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0826381 1 F� MINUTES 441 CITY COMMISSION, SANFORD, FLORIDA, August 26 at 10 A.M. 19_34 The City Commission of the City of Sanford, Florida, met in adjourned session- at the City Hall in the City of Sanford, Florida, at 10 o'clock A.M. August 26,1938• 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 ( excused on account of sickness.) Meeting called to order by the Chairman:. Commissioner Lee then introduced Resolution No 535 entitled: A RESOLUTION PROVIDING FOR THE COMPLETION OF THE PLAN OF COMPOSITION OF THE DEBTS OF THE CITY OF SANFORD, FLORIDA, AS EVIDENCED BY RESOLUTION N0. 499, ADOPTED BY THE CITY COMMISSION OF THE CITY Or SANFORD, FLORIDA, ON THE FIRST DAY OF FEBRUARY, 1937 AND RE- ADOPTING SAID PLAN, THE COMPLETION OF SAID PLAN Cr COMPOSITION TO BE UNDER CHAPTER Y Cr THE ACTS OF CONGRESS RELATING TO BANKRUPTCY, AS AMENDED BY ACT OF CONGRESS APPROVED JUNE 22, 1935. and same was read in full by the Clerk. Commissioner Lee then moved the passage and adoption of said Resolution No-535- Seconded by Commissioner Lodge and carried by the following vote of the Commission: Commissioner Higgins Aye " Coleman Aye " Lee Aye " Lodge Aye.. Said Resolution No. 535 being in words and figures as follows: RESOLUTION NO. 535• A RESOLUTION PROVIDING FOR THE COMPLETION OF THE PLAN OF COMPOSITION OF THE DEBTS OF THE CITY OF SANFORD, FLORIDA, AS EVIDENCED BY RESOLUTION NO. 499, ADOPTED BY THE CITY COMMISSION OF THE CITY Cr SANFORD, FLORIDA, ON THE FIRST DAY OF FEBRUARY, 1937, AND RE- ADOPTING SAID PLAN, THE COMPLETION OF SAID PLAN OF COMPOSITION TO BE UNDER CHAPTER I OF THE ACTS OF CONGRESS RELATING TO BANKRUPTCY, AS AMENDED BY ACT CF CONGRESS APPROVED JUNE 22, 1935. WHEREAS, on the first day of February , 1937, the City of Sanford, Florida, had outstanding debts in the principal amount of $5,900,000.00 evidenced by bonds and judgments, in the payment of which said City was in default and had been in default since the first day of July, 1929, and on said first day of February, 1937, adopted a plan for the composition of said debts, which said plan was embodied in Resolution No. 499, entitled: " A RESOLUTION OF THE CITY COMMISSION OF THE CITY CF SANFORD, FLORIDA, AUTHORIZING THE REFUNDING OF SAID CITY'S OUTSTANDING BONDED INDEBTEDNESS, AND THE REFUNDING OF JUDGMENTS SECURED THEREON BY THE ISSUANCE OF REFUNDING BONDS ", adopted by the City Commission of said City on the first day of February, 1937, and pursuant to the terms of said Resolution, the City was authorized to issue Refunding Bonds, of Series A, in the principal amount of $5,274,000.00, and Refunding Bonds of Series B. in the principal amount of $626,Ooo.00, and which said Resolution provided that said Refunding Bonds of Series A should be issued in exchange for the principal of all of the outstanding bonds of said City of Sanford, except those two certain issues of bonds designated at " Public Utility Bonds ", dated January 1, 1924, and " Improvement Bonds, Series CC", dated July 1, 1926, which were issued for the purpose of constructing and enlarging the water plant of said City, and said Refunding Bonds of Series B should be issued in exchange for the principal of said bonds of said issues designated, " Public Utility Bonds ", dated January 1, 1924, and " Improvement Bonds, Series OC ",dated July 1, 1926, said Refunding Bonds 442 MINUTES CITY COMMISSION, SANFORD, FLORIDA, Augin t 26 10 A 9 9_-38 of Series A and Series B to be dated march 1, 1937, and to mature on September 1, 19779 and to bear the