It M.J.Lodge
If G E Rollins
City Attorney Fred R.Wilson
City Clerk H N Sayer.
Meeting called to order by the Chairman.
The Clerk then reported that written notice of the meeting had been served on each
Commissioner at least twelve hours prior to the time of the meeting.
The Chairman then announced that the meeting had been called to consider adopting a
resolution providing for the issuance of Refunding Bonds under a Modified Plan of Composition
of the Petition in Bankruptcy filed in the United States District Court in and for the Southern
District of Florida on the 28th day of January 1939. Also to transact any other business that
may come before the Board.
Commissioner Gut next introduced Resolution No. 601, entitled:
A RESOLUTION PROVIDING FOR AND AUTHORIZING THE ISSUANCE OF CITY OF SANFORD, FLORIDA,
REFUNDING BONDS, ISSUE OF 19411 DATED MARCH 1st, 1941, FOR THE PURPOSE OF REFUNDING AND RETIRIN
VALID SUBSISTING FUNDED INDEBTEDNESS OF SAID CITY CONSISTING OF OUTSTANDING NEGOTIABLE COUPON
BONDS,AND PRESCRIBING THE MANNER OF ISSUANCE AND PROVISIONS FOR THE PAYMENT THEREFOR.
and same was read in full by the Clerk.
Thereupon Commissioner Gut moved the passage and adoption of said Resolution No. 601.
Seconded by Commissioner Rollins.
The roll was then called and the vote stands as follows:
Commissioner Hill Aye
If Gut Aye
If Higgins Aye
of Lodge Aye
If Rollins Aye
Thereupon the Chairman announced that the City Commission of the City of Sanford,
Florida, had passed and adopted said Resolution No. 601, entitled:
A RESOLUTION PROVIDING FOR AND AUTHORIZING THE ISSUANCE OF CITY OF SANFORD, FLORIDA
REFUNDING BONDS, ISSUE OF 1941 , DATED MARCH 1st, 1941, FOR THE PURPOSE OF REFUNDING AND
RETIRING VALID SUBSISTING FUNDED INDEBTEDNESS OF SAID CITY CONSISTING OF OUTSTANDING
NEGOTIABLE COUPON BONDS, AND PRESCRIBING THE MANNER OF ISSUANCE AND PROVISIONS FOR THE
PAYMENT THEREOF.
said Resolution No. 601 being in words and figures as follows:
RESOLUTION N0. 601
A RESOLUTION PROVIDING FOR AhD AUTHORIZING THE ISSUANCE OF CITY OF SANFORD, FLORIDA,
REFUNDING BONDS, ISSUE OF 1941, DATED MARCH 1st, 19412 FOR THE PURPOSE OF REFUNDING
AND RETIRING VALID SUBSISTING FUNDED INDEBTEDNESS OF SAID CITY CONSISTING OF OUTSTAND-
ING NEGOTIABLE COUPON BONDS, AND PRESCRIBING THE 16ANNER OF ISSUANCE AND PROVISIONS
FOR THE PAYMENT THEREOF.
WHEREAS, the City of Sanford, Florida, has outstanding a valid funded indebtedness
hereinafter more particularly described, and a considerable part of such indebtedness and
interest thereon has matured and the balance thereof and additional accruals of interest thereon,
together with other outstanding bonded indebtedness of said City, will mature in such amounts
and at such times as to impose upon the City too great a burden for it to meet, and it is
in the interest of the City and its creditors that such indebtedness be readjusted and refunded;
and
WHEREAS, such indebtedness was incurred prior to November 6, 1934, end the holders thereof,
by virtue-.,of the laws in existence at the time of the incurring or assumption of such indebted-
ness, have the legal right to require that taxes for the payment thereof be levied on all
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CITY COMMISSION, SANFORD, FLORIDA,�rll_24� at 4 :P.M 1941
property subject to taxation at the time such indebtedness was incurred or assumed, in-
cluding homesteads exempted from taxation by the admendment ratified November 6, 1934,
adding Section 7 to Article X of the Constitution of Florida, and to require the collection
of such taxes in cash at the some time and in the same manner as other taxes levied by the
City and to otherwise enforce said indebtedness and the security therefor independently
of any restrictions or limitations upon the enforcement thereof enacted by the State
Legislature since the creation of said indebtedness, and while a considerable number of
such creditors are willing to extend the maturities of such indebtedness and agree to a
cancellation of the interest accumulated to March lst, 1941, on the unref unded bonds
described herein, nevertheless they are not willing to so readjust and refund such
indebtedness unless the Refunding Bonds issued in exchange therefor have the same security
and are entitled to the same remedies and rights of enforcement as existed prior to November
62 1934, and now appertain to said outstanding indebtedness; and
WHEREAS, in order to permit of a readjustment and refunding that will be acceptable to
its creditors, the City deems it advisable and necessary to authorize the issuance
