060624743
SPECIAL MEETING OF THE CITY COMMISSION,Held
FRIDAY, JUNE 6, 1924 at 2.00 P.M.
The City Commission of the City of Sanford, Florida, met at the City Hall at
Sanford, Florida, on the 6th day of June A.D.1924 at 2:00 P.M.
Present: Commissioners, Foorest Lake, S 0 Chase, an& C J Marshall
At. 2:)0 P.M. the Chairman announced that the hour had arrived for the opening
of bids for the purchase of bonds to the amount of $72,000.00 of an authorized issue
of Six Per Cent Improvement Bonds of the City of Sanford, Florida , authorized by
Resolution #136, duly adopted by the City Commission of the City of Sanford, Florida
on the -28th day of April A.D. 1924, and
Thereupon all sealed bids up to that time received by the City Commission were
Ordered to be opened and read and the following bids were then and there opened and
read
SEASONGOOD & MAYER, who bid for bonds bearing interest at the rate of Six Per
cent per annum, interest payable semi - annually, the sum of --- - - - - --
-- - - - - -- X73,468.80
SEASONGOOD & MAYER, sho bid for bonds bearing interest at the rate of Five and
one -half per cent, per annum, interest payable semi - annually, the sum of - - -- 71,474.00
SEASONGOOD & MAYER, who bid for bonds bearing interest at the rate of five
and one - quarter per cent per annum, interest payable semi - annually, the sum
of---------------------------------------------- - ------------------------- 70,588.80
PRUDDEN & COMPANY, who bid for bonds bearing interest at the=ate of Six
per cent per annum, interest payable'semi- annually, the suMc of - - - -- 71,030.40
and accrued interest to date, of for the same bonds bearing interest
at the rate of Five and one -half per cent per annum, interest payable
semi - annually------------------------------------------------ - - - - -- - - - - - -- 71,030.40
FLORIDA NATIONAL BANK, who bid for bonds bearing interest at the rate
Of six per cent per annum, interest payable semi - annually, the sum of - - -- 72,475.20
BREED, ELLIOTT & HARRISON, who bid for bonds bearing interest at the
rate of Six per Cent per annum, interest payable semi - annually, par value
thereof, accrued interest and a premium of $415.00
J C MAYER & COMPANY, who bid for bonds bearing interest at the =rate of
six per cent per annum, interest payable semi - annually, par value, accrued
interest and a premium of $1281.60
MARX & CO. wbo bid for bonds bearing interest at the-rate of Six per cent per
annum, interest payable semi - annually the sum of
--------------------
- ---72, 577.33
wit# accrued interest to date of delivery, and for bonds bearing interest at
the. rate of Five and one -half per cent per annum, interest payable sem- annually
thesum of ----------------------------------------------------------- - - - - -- 71,533.333
and accrued interest to date of delivery.
W K TERRY & COMPANY, who bid for bonds bearing interest at the rate of six
per cent per annum, interest payable semi - annually, thelsum of ---- - - - - --
- --- 73,080.00
and accrued interest to the date of delivery.
WALTER WOODY & HUMERDINGER, who bid for bonds bearing six per cent
per annum
interest payable semi - annually, the sun of ................
------------- - - - - -- 73,000.00
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and accrued interest to date of delivery.
THE HANTCHETT BOND COMPANY, who bid for bonds bearing five and one-
half per. cent interest payable semi - annually $988.00 for each $1000.00 bond, and
interest to date of delivery,` and bonds bearing interest at the rate of Six
per cent per annum, interest payable semi - annually, par,'accrued interest to
date of delivery and a premium of $1176.00
OTIS & COMPANY, who bid for bonds bearing interest at the rate of Six ,
per cent per annum, interest payable semi - annually, par, accrued interest to date_of,
delivery, and a premium of $1314.00 , bonds bearing interest at the rate of Five and
one -half per cent, per annum, interest payable semi - annually ,---------- - - - - -- 71,34.'00
A
and accrued interest to date of Deli very, and for, the same bonds, bearing interest
at the rate of five per cent per annum, the sum of --------- ----------------- 69,174.00
and accrued interest,to date of delivery.
RYAN, BOWMAN & COMPANY, who bid for bonds bearing interest at the
rate of Six per cent per annum, interest payable semi - annually, par, accrued int-
erest to date of delivery and a premium of $150.00.
ATLANTIC NATIONAL BANK of Jacksonville, who bid for bonds, bearing
six per cent per annum interest payable semi - annually, par, accrued interest
and a premium of $1274.40
WRIGHT, WARLOW & CO, who bid Yor bonds bearing six per cent interest
payable semi- annually, $1013.65 for each $1000.00 bond., for the same bonds
bearing interest at the rate of Five and Three quarter per cent, $1000.79 for
each 1000.00 Bond, for the same bonds bearing interest at the rate of Five and
one -half per cent, per annum $983.77 for each $1000.00 Bond, accrued interest to
date of delivery on each bid.
