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0227311 I 1 fl i MINUTES CITY COMMISSION, SANFORD, FLORIDA, Feb. 27, at 6 P M is 31 The City Commission of the City of Sanford, Florida met in adjourned session at the City Hall in Sanford, Florida, at 6.Oclock P M. February 27, 1931. Present : Commissioner T.L.Dumas, Mayor. If W.A.Leffler if H J Lehman " V. A. Speer " C. A. Byrd City Attorney, Fred R.Wilson City Clerk, F. S . Lamson Meeting called to order by the Chairman 3-35 The purpose of the meeting being primarily to act upon the request of.W.H.Tunnicliffe Liquidator of the Seminole County Bank, for the passage of a. resolution consenting to the terms of a proposed compromise settlement between the Seminole County Bank and the Chase National Bank of New York, the Clerk first read communication from Special Counsel Geo. A. DeCottes, concurred in by City Attorney Fred R.Wilson, recommending the passage and adoption of such a reaolution by the City Commission, said letter of recommendation being as follows: Hon.City Commission. Sanford, Florida. Sirs: " February 27, 1931 . RE: Proposed Compromise settlement between Seminole County Bank and the Chase National Bank of the City of New York. Relative to the above subject, the City is in nowise concerned, other than as a depositor and creditor of the Seminole County Bank, with any compromise settlement and adjustment made by the Liquidator of the Seminole County Bank with the Chase National Bank of the City of New York. Should such a settlement be effected same in no way impairs the City's rights and contentions in the litigation now pending between the City of Sanford, Florida and The Chase National Bank of the City of New York. I have carefully examined the proposed compromise settlement and adjustment set forth in a petition addressed to the judge of the Circuit Court of the Twenty -third Judicial Circuit of Florida, in and for Seminole County, a true copy of which properly identified, is file in the office of the City Clerk of the City of Sanford, Florida. You have heard the statements of Mr. W.B.Crawford2 Attorney for the Liquidator and Mr. W.H.Tunnicliffe, the Liquidator, to the effect that the Chase Nationel Bank will not con- sent to said proposed compromise adjustment unless the City is willing to adopt a resolution in which it is set forth that without waiver of any of its rights and privileges in the litigation now pending between it and The Chase National Bank of the City of New York, that it has no objection to the effecting of said compromise adjustment and will not endeavor to assert the ..t:_erms thereof as a defense in its behalf in any litigation pending between it and The Chase National.Bank of the City of New York. I have drafted and submit herewith a resolution to the above effect for adoption by your Body and I recommend the adoption thereof. GAD:S Yours very truly, Geo. A.DeCottes, Special Counsel. I concur in the views expressed by Mr. DeCottes above and his recommendation that the resolution referred to be adopted by the City Commission.. Fred R.Wilsm, City Attorney. " Thereupon Commissioner Byrd introduced Resolution No. 406 and moved its adoption. Seconded by Commissiorer Lehman and carried by the following vote: Commissioner Dumas Aye " Leffler Nay " Lehman Aye Speer Aye Byrd Aye. . 331611, MINUTES . CITY 'COMMISSION, SANFORD, FLORIDA,_ Vphru ary 27 1 9_33-_. Said Resolution No. 406 being in words and figures as follows: RESOLUTION N0. 406. WHEREAS, it has been made known to the City Commission by W.H.Tunnicliffe, Liqui- dator of--,the Seminole County Bank, that negotiations are pending between said Liquidator and THE CHASE NATIONAL BANK OF THE CITY OF NEIN YORK for a compromise settlement of the indebted- ness of the SEMINOLE COUNTY BANK to THE CHASE NATIONAL. HANK OF THE CITY OF NEW YORK, the terms of said compromise settlementbeing embodied in a petition addressed to the Judge of the Circuit Court of the Twenty -third Judicial Circuit of the State of Florida, in and for Seminole County, a true copy of which petition-has been filed by said Liquidator with the City Clerk of Sanford, Florida, bearing the legend " W.H. T.- F. S.L. Feb. 26, 1931, " the initials W.H.T. being the initials of W.H.Tunnicliffe, the Liquidator of the SEMINOLE COUNTY BANK, and the initials F.S.L. being the initials of F.S.Lamson, City Clerk of Sanford, Florida, and WHEREAS, the said Liquidator has advised this Commission that unless the City of Sanford, Florida, will consent to the terms of the said proposed compromise settlement as set forth in said original petition, THE CHASE NATIONAL BANK OFT,'EiE CITY OF NEW YORK will not become a_ party to said proposed compromise settlement, because there is now pending in th Circuit Court of Appeals for the Second Circuit, and in the United States District Court, in and for the Southern District of Florida, certain litigation between the City of Sanford, Florida., and THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, involving certain purported bonds and certain purported certificates of indebtedness, and should said litigation be finally determined unfavorably to the City of Sanford, Florida, the City of Sanford, Florida in event said compromise adjustment is effected without its consent, might thereafter institute legal proceedings against the Liquidator and /or THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK to vitiate the compromise settlement effected by the Liquidator with THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK or might thereafter, if said compromise settlem is effected, endeavor to assert as a defense on its behalf in the litigation'« now pending and undetermined between the City of Sanford, Florida, and THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, the compromise settlement and adjustment made by the SEMINOLE COUNTY BANK with THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, and WHEREAS, this Commission is in nowise concerned with or interested in any com- promise settlement or adjustment that can or may be made by the said Liquidator with THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK; other than as a creditor of the SEMINOLE COUNTY BANK desirous of having the Liquidator to make the most favorable compromise adjust- ment of the indebtedness of the SEMINOLE COUNTY BANK to THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK it may be possible for him to obtain; therefore BE IT RESOLVED, that this Commission for and on behalf of the City off Sanford, Florida, has no objection to the approval by a Court of competent jurisdiction of said compromise settlement set forth in said original proposed/petition a true copy of which properly identified, is on file in the office of the Cith Clerk of the City of Sanford, Florida; and BE IT ;FARTHER RESOLVED, that this resolution is adopted solely at the request of said Liquidator without admitting the validity of the Claims of THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK , that it is the holder in .due course, and /or the pledgee of certain: 1 1 C 7 ,J MINUTES �I CITY COMMISSION, SANFORD, FLORIDA, Eph ril ary 27 - 6 P.M. 191 purported bonds and purported certificates of indebtedness of the City of Sanford,Florida, delivered to it by the SEMINOLE COUNTY BANK and /or Forrest Lake and A.R.Key, and without any waiver of or prejudice to the rights, claims and contentions of the City of Sanford involved in said pending undetermined litigation_ between the City of Sanford, Florida and THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, and BE IT FURTHER RESOLVED, that this resolution shall become effective immediately upon its adoption. Adopted this 27th day of February A.D. 1931. T.L.Dumaa W.A.Lefflx H.J.Lehman Vivian A.Speer _ 0.A.Byrd. As the City Commission of the City of Sanford, Florida. Attest: F.S.Lamson City Clerk. ( Seal) The utter of the condition of the bleachers at the Municipal Athletic Field was next brought to the attention of the Commission, and in view of the fact that they have deteriorated to such an extent as to be dangerous to be used, Commissioner Lehman moved that they be ordered removed. Seconded by Commissioner Byrd and carried. The meeting then adjourned. Attest: City irk . Mayor.