of Refunding Bonds under such terms and conditions as will reserve to the holders thereof
the rights, security and remedies now available to the holders of the City's presently
outstanding indebtedness; and
WHEREAS, a Modified Plan of Composition was adopted by the City embracing the terms
of the proposed readjustment and refinancing and was made the subject of proceedings under
Chapter IX of the Bankruptcy Act of the United States, as amended, generally known as the
Municipal Debt Adjustment Act, by petition filed by the City in the United States District
Court for the Southern District of Florida in case No. 125 Orlando- Bankruptcy, which
proceedings resulted in an Interlocutory Decree being entered in said cause under date of
March 5, 1941, and it is necessary to authorize this issuance of Refunding Bonds in order
to make available to creditors the consideration provided for in said Modified Plan of
Composition:; now, therefore,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA:
SECTION 1. It is hereby found and determined that the following described indebtedness
constitutes a, valid outstanding funded indebtedness of the City of Sanford, Florida,
incurred prior to November 6, 1934, for lawful municipal purposes, and that for the payment
ttha edf:. the City is obligated to levy taxes without limitation as to rate or amount:
Description of Indebtedness
(A) 5% SPECIAL ASSESSMENT PAVING BONDS SERIES "H" dated January 1, 1925,
due July 1, 1935, in the denomination of $1,000.00 each.
Numbers 151 -192 inclusive.
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Total outstanding bonds of said issue .. .. .....................$12,000.00
Summary of outstanding principal indebtedness described in (A) above;
Principal indebtedness bearing interest at 5% per annum................$12,000.00
(B) 52% GENERAL TERM SERIES "F" BONDS, dated July 1, 1924, due July 1, 1954,
in the denomination of $1,000.00 each.
Numbers 33 -52 , 111 -144 inclusive.
Total outstanding bonds of said issue.. .... .....................$54,000.00
5f% GENERAL TERM SERIES "JJ" BONDS, dated July 1, 1926, due July 1, 1956,
in the denomination of $1,000.00 each.
Numbers 66-70 inclusive.
Total outstanding bonds of said issue ......... .................. 5,000.00
51% GENERAL TERM SERIES IIKK" BONDS, dated July 1, 1926, due July 1,1956,
in the denomination of $1,000.00 each.
Numbers 154 -155 inclusive, 355 and 505.
Total outstanding bonds of said issue ............................. 7,000.00
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CITY COMMISSION, SANFORD, FLORIDA, April 24 at 4 P M 1 9_41
5j% GENERAL TERM SERIES "00" BONDS, dated July 1, 1926, due July 1,1956,
in the denomination of $1,000.00 each.
Numbers 49, 61 -70 inclusive.
Total outstanding bonds of said issue.. ....... .....................$11,000.00
519% PUBLIC UTILITY SERIES "CC" BONDS, dated July 1, 1926, due July 1, 1956,
in the denomination of $1,000.00 each.
Numbers 273 -257 inclusive.
Total outstanding bonds of said issue ......... .....................$15,000.00
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51% GAS UTILITY SERIES "DD" BONDS, dated July 1, 1926, due July 1, 1956,
in the denomination of $1,000.00 each.
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Numbers 129 and 130.
Total outstanding bonds of said issue... ....... ......................$2,000.00
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51% SPECIAL ASSESSMENT PAVING SERIES "B" BONDS, dated January 1, 1924,
due July 1, 1937, in the denomination of $1,000.00 each.
Numbers 61 -65 inclusive.
Total outstanding bonds of said issue ........... ......................$5,000.00
5 � SPECIAL ASSESSMENT PAVING SERIES "RR" B X DS, dated January 1, 1927,
Due July 1, 1935, in the denomination of $1,000.00 each.
Number 356.
Total outstanding bonds of said issue .......... ......................$1,000.00
Summary of outstanding principal indebtedness described in (B) above:
Principal indebtedness bearing interest at 50 per annum . $................$130,000.00
(C) 6� GENERAL SERIAL SERIES "A -211 REFUNDING BONDS, dated January 1,1928,
Due January 1, 1935, in the denomination of $1,000.00 each.
Numbers 71 -75 Inclusive.
Total outstanding bonds of said issue ............................... $5,000.00
6% GENERAL SERIAL SERIES "A -3" REFUNDING BONDS, dated January 1, 1928,
due January 1, 1931, in the denomination of $1,000.00 each.
Numbers 11,12 and 13.
Total outstanding bonds of said issue......... ... ......................$3,000.00
6% GENERAL SERIAL SERIES "A -3" REFUNDING BONDS, dated January 1,1928,
due January 1, 1936, in the denomination of $1,000.00 each.
