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06143802 MINUTES CITY COMMISSION, SANFORD, FLORIDA, June 14 at 4 P M _ 19__Ig The City Commission of the City of 6anfo rd, Florida, met in adjourned session-at the City Hall in the City of Sanford, Florid9L at 4 o'clock P.M. June 14, 1939. 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 (sickness) Meeting called to order by the Chairman who announced that the purpose of the meeting was to consider ways and means for acquiring unrefunded bonds owned by Augustus T.Ashton and Fiduciary Counsel, Inc., Mr. Ashton owning 93 of an original 100 bond block, and Fiduciary Counsel, Inc., owning 50 of such bonds. Furthermore, that Fiduciary Counsel, Inc., had already brought suit for past due coupons on its bonds as well as sinking fund payments to retire the bonds at maturity at par, and that Mr. Ashton had threatened to do likewise. Consideration then given to proposals submitted by the owners of these bonds covering their purchase by the City, as follows: PROPOSED AGREEMENT WITH FIDUCIARY COUNSEL, INC. WHEREAS, The City of Sanford, Florida, is desirous of purchasing the hereinafter described bonds and coupons heretofore issued by said City, and being held and represented by Fiduciary Counsel Inc., in order to facilitate and expedite the consummation of its refunding plan and to avoid further litigation regarding same, and WHEREAS, The said Fiduciary Counsel, Inc., is willing to sell and dispose of its bonds and coupons hereinafter described under the terms and conditions hereinafter set forth , NOW, THEREFORE, WITNESSETH this agreement by and between the City of Sanford, a municipal corporation of Florida, hereinafter known as the party of the first par#, and the Fiduciary Counsel, Inc., a corporation with its principal place of business at 14 Wall Street, New York City, hereinafter known as the party of the second part, that for and in consideration of the sum of one dollar, the mutual covenants of this agreement and other valuable considerations, the party of the first part does hereby agree to purchase, and the party of the second part does hereby agree to sell those certain bonds and coupons formerly issued by the City of Sanford, Florida, and more., particularly described as follows: to -wit: Bonds Nos 101 -120 inclusive, nos. 221 -230 inclusive, nos 292 and 294 -300 inclusive, Nos. 351 -355 inclusive, Nos 365, 366, 383 -396 inclusive and No. 397 of the City of Sanford Improvement Bonds Series 00 dated July 1, 1926, and coupons Nos 21,22,23 from said bonds and maturing respectively January 1, 1937, July 1, 1937 and January 1, 1939. The party of the first part paying to the party of the second part the sum.of fifty cents on the dollar of the fao6 value of said bonds and past due coupons or judgment thereon, said bonds to be delivered as paid for. As a further consideration of this agreement it is mutually covenanted and agreed by and between the parties hereto that payment and delivery of the above and aforegoing bonds and coupons shall be made in the following manner and under the following conditions, 1 u 1 1 1 1 1 .0 r to -wit: MINUTES CITY COMMISSION, SANFORD, FLORIDA, June 14-at 4_pM -19_ 3 1. That at the time of the execution and delivery of this agreement the party of the first part shall pay to the party of the second part the sum of Seventy -five hundred dollars, and the party of the second part shall deliver to the party of the first part bonds of a par value of fifteen thousand dollars. 2. That the party of the first part shall stipulate with the party of the second part for the entry of a final judgment in that certain cause now pending in the United States District Court of the Southern District of Florida, Orlando Division, wherein the party of the second part is the plaintiff, and the party of the first part is the defendant, said case being further described as case No. 216, Orlando Civil; and that thereafter the party of the second part shall have alternative writ of mandamus issued seeking the levy of a tax to pay said judgment and the party of the first part shall allow the time for response to expire without filing any pleadings or defenses thereto, provided, however, that the party of the second part shall not cause to be issued a peremptory writ in said matter in the absence of a default on the part of the party of the first part in the performance of the terms and conditions of this agreement. 3. The party of the first part shall within a period of twelve months from. the date of this agreement fully retire all of the remaining bonds and past due interest couponso or judgment rendered thereon, and said bonds and coupons shall be retired in the following manner , to -wit: a. On or before the end of each sixty day period of said twelve month period the party of the first part shall pay for and redeem bonds of the par value of not less than five thousand dollars, provided that at the end of six months, one -half of the total amount remaining to be paid hereunder, shall have been paid and at the end of nine months, seventy -five per -cent of said amount shall have been paid. 4. In addition to the payment of fifty cents on the dollar on the bonds and judgment herein described and referred to, the party of the first part shall pay to the party of the second part interest on the unpaid portion of the amount due hereunder for said bonds and coupons or judgment rendered thereon, at the rate of three per -cent per annum from the first day of January, 1938, until paid, said interest payments being made at the time of each payment and on the payment made. _..