080823SPECIAL MEPTING OF THE CITY COMMISSION
August 8, 1923.
The Commission of the City of,Banford,Florida , met at 3 P.M. at the City Hall on
Wednesday August 8,1923.
Present: Commissioners Forrest Lake, S.O.Chase and C .J.Marshall,Geo.A.DeCottes,City
Attorney, and L.R,Philips, City Clerk,
At 3 P.M. the Chairman announced that the hour had arrived for the opening of bids for
the purchase of bonds to the amount of One Hundred and Fifty -one Thousand (151,000.00)
Dollars of an authorized issue of six per cent improvement bonds of the City of Sanford,
Florida, and thereupon all sealed bids up to that time received by the Commission were
ordered to be opened and read and the following bids were then and the:e opened and read,
to -wit:
Security sales Company of Florida
accrued interest to date of Delivery.
The Hanehett Bond Company
accrued interest to date of delivery
Sidney Spitzer & Company, and
Seasongood 8: Mayer
accrued interest to date of delivery
Caldwell & Company, and
Sutherlan Berry
on the dollar, and accrued interest to date of delivery
Weil, Roth Irving Co.
accrued interest to date of delivery
�148'356.00 and
148,146.10 and
1469512.00 and
98.15 cents
14910867.50 and
Prudden & Co. Par and
accrued interest fan 5ko coupon bonds, concurs -ently with
delivery of bonds, the City of 6anford to pay Prudden & Company $5800.00
for expense etc. :,•.'
The Atlantic National Bank of Jacksonville.
and accrued interest to date of delivery..
Blanchet , "hornburph 6: Vandersall , and
Thompson, Kent & Grace
and accrued interest to date of delivery
Breed, Elliott & Harrison
and accrued interest to date .f delivery
Florida Municipals Inc.
and accrued interest to date of delivery
W,K.Terry & Co.
and accrued interest to date of delivery
148,387.70
146,510.00
148.908.00
98o' of Par Value
148,547.00
No further sealed bids having been received, the Commission thereupon proceeded to
consider the bidssubmitted, and after a careful examination and consideration of all
bids submitted, came to the conclusion that all bids for the purchase of bonds to amount
' of One Hundred and Fifty -one Thousand ($151,000.00) Dollars, authorized by that certain
resolution of the City Commission, dated July 9,1923, should be rejected.
Whereupon Commissioner S.O,Chase moved that all sealed bids for the purchase of sai
issue of bonds be be rejected, which motion prevailed.
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Thereupon Commissioner Chase moved that auction bids be entertained for the purchase
of said issue of bonds, which motion prevailed.
Thereupon, Said bonds were offered at auction, to b .;interest at the rate of five
and one -half per centum (5j%) per annum, instead of Six Per aentum (6 %) per annum, and
at the auction sale of said bonds The Atlantic National. Bank of Jacksonville offered
the best price for a five and one -half percent (5) bond, offeroing to pay for the
said bonds the sum of One Hundred and Fifty -one Thousand ( $151,000.00) Dollars and
accrued interest to date of delivery, said bonds to bear interest at the rate of Fivo
and one -half per aentum (5j%) per annum, instead of Six Per centum per (6 %) per annum
as advertised. Upon delivery of said issue of bonds to the Atlantic National Bank of
Jacksonville, the City of Sanford to pay to the Atlantic National Bank of Jacksonville
the sum of Three Thousand Eight hundred and ninety nine ($3,899.00) Dollars to cover
cost of printing bonds, attorneys fees, and other incidental expenses incurred by the
Atlantic National Bank of Jacksonville, in the purchase of said issue.
The said proposal of the Atlantic National Bank of Jacksonville being the best offer
received for the purchase of said bonds to bear interest at the rate of Five and one -half
per centum (Wo) per annum, same was accepted by the City Commission and the bidder was
requested to reduce his offer for the purchase of said bonds to writing.
Whereupon , at the •lose of said auction sale The Atlantic National'Bank of
Jacksonville submitted in writing the following proposal for the purchase of said issue of
bonds.
Sanford Florida
August 5,1923
Messrs Forrest Lake, S 0 Chase and C J Marshall, City Commission of the City of
Sanford, Florida and ex- officio Bond Trustees of the City of Sanford, Florida:
For the 4151,000.00 Street Improvement Bonds of the City of Sanford, Florida
bearing the maturities as per your advertisement, inviting sealed bids for the purchase
of said bonds, to be opened on August oth 1923, for which bids have been received and all
bids rejected, we offer you for said issue of Bonds the Sum of $151,000.00 and accrued
interest to date of delivery,adid bonds to bear interest at the rate of five and one -
half per cent per annum (5K instead of Six
per cent (6%) per annum, as advertised, inters
payable semi - annually on January First and July lat of each year.