Numbers 66 -75 inclusive.
Total outstanding bonds of said issue........... . .....................$10,000.00
610 SPECIAL ASSESSMENT PAVING SERIES "C" BONDS, dated July 1, 1924,
due Jan 1. 1934, in the denomination of $1,000.00
Number 164
Total outstanding bonds of said issue... ....... ......................$1,000.00
6�o SPECIAL ASSESSMENT PAVING SERIES "AA" BONDS, dated January 1, 1926,
due January 1, 1935, in the denomination of $1,000.00 each.
Numbers 165 -159 inclusive.
Total outstanding bonds of said issue ........... ......................$5,000.00
6% SPECIAL ASSESSMENT BULKHEAD SERIES "ABBA" BONDS, dated January 1, 1926,
due July 1, 1936, in the denomination of $1,000.00 each.
Numbers 75-79 Inclusive.
Total outstanding bonds of said issue........... .. ....................$5,000.00
6'% SPECIAL ASSESSMENT BULKHEAD SERIES "ABBC" BONDS , dated January 1, 1926,
Due July 1, 1930, in the denomination of $1,000.00 each.
Number 210.
Total outstanding bonds of said issue ........... ......................$l,000.00
Summary of outstanding principal indebtedness described in ('C) above:
Principal indebtedness bearing interest at 6% per annum.. .............. $30,000.0
Total 1727000.00
RECAPITULATION OF OUTSTANDING PRINCIPAL
INDEBTEDNESS DESCRIBED IN (A), (B),AND
(C) ABOVE
Total Principal indebtedness under ( A) $12,000.00
Total principal indebtedness under ( B) 1309000.00
Total principal indebtedness under ( C) 30,000.00
Gross total principal indebtedness outstanding $172,000.00
During the time said indebtedness was incurred, the City existed with different
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CITY COMMISSION, SANFORD, FLORIDA, - _April 24 at 4 P M _ 19 _41
territorial limits as prescribed by Chapter 9597 Laws 1923 and Chapter 11135 Laws 1925
and thereafter the territorial limits of the City were reduced from time to time by
Chapter 16669 Laws 1933 and Chapter 17671 Laws 1935 and enlarged by Chapter 20126
Laws 1939•
Section 2(a) If any mistake or error shall have occurred in the description of
any of the outstanding indebtedness proposed to be refunded hereunder, as set forth in
46) 5
paragraphs (A), (B) , and (C), of Section 1 of this resolution, such mistake or error shall
be deemed to be immaterial provided the total amount of refunding bonds issued hereunder
does not exceed the amount of outstanding principal indebtedness to be surrendered in
exchange.
(b) All of the above listed and described outstanding indebtedness and interest thereon
constitutes (bonds or interest thereon" within the meehng_, of Section 6 of Article IX of the
Constitution of the State of Florida, as amended, so that ref unding bonds may be legally
issued for the purpose and in the manner provided herein.
(c) All acts, conditions, and things required by the Constitution and laws of Florida,
including Chapter 15772, Laws of Florida, Acts of 1931, being the General Refunding Act, of
1931, to exist, happen, or be performed, precedent to the issuance of Refunding Bonds of
said City of Sanford, Florida, as herein provided, have happened, exist, and have been
performed in regular and due time. form end manner.
Section 3(a) Refunding Bonds in the a gregate principal amount of One HUNDRED
SEVENTY-TWO THOUSAND DOLLARS ( $172,000.00, as hereinafter more particularly referred to,
are hereby authorized and oruered to be issued for the purpose of refunding and retiring
$172,000.00 total outstanding principal indebtedness and identified in Section 1 of this
Resolution upon the basis of a. par for par of said outstanding principal indebtedness.
(b) Said refunding bond issue hereby authorized shall be subdivided into three
series, as follows, to -wit:
$12,000.00 Series "C" bonds,
130,000.00 Series "D" Bonds,
30,000.00 Series "E" Bonds.
and shall be designated
" CITY OF SANFORD, FLORIDA, REFUNDING BONDS,
ISSUE OF 1941, SERIES "C" ( "D "OR "E")"
Section 4. Said $12,000.00 Series "C" Refunding Bonds shall be issued for the purpose
of refunding the outstanding principal indebtedness described in Section 1(A) of this
Resolution , in the aggregate total amount of 412,000.00 upon the basis of par for par
ref unding bonds for the said outstanding principal indebtedness. Said bonds shall be numbered
consecutively commencing with the number 1, and shall be of One 'Thousand Dollar ($1,000.00)
denominations.,
SECTION 5. Said $130,000.00 Series "D" Refunding Bonds shall be issued for the purpose of
refunding the outstanding principal indebtedness described in Section 1 (B) of this Resolution,
in the aggregate total amount of $130,000.00 upon the basis of par for par refunding bonds
for the said outstanding principal indebtedness. Said bands shall be numbered consecutively
commencing with the number 1, and shall be of One Thousand Dollar ( $1,000.00) denominations.