rates of interest evidenced by coupons, as in said Resolution No. 499 stated; and WEE MS, said plan of composition, as embodied in said Resolution No. 499, adopted on the first day of February, 1937, has been partially completed by the exchange of Refunding Bonds of Series A, for all of the outstanding indebtedness of said City evidenced by bonds and certificates of indebtedness, except certain bonds acquired by pur- chase, and except the following bonds, to -wit: GENERAL TERM BONDS Series, Improvement, dated July 1, 1923, due 1, 1953, 5j% interest, Numbers 1,2,3,4,5,6,7,8,9,10,11,29,30, Jul 5,55,56,57,5$,61,62,63 64,65,67, and 65 Aggregating the principal sum of $25,000.00 Series , F, dated July 1, 1924, due July 1, 19554 � interest. Numbers 33,34 35,36,37,38,39,40,41,42,43,44;Zv46j47AS ,4 9, VX�0o,51,52,53, 4 65 56 „ 57,58 ,59,60,61,62,63,6 ,65,66,67,65 9 70,71,72, 73,74,75,7 6,77,78, 79,60 81,521 111, 112 113, 11, 115, 116, 117, 118, 119, 120 1f1, 122, 123, 124, 125, 126,127 12$, 129, R2., 0, 1312 132, 133, 134 , 1350 136, 137, 1351 139 1400 141, 143, &144 Aggregating the principal sum of $84,000.00 Series , JJ, dated July 1, 1926, due July 1, 1956, 5j% interest. Numbers 66, 67, 68, 69, and 70 Aggregating the principal sum of 5,000.00 Series , KK, dated July 1, 1926, due July 1, 1956 5j% interest Numbers 154, 155, 1561 157, 158, 355, and 508 Aggregating the principal sum of 7,000.00 Series 00, dated July 1, 1926, due July 1 1956, 5j% interest, Numbers 49, 61, 62, 63, 64, 65, 61, 67, 68„ 69 70 116, 117, 118, 119, 120, 131, 221, 222, 223, 224, 225, 226, 227, 220, 229, 230, 292, 294, 295, 296, 297, 298, 299 300, 351, 352, 353, 354, 355, 365, 366, 383, 354, 385, 356 397• Aggregating the principal sum of 47,000.00 GENERAL SERIAL BONDS. Series , A -1 , Refunding Bonds, dated January 1, 1928, due January 1, 1951, 6% interest, Number 585 In the principal sum of 11000.00 Series , A -2, Refunding Bond. s, dated January 1, 1928, Due January 1, 1937, 6% interest, Numbers 62 and 63, aggregating the principal sum of 2,000.00 Series , A -2, Refunding Bonds, dated January 1, 1925, Due January 1 1935, 6% interst, numbers 71, 72, 73, 74, and 75 Aggregating the principal sum of 5,000.00 Series, A -3, Refunding Bowl s, dated January 1, 1925, Due January 1, 1931, 6% interest, Numbers 11, 12, 13, aggregating the principal sum of 3000.00 Series , A -3 Refunding Bonds, dated January 1, 1928, Due January 1, 1931, 6% interest, Numbers 66,, 67, 68, 69, 70, 71, 72, 73 7 and 75 Aggregating the principal sum of 102000.00 GAS UTILITY BONDS. Series , DD, dated July 1, 1926, due July 1, 1956, 54% interest, Numbers 1293, 130, 131, 132 and 133, Aggregating the principal sum of 59000.00 _SPECIAL ASSESSMENT BONDS - PAVING Series, B, dated January 1, 1924, due July 1, 1937, 5j% interest, Numbers 61, 62, 63, 64 and 65 Aggregating the principal sum of 5,000.00 Series , C. dated July 1, 1924, due January 1, 1934, 6% interest, Number 164 In the principal sum of 1,000.00 Series , g., dated January 1, 1925, due July 1, 1935, 5j% interest. Numbers 181,182,183,184, 185, 186, 187, 188, 19P 1909 191 and 192. Aggregating the principal sum of 12,000.00 1 1 1 1 L 1 [1 1 1 1 MINUTES CITY COMMISSION, SANFORD, FLORIDA,__ AugtaetO26 at 10 A.M. 19 -3-9 Series , AA, dated January 1, 1926, due January 1, 1935, 6% interest, Numbers 185, 156, 187, 188 and 189 Aggregating the principal sum of $5,000.00 Series, RR, dated January 1, 1927, due July 1, 19349 5J% interest, Numb er 291. In the principal sum of 10000.00 Series , RR, dated January 1, 1927, due July 