052025928
ADJOURNED SESSION OF THE CITY COMMISSION , WEDNESDAY
SAY 200 1925 at 2 P.M.
Present: Commissioners Forrest Lake, and S 0 Chase.
Abalent : Commissioner C J Marshall.
Present: City Attorney George A DeCottes, City Manager W B Williams and Cmnjutisag_�y
I;xgineer Joseph E Craig.
At Two Oclock P.M. the Chairman announced that the hour had arrived for
the opening of bids for the purchase of an issue of bonds in the sum of $204,000.00
-authorized by resolution #205, adopted by the City Commission. of the City of Sanforc
Florida on the 13th day of.April A D 1925•
Thereupon all sealed bids received by the City Commissions were ordered tc
-be opened and read, and the
following bids were then and there opened and read:
Spitzer Rorick & Company
For 5+%
Bonds- 204;o99.00
and accrued int-
interest
erest to
date of
delivery.
.Rya n, Sutherlin & Co.
(b) For
4%
bonds
and W L Slayton & Co.
(a) For
5% bonds
- 204,632.40 and accrued
date
interest
to date
of delivery.
6% bonds
(b) For
6% Donds
- 212,437.44 and accrued
to
interest
to date
of delivery.
.Farson, Son.and Co. and
par
plus a premium of $153.00
-W K Terry & Company
(a) For
5% Bonds
- 203,154.00 and accrued
Prudden & Co, and Atlantic National
interest
o date
of delivery.
(b) for
5 %, bonds
--205,,326.00 and accrued
bonds
interest
to date
of delivery.
to
(c) For
5 o bonds
207, 529.20 and accrued
interest
to date
of delivery.
(d) For
6% bonds
- 211,833.60 and accrued
interest
to date
of delivery.
Caldwell & Company (a) For 5% bonds -.203,,020.80 and accrued
interest to date of delivery .
(b) For 5w% bonds - 205, 255.20 and accrued
interest to date of delivery.
(c) For 5j% Bonds .- 207,692.40 and accrued
interest to date of deliver.
C', (d) For 6% bonds - .212,262.60 and accrued
interest to date of delivery
Steiner Brothers -- '.M- ,..:ydr° 5f6abftds - 204,010.00 and accrued int-
erest to date of delivery
-Wright , Warlow & Co. (a) For 5% bonds - 202,027.32 and accrued
interest to date of delivery.
(b) For 5-41% bonds - 204,061.20 and accrue
interest to date of delivery.
(c)For 4 Bonds 207,050.40 and accrued in
to date of delivery.
(d) For 6% bonds - 209,953.32 and accrued
interest to date of delivery
Florida Nst6m l Bank
(a) For
5-.1%
bonds
- 205,026.40 and accrued
interest
to
date
of delivery.
(b) For
4%
bonds
- 207,243.60 and accrued
interest
to
date
of delivery.
(c) For
6% bonds
- 210,712.70 and accrued
interest
to
date
of delivery.
Provident Savings Bank & Trust Co.
For 5% bonds
par
plus a premium of $153.00
and accrued
interest
to date of delivery.
Prudden & Co, and Atlantic National
Bank of Jacksonville.
(a) For
5•%
bonds
- 204,126.50 and accrued
interest
to
date
of delivery.
,4?
A.
Brest
OF
Weil,Roth & Irving Co. and the Hanchett
Bond Compaiy
Seasongood and Mayer
Vandersall & Company and Walter Moody
& HeimerdInger
Stranahan, Harris & Otis
Trust Company of Georgia
Otis & Company
(b) For 6% bonds - 209,677-50' and accrued
interest to date of delivery.
(a) For 51 Bonds, 402,517.00 and accrued int.
to date of delivery.
(b) for 5c bonds - 204, 304.00 and accrued
interest to date of delivery.
(c) for 5j Bonds - 206,555.00 and accrued int
erest to date of delivery.
(d) for 6% bonds - 210,521.00 and accrued int-
erest to date of delivery.
For 5.1% bbonds - 204,559.00 and accrued interes,
to date of delivery.
For Bonds - 209.324.40 and accrued interest to
date of delivery ( no rate of interest given)
For 6% bonds pas plus a premium of $7,490.00
and accrued interest to date of delivery.
For 5% bonds - 204,119.00 and accrued interest
to date of delivery.
For 6% bonds - 211,227.60 and accrued interest
to date of delivery.
No.further bids having been received, the Commission proceeded to consider all bids
submitted, and after careful consideration and examination of all bids submitted, carne
to the conclusion that the -bid of RYAN, SUTHERLAND & COMPANY ABID W L SLAYTOT & C031PANY-
OF TOLEDO OHIQ. was the highest and best bid received for the purchase of said bonds,
Thereupon.Com missioner S 0 Chase offered the following resolution which was unanimously
adopted.
WHEREAS, Ryan, Sutherland & Company and W L Slayton & Company of Toledo Ohio
has submitted a proposal for the purchase of an issue of bonds of the City of Sanford,
Florida in the sum of $204,000.00 authorized by Resolution #209, passed and adopted by
the City Commission of the City of Sanford Florida on the 13th day of April A D 1925.
advertised to be sold on this the 20th
words and gigures as follows to -wit:
City Commission of Sanford
Sanford, Florida.