Section 6. Said $30,000.00 Series "E" Refunding Bonds shall be issued for the purpose
of ref unding the outstanding principal indebtedness described in Section 1 ( C) of this
Resolution, in the aggregate total amount of $30,000.00 upon the basis of par for par
refunding bonds for the said outstanding principal indebtedness.
466 MINUTES
April 24 at 4 P M. ,� 9 41
CITY COMMISSION, SANFORD, FLORIDA, -
Said bonds shall be numbered consecutively commencing with number 1, and shall be of
One Thousand Dollar ( $1,000.00)denominations.
Section 7(a.) All of said Refunding Bonds of the several series mentioned shall be
dated March 1, 1941, and mature on September 1, 1977, and shall be non - callable.
Said bonds shall bear interest from date thereof until paid, payable semi - annually on
the first days of March and September of each year, with interest, except as hereinafter
otherwise provided, shall be enforceable and collectible at the rate of four per cent ( 4 %)
per annum, and said interest at said rate shall be evidenced by coupons attached to each
bond.
(b) Said Refunding Bonds which are exchanged for outstanding indebtedness bearing
interest at the rates of 5 %2 52% and 6% per annum shall provide that they will bear
interest at the rate borne by the outstanding indebtedness for which said Refunding Bonds a
exchanged, respectively, in the event of a default in the payment of interest thereon, upon
filing of a Declaration in writing as prescribed therein, and the semi - annual coupons attached
to said Refunding Bonds shall provide for the payment of such original interest rate in the
event of such default.
(c) All of said Refunding Bonds herein authorized to be issued shall be signed by the
Mayor of said City of �da.nford, Florida., and the corporate seal of said City shall be
affixed thereto, attested by the City Clerk. The interest coupons attached to each of
said Ref unding Bonds shall be executed with the facsimile signatures of said Mayor and
City Clerk, and said City officials , by the execution of said bonds, shall adopt as and
for their own proper signatures their respective facsimile signatures on each of said
coupons.
(d) The principal and interest of all of said Refunding Bonds shall be payable in
lawful money of the United States of America at Central Hanover Bank & Trust Company,
in the City of New York, New York.
Section S. Taxes sufficient to produce the sums required for the payment of
interest and principal of all of said Refunding Bonds hereby authorized to be issued
will be levied upon all property within the present territorial limits of the City of
Sanford, Florida, which was not exempted from municipal taxation by the Constitution of
the State of Florida as it existed immediately prior to November 6, 1934, and all of
such property shall be subject to the tax levies hereinafter directed to be made,
provided that the City will be obligated to levy such taxes upon homesteads located
within the territory added to the City by Chapter 20126 Laws 1939 only to the extent
it may be permitted by law and the City reserves the right to levy such taxes upon
any property heretofore excluded from its territorial limits, to the extent permitted
by law.
Section9(a) That said Refunding Bonds, Series C, the interest coupons thereto
attached, and the validation certificate to be endorsed thereon, shall be in substantially
the following form:
Bond No.
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF SEMINOLE
CITY OF SANFORD.
REFUNDING BOND ISSUE OF 1941
SERIES C.
The City of Sanford, in Seminole County, Florida, is justly indebted and for value
received hereby promises to pay to the bearer the principal sum of
DOLLARS
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CITY COMMISSION, SANFORD, FLORIDA,_Ap _rll_ 24 at 4 P M -1941
on the first day of September A.D. 1977, and to pay interest on said sum at the
rate of four per cent (4 %) per annum from the date hereof until paid, payable semi-
annually on the first days of March and September in each year. Both principal and
interest hereof are payable in lawful money of the United States of America at
Central Hanover Bank & Trust Company, in the City of New York, New York, upon pre-
sentation and surrender of this bond and the interest coupons hereto attached as
they severally mature.
im,
the authority of and in full compliance with the Constitution and statutes of the State
of Florida, including the General Refunding Act of 1931, being, Chapter 15772, General
This bond is one of an issue of Refunding Bonds of like date and maturity,
aggregating $172,000.00, subdivided into three series as follows: Series C,
$12,000.00; Series D, $130,000.00; and Series E, $30,000.00.
