Loading...
04153721-2 MINUTES CITY COMMISSION, SANFORD, FLORIDA, April 15 at 7:30 P M 19_37 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 7:30 o'clock P.M. April 15, 1937• Present: Commissioner Edward Higgins, Mayor. If W.R.Dupree If W.A.Leffler If M J Lodge Commissioner -Elect A.W.Lee City Attorney Fred R.Wilson City Clerk F.S.Lamson Chief of Pollee R.G.Williams Meeting called to order by the Chairman. Commissioner -Elect A.W.Lee then signed the oath and acceptance of office as a City Commissioner of the City of Sanford, Florida, and was inducted into office. Consideration next given to the status of projects heretofore submitted to the Works Progress Administration of the Federal Government , as well as any new projects which it may be advantageous to submit. After considerable discussion , W.P.A.Engineer Earl was requested to endeavor to obtain an allotment of funds for the project covering the widening and repaving of Second Street and Lagnolia Avenue; also to prepare a project covering the re- pairing of books at the Municipal Library. Instructions also issued covering the preparation of data to be used in a project for the construction of park and recreation- al facilities in the area between Sanford Ave. and San Juan Ave. and.egtending from First St. to Lake Monroe. Commissioner Dupree next introduced Resolution No. 504 an follows: RESOLUTION NO. 504 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA, PROVIDING FOR THE PAYMENT IN CASH OF A PORTION OF CERTAIN INTEREST ON A PART OF THE FUNDED INDEBTED OF SAID CITY AND FOR THE ISSUANCE OF CERTIFICATES OF INDEBTEDNESS OF SAID CITY TO REFUND THE REMAINDER OF SAID INTEREST AND'TO PROVIDE FOR AN ANNUAL LEVY OF TAXES FOR THE PAYMENT SAID CERTIFICATES OF INDEBTEDNESS, WHEREAS, The City of Sanford, Florida, had a funded indebtedness in the principal sum of approximately $5,900,000.00, as evidenced by its bonds and certificates of indebt- edness and judgments on bonds and certificates of indebtedness, and has provided for the issuance of its refunding bonds for the purpose of renewing and extending time of payment of said indebtedness-at reduced rates of interest, which said refunding bonds are to be exchanged for said bonds, certificates of indebtedness and judgments evidencing said indebtedenss; and WHEREAS, approximately eighty -seven percent of the aforesaid funded. indebtedness of said City of Sanford is held by C.T.Diehl, Kenneth M . Keefe, A.C. Mittendorf and Natt T.Wagner, as a Depositors' Committee of bonds for said City, said parties be ng here after referred to as the " Committee "; and WHEREAS, interest accrued to the 30th day of September, 1935, upon the portion of said indebtedness held by said Committee has been paid in part and the remainder canceled and interest upon said portion of said indebtedness accruing to the lst. day of 11arch , 1937 will be paid in part and the remainder canceled; and. WHEREAS, there has accrued to January 1st, 1937, upon the portion of the afore- said indebtedness of the City of Sanford not held by the aforesaid Committee, interest F S0 I 1 L L n MINUTES 21.3 CITY COMMISSION, SANFORD, FLORIDA, April 15, 1937 7:30 P M 19_37- In the approximate sum of $275,000.00, which interest is represented by matured coupons, accrued interest on matured bonds, accrued interest reduced to judgment, and accrued interest on judgment on matured bonds and matured interest, and interest will continue to accrue until an exchange of said indebtedness for said refunding bonds is effected, which said interest is a general obligation of said City for the payment of which its full faith and credit are pledged, and the City of Sanford desires to pay a portion of said interest in cash and issue its certificates of indebtedness to refund the remainder of said interest; and WHEREAS, Central Hanover Bank & Trust Company of New York City, New York, has been selected as the agency through which an exchange of said refunding bonds for said indebtedness to be refunded thereby shall be effected and the holders of such indebted- ness have been requested to deposit with said Central Hanover Bank & trust Company bonds and certificates of indebtedness held by them, together with all matured and unmatured such purpose. Said certificates of indebtedness shall be in substantially the following form; No STATE OF FLORIDA CITY OF SANFORD, FLORIDA CERTIFICATE OF INDEBTEDNESS March 1, 1937 CITY OF SANFORD, FLORIDA, a municipal corporation, acknowledges itself indebted and promises to pay to the bearer hereof the sum of DOLLARS in lawful money of the United States of America on or before the lst. day of July 19 ,without interest, at the Sanford Atlantic National Bank, of Sanford, Florida. coupons and satisfactions of judgments where any portion of said indebtedness has been reduced to judgment: NOW THEREFORE,BE IT RESOLVED BY THE CITY C01,11ISSION OF THE CITY OF SANFORD,FLORIDA: SECTION 1. That the City of Sanford shall pay upon the aforesaid interest on the portion of its aforesaid funded indebtedness not held by the aforesaid Committee, the sum of $20.00 in cash for each of said bonds and certificates of indebtedness, whether the same have been reduced to judgment or not, which payments shall be made froIA any funds available for such purpose, and that said City do issue its certificates of indebtedness to refund the remainder of said interest at the rate of $50.00 for each of said bonds and certificates of indebtedness, as aforesaid, provided, however, that the aggregate amount of such cash payments shall not exceed the sum of $10,000.?0 and that the aggre- gate amount of such certificates of indebtedness shall not exceed the su>A of$35,000.00. SECTION 2. That the certificates of indebtedness referred to in Section 1 hereof shall be dated as of March 1, 1937, shall be in theddenomination of $10.00 each, or