Upon the delivery of this issue of bonds to us you are to pay us the sum of
$3999. -00
to oover cost of printing bonds, attorneys fees and other incidental expenses incurred by its the purchase of this issue.
It is understood that we offer to purchase these bonds, conditioned upon the unqualifie
Lpproving opinion of John C Thompson, Attorney of New York; that said issue of bonds is an
inrestriated general obligation of the City of Sanford, Florida, and we agree to accept
lelivery of said bonds and to pay for said bonds at Jacksonville, Florida, as soon as you ox
"urhish us with the approving opinion of John C Thompson, together with complete transcript
,11 proceedings in connection with said issue.
In evidence of good faith on Our part in making this offer of purchase, we hand you
erewith cashier's check on the Atlantic National Bank of Jacksonville, "Number 60072 payable
0 the order of Bond Trustees of City of Sanford, Florida in the sum of $2265.00
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Thereupon Mr S 0 Chase offered the
Yours truly
The Atlantie National Bank of
J'hoksonville
By F B Childers
following resolution which was unanimously
adopted:
Whereas, all sealed bids for the purchase of $151,000.00 City of Sanford, Florida $D
per sent Improvement Bonds to be dated July 2, 1923 authorized bb resolution of this
Commission adopted July 9,1923 have been rejected, and
Whereas, said bonds have been offered for sale at auction, and
Whereas, the Atlantio National Bank of Jacksonville, is the highest and best bidder
for
purchase
of said issue,
said bonds to bear
interest at the rate of five and one -half
per
cent per
annum instead
of six per daent per
annum, and
Whereas the Atlantic National Bank of Jacksonville has submitted a proposal in
writing for the,purohase of $151,000.00 City of Sanford, Florida, Five and One- half.pe=
cent per annum Improvement Bonds, to be dated July 2nd,1923,
said bonds maturing as follows to -wit:
Bonds. numbered 1 to 15 to mature July 1st 1924
Bonds numbered 16 to 30 to mature July lot 1925
Bonds number 37, to 45 to mature July let 1926
Bonds numbered 46 to 60 to mature July let 1927
Bonds numbered 61 to 75 to mature July let 1928
Bonds numbered 76 to 90 to mature July let 1929
Bonds numbered 91 to 105 to maftrs July let 1930
Bonds numbered 106 to 120 to mature July lst 1931 +
Bonds numbered 121 to 135 to mature July lst 1932
Bonds numbered 136 to 151 to mature July let 193$
and,
Whereas, said proposal is in words and figures as follows to wit:
Sanford, Florida
August 8th 1923
Messrs Forrest Lake, S 0 Chace and C J Marshall, City Commission of the City of
Sanford, Florida, and ex- officio Bond Trustees of the City of Sanford, Florida:
For the $151,000.00 Street improvement Bonds of the City of Sanford, Florida, bearing
the maturities as per your advertisement, inviting sealed bids for the.purchase of said
bonds, to be opened on August 8th 1923: for which bids have been received and all bids
rejected, we offer you'for said issue of bonds the sum of $151,000.00 and accrued int-
erest to date of delivery, said bonds to bear interest at the rate of Five and one -hal
per cent per amum (5j%) instead of six per cent per annum (6f) as advertised, interest
payable semi - annually on January First and July First of each year.
Upon the delivery of this issue of bonds to us you are to pay us the sum of $3899-
toYcover cost of printing bonds, attorneys fees and other incidental expenses incurred
by us in the purchase of this issue.
It is understood that we offer to purchase these bonds conditioned upon the unqual.
ified approving opinion of John C Thompson, Attorney of New York, that said issue of
bonds is an unrestricted general obligation of the City of Sanford, Florida„ and we
agree to aceept delivery of saif bonds and to pay for said bonds at Jacksonville, 1`o:
as soon as you can furnish us with the approving opinion of John C Thompson, together w
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per cent
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complete transcript of all proceedings in connection with said issue.
In evidence of good faith on our part in making this offer of purchase , we hand you
heret th sashier's oheok on the Atlantic National Bank of Jacksonville, Number 60072,
payable to the order of Bond Trustees of City of San f orida, in the sum of
$2265.00
Yours truly,
The Atlantis National Bank of Jackson
Ville
L-17A
and,
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Whereas, it is the opinion of this Commission that the bid of the Atlantic National .
