061827 (2)MINUTES
CITY COMMISSION, SANFORD, FLORIDA,
Adjourned Sessio~ June 18 at 2 P.M. ~9 27
The City Commission of the City of Sanford, Florida met at the City Hall at 2 O'Clock
P.M. on the 18th day of june A.D.192?.
Present: Commissioners Forrest Lake S 0 0hase and E F Housholde~.
City attorney, Goerge A DeOottes, and City Manager W B ~illin~ s.
ELDREDGE AND COMPANY submitted a proposal in writing through H W Reilly to purchase
at private sale $500,000 O0 legally issued City of Sanford, Florida 5~% Improvement Bonds
Dated Jl~ly l, 1926, and January l, 1927 authorized by Ordinances Nos ll3 and 120 heretofore
duly adopted by the City of Sanford, Florida, said bonds beige more particularly described
as follows, to-wit:
$100,000 pf an authorimed issue of $150,000 Clt~y of Sanford, Florida ~% Municipal
Fire Station Bonds, dated July 1, 1926 to mature July l, 1956.
[~00,000 City of Sanford, Florida 5~% Reclamation & Bulkheading bonds, dated July
1st 1926, to mature July l, 1956
The said proposal submitted by Eldmedge and Company was thoroughly discu~ssed, and
thereupon Commissioner E F Housholder offered the following resolution to-wit:
WHEREAS, the City Oommission of the City of Sanford Florida heretofore ordered to
be advertised for sale on June 15th 192~, $1,0~0.000.00 City of Sanford, Florida 5~% Improve-
ment bonds heretofore duly authorized by Ordinances ll3 and ll?, ll9 , 120 and 145, and
WHEREAS, on said date sealed proposals were received by the City Commission of the
City of Sanford, Florida for the pmrchase of said bonds, and
WHEREAS only two bids were submitted to the 0ity Commission for the purchase of said
bonds, and
WHEREAS, after due consideration said bids were rejected by the City Commission, and
WHEREAS, said bonds were not sold pursuant to said advertisement, and may be legally
s, ld aS private sale at any time within sixty days from and after June 1~, 1927, and
WHEREAS ELDREDGE AND COMPANY has submitted a proposal for the purchase of a portion
of said bonds as atove described bearing interest at the rate of 5~% per annum , interest
payable January 1st, and July 1st, of each year, both principal and interest being payable at
CHASE NATIONAL BANK in the City of New York and State of New York, said bonds being of the
denomination of $1000,00 each, being dated Ju~y 1, 1926, and to mature 30 years from and after
date of issuance and authorized by ordinances nos. ll3 and 120 as aforesaid, said proposal
being in words and figures as follows, to-wit:
Honorable Oity Commissiom
City $ Sanford,
Sanford, Florida
Sanford, Florida
Jur~ 18,
1927.
For the $500,O00.00 City of Sanford, Florida 5~% Improvement bonds more particulary
described as follows, to-wit:
$100,000 of an authorized issue of $150,0Q0 Ott~ of Sanford Flor%da 5~% Municipal Fire
Station bonds, dated July l, 1926 to mature July 1, 195&.
$400,000 City of Sanford Florida 5~% Reclamation & Bulkheading bonds dated July I 1926
to mature July l, 1956,
advertised for sale on June 15th 1927 as per advertisements appearing in the Sanford Herald
Sanford Florida, and the Daily Bond Buyer of New York , which bonds were not sold on the 15th
day of June 192? we will pay you the sum of ~500,000.00 and accured interest to date of
delivery, upon delivery of aaid bonds to us at the Chase National Bank in New York City,
accompanied by the unconditional approving opinion of Caldwell & Raymond, attorneys, of
CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
June 16.
19, 27
and,
WHEREAS,
that the bid of
it is the opinion of the City Commission of the City of Sanford, Florida
ELDREDGE AND COMPANY offering to purchase said bonds as above described
bearing interest at 5~% per annum, at par, with accrued interest to date of delivery, is the
best and highest bid obtainable for the purchase of said bonds as above described at private
sale, said bid being in excess of any proposal submitted to this Commission on June 15, 1927
for the purchase of said bonds at public sale, THEREFORE
BE IT RESOLVED , that it is the opinion of this Commission that the said bid of
ELDREDGE AND COMPANY this day submitted for the purchase of
$100,0OO of an authorized issue of $150,O00 City of Sanford, Florida 5~% Municipal Fire
Station bonds, dated July l, 1926 to mature July l, 1956.
$~O0,000 City of Sanford, Florida 5~% Reclamation & Bulkheading bonds, dated J~ly l, 1926
to mature July 1, 1956
at par , said bonds to bear interest at the ~te of 5~% per annum with accrued interest to
date of delivery, be and the same is hereby accepted,
BE IT FURTHER RESOLVED, that the sale of said bonds as above described be, and the
same is hereby awarded to ELDRE. DGE AND COMPANY upon the terms and conditions set forth in the
writted p.roposal of this date, s',~bmitted by ELDREDGE AND COMPANY offering to purchase said bor~
at private sale.
BE IT FURTHER RESOLVED, that said bonds as above described of of the City of
Sanford, Florida aggregating $500,000.00 authorized by the ordinances aforesaid, be delivered
to ELDREDGE AND COMPANY upon the payment therefor ~y ELDREDGE AND COMPANY of the sum
of $500,000.00 and accrued interest to date of delivery
Adopted this 18th day of June A.D.192Y
(Oorporate Seal)
Forrest Lake
S 0 Chase
E F Housholde=
As the City Commission of the
City of Sanford, Florida.
Attest:
L R Philins_
The meeting then adJoumned.
Attest:
City Clerk~ ~ ·
Mayor
ds