multi- ples thereof, and one -fifth of the aggregate sum of the said certificates of indebtedness shall be payable July 1, 1938, one -fifth thereof July 1, 1939, one -fifth thereof Julyl, 1940, One -fifth thereof July 1, 1941, and one -fifth thereof July 1, 1942, and said certificates of indebtedness shall not bear interest, and shall be payable at the Sanford Atlantic National Bank of Sanftrd, Florida. SECTION 3. That the certificates of indebtedness herein provided for shall be executed in the name of the said City of Sanford, Florida, by its mayor and attested and its corporate seal thereunto affixed by its City Clerk and shall be general obliga- tions of the City of Sanford, Florida, for the payment of which its full faith and credit are pledged and shall be payable out of taxes which shall be annually levied for such purpose. Said certificates of indebtedness shall be in substantially the following form; No STATE OF FLORIDA CITY OF SANFORD, FLORIDA CERTIFICATE OF INDEBTEDNESS March 1, 1937 CITY OF SANFORD, FLORIDA, a municipal corporation, acknowledges itself indebted and promises to pay to the bearer hereof the sum of DOLLARS in lawful money of the United States of America on or before the lst. day of July 19 ,without interest, at the Sanford Atlantic National Bank, of Sanford, Florida. 214 MINUTES CITY COMMISSION, SANFORD, FLORIDA, April 15 at 7:30 P M 19-37- This certificate of indebtedness is one of a series of certificates of inde6ted.Uess issued by the City of Sanford, Florida, pursuant to Chapter 15,772, Laws of Florida, Acts of 1931, and Resolution No. of the City Commission of said Citty, adopted on the day of ,1937, for the purpose of refunding in part certain unpaid interest on part of its funded indebtedness and for the payment of this certificate of indebtedness provision for an annual levy of taxes has been made and the full faith and credit of the City of Sanford, Florida, are pledged. IN WITNESS WHEREOF, CITY OF SANFORD, FLORIDA, has caused this certificate of indebtedness to be executed in its name by its Mayor and attested and its corporate seal to be hereunto affixed by its City Clerk as of the first day of March 1937. CITY OF SANFORD, FLORIDA. By, MAYOR. Attest: CLERK CITY SECTION 4. That upon the delivery to the Central Hanover Bank & Trust Company of New York City , New York, for said City of Sanford, Florida, of all of the bonds and certificates of indebtedness upon which the interest to be refunded as aforesaid, has accrued, together with all coupons representing interest accrued and to accrue and satisfaction of judgments where bonds, certificates of indebtedness or interest have been reduced to judgment, and when the City of Sanford is ready to effect an exchange of said refunding bonds for the aforesaid funded indebtedness, there shall be deposited with said Central Hanover Bank & Trust Company so much of said cash, not exceeding the sum of $16,000.00, and so many of said certificates of indebtedness as may be necessary to, re- fund said interest upon said portion of said indebtedness not held by the aforesaid Com- mittee, as hereinbefore provided, which said cash shall be paid and -certificates of indebtedness shall be delivered by said Central Hanover Bank & Trust Company, when directed by the City so to do, to the holders of claims for said interest to be refunded thereby at the rate of $20,00 cash and $50.00 in certificates of indebtedness for each bond or certificate of indebtedness, whether reduced to judgment or not, as it may be directed to do by said City of Sanford, Florida, and said cash so paid and said certificates of indebtedness so delivered shall be in full and complete settlement and satisfaction of all claims for said interest on said portion of said indebtedness up to the time of the payment of said cash and delivery of said certificates of indebtedness, end said Central Hanover Bank & Trust Company shall deliver said bonds, certificates of indebtedness and satisfactions of judgments to the City of Sanford, Florida. BE IT FURTHER RESOLVED that the Legislature of the State of Florida now in session be and it is hereby requested to enact such legislation as may be necessary to validate the issuance of said certificates of indebtedness to refund the remainder of said interest, as aforesaid. BE IT FURTHER RESOLVED, that this Resolution shall become effective immediately upon its passage and adoption. Passed and adopted this 15th day of April, 1937. C 1 1 r, 1 1 1 I. 1 MINUTES CITY COMMISSION, SANFORD, FLORIDA, April 15 at 7:30 P M 193_7 Attest: F.S.Lamson City Clerk. ( Seal) and same was read in full by the Clerk. No. 504. _Edward Higgins Mayor. M J Lodge W.R.DuPree A.W.Lee W.A.Leffier As the City Commission of the City of Sanford, Florida. Thereupon Commissioner Dupree moved the passage and adoption of said Resolution 215 Seconded by Commissioner Lodge and carried by the following vote of the Commission. Commissioner Higgins Aye " Dupree Aye Lee Aye Leffler Aye Lodge Aye Consideration next given to request of Snows Paint & Glass Co. for permit to erect 14 feet high pole sign in front of its place of business on S. Park Avenue, and on motion duly carried, request approved. Consideration next given to the matter of additional traffic lights for certain dangeroues intersections in the City. Thereupon the Chairman referred the matter to City Commissioner Lee and Chief of Police Williams for investigation and report at the next regular meeting. On motion duly carried, Tax Collector Ellen Hoy was next instructed to delay the date of the 1936 tax sale to conform to that of the State and County, it appearing that the Legislature has passed an Act extending the date of the closing of the County Tax Rolls for the year 1936 until June lst, 1937. There being no further business, the meeting then adjourned. Attest:j� G City Clerk. Mayor.