In the event of a default in the payment of interest on said bonds, the said
governing authority shall be accorded a period of six ( 6) months after the filing
with said City through its City Clerk of a declaration in writing by the holders of
at least forty per cent ( 40A) in principal amount of said Refunding Bonds then out-
standing, in which to correct the said default ( including all subsequent defaults),
and upon failure, inability or ref usal of said governing authority to do so within
that period, each of the said Refunding Bonds shall, at the option of the respective
holders thereof, revert to and thereafter bear the original interest rate borne by
the outstanding bond in exchange for which said Refunding Bond was issued, and
accordingly this band shall thereupon bear interest at the rate of five per cent
(5A) per annum, but such reversion shall be effective only from the date to which
interest had been paid on said Refunding Bond prior to the date of the filing of the
declaration of intention.to exercise such option, and said City agrees that if the
right to such higher interest rate accrues , as herein provided, such higher rate of
interest will be paid the holder hereof upon presentation and surrender of the interest
coupons hereto attached, as the same become due.
The City of -�)anf ord, Florida, covenants with the holders of the Refunding Bonds
of the issue of which this bond is one that for the payment of the principal and
interest thereof it will levy taxes 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, and that such taxes will
be levied upon all homesteads within the City's present territorial limits other than
homesteads located in that certain territory added to the City by Chapter 20126
Laws of Florida, 1939, and as to such homesteads taxes will be levied thereon to the
extent permitted by law. The City further covenants that all taxes levied for the
payment of the principal and interest of said Refunding Bond issue of which this bond
is one, including taxes upon 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 indebt-
edness refunded hereby shall appertain to this bond and the taxes securing the some
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.
IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is issued under
the authority of and in full compliance with the Constitution and statutes of the State
of Florida, including the General Refunding Act of 1931, being, Chapter 15772, General
[�,�g MINUTES
CITY COMMISSION, SANFORD, FLORIDA,-- April 24 at 4 P M 19-43-
Laws of Florida., 1931, and the Charter of the City of Sanford, Florida, and pursuant to
a resolution duly adopted by the City Commission of said City, and is issued in exchange
for and as a continuation, extension, merger and renewal of valid subsisting bonded
indebtedness of said City incurred prior to November 6, 1934, and outstanding at the
date of the passage of said resolution, and for the purpose of refunding and retiring
said outstanding indebtedness which was incurred while the City existed with different
territorial limits as disclosed by the proceedings authorizing the issuance of this
bond; and that all acts, conditions and things required to happen, exist and be performed
precedent to and in the issuance of this bond have happened, exist, and have been per-
formed in due time, form and manner as requited by law; that the total bonded indebted-
ness of said City of Sanford, Florida, including this bond, does not exceed, and that
the total indebtedness of said City at the time of the creation of the indebtedness
refunded hereby, including said indebtedness, did not then exceed any Constitutional
or statutory limitation thereon; and for the prompt end full payment of this bond, and
the interest thereon, the full faith and credit of said City are hereby irrevocably
pledged to the same extent and with like force and effect as the same were pledged
for payment of the indebtedness refunded hereby.
' INr FITNESS :WHEREOF, said City of Sanford, Florida, has issued this bond and
has caused the same to be signed by its Mayor and the corporate seal of said City to
be affixed hereto, attested by the City Clerk of said City, and has caused the interest
coupons hereto attached to be executed with the facsimile signatures of the said Mayor
and City Clerk, all of the first day of March A.D. 1941.
( SEAL)
Attest:
No.
City Clerk.
CITY OF SANFORD, FLORIDA
By
Mayor.
( FORM OF COUPON FOR SEMI- ANNUAL INTEREST PAYMENTS)
The City of Sanford, in the County of Seminole, State of Florida, will pay to
bearer on ,19____, at
New York, New York, the sum. of
a prior default by the City and
percentage of outstanding bonds
within bond, the sum of
then due on its Series C Refund
Central Hanover Bank & Trust Company, in the City of
DOLLARS ( Or in the event of
filing of a declaration by the holders of the required
of this issue as more particularly prescribed by the
Dollars), being six months interest
ing Bond, Issue of 1941, dated March 1, 1941, No._______
CITY OF SANFORD, FLORIDA.
By
City Clerk. Mayor.
(FORM OF VALIDATION CERTIFICATE)
Validated and confirmed by decree of the Circuit Court of the Ninth Judicial
Circuit of the State of Florida, in and for Seminole County, rendered on the day
of 19 .
Clerk of the Circuit Court of
Seminole County, Florida.
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CITY COMMISSION, SANFORD, FLORIDA,— An)ri 1 24 4 P iv -1941----
(b) That said Refunding Bonds, Series D and Series E, the coupons thereto attached
and the validation certificate to be endorsed thereon, shall be in substantially the
same form as the corresponding forms for Series C bonds as set forth in paragraph
(a) of this Section, except that wherever the letter "C" apnears as the series desig-
nation it shall be changed to "D" and "E ", respectively, and -where the words and figures
"five per cent ( 5 %) per annum " appear as the designation of the reversionary
Interest rate in the event of a default in the payment of interest upon the Refunding
Bonds as set forth in said Series C bonds, the same shall be changed to read " five
and one -half per cent . (50 ) per annum" in the Series D bonds, and Six per cent.