SUTHERLIN, BARRY & CO. INC. Who Vid for bonds bearing interest at the rate
of Six per cent per annum, interest payable semi - annually, par, accrued interest
to date of delivery and a premium of $1050.00
SPITZER, RORICK & CO. who'bid for bonds bearing interest at the rate of six
per cent per annum, interest payable semi - annually, the sum of -------- - - - - -- $73,666.00
with accrued interest to date of delivery of bonds, plus a premium of $25.00 for
the same bonds bearing interest at the rate of five and one half per cent, per annum
par, accrued interest and a premium of $25.00 for the same bonds bearing five per
cent per annum 97 -1/4 accrued interest and a premium of $25.00.
No further sealed bids having been received, the Commission proceeded to
consider the bids submitted and after careful consideration and examination of all
bids''submitted, came to the. conclusion that the bid of SPITZER , RORICK & CO. of
Toledo Ohio, was the highest and best bid received.
Thereupon, Commissionfr S 0 Chase offered the following resolution, which was
unen Imously adopted,
RESOLUTION # 140j.
Whereas, SPITZER,. RORICK & CO, of Toledo, Ohio, have submitted a proposal
for the purchase of the $720000.00 City of Sanford, Florida Improvement Bonds, Series B.
be dated January let, 19$4:
bearing interest at the rate of Five and One -half per cent
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per annum, interest payable January lat., and July let, of each year, both principal
and interest on said bonds payable at the CYa se National Bank at New York, in the State
of New York, of the denomination of One Thousand Dollars, each, 1aturing serially from
1925 to 1939 both inclusive, authorized by Resolution #136, duly adopted by the City
Commission of the City of Sanford, Florida, on the 28th day of April A.D.1924, said
proposal being in words and figures as follows, to -wit: "
Toledo , Ohig, June 6th 1924.
ForZest Lake
S' 0 Chase `
C J ARarshall
Sin �io l ii� . the City of
Gentlemen:
For the $722000.00 Sanford Florida, 6% Street Improvement Bonds dated
January lat. 1924 maturing $5,000.00 July let, 1925 to 1938 both inclusive and $2000.00
on July lat. 1939 in denomination $1000.00 each with principal and semi - annual int-
'erest payable at the Chase National Bank, in New York City delivered to us at such place
as we may elect, we agree to pay you, therefor, the sum of $73,666.00 We agree to
pay accrued interest on above bonds fnom date of bonds to date of delivery, and pay the
delivery charges should we request delivery at any other place than Sanford.
Same bonds bearing 5 -1 /2f pay par and interest, or bearing 5% will pay 97+ and interest.
This bid is made with the understanding we ate to be furnished the final un-
qualified opinion of John C Thompson, attorney of New York, approving said bonds as
full and direct obligation of the City of Sanford and transcript of proceedings upon
which his opinion is based is to be delivered to us.
We inclose herewith certified check No. 5404 for $1500.00 , same to be held by
you as a guaranty that we will carry out the terms of the foregoing bid. payment to be
made in current funds. It
RMM HD,
Eno 1.
wrorr es t Lake, Mayor
Sanford, Florida.
Dear Sir :"
$espectfully submitted
Spitzer, Rorick & Co.
By Roy M Mann, Agent.
Sanford, June 6, 1924
Please increase our bid twenty five dollars on your $72,000.00, bonds selling
today bearing 6% W or 5o interest.
and,
Yours truly
Spi**r, Rorick & Co.
By Roy M Mann, Agent.e
Whereas, it is the opinion of this Commission that the bid of SPITZER, RORICK & CO
offering to purchase said bonds bearing interest at the rate of five and one -half per
cent per annum, at par, with accrued interest to date of delivery and a premium of
$25.00 is the highest land best bid received for the purchase of said issue of bonds,
therefore,
BE IT RESOLVED, that the bid of SPITZER, RORICK & CO. for the purchase of said
issues of bonds bearing interest at the rate of five nand one -half per cent per annum
at par, with accrued interest to date of delivery and a Premium-Of $25.00 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 SPITZER, RORICK & CO. of Toledo, Ohio, upon the terms and conditions as set
forth in their bid as aforesaid, and
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BE IF FURTHER RESOLVED, that the said bonds of the City of Sanford, Florida to'bhe
amount of $72,000.00 authorized in the manner and at the time aforesaid, bearing int-
erest at the rate five and one -half per. oent per annum, be delivered to SPITZER,
RORICK & CO, upon payment therefor by the said SPITZER RORICK & CO of Toledo Ohio.
Attest: Forrest Lake
Mayor of the City of
L R Phili ss Sanford, Florida.
City leric.
lseiiaagrl ff: irsfiiali: mf%re�fikahm f .7:3rQ�- J; ii .ets:alution Numbered 1421
entitled:
"A Resolution ohanging the rate of interest from Six Per cent to Five and one
half per oent per annum, of an issue of bonds by the Ci"Cq"�f -Sanfo `A'Fl srids,��3rr° the
sum of $72,000.00 authorized:by resolution No. 136, duly adopted"6 April 29, 1924.0
and moved its adoption.
�Fiereupon;,. trh� =£rl -tree ordered called upon the adoption of said resolution,
and same was unanimously adopted.
There being no further business the mesti:g adjourned.
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