062727CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
REGULAR ~EETING JUNE 27
at 2:30 P.M. ~9 2.7
Regular meeting of the City Commission of the City of Sanford, Florida was held at the
City Hall in Sanford Florida at 2:30 O'Clock P.M. on June 2yth 1927
Present: Commissioners 50 Chase and E F Housholder.
Absent: Commissioner Forrest Lake.
Commissioner Housholder offered the following resolution which was unanimously adopted. ~
Resolution ~3~9 entitled:
"Be it resolved that Resolution ~348 heretofore adopted by this Commission on the 18th day
of June A D 192,7 be and the same is hereby repealed and rescinded."
Commissioner Housholder offered the following resolution which was unanimously adopted:
Resolution ~350
WHEREAS on July l, 1927 installments of principal and interest will become due and payable
on several issues of street paving assessment and bulkheading Improvement Bonds of the City
of Sanford, Florida, which bonds were heretofore issued against special assessments levied
assessed and imposed against privately owned property fronting and abutting certain streets
and public thoroughfares in the City of Sanford, Florida, heretofore improved and paved
by the City of Sanford, Florida, and levied, assessed and imposed against privately owned
property in East Side Bulkhead Districts Nos I and 2 and in West Side Bulkhead District.
improved and benefitted by reclamation and bulkheading and,
WHEREAS up to June 15, 1927, there was, and still is outstanding, past due and unpaid to
the City of Sanford, Florida the sum of $67,709.21 on account of principal and interest pay-
able to said City under special assessments against privately owned property, benefitted by
said paving, against which said special assessments the City of Sanford, Florida has heretofore
issued certain street paving special assessment bonds in anticipation of the collection of said
special assessments and,
WHEREAS up to June 15,
Sanford, Florida, the sum of
1927 there was, and still is past due and unpaid to the City of
$146,893.04 on account of principal and interest payable to the
said City under special assessment levied, assessed and imposed against privately owned
property in said Bulkhead Districts, improved and benefitted By reclamation and bulkheading
against which said special assessments the City of S~rnford, Florida has heretofore issued
certain bulkheading and reclamation improvement bonds in anticipation of the collection of
said special assessments, and
WHEREAS the total of said special assessments and interest now payable and past due
as aforesaid, amounts to the sum of $21~,802.25 and
WHEREAS, under a Special Act of t~ Legislature of the State of Florida enacted during
the 1927 session, entitled:
"AN ACT AUTHORIZING THE CITY OF SANFORD FLORIDA TO BORROW MONEY TEMPORARILY IN AN-
TICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS IN ORDER TO PROVIDE FOR THE PAYMENT OF
MATURING INTEREST AND PRINCIPAL OF NEGOTIABLE SPECIAL ASSESSMENT B~DS AND ALSO OBLIGATIONS
PAYABLE ONLY OUT OF A 8PECIA~ FUND TO ISSUE THEREFOR NEGOTIABLE CERTIFICATES OF INDEBTEDNESS
WHICH SHLL CONSTITUTE GENERAL OBLIGATIONS OF THE CITY OF SANFORD FLORIDA, AND TO PROVIDE
FOR THE LIQUIDATION OF SUCH TEMPORARY LOANS,
the City of Sanford, Florida is authorized and fully e~oowered by and through its governing
authority, to borrow money temporarily in anticipation of the collection of special assessments
levied, assessed and imposed, but not collected at the time of said borrowing, for the paymen~
of matuming interest and principal of special assessment bonds of the City of Sanford, Florida
outstanding there£ofore issued in anticipation of the collection of said special assessments
and to issue for the money so borrowed short term negotiable certificates of indebtedness
CITY COMMISSION, SANFORD, FLORIDA.
MINUTES
Jure 27th. a7
of the City of Sanford Florida, therefore,
BE IT RESOLVED, that there shall be immediately duly issued one Hundred and'
Sixty One negotiable certificates of indebtedeness of the denomination of $1000.00 each,
to be numbered from 1 to 161 , both numbers inclusive, bearing in{~rest at thefts of ~%
per centum per annum, all of said ce~tificates of indebtedness to be dated July 1st,
1927, and to mature and bec~me due and payable on July 1st 1929, both principal and
?
interest to be payable at the Chase National Bank in the City of~ New York , State of New
York, in lawful money of the United States, said certificates of indebtedeness to be signed
by the Mayor and the Clerk of the City of Sanford, Florida , each of said certificates
of indebtedness to have affixed thereto the corporate seal of the City of Sanford, Florida
and to each of said certificates of indebtedness shall be attached interest coupons to be
signed with the engraved or fac-simile signatures of said Mayor and Clerk, the said cer-
tificates of indebtedness with the necessary t~ariations to indicate different numbers and
dates, shall be substantially in the following form , to-wit:
NUMBER
D/~ITED STATES OF AMERIOA
STATE OF FLORIDA.
