0729381
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CITY COMMISSION, SANFORD, FLORIDA, July 29th. at 1:3Q P MI 9___39
The City Commkssion of the City of Sanford, Florida, met in special called session_
at the City Hall in the City of Sanford, Florida at 1:30 o'clock P.M. July 29, 1938.
Present: Commissioner Edward Higgins, Mayor.
" Walter S. Coleman
" A.W.Lee
° M.J.Lodge
City Attorney Fred R. Wilson
City Clerk F.S. Lamson
Absent: Commissioner W.R.Dupree ( sick)
Meeting called to order by the Chairman.
Consideration then given to proposal of W.D.Bradford, Secretary of the City of
Sanford Bondholders' Protective Committee, to secure the assents of the owners of a
sufficient number of bonds heretofore deposited with the Committee and subsequently
refunded by Series A and B Refunding bonds,required to file a petition in bankruptcy
under the Wilcox Municipal Bankruptcy Bill, as amended, the basis of compensation for
such service to be $500.00 upon acceptance of the offer, $250.00 additional upon ob-
taining the assent of 51% of the outstanding bonds, $250.00 additional upon obtaining
the assent of 66 2/3% of the outstanding bonds, and all out -of- pocket expenses, such
as postage, printing, telephone and telegraph etc.
Thereupon after careful consideration Commissioner Coleman moved that the
proposal of Mr. Bradford be accepted.
Seconded by Commissioner Lee and carried.
Communication next read from the Sanford Atlantic National Bank calling
attention to the fact that the ninety day period during which the City agreed to
complete the purchase of Bonds Nos. 121/130, inclusive, Series A -2 had expired,
and requesting that the City complete the transaction at this time, the total amount
due being $3245.00, $3200.00 being principal and $49.00 interest.
Thereupon, in view of the terms of said agreement, Commissioner Coleman
moved that the Clerk be authorized to complete the purchase of these bonds at this
time, said bonds to be immediately cancelled by perforation.
Seconded by Commissioner Lee and carried.
Commissioner Coleman next moved that Bonds Nos 101 /115, Series 00,
heretofore purchased from Fiduciary Counsel, and Bonds Nos. 145 and 148/155,
Series F, heretofore purchased from A.T.Ashton, all of said bonds having been ordered
placed uncancelled in the safety deposit box at the Sanford Atlantic National Bank,
be withdrawn and cancelled by perforation.
Seconded by Commissioner Lee and carried.
Communication neat read from Walter L. Cooper off erini0 to 20 Series A
Refunding Bonds at 22 plus interest, and on motion of Commissioner Coleman, seconded
by Commissioner Lee and carried, the Clerk was instructed to purchase from funds on
hand for that purpose, 15 of such bonds at the price quoted.
Consideration next given to the advisability of a survey of electric rates
and utility tax valuations of ;other cities in the State for comparison with similar rates
and valuations in Sanford.
Thereupon, on motion duly adopted the Mayor was authorized to make this
survey, an allowance of $75.00 per week for a period of from three to four weeks,
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CITY COMMISSION, SANFORD, FLORIDA, July 29 1: 30 p M 19__3S
being authorized for travel and other expenses in connection with such work.
There being no further business, the meeting then adjourned.
Mayor.
Attest:
City Clerk.
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