0410402`70
MINUTES
CITY COMMISSION, SANFORD, April 10 at 10.00 A .M.
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FLORIDA,
The City Commission of the City of oanford, Florida, met in adjourned session
at the City Hall in the City of 0anf ord, Florida, at 10:oo o'clock A.M. April 100 1940.
Present: Commissioner Waiter S. Coleman, 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 purpose of the
meeting was to consider a proposition of Ed.C.Wright & Company with reference to refunding
the x;152,000.00 of Sanf ord's old bonds represented by them. Also to consider any other
business that may come.before the Board.
Thereupon Mr. Wright and Mr. Roberts, representing Ed. C.Wright & Company next
submitted the following letter of proposal:
Sanford, Florida,
April 10, 194U
Hon. City Commissioners
Sanford, Florida.
Gentlemen:
This Company represents the following described unref unded obligations of the City of
Sanford,
Florida:
PRINCIPAL
ACCRUED INT.
5m
Imp. 6� Series AA due 1/1/35 with 7/1/29
5,000.00
3,450.00
sca
5M Ser CC 5J-A due 7/1/56 with 1/1/33 sea
5,000.00
2,200.00
10M
Imp Ser. CC 51% due 7/1/56 with 1/1/33 sea
10,000.00
42400.00
84M
Pub. Imp. Ser. F 5-JA due 7/1/54 with 1/1/37
sea
849000.00
180480.00
5M Ref. Ser. A -2 6' Due 111136 with 1 /l /38 sea
5M Imp. Ser. A -BBa 6% due 7/1/36 with 7/1/29 sea
5M Imp. Ser. B
5M Imp Ser. JJ
10M Imp Ser 00
5M Imp Ser. KK
12M Imp Ser H
1M Imp Ser. C
5J% due 7/1/37 with 7/1/29 sea
5j� due 7/1/56 with 11113£ sea
51; due 7/1/56 with 1/1/38 sca
50 due 7/1/56 with 1/1/37
0 due 7/1/35 with 7/1/31 sea
0'°O due 1/1/34 with 1/1/30 see
Totals
5,000.00
5,000.00
5,000.00
5,000.00
10,000.00
5,000.00
12,000.00
1,000.00
152,000.00
900.00
3,45o.00
3,162.50
625.00
1,625.00
1,100.00
5,700.00
66o.00
45952.50
152,000.00
197952.50
We propose that the City validate in a Court of competent jurisdiction an
issue of $197,952.50 Refunding Bonds dated July 1, 1940 maturing July 1, 1970, 197
of said bonds being in the denomination of $1,000.00 and one of said bonds of a
denomination of $952.50, bearing interest at the following rates:
3� from 7/1/40 to 7/1/50
3 A from 7/1/50 to 7/1/60
from 7/1/60 to Maturity.
Said bonds to be General Obligations of the City of Sanford, Florida, and con-
stitute a merger and extension of the above described indebtedness for which all
property within the City, including homesteads, would be liable for ad valorem taxes
but without any specific revenues being pledged for the payment of same. Said bonds
to also contain a clause providing that the City may pay said bonds in full on any
interest payment date at par and accrued interest after duly advertised notice not
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CITY COMMISSION, SANFORD, FLORIDA, Anri_l 10, at 10 A M 19_40
not less than 60 days prior to date of payment.
Upon validation of the Refunding Bonds and subject to obtaining a legal opinion from
Thomson, stood and Hoffman, or other attorneys acceptable to E.C.Wright & Co., we
shall coincidentally with the issuance of said bonds to us, surrender the above
described unrefunded bonds to the City of Sanford for cancellation.
You will notethat included in the 152M unref unded bonds described above, there
are 159 Series CC 52% and we call to your attention the fact that same are to be
treated in identically the same manner as the remaining 1371i bonds.
As an additional concession to the City of 6anf ord and to provide a source from.
which at the City's option funds may be made available for the payment of the bonds
to be issued-Ed C.Wright & Company will agree to purchase from the City $41,900.00 par
value of Water Revenue Certificates to bear interest at the rate of 3� per annum, be
dated July 1, 1940 and mature serially $1,900.00 one year from date thereof and the
remaining $40,000.OU in equal annual installments of $2,000.00 beginning July 1 , 1942.
The price agreed to be paid by Ed. C.Wright and Co. is par and accrued interest to
date of delivery and the proceeds of such sale shall be used to retire an issue of
$28,400.00 revenue certificate 5's now outstanding, and the balance of an installment
Contract with Fairbanks -Morse amounting to $13,500.00 on April 15, 1940.
Ed C.Wright & Co. will agree with the City that it will re- imburse the City for all
items of expense incidental to issuance of new Refunding bonds including but not
limited to fee of Counsel employed by City to effect validation, Court costs, advertising
and printing and fee of Counsel furnishing opinion as to validity of new Refunding
obligations.
Trusting that you will give the above your favorable consideration and thanking you
for the courtesies extended to us at our recent Conference, we are
Yours very truly,
} o ... ED. C. WRIGHT & COMPANY
By Ed. C. Wright, President.
Thereupon, after a further discussion and study of the above proposal , same was
taken under advisement by the Commission:.
Communication next read from B.G.Curtis, representative of the Industrial Engineering
Company, Tampa , Florida, requesting a meeting with the Commission on April 11th, at 8:00
P.M., with reference to making an industrial survey of the City of Sanford.
Thereupon the Clerk was instructed to advise Mr. Curtis that the Board will meet with
him on the above date.
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On motion duly adopted, the Commission next authorized the Seminole Baseball Association
to use the City's power mower for mowing the baseball park, provided they pay for all
labor, fuel and other operating cost in connection therewith.
There being no further business the meeting adjourned until 8:oo P.M. April 11, 1940.
Attest:
City Clerk.
l
May or.