Bank of Jacksonville offereing to purchase said bonds bearing interest at the rate of
five and one -half per dent (5i°f) per annum, interest payable semi - annually, at par, with
accrued interest to date of delivery upon payment by the City of Sanford, Florida,
to the Atlantis National Bank of Jacksonville, at the time of the delivery of said
bonds, of the sum of $3,899.00 to cover cost of printing bonds, attorneys, fees-and other
incidental expenses incurred by the Atlaniio National Bank of Jacksonville in the purchase
of said bonds , is the highest and best bid received for the purchase of said bonds,
Therefore be it resolved , the the said bid of the Atlantis National Bank of Jacksonville,
for the purchase of said issue of bonds , bearing interest at the rate of five and one-
half (5j%) per cent per annum, at par, with accrued interest to*date of delivery, with
an allowance of $3,899.00, as aforesaid, be, and the same is hereby accepted, and
Be it further resolved, that the sale of said bonds be and the same is hereby
awarded to the Atlantic National Bank of Jacksonville, upon the terms and conditions set
forth in .their biddas aforesaid, made at an auction sale of slid bonds subsequently
reduo6d to writing, and
Be it further resolved, that said bonds of the City of Sanford, Florida, to the
amount
of One
Hundred
and Fifty one
Thousand($151,000.00) Dollars, bearing
interest at the
rate of
Five
and One
half per cent
(5if) per annum, numbered from one to
One Hundred
and Fifty -one, both numbers inclusive, of the denomination of One Thousand ($1000.00)
Dollars, each, dated July 2, 1923, and maturing in the manner hereindbove set forth, be
deiivered,by the Board of Bond Trustees of the City of Sanford, Florida, to the purchaser
thereof, the Atlantic National Bank of Jacksonville, upon the payment therefor by the said
Purchaser of the par value of said bonds with acaarued interest to the date of delivery,
Be it Further Resolved, that a voucher be drawn, payable to the Atlantic Nati
Bank of Jacksonville, in the sum of Three Thousand Eight Hundred and Ninety- nien($3,999.00
R
Dollars, said voucher of the City of Sanford, Florida, to be delivered to the purchaser of said
said bonds contemporaneously with the delivery of said bonds to the said purchaser, to
cover cost of printing the said bonds, attorneys fees, and other incidental expenses,
incurred by the Atlantic National Bank of Jacksonville in the p urohase of said bnnds
adopted:
Whereupon Mr S 0 Chase offered'the following resolution, which was unanimously
RESOLUTION #96
RESOLUTION CHANGING THE RATE OF INTEREST FROM 6% PER* ANNUM TO 5*% PER ANNUM OF AN
ISSUE OF BONDS BY THE CITY OF SINFORD FLORIDA IN THE SUM OF $151,000.00 AUTHORIZED
BY RESOLUTION #92 DULY ADOPTED ON JULY 9,1923
C
WHEREAS, the Commission of the City of Sanford, Florida, has heretofore lmq reso-
lution duly adopted on July 9th 1923 provided for an issue of bonds by the City of Sanforc
Florida in the sum of One Hu d Fifty -one thousand ($151,000.00) Dollars, the proceeds
derived from the sale thereott be used to help finance the proportionate part of-the
cost of certain street improvements assessed against property abutting said street im-
provements, and
WHEREAS, said resolution provided that said bonds should bear interest at the rate
of Six Per oentum per annum, and
WHEREAS? said issue of bonds was this day offered for sale after due advertis
inviting proposals for the purchase of said bonds and
WHEREAS, all sealed bids for the purchase of said bonds this day considered by t
thisthis Commission have been rejected, and,
Tff RMtAS, Said bonds hate been sold to the Atlantic National Bank of Jacksonville
upon its offer to purchase said bonds to bear interest at the rate of five and one half
per oentum per annum, instead of six per centum per annum, and
WHEREAS, it has become necessary to change the rate of interest said bonds are
to bear, therefore,
BE IT RESOLVED, that the issue of bonds in the sum of One Hundred and Fifty-
one Thousand ( $151,000.00) Dollars for the municipal purposes enumerated and specifioal-
ly set forth in the preamble of resolution #92 duly adopted by the City Commission of
Sanford, Florida on the 9th day of July A.D.1923, shall bear a rate of interest of five
"nd one -half per oentum per annum instead of Six per centum per annum as provided by said
resolution heretofore adopted, and
BE IT FURTHER RESOLVED, that this resolution sahll be and become effective
immediatibly from and after its passage and adoption..
Adopted this 8th day of August A.D.1923
Forrest Lake
S 0 Chase
C J Maxshall
As the City Commission of
Attest: Sanford, Florida.
L R Philips
City Clerk of Sanford, Florida (Seal)
There being no further business the Commission adjourned.
Chairman of Commission of City
of Sanford, Florida.
Attest
City Cler .