COUNTY OF SEMINOLE
DOLLARS
$1ooo.oo
CITY OF SANFORD, FLORIDA
5~ Per Cent INTEREST BEARING CERTIFICATE
OF INDEBTEDNESS.
KNOW ALL MEN BY THESE PRESENTS: That the City of SaD_ford, Florida, a municipal corpora-
tion organized and existing under the laws of the State of Florida , for vlaue received
acknowledges itself justly indebted~ and promises to pay to the bearer hereof the sum of
ONE THOUSAND DOLLARS.
ON THE LST DAY OF July A D 19 . in lawful money of the United States of America, with
interest thereon from date at the rate of five and one-half per centum per annum, until paid
interest payable semi-annually, on January 1st, and July 1st, both principal and interest
being payable at the Chase National B~nk in the City of New York, State of New York.
Thais certificate of indebtedness is one of one Hundred and Sixty one certificates of
indebtedness, aggregating $161,O00.00 of like date and tenor, and is issued by the City of
Sanford Florida, for municipal purposes in strict conformity with an Act of the 192Y Session
of the Legislature of the State of Florida, entitled:
"An Act authorizing the City of Sanford, Florida, to borrow money temporarily in anticipation
of the collection of special assessments in order to provide f~r the payment of maturirg
interest and principal of negotiable special assessment bonds and also obligations payable onl;
out of a special fund, to issue therefor negotiable certificates of indebtedness which shall
constitute General O~ligations of the City of Sanford, Florida, and to provide for the
liquidation of such temporary loans.
and also pursuant to Resolution ~350, of the City Commission of the City of Sanford, Florida
duly adopted on the 27th day of June A.D.1927
IT IS HEREBY CERTIFIED , RECITED AND DECLARED, that all acts, conditions and things
required by law to exist, happen and be performed, precedent to and on the issuance of this
certificate of lndebtedenss, have existed, have happened and have been performed in r~gular
CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
June 27 19 27
hundred and sixty one, both numbers inclusive, authorized by this resolution.
BE IT FURTHER RESOLVED, that Forrest Lake, Mayor of the City of Sanford, Florida
be, and he is hereby fully authorized and duly empowered to negotiate , sell and deliver
all, or any part of the certificates of indebtedness authorized by this resolution, as
well as said ~emporary certi2icate of indebtedness.
BE IT FURTHER RESOLVED, that this resolution shall be and become effective immediat(
from and a~ter its passage and adoption.
Adopted on this 27th day of June A.D.1927.
CORPORATE SEAL)
.Y
S 0 Chase
E F Housholder.
As the City Commission of the City
of San~ord, Florida.
Attest:
L R Philips
City Clerk.
The meeting then adjourned to meet Tuesday July 5th at 2:30 P.M.
Attest:
City Clerk.
Mayer
CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
June 27th. m 27
of the City of Sanford Florida, therefore,
BE IT RESOLVED, that there shall be immediately duly issued one Hundred and'
Sixty One negotiable certificates of indebtedeness of the denomination of $10OO.00 each,
to be numbere~ from I to 161 , both numbers inclusive, bearing in'rest at thefts of 5~%
per centum per annum, all of said c~tificates of indebtedness to be dated July 1st,
1927, ~ud to mature and become due and payable on July 1st 1929, both principal and
interest to be payable at the Chase National Bank in the City o~ New York , State of New
York, in lawful money of the United States, said certificates of tndebtedeness to be signed
by the Mayor and the Clerk of the City of Sanford, Florida , each of said certificates
of indebtedness to have affixed thereto the corporate seal of the City of Sanford, Florida
and to each of said certificates of indebtedness shall be attached interest coupons to be
signed with the engraved or fac-simile signatures of said Mayor and Clerk, the said cer-
tificates of indebtedness with the necessary ~ariations to indicate different numbers and
shall be substantially in the following form , to-wit:
dates,
NUMBER
L~ITED STATES OF AMERIOA
STATE OF FLORIDA.