�� 5. It is understood that all bonds delivered shall have July lst.,1938 and subse- quent coupons attached. 6. It is understood by and between the parties hereto that it is the intention of, the party of the first part to pay for and retire said bonds and coupons or judgment rendered thereon as speedily as funds become available for such purpose. 7. The party of the first part shall pay all cost and insurance incurred in the shipment and delivery of said bonds. S. Time is the essence of this agreement, and upon a default in any of the terms hereof by the party of the first )part, the party of the second part, after fifteen days notice in writing of said default to the party of the first part, may declare this agreement null, void and of no further effect. 9. No verbal modification of this agreement shall be binding on either of 04 MINUTES CITY' COMMISSION, SANFORD, FLORIDA, June 14 at 4 P M 1 1 9_ 311 the parties hereto unless confirmed in writing signed by said parties. 10. It is further understood that all bonds shall first be retired before the afore mentioned judgment is retired. IN WITNESS WHEREOF the parties of the first and second part have cuased these presents to be executed in their names by their proper officers and on the 15th. day of June , 1935. Executed in the presence of: Ellen Hoy H.N.Sayer As to the City of Sanford, Florida. Charles A Briggs II CITY OF SANFORD, FLORIDA ( Sear By, Edward Higgins Mayor - Commissioner. Attest: - F.S.Lamson: City Clerk. FIDUCIARY COUNSEL, INC., By Jackson Martindell ( President) Bruce McClain Attest: E.K. Wolf e ( Secy) As to Fiduciary Counsel, Inc. ( Seal) PROPOSED AGREEMENT WITH AUGUSTUS T. ASHTON. May 1, 1938 City Commission, City of Sanford, Florida . Attention: Honorable Edward Higgins. Gentlemen: - This confirms terms of sale of One Hundred ( 100) City of Sanford Bonds, described as follows: $100,000 Improvement Series "F" dated July 1, 1924, due July 1, 1954 with January 1, 1937 and subsequent coupons attached. Bond Nos. 33 -52 inc. , 111 -45 , inc. and 145 -162 inc. All of these bonds are payable in the sum of $1,000.00 principal with interest at 54% payable semi- annually. Delivery of seven of these bonds will be made at once at the price of Sixty -one plus 3% interest. Nine additional bonds are to be taken up by you on or before June 1st. on the above terms. An additional nine bonds are to be taken up and paid for on or before July 1st., next, on the above terms, to wit: Sixty -one plus interest at 3 %. This makes a delivery of twenty -five provided for on or before July lst . Provided delivery and payment is made for the twenty -five bonds above referred to, you are given the right to purchase the twenty -five additional bonds during the month of July next on the terms above mentioned, to with Sixty -one plus interest at 3 %. After August 1st. and continuing for a period of one year from the date of this letter you are given the option and right to purchase remaining bonds not already delivered referred to in the first paragraph of this letter at the price of Sixty -One plus interest at 3% and in addition thereto $10.00 per bond for each month after August lst. until the delivery and payment for same has been made. Because of the possibility of the writer's absence from the City, will you notify Mr. C.W.Bowen, 1202 Land Title Building, Philadelphia, Pa. of your desire to lift any of the above bonds, after which shipment of the same will be made with a draft attached on the terms above set forth. Very truly yours, ATA:c A.T.Ashton. u 1 1 1 D 1 r1 1 1 L' MINUTES CITY COMMISSION, SANFORD, FLORIDA, June 14 at 4 P M 19_38 The Clerk then reported that the fifteen bonds of Fiduciary Counsel, Inc., had been sent to the Sanford Atlantic National Bank for payment under the terms of the proposed agreement, and that the second lot bonds of Augustus T. Ashton had also been forwarded for payment as outlined in his letter, the first lot of bonds having been heretofore taken up. Thereupon, after considerable discussion, Commissioner Coleman moved that the proposed agreement with Fiduciary Counsel, Inc. be executed and the fifteen bonds be taken up, the cost to be $7500.00. Also that the second lot of Mr Ashton's bonds be taken up, the total cost being $6120.00, divided as follows: 9 bonds at 61 $5,490.OU Interest from 7/1/36 to 6/10/39 at 3% $525.00 Error in interest of 6 months on the 7 bonds heretofore purchased $105.00 Seconded by Commissioner Lodge and carried. The Clerk was next instructed that these bonds be held ancaftc.elled until further notice and placed in the Safety Deposit Box at the Bank. There being-mo further business, the meeting then adjourned. Attest: City Clerk. Mayor.