1, 1935, 5J% interest, Number 356, In the principal sum of 1,000.00 SPECIAL ASSESSMENT BONDS - BULKHEAD Series, Abba, dated 4anuary 1, 1926, due July 1, 1936, 6%.interest Numbers, 75, 769 77, 78 and 79. Aggregating the principal sum of 5,000.00 Series , Abbo, dated January 1, 1926, due July 1, 19300 6% interest Number 210 In the principal sum of 1,000.00 Series , Abbo, dated Januar 1, 1926 due July 1, 19312 6% interest, Numbers 245, 246, 24y7, 248, X49, 250, 251, 252, 253 and 2 Aggregating the principal sum of 10,000.00 and by the exchange of Refunding Bonds, of Series B, for all of the aforesaid bonds designated " Public Utility Bonds; dated JaBigatyj 1rT5�4rxs�t 't prdVd"ft'Sbnde Series CC", dated July 1, 192b, except the following: Series , CC, dated July 1, 1926, due July 1, 1956, 5J% interest, Numbers 273, 274, 275, 276, 2779 278, 2791 280, 281, 28?, 283, 284, 285, 286 and 287, Aggregating the principal sum of $15,000.00 and WHEREAS, said City of Sanford now has outstanding the aforesaid Refunding Bonds, Series A. in the aggregate principal sum of $4,923,000.00, and the aforesaid Refunding Bonds, Series B. in the aggregate principal sum of $593,000.00 and the aforesaid bonds in the aggregate principal sum of $250,000.00, hereinbefore particularly described and which have not been exchanged for Refunding Bonds, and said City of Sanford has endeavored by every means to effect collection of taxes levied and assessed by it for its operating expenses and the payment of its indebtedness and has levied each year since the year 1929, thirty mills taxes upon the taxable property in said City, which rate of taxation experience has demonstrated is the )Maximum amount which said assessable property is able to bear, and an increase of approximately ten mills taxes annually would be necessary to pay interest upon and create a sinking fund for the payment of the aforesaid outstanding bonds of said City which have not been exchanged for Refunding Bonds, which increase of millage would impair and retard the collection of taxes and make it impossible for the City to comply with its obligations under said Ref unding-Bonds, and said 40ity of Sanford is unable to pay its indebtedness as evidenced by said Refunding Bonds, Sereis, A and Series B. and said bonds hereinbef ore particularly described, and is insolvent and unable to meet its debts as they mature and desires to complete the aforesaid plan of composition for the readjustment of its bonded indebtedness under the Acts of Congress relating to bankruptcy, as amended, and more particularly Chapter X). Sections 51, 82, 83 and 84, as amended by Act of Congress approved June of Sanford 222 1938, and the Ci't:► /desires to complete its aforesaid plan of compositon by the filing of a petition under Chapter % of the Acts of Congress relating to Bankruptcy, as amended by Act of Congress approved June 22, 1935, and to submit said plan to the creditbre of said City and request their eonment thereto, and to the filing of said petition: M1 MINUTES City COMMISSION, SANFORD, FLORIDA, August 26, at 10 A M 19_3_9 NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA: That the aforesaid Resolution No. 499, entitled: " A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA, AUTHORIZING THE REFUNDING OF SAID CITYIS OUTSTANDING BONDED INDEBTEDNESS, AND THE REFUNDING OF JUDGMENTS SECURED THEREON BY THE ISSUANCE OF REFUNDING BONDS ", adopted on the first day of February , 1937, be and the same is hereby re- adopted as a plan of composition of the debts of the City of