(6 %) per annum" in the Series E bonds.
Section 10. That it is hereby expressly covenanted and agreed that, in the event
of a default in the payment of interest on said Refunding Bonds, the said governing
authority shall be accorded a period of six ( 6 ) months after the filing with said City
through its City '-lerk of a declaration in writing by the holders of at least forty per
cent . ( 40 %) in principal amount of said Refunding Bonds then outstanding, in which to
correct the said default ( including all subsequent defaults), and upon failure, inabil-
ity or refusal of said governing authority to do so within that period, each of the
said Refunding Bonds shall at the option of the respective holders thereof, revert to and
thereafter bear interest at the original rate borne by the outstanding bond in exchange
for which said Refunding Bond has been issued, but such reversion shall be effective
only from the date to which interest had been raid on said Refunding Bonds prior to the
date of the filing of the declaration of intention to exercise such option, and said
city agrees that if the right to such higher interest rate accrues , as herein provided,
the higher rate of interest will be raid. upon presentation of the interest coupons
attache d to said bonds.
Section 11(a) That for the prompt payment of the principal and interest
of all of said Refunding Bonds as the same shall become due which are issued pursuant to
this resolution, the full faith and credit of said City of Sanford, Florida, and a
tax upon all the taxable property within said City are hereby irrevocably pledged to the
same extent and with like force and effect as the same were pledged for payment of the
Indebtedness refunded by said bonds, and the City Commission of said City hereby
covenants and agrees with the holders of any and all of said Refunding Bonds and int-
erest coupons issued under the provisions of this resolution that the said City will
make prompt payment of the same when due.
(b) That for the purpose of adequately providing for the payment of the
interest upon and for a sinking fund for the retirement of the Refunding Bonds herein
provided to be issued, the said City Commission hereby covenants and agrees with the
holders of said Refunding Bonds that in the annual budget and ad valorem tax levy to be
prepared and made in theyear 1941 and annually thereafter until all of said Refunding Bonds
and interest ther-on have been retired.,, there shall be included a levy of a current
ad valorem tax on all property within said City subject to the levy and collection of
such tax sufficient to produce the interest due in such fiscal year, including and
deducting therefrom, at the option of said City Commission, any revenues other than
from ad valorem taxes which may be available for such purpose, and which is actually so
applied, and may use any and all collections from delinquent taxes levied prior to the
4`70 MINUTES
CITY COMMISSION, SANFORD, FLORIDA,-APT-U- 24 at 4 P M _19?+1
year 1937. For the fiscal year which said Refunding Bonds shall mature, the City shall
levy a tax in such amount as shall be sufficient, together with the sinking funds then
on hand, to nay such bonds on their maturity, Such taxes shall be levied and computed
u-oon the extended and finally equalized valuation of all taxable nronerty within said
City, including homesteads. In determining the rate of tax necessary to be levied in
any year for the purpose of producing the said annual revenue for such year, the percent-
age of collectibility of taxes during the year immediately preceding each year in which
such levy is made shall be deemed to be the percentage of collectibility of taxes for
the year then being provided for, and such taxes shall be levied accordingly each year
and from year to year until all of said indebtedness has been liquidated. The taxes
so levied shall be in addition to all other taxes levied by or on behalf of said City,
and the proceeds thereof and of all tax certificates and tax deeds issued therefor are
hereby aporopriated and shall be used exclusively for the purpose for which the same are
levied, and so long as any of said Refunding Bonds and Interest thereon remain outstand-
ing or unpaid the respective annual tax levies shall be increased when necessary
to provide sufficient funds for the actual interest and sinking fund requirements of
the bonds for the year next succeeding that in which the budget is being made and
prepared.
Section 12. That all tax levies required to be made hereunder for the purchase
or rayment of the princl -nal and interest of the said Refunding Bonds shall constitute
special levies for the particular purpose for which they are imposed. Such Tax levies,
while constituting special levies, will be collected in cash at the same time and in the
same manner as other taxes which may be levied by the City and upon co'lection will
be immediately segregated and credited to the. proper fund as hereinbefore provided.
The City covenants that it will set aside monthly out of the proceeds of its tax
collections, Including the moneys derived from the sale or transfer of tax certificates
and tax deeds, the proper proportionate amount thereof applicable to the purchase or
payment of the principal and interest of the said Refunding Bonds. All moneys so
credited to such special fund will be forthwith deposited with a City Depository and
held by it in trust for the payment of the principal and interest of the said Refunding
Bonds, in the manner prescribed by this resolution.