DOLLARS
$1000.OO
COUNTY OF SEMINOLE
CITY OF SANFORD, FLORIDA
5~ Per Cent INTEREST BEARING 0ERTIFICATE
OF INDEBTEDNESS.
KNOW ALL MEN BY THESE PRESENTS: That the City of Sanford, Florida, a municipal corpora-
tion organized ~nd existing under the laws of the ~tate of Florida , for vlaue receiVed
acknowledges itself justly indebted~ and promises to pay to the bearer hereof the sum of
ONE THOUSAND DOLLARS.
ON THE LST DAY OF July A D 19 . in lawful money of the United States of America, with
interest thereon from date at the rate of five and one-half per centumper annum, until paid
interest payable semi-annually, on January 1st, and July 1st, both principal and interest
being payable at the Chase National B~nk in the City of New York, State of New York.
Thais certificate of indebtedness is one of one Hundred and Sixty one certificates of
indebtedness, aggregating $161,000.00 of like date s_nd tenor, and is issued by the City of
Sanford Florida, for municipal purposes in strict conformity with ~n Act of the 192? Session
of the Legislature of the State of Florida, entitled:
"Au Act authorizing the City of Sanford, Florida, to borrow money temporarily in anticipation
of the collection of special assessments in order to provide f~r the payment of maturirg
interest and principal of negotiable special assessment bonds and also obligations payable only
out of a special fund, to issue therefor negotiable certificates of indebtedness which shall
constitute General O~llgations of the City of Sanford, Florida, and to provide for the
liquidation of such temporary loans. ·
and also pursuant to Resolution ~350, of the City Commission of the City of Sanford, Florida
duly adopted on the 2?th day of June A.D.192?
IT IS HEREBY CERTIFIED , RECITED AND DECLARED, that all acts, conditions and things
required by law to exist, happen and be performed, precedent to and on the issuance of this
certificate of indebtedenss, ha~e existed, have happened and have been performed in regular
and due time, form and menner, as required by law, and that provision has been dulM made by
CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
June 27
a sinking fund for the payment of the principal hereof, at maturity.
INT WITNESS whereof the City of Sanford, Florida has caused this interest bearing
certificate of indebtedness to be signed by its Mayor and its Clerk , and the seal of the
City tO be af£ixed hereto, and this certificate to be dated the let day of July A.D.1927.
Attest:
City Clerk.
Mayor.
(FORM OF INTEREST COUPON)
$S7.50
On the 1st day of January 19
July 19~*
THE CITY OF SANFORD FLORIDA
will pay to the bearer twenty seven 50~100 Dollars (27.50) in lawful money of the United
States of America at the Chase National Bank in the City of New York, State of New York,
being six month's interest then due on its Certificate of Indebtedness dated July lst,1927.
Mayor
Certificate No
City Clerk.
BE IT RESOLVED THAT for the purpose of making due provision for the payment of the
principal and interest of said certificates of indebtedness, as they respectively come due
and payable, the special assessments and interest aforesaid, now due and payable to the City
of Sanford, Florida aggregating the sum of $214,302.25 as and when collected, shall be set
aside and held in a special fund for the payment of interest to accrue on said certificates
of indebtedness, and for the redemption of said certificates of indebtedness at the maturity
thereof.
BE IT FURTHER RESOLVED, that the proceeds of the certificates of indebtedness of the
City of Sanford, Florida, in the amount of One Hundred and Sixty One Thousand (161,0005 Dollars
authorized by this resolution ko be issued be, as is provided by section 5 of the Act recited in th
in this resolution applied to the taking up and holding uncancelled the following described
bonds and interest coupons of the City of Sanford Florida, heretofore issued in anticipation
of the collection of special assessments against real property in said City to-wit
Bonds numbered 46 to 60 both nt~bere inclusive , and all interest coupons numbered
maturing July let, 1927 of $151,000.00 City of Sanford, Florida 5~% Street Paving Special Assess-
ment/ bonds dated July 2nd, 1923.