Sanford, Florida, and that the written aOdeptance and consent of the owners and holders of securities of the City of and to such plan, and that their con- sent to the filing of a petition by the City of Sanford, Florida, in the United States Court for the Southern District of Florida under Chapter X of the Acts of Congress relating to bankruptcy, as amended by Act of Congress approved June 22, 1938, for the completion of said plan for the composition of the debts of the City be requested, and that when the required acoeptance and consent are obtained, said petition be filed by the City and prosecuted to conclusion. BE IT PURTHER RESOLVED that this resolution shall become effective immediately upon its passage and adoption. Passed and adopted this 26th day of August , 1938- Attest: F.S.Lams ©n City Clerk ( Seal) Edward Higgins Mayor. M. J Lodge A.W.Lee Walter S. Coleman As the City Commission of the City of Sanf ord,Florida. Commissioner Coleman next introduced Ordinance No. 269 entitled: AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA, PROVIDING FOR THE REDEMPTION OF DELINQUENT TAX CERTIFICATES AND DELINQUENT TAXES AND SPECIAL ASSESSMENT LIENS HELD BY THE CITY OF SANFORD WITHIN THE TIME AND UPON THE TERMS AND CONDITIONS HEREIN SET FORTH; PROVIDING FOR THE WITHHOLDING FROM SALE OF TAX CERTIFICATES AND FORECLOSURE OF TAXES AND TAX CERTIFICATES AND SPECIAL ASSESSMENT LIENS FOR THE PERIOD OF TIME AND UPON THE TERMS AND CONDITIONS HEREIN STATED. and same was placed on its first reading and read in full by the Clerk. Thereupon Commissioner Coleman moved that the rules be waived and said Ordinance No 269 be placed upon its final passage and adoption. Seconded by Commissioner Lee. Thereupon the question recurred upon the waivure of the rules.'The roll was called and the vote stands as follows: Commissioner Higgins Aye " Coleman Aye " Lee Aye " Lodge Aye Thereupon said Ordinance No. 2 69 was placed upon its final passage and adoption. The roll was called and the vote stands as follows: Commissioner Higgins Aye " Coleman Aye " Lee . Aye " Lodge Aye Thereupon the Chairman announced that the City Commission of the City of Sanford, 1 1 1 I 1 1 1 1 1 1 MINUTES CITY COMMISSION, SANFORD, FLORIDA, August 26, at 10 A M 19_ -8 Florida, by unanimous vote, had passed and adopted said Ordinance No. 269 entitled: ORDINANCE NO. 269 " An ORDINANCE OF THE CITY OF SANFORD, FLORIDA , PROVIDING FOR THE REDEMPTION OF DELINQUENT TAX CERTIFICATES AND DELINQUENT TAXES AND SPECIAL ASSESSMENT LIENS HELD BY THE CITY OF SANFORD WITHIN THE TIME AND UPON THE TERMS AND CONDITIONS HEREIN SET FORTH, PROVIDING FOR THE WITHHOLDING FROM SALE OF TAX CERTIFICATES AND FORECLOSURE OF TAXES AND TAX CERTIFICATES AND SPECIAL ASSESSMENT LIENS FOR THE PERIOD OF TIME AND UPON THE TERMS AND CONDITIONS HEREIN STATED. " On motion duly adopted Ordinance No.. 269 was next ordered published in the Sanford Herald. Communication next read from Hal Wight requesting that as that property described as Lots 3,4,7 & S of Block 2 Tier 4, was in the name of the Spanish Americam Par Veterans on January 1, 1938, that it be exempted from taxation on the 1939 tax roll, and same was referred to City Attorney Nilson for opinion.. The meeting then adjourned until 2 o'clock P.M. September 1st., 1938, at whichtime the Board would resolve itself into adjourned meeting as a Tax Equalization Board to consider complaints or objections as to tax valuations filed with the Board at its meeting of July 6th, 1938, or subsequently filed with the City Clerk. Attest* City Clerk. Mayor. -��5