Section 13. Every six ( 6 ) months after interest then due has been naid on
said refunding bonds issued under this plan, and due allowance has been made for
interest recuirements due six.( 6 ) months thereafter, making a reasonable allowance
for anticipated receipts, any surplus funds in the interest and sinking fund for the refunc
ing bonds issued hereunder shall be used by the city for the purpose of purchasing refund-
ing bonds issued hereunder or shall be used by the city, at its option, for the purpose
of investing in other bonds or securities issued by the City of Sanford 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 14 (a) The City hereby covenants that it will actively and diligently
enforce the collection of all taxes heretofore and hereafter levied and that notwith-
standing the provisions of any laws inconsistent with the provisions of this resolution,
it will not accept anything but lawful money of the United States of America in payment
or satisfaction of the taxes required to be levied or pledged hereunder for the payment
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CITY COMMISSION, SANFORD, FLORIDA, X1_ 24 at 4. P M 19 41
of the principal and interest of the Refunding Bonds authorized hereby.
(b) The City hereby further covenants that nothwithsta.nding Section 7, Article
X, of the Constitution of the State of Florida, added thereto by amendment ratified
November 6, 1934, and any legislation enacted pursuant thereto, it will levy taxes
upon all homesteads embraced within the territorial limits of the City for the pay-
ment of the principal and interest of the Refunding Bonds authorized hereby to the
same extent as other property in the City may be liable to taxation therefor excepting
homesteads located in that territory added to the City by Chapter 20126 Laws 1939,
and as to such homesteads it will levy such taxes to the extent permitted by law.
(c) The City hereby further covenants that so long as any of the Refunding
Bonds authorized hereby may be outstanding, it will not avail itself of any legislation
Impairing or modifying the obligations of the City on the said Refunding Bonds hereby
?provided to be issued, or the covenants of the City therein contained; that said
Refunding bonds shall have and are hereby declared to have the same security and source
of payment as the indebtedness thereby refunded, and that all contractual rights and
remedies which were available for the support and enforcement of the bonded indebtedness
to be refunded hereunder shall be available for the suoort and enforcement of said
Refunding Bonds hereby authorized to be issued.
(d) That all covenants, representations, agreements and undertakings herein set
out, as well as those anpearing on the face of each of said Refunding Bonds, shall
constitute a contract with the holders of the Refunding Bonds, which contract shall
be enforceable by suit, action or mandamus on behalf of any bon6holder in any Court
of competent jurisdiction whether or not a monetary default shall then have occurred
in the payment of the interest upon or principal of such Refunding Bonds.
Section 15. That it is hereby declared and intended that said Refunding Bonds
are to be issued as of March 1, 1941, for the purpose of refinancing, as of that date,
the bonded indebtedness of said City of Sanford, Florida, then existing as hereinbefore
described.
Section 16. That the said Refunding bonds are hereby authorized to be executed
as soon after the adoption of this resolution as may be, and, promptly upon the com-
pletion of the validation of the bonds as provided in Section 19 hereof, said. executed
Refunding Bonds, with the interest coupons thereto attached, shall be placed in the
custody of the City Clerk of said City of Sanford as Escrow Agent, who shall deliver
said Refunding Bonds of appropriate series to the holders of the outstanding bonds
provided to be refunded thereby, in exchange for and upon surrender of such amount of
said outstanding bonds as will in the issuance Refunding Bonds
result of of proper ser-
ies in an amount equivalent to the outstanding principal indebtedness surrendered
therefor. In making such exchanges the City Clerk shall keep a record of the particular
Refunding Bonds exchanged for outstanding bonds originally secured by special assessments
and such Refunding Bonds shall be further secured by the same special assessments to the
extent such special assessments have not been otherwise pledged.
Section 17. That prior to or simultaneously with the delivery of the Refunding
Bonds, Issue of 1941, in exchange for outstanding indebtedness of said City hereby
*provided to be refunded thereby, there shall be cancelled and destroyed proper amounts
of undelivered City of Sanford, Florida, Refunding Bonds, Issue of March 1, 1937, togeth-
er with the coupons appurtenant thereto ( which were provided for by .resolution adopted
by the City Council of said City on February 1, 1937,) as follows, to -wit:
There shall be cancelled a par amount of Refunding Bonds,
Issue of March 1, 1937, corres-oonding to the par value of out-
.�„ MINUTES
4 ,7 2 Apr 244PM 41
CITY COMMISSION, SANFORD, FLORIDA, -__ -_` 19--.-
standing principal indebtedness surrendered in exchange for Re-
funding bonds, Issue of 1941, hereby provided to be issued, said
prior resolution of February 1, 1937. in Sections 2 and 15 thereof,
having authorized the issuance and exchange of refunding bonds upon
the basis of a Dar amount of said refunding bondef- an equal oar
amount of outstanding r_rinci.nal indebtedness and judgments thereon
provided to be refunded thereby.