All interest coupons numbered 8 maturing July let 1927, of an issue of $112,000.00 CiTM
of Sanford Florida 6% Street Paving Special Assessment bonds dated July 2nd, 1923, designated
as Series. "A"
Bonds numbered ll to 15, both ntunbers inclusive, maturing July let, 1927, of an issue
of $72,OO0.00 City of Sanford, Florida, 5~% Street Paving Special Assessmant Bonds dated Jan-
nary 1st, 1924, known as Series "B"
CITY COMMISSION, SANFORD, FLORIDA.
miNUTES
June 27
19__
217
All interest coupons numbered 6 maturing July let, 1927, of an issue of $227,000.00
City of ,~anford, Florida 6% Street Paving Special Assessment Bonds~ dated July let, 1924
known as Series "C"
Bonds numbered 21 to 40 both numbers inclusive, and also all interest coupons numbered
5 maturing Ju~y let, 1927 of an issue of $204,000.00 City of Sanfo=d, Florida, Street Paving
Special Assessment Bonds, dated .~anuary 1st, 1925, known as Series
All interest coupons n~nbered 4, maturing July let, 1927 of an issue of $224,000.00 City
of Sanford, Florida 5 $% Street Paving Special Assessment Bonds, dated July let, 1925, known
as Series "J"
All interest coupons numbered 3, maturing July 1st, 192? of an issue of $232,000~.00
City of Sanford, Florida, 6% Street Paving Special Assessment Bonds, dated January 1st, 1926.
knov~ as Series
All bonds numbered I to
3 maturing July 1st, 1927 of
lO both numbers inclusive, and all interest coupons numbered
an issue of $104,000.00 City of Sanford, Florida 6% Bulkhead
Improvement Bonds, dated January let, 1926, known as Series A-BB"
All bonds n~nbered I to 8, both numbers inclusive, and all interest coupons.numbered
3 maturing July 1st, 1927, of an issue of $81,000.00 city of Sanford, Florida 6% Bulkhead
Improvement Bonds, dated January 1st, 1927, known as Series "A-BBA"
All bonds numbered I to 54 , both numbers inclusive, and all interest coupone numbered
3, maturing July 1st, 1927 of an issue of $549,000.00 City of Sanford, Florida, 6% Bulkhead
Improvement Bonds, dated January 1st, 1926, and known as Series "A-BBc"
Be it Further Resoleved, That the right of the ~ty of Sanford, Florida to levy at any time
taxes for the payment of principal and interest of said bonds hereinabove described be,
and the same is hereby expressly retained on behalf of the City and the holders of the
certificates of Indebtedness authorized by this resolution to be issued.
BE IT FURTHER RESOLVED, that in the event the proceeds derived from the collection of
said special assessments and into=est now delinquent as ~foresaid shall be insufficient to
fully provide for the payment of the principal and interest of said certificates of indebted-
ness, as the same become due. and payable, the City of Sanford, Florida, hereby covenants and
agrees with the holders of said certificates of indebtedness, or any of them, to levy an-
nually upon all taxable property in said City a tax sufficient to meet any deficiency, it
being the intention of said City to provide for the pa~uent of the principal and interst
of said certificates of indebtedness out of the proceeds derived from the collection of
said special assessments and interest which were due and payable to the City of Sanford
Florida, on or before June 15, 1927 and as yet uncollected, but the full faith and credit
of the City of Sanford, Florida is here irrevocably pledged for the payment of said certificates
of indebtedness and all interest to accrue thereon, and there shall be levied each year, sai&
certificates of indebtedness are outstanding, a tax sufficient to provide funds for the
payment of the principal and interest on said certificates of indebtedness at maturity.
BE IT FURTHER RESOLVED, as it is necessary to have on hand the proceeds derived from
the sale of said certificates of indebtedness pripr to July l, 1927,
certificate of indebtedness to be dated June 15, 1927 for the sum of
forthwith be issued and executed by the ~ayor and Clerk of the City of
Under the seal of
that a temporary
$161,000.00 shall
Sanford, Florida
CITY COMMISSION, SANFORD, FLORIDA,
MINUTES
June 27 .'19. 27
hundred and sixty one, both numbers inclusive, authorized by this resolution.
BE IT FURTHER RESOLVED, that Forrest Lake, Nayor of the City of S~nford, Florida
be, and he is hereby fully authorized and duly empowered to negotiate , sell and deliver
all, or any part of the certificates of indebtedness authorized by this resolution, as
well as said ~emporary certificate of indebtedness.
BE IT FURTHER RESOLVED, that this resolution shall be and become effective immediate
from and after its passage and adoption.
Adopted on this 27th day of June A.D.1927.
CORPORATE SEAL)
S 0 Chase
× E F Housholder.
As the City Commission of the City
of Sanford, Florida.
Attest:
L R Philips
City Clerk.
The meeting then adjourned to meet
Attest:
City Clerk.
Tuesdzy July 5th at 2:30 P.M.
Mayor
Y