Gentlemen:
For your legal
ing interest at the rate
legal notice of sale an
by the final delivery p p
the sum of Two Hundred a
j Dollars, and accrued inte
day of May A.D.1925, siad proposal being in
" Sanford Florida
May 20, 1925
Y issued W204,000.00 City of Sanford Improvement Bonds, bear -
of 6% fat d Jan. 1, 1925, and as further described in your
financia statement sent us. we will pay you, when accompanied
ere and the legal opinion Of your Attorneys Caldwell and Ryamond
d_,Twe a Thousand Four Hundred and Thirty Seven and 44/100
from date of bonds to date of delivery to us.
We.enclose herewith our certified check in the amount requested by you as evi-
dence of our good faith in this transaction, said check to be immediately returned to
us in the event we are-not the successful bidders.
For the same bonds bearing interest at the rate of 5% five per cent, we.
will pay you the sum of Two Hundred and Four Thousand Six Hundred and Thirty Two and
40/100 Dollars and accrued interest from date of bonds to date of delivery to us.
Respectfully submitted,
Ryan, Sutherland & Company
Toledo, Ohio.
By. L C Von Thron ( Signed)
W L Slayton and Company
Toledo, Ohio.
By E P Liska (Signed)
i
, ■
.a
930
and,
Whereas, it is the opinion of this Commission that the said bid of Ryan , Sutherland
& Conpany, of T.oledo, Ohio. and W.L.Slayton & Company of Toledo, Ohio. offering.
to purchase all of said bonds upon the terms and conditions set forth in said bid, is
the highest and best bid received for the purchase of said issue of bonds.
Therefore, Be It Resolved that the bid of Ryan Sutherland & Company and W L Slayton
and Company of Toledo, Ohio. for the purchase of said issue of bonds in the sumof
X204,000.00 at the price set forth in the said bid of Ryan Sutherland & Company and
W L Slayton End Company, of Toledo, Ohio, be and the same is hereby accepted, and
Be It Further Resolved, that the sale of said bonds hereinabove described, advertised
for sale by the City of Sanford, Florida, on this the 20th day of May 1925s be and the
same is hereby awarded to Ryan, Sutherland & Company and W L Slayton and Company of
Toledo-,-,Ohio., upon the terms and conditions a ni at the price set forth in the said
bid of Ryan, Sutherland & Company and W L Slayton and Company of Toledo, Ohio.
and,
Be It Further Resolved., that the bond trustees of the City of Sanford, Florida,
be, and they are hereby authorized instructed, and empowered.to make delivery of the is-
sue of bonds hereinabove described to Ryan, Sutherland & Company and W L Slayton and
Company of Toledo, Ohio, the purchaser thereof, under this award, upon the payment for
said bonds by Ryan, Sutherland & Company and W L Slayton and Company of Toledo, Ohio.
of the price bid therefor as set forth in the proposal of the said Ryan, Sutherland &
Company and W L Slaryton and Company of Toledo Ohio, by this resolution,a,ocepted by the
City Commission of the City of Sanford, Florida.
Adopted this 20th day of May A D .1925•
Forrest Lake
S 0 Chase
As the City Commission of the
City of Sanford, Florida.
Whereupon Commissioner S 0 Chase introduced the following resolution #212 entitled
*A Resolution changing the rate of interest from 6% to 5% per annum, of an issue of
Bonds by the City of Sanford,. Florida, in the sum of $204,000.00 authorized by '
Resolution #208, duly adopted on April 13th 1925.0
and moved its adoption. Said motion which.was duly seconded prevailed by the unanimous
vote of the City Commission. Thereupon the Chairman of the City Commission announced
that the: City Commission of the City of Sanford, Florida, had unanimously passed and
adopted that certain resolution numbered 212 entitled:
.0A Resolution changing the ra Tor of interest from 6Jo to 5% per annum, of an issue of
bonds by the City of Sanford., ida, in the sum of $204,,000.00 authorized by Reso-
lution Number 205, duly adopted on April 13, 1925
The Fidelity bonds of Forrest Lake, S 0 Chase and C JMarshall, City Commissioner
of the City of Sanford Florida, ex- officio memblers of the Board of Bond Trustees, with
United States Fidelity and Guaranty Company, a corporation of Baltimore Maryland, as
surety thereon, each of said bonds being in the sum of Twenty -five Hundred (02,500.00)
Dollars, conditioned upon the faithful performance by the Said Forrest Lake, S 0 Chase
and C J Marshall, of the duties devolving upon them as Bond Trustees in connection with
931
I
the issue of bonds of the City of Sanford Florida in the sum of Two Hundred am !
Four Thousand Dollars, duly executed by each of said bond Trustees, being presented
and the City Attorney advising that said bonds were in correct legal form and
properly executed, the said fidelity bonds of said Forrest Lake, S 0 Chase and C J
Marshall, as bond trustees as aforesaid were duly approved.
Mr S R Inch, representing the American Electric Power & Light Company carne before
the Commission( this company having taken over the electric plant of the Southern Util-
ities Company in Sanford,) and made an offer of certain reductions in the. rate charged
for electric current. After consideration, the matter was referred to Consulting
Engineer J E Craig for a detailed report at a later date.
L--
There being no further business the meeting adjourned.
Attest:
�l
City Clerk.
ns \
L�
Mayor
t I'
• 1 11,i