Prover certificate describing the bonds so cancelled and destroyed and certifying
to the destruction thereof shall be -ore-oared, duly executed by the exchange agent
having custody of said bonds, and delivered to the City for incorporation in
Its official minutes.
Section 18. That if any clause, section, Daragranh or provision of this
resolution or of the Refunding Bonds hereby authorized be declared unenforceable by
any Court of final jurisdiction, it shall not affect or invalidate any remainder
thereof, and, if any of the Refunding Bonds hereby authorized be adjudged illegal or
unenforceable the holders thereof shall be entitled to be subrogated to the rights of
the holders of the indebtedness hereby provided to be refunded thereby and as such
enforce their claims for payment.
Section 19 . That Fred R.Wilson, Attorney at Law, be and he is hereby authorized
and ditected to institute appropriate proceedings in the Circuit Court of the Ninth Judi -
cial Circuit of Florida, in and for Seminole County, for the validation of said Refund-
ing Bonds, and the Mayor and City Clerk of the City of Sanford are hereby authorized
to verify any pleadings in such proceedings.
Section 20. That all resolutions and Darts of resolutions in conflict here-
with are hereby repealed.
Section 21. That this resolution shall be in full force and effect immed-
diately upon its passage.
PASSED and ADOPTED in Special session of the City Commission of the City of
Sanford, Florida, this 24th. day of April A.D. 1941.
Attest:
_H. N. Sayer
City Clerk.
( Seal)
Approved as to from and. correctness
Fred R.Wilson
City Attorney.
W.C.Hill
Mayor of the City of Sanford, +
Florida.
- M.J.Lodge
H.James Gut
G.E.Rollins
_ Edward Him ins
As the M Commission of the
City of Sanford, Florida.
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CITY COMMISSION, SANFORD, FLORIDA, April 24 at 4: oo P M
1941
ADDlication next received from Chase & Company to purchase the City's concrete
pipe plant property described as follows:
All south of Railroad ( Less R /W) of Block 94 M M Smith's Subdivision of parts of sections
260 27, 34 and 35, Township 19 South , Range 31 East, containing buildings and 4 1/2
acres of land.
Matter taken under advisement.
Apolication next received from Claude A. Butterfield for an adjustment of the
assessed valuation in amount of $1,425.00 for the years 1934,1935 and 1936 and
$800.00 for the years 1937,1938 and 1939 against Lot 25 Becks Addition, claiming that
the assessments are too high.
Thereupon after careful comparison -of the assessed valuation of this property
with similar properties, Commissioner Lodge moved that the assessed valuation be ad-
justed to $700.00 for the years 1934 thru 1939, which is the amount of the assessed
valuation placed on this property for 1940.
Seconded by Commissioner Gut and carried.
On motion of Commissioner Gut , seconded by Commissioner Lodge and carried,
the Commission next authorized the -purchase of the following described property from
the Trustees of the Internal Improvement Fund. of the State of Florida at a cost of $28.59
All of S E 1/4 of N E 1/4 of S W 1/4 lying East of Mellonville Avenue of
Section 6 Township 20 , south, range 31 east, containing 1 - 1/4 acres.
The Clerk next reported that Sanford F.Doudney had agreed to convey to the
City a small tract of land described as follows: A - - -1 of the S 112 of S E 1/4 of
S.W 1/4 lying east of Mellonville Avenue in Section 6, Township 20 South, Range 31
East, in exchange for a deed of conveyance from the City of the following described.
tract of land lying west of Mellonville Avenue that was included in the property
acquired by the City from Miss Nona Wylly for the aviation field site:
Beginning at a point 100 ft, west of the center of Section 6, Township
20 south, Range 31 East, run N. 62.E5 ft. to a concrete monument
In the center of Wyly Street an Mel onvilleAvenue, West 270.21 ft.
South 677.67 ft. to a point due East of N.E. cor of Lot A, Frie's
Plat of Fort Reed, East 270.21 ft. , north to beginning.
Thereupon in view of the fact that the aforesaid tract of land owned by
Mr Doudney comprises a portion of the lands and premises described in Resolution
No. 589 providing for the - ourchase and establishing of an airport, and the small
not
tract of land owned by the City and lying West of Mellonville Avenue will /be included
In the boundaries of said airport; Commissioner Gut moved that the foregoing offer of
Mr Doudney be accepted, and the Mayor and Clerk be authorized to execute the dc}-.d of
conveyance on behalf of the City.
Seconded by Commissioner Lodge and carried.
There being no further business the meeting adjourned.
Mayor.