061627 (2)21C
CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
Adjourned Sesaion
~The City Commission of the City of Sanford, Florida met at the City Hall at Sanford
Florida on the 16th day of June A D. 1927 at Two O'Olock P.M.
Present: Commissioners Forrest Lake, S 0 Chase and E F Housholder.
City Attorney George A DeOottes, and City Manager W.B.Williams.
W H Reilly submitted a proposition in writing to the City Commission offering to
secure a purchaser for certain negotiable bonds of the City of Sanford, Florida, as followE
to-wit:
$100,000.
of an authorized issue of $150,000 City.of Sanford Florida 5~%.Municipal
Fire Station Bonds, dated July 1st, 1926 to mature July l, 1956
400,000 Clty~ of Sanford, Florida 5~a% Reclamation & Bulkheadlng bonds, dated July 1st
192~ to mature July l, 195b
all of said bonds to be sold to bear interest at the rate of five and one half per oentu~
per annum, interest payable semi-annually at some bank in the City o~ New York, State of
New York, at a price of not less than par and accrued interest to date of delivery,
Said written proposal of H W Reilly being in words as follows, to-wit:
Honorable City Commission
City of Sanford
Sanford, Florida
Bits:
! wil!undertake and agree to procure for you a purchaser for $500,000 City of Sanford
Florida, 5½~ I~provement bonds, more particularly described as follows to-wit:
$100,000 of an authorized issue of $150,000 City of Sanford, Florida 5~ Municipal
Fire Station bonds, dated July l, 1926, tO mature July l, 195b.
~00,000 City of Sanford, Florida 5~%~Reclamation & Bulkheading bonds dated July l,
192~ , to mature July l, 1956
authorized by Ordinances No ll3 and 120 of the City of Sanford, Florida, heretofore duly
adopted and advertised for sale on June 15th. 1927 as per advertisement appearing in the
Sanford Herald, Sanford Florida and the Daily VBond Buyer, New York, which bonds were not
sold on the 15th day of June 192~, who will pay you for said bonds not less than the par
value thereof , together with accrued interest to date of delivery, the said bonds to bea~
interest at the rate of five and one-half per oentum (5~2%) per annum, interest payable
semi-annually, For said service, to be so performed by me, you are to pay me the sum of
~35,150.00 in cash, at the time of the delivery of said block of bonds, aggregating
500,000. as above described, to the purchaser procured by me upon payment by said pur-
chaser of the purchase price therefor.
Very truly yours
H W R~lly
The matter was thoroughly discuess~dby the Commis~ on , and thereupon Commissi(
~ F Housholder offered the following resolution to-wit:
WHEREAS, H W Reilly has offered to procure a purchaser for Five Hundred Thousand
$500,000) 2eaglly issued 5~% Improvement bonds of the City of Sanford, Florida, dated
July l, 1926 and January l, 1927, authorized by Ordinances Nos. ll3 and 120 of the City of
Sanford Florida heretofore duly adopted, who will purchase said bonds and pay therefor not
less than par, and accrued interest to date of delivery, said bonds being more particular
ly deso~ibed as follows:
$100,000 of an authorized issue of $150,000 0i~y of Sanford, Florida ~% Municiapl
Fire Station Bonds, dated July l, 1926 to mature July l, 1956
$$00,000 City of sanford Florida 5~% Reclamation & Bulkheading bonds dated July
1st 1926 to mature July 1st 1956.
WHEREAS, for said service to be so performed b~ H W Reilly, the said H W Reilly
requires a fee of $34,150.00 to be paid in cash to him by the City of Sanford, Florida
CITY COMMISSION, SANFORD, FLORIDA,__.
June 16 ~9 27
tion submitted by H W Reilly will be most advantageous to the City and that it is desirable
at this time to negotiate the sale of
$100,000 of an authorized issue of $150,0Q0 City of Sanford, Florida 5}% Municipal Fire
Station Bonds, dated July l, 1926, to mature July l, 1956
$400,000 City of Smford, Florida .5}% Reclamation & Bulkheading bonds, dated July 1st, 1926
to mature July 1st, 1956
therefore,
BE IT RESOLVED that the proposition of H W Reilly be and the same is hereby accepted
and
BE IT FURTHER RESOLVED , that when said bonds haSe been delivered to the purchaser
produced by H W Rellly who will pay for said bonds not less than par, and accrued interest to
date of delivery, that H W Reilly be paid The sum of $34,150,00 in cash by the City of S,nford
Florida for said se~ices performed by him for the 0ity of Sanford, Florida ~ ~D ~/i
The Commission then took a recess until two O~clock P.M. Saturday, July 18, 1927.
. ~ ~.yor
ATTEST: