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1130272 i 6 *MINUTES MY COM Ut MOK SMFORM FL©Mn Adjourned 8e88 0so ° Nov. } 3Q Minutes of an adjourned meeting of the City Commission of the City of Sanford, Florida, held on the 30th day of November 1927- The City 4ommission of the City of Sanford, Florida met in adjourned session at the City Hall in Sanford Florida at 12 O'Cldck Noon on November 30, 1927- Present: Commissioners, E F Housholder, Mayor. " S 0 Chase. " W C Hill. City Clerk L R Philips City Manager W B Williams City Attorney , George A DeCottes. Commissioner Chase offered Resolution No. 359 which was unanimously adopted, said resolution being in words and figures as follows: Resolution No. 359 A RESOLUTION PROVIDING FOR AN ISSUE OF BONDS BY THE CITY OF SANFORD FLORIDA IN THE sum OF $693,000.00 The proceeds derived from the sale thereof to be used .to .refund and pay certain obligations of the City of Sanford, Florida, for the payment of which the credit of said City is pledged, prescribing the form and conditions of said bonds to be so issued and providing for a sinking fund for the payment of the principal and interest of said bonds. WHEREAS, the City of Sanford Florida, has outstanding obligations in the sum of $693,342.09 for the payment of which the credit of;said City is pledged, as shown and disclosed in Official Document a -1, dated October 31, 1927, prepared by Hall and Pentland Certified Public Accountants, entitled " Partial Refinancing program," now on file in the office of the City Clerk of the City of Sanford, Florida, and, WHEREAS, all of said obligations itemized and shown in detail in,said Offical Document A —; are either past due, callable, or payable within'less than three months from this date,, and i WHERUS, the City Commission of the City of Sanford, Florida deems it expedient and to the best interest of the City of Sanford, Florida, to issue bonds in the sum of $693,000.00 the proceeds to be derived from the sale thereof to be used in funding and payin insofar as said proceeds may apply, the said obligations of the City of Sanford, Florida in the sum of $693,342.09 for the payment of which the credit of said City is pledged, as shown and disclosed in detail in said offieal document A -1, prepared by Hall and Pentland, Certified Public Accountants, under date of October 51, 1927 now on file in the office of the City Clerk of the City of Sanford.-Florida, as aforesaid. THEREFORE, BE IT RESOLVED, that Under and by authority of an act of the Legisla- ture of the State of Florida of 1927, entitled: "An Act to Authorize the Issuance of Refundi: Bonds ties, Cities, Towns, and Other Municipal Corporations and Taxing Districts and to rofice for their payment," duly approved by the Governor of the State of Florida on June 6, 1927, a bond issue in the sum of Six Hundred and Ninety -three Thousand ($693,000.00 Dollars, for the purpose above stated and specifically set forth, be and the same is hereby authorised; that said bonds shall be of the denomination of One Thousand ($1,000.00) Dollars each bearing interest at the rate of not exceeding six per centum per annum, interest payabl, semi— annually on the 1st. days of January and July, said bonds to be' dated 'January lst, 192 and to be numbered from l to 693 , both numbers inclusive, said bonds to mature serially in the following manner,to —wit: I c 4 � 1 277. November 30,W,.19�7 'CITY COMMISSION,.. SANFORD. FLORIDA - - r Bonds numbered f rom 1 to 25, inclusive , to mature Jan 1, 1931 Bonds numbered _from 26 to-50 ,, :inclusive, to mature Jan 1, 1932 Bonds. numbered from 51 to 75 1melusive, to mature Jan 1, 1933 Bonds numbered from 76-to 100°,,; inclusive to mature Jan 1, 1934 Bonds numbered from 101 to 125,inclusive, to mature Jan 1, 1935 Bonds numbered from 126 to 150 inclusive, to mature Jan 1, 1936 Bonds numbered fr®n151 to 175 inclusive to mature Jan 1, 1937 Bonds numbered 000 176 to 200-inclusive to mature Jan 1, 1938 Bonds numbered. from 201 to 225 inclusive to mature Jan 1, 1939 Bonds'Ynumbered- f:,rom 226 to 250 inclusive to mature Jan 1, 1940 Bonds.numbered from 251 to 275 inclusive to mature Jan 1, 1941 Bond numbered from 276 to 300 inclusive -to mature Jan 1, 1942 Bonds numbered from 301 to 325 inclusive to mature Jan 1, 1943 Bonds numbered from 326 to 350 inclusive to mature Jan 1, 1944 Bonds numbered from 351 to 375 inclusive to mature Jan 1, 1945 Bonds numbered from 376 to 400 inclusive to mature Jan 1, 1946 Bonds -- numbered from 401 to 425 inclusive to mature Jan 1, 1947 Bonds numbered from,426 to 450 inclusive to- -mature Jan 1, 1949 Bonds numbered from 451 to ,500 inclusive to mature Jan 1, 3.949 Bonds numbered from 501, to 550 inclusive to mature Jan 1, 1950 Bonds numbered from 551 to,600 inclusive to mature JeSc 1, 1951 Bonds numbered from 601 to;650 inclusive to mature Jan 1, 1952 Bonds numbered from 651 to ;693 inclusive to mature Jan 1, 1953 both principal and interest of said bonds to be payable atANational Park Bank in the City of New York, State of New York , .in lawful money of the United States of America, Said bonds shall be, signed by the Mayor of the City of Sanford, Florida., and by the Clerk of the City of Sanford Florida, and the official seal of the City of Sanford, Florida, shall be aff -fixed thereto,. The interest coupons to-be attached to said bonds shall be signed with the engraved or lithographed facsimile signatures of said Mayor and said Clerk, the said bonds and coupons, with the necessary variations to indicate the different numbers and different cittes of maturity, shall be substantially in the following form, to -wit: Dumber UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF SEMINOLE CITY OF SANFORD , FLORIDA REFUMING BOND SERIES A -1 Dollars 1000 KNOB" ALL "VEN BY THESE PRESENTS, That the City of Sanford, Florida a Municipal Cor- poration organised and existing under ,and in pursuance of the laws of the State of Florida, for value received, acknowledges itself' 'indebted and promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS. in lawful money of the United States of America, on the fist. day of January A.D. 19* H., I IL 127& INTES MY _COMULsatca:+:.- SANFORD, FLORIDA November 30 � �7 with interest thereom at the rate of per centum. per annlin, payable semi- annually' July lst and January lst, of each year on presentation and surrender of the interest coupons here to annexed as they severally become due, both principal and interest being payable at NATIONAL -PARK BANK in the City of New York, State of New York. This bond is one of a series of 693 bonds aggregating Bin Hundred and Ninety Three Thousand ($6939000.00) dollars of like date and tenor, except as` to maturity, issued by the City of Sanford, Florida, for municipal purposes, in strict conformity with the Constitution and Laws of the State of Florida, including among others., an Act of the Legislature of 1927 entitled: " AN ACT To Authorize the.Issuance of Refunding Bonds by Counties, Cities, Tome and other Municipal Corporations and Taxing Districts, and to ProvideA for- their Payment," duly approved,by the Governor of the State of.Florida; on June 6, 1927, and also - pursuant to certain orders and resolutions of the City Commission of the City of Sanford, Florida, dul had and adopted. ET IS HEREBY CERTIFIED, RECITED AND DECLARED, that all sActs, conditions and things required by Law to exist, happen and be performed, precedent to and in the issuance of this bond, have existed, have happened and have. -been performed in regular and due time, form and manner, as required by law, and the.the amount of this:bond. together with all other indebtedn ss of the City of Sanford Florida,' does not exceed any. limit prescribed by the Constitutiom and Statutes of the State of Florida, and: that before the issuance of this bond, provision has been made by resolution of the City, Commission to assess annually a tax upon all real and personal property, railroads, telegraph and telephone lines owned or situated within the City of Sanford Florida, to realizes, sum sufficient to pay the interest upon this bond as it may become due and to create a sinking fund for the payment of the principal hereof at the maturity of ,the same, and that the issue of bonds of which this bond is a part, has been duly confirmed and validated by a decree of the-Circuit Court of the Twenty Third Judicial Circuit of the state fo Florida in and for Seminole County,'in the proceeding begun by the City of Sanforsd, Florida, a municipal corporation, against the. State of Flordia, of which proceeding notice was duly and regularly given to the State of Florida and to the public. And for the payment of the principal and interest of this -bond the full faith and credit of .the City of Sanford, Florida is hereby irrevocably pledged. Il''-IVITNESS WHEREOF, the City of Sanford, Florida has caused this bond to be signed by its Mayor and by the City Clerk, and its corporat£. seal to be affixed hereto, and has further caused the interest coupons hereto attached to bear the lighographed facsimile signa- tures of said Mayor and said City Clerk, and this bond to be dated the 1st. day of January A D 1928 4 Attest: City Clerk. 0 No....... Mayor of the City of a or , For ( FORM OF INTEREST COUPON) ON THE FIRST DAY OF JULY lg January 19 v THE CITY OF SANFORD FLORIDA. will pay the bearer in lawful money of the United States of America at NATIONAL PARK BANK, in the City of New .York State-vf­-eNew Fork, being six month's interest then due on its refunding bonds, Series Al dated . i 1 r M1 NUTES CITY COMMISSION, SANFORD.. FLORIDA- XQy mber 30 M. January 1, 1925, payable from a tax to be as levied and collected upon all taxable property within the boundares.of the said City of Sanford Florida. SERIES °A -1 Bond No) Clerk, Mayor (FORM OF VALIDATION CERTIFICATE) Validated and confirmed by a decree of the Circuit Court of the Twenty Third Judicial Circuit of the State of Florida, in and for Seminole County, rendered on the "day of A.D_.1927 and entered and recorded on.the y of A D 1927 in Chancery Order Book No on page,,' of the records of the-Circuit Court of the Twenty third Judicial Circuit of the State of Florida, in and for Seminole County Clerk of the Circuit Court of the 23rd Judicial Circuit of the State of Florida, in and for Semi nole County. (SAID BONDS TO BE ENDORSED ON THE BACK AS FOLLOWS) Number CZTX OF SANFORD FLORIDA. ,REFUNDING BOND Series A -1 $1000' Interest_ __%, per annum Dated January lot, 1925. Interest Payable Semi - Annually on January let and July 1st Principal cdue January 1st, 19____� Both principal and interest Payable at NATIONAL PARK BANK New York,.N.Y. BE IT FURTHER RESOLVED, that for the purpose of providing •funds for the' prompt payment of principal and interest of said bonds as the same become due there shall be and there is hereby levied, assessed and ordered to be collected upon all taxable property within the boundaries of the City of Sanford Florida, a direct continuing annual tax during eac; year said bonds, or any of them, are outstandirg and unpaid,, sufficient to P , produce in each year the interest on said bonds becoming due inclsaid year, and an amount sufficient to profide for a sinking fund to pay the principal of said bonds as they severally mature, and said special tax as And when collected, shall be placed in said sinking fund and used exclusivedly for the payme: of the interest and the redemption of said bonds as they become due and p %yable and shall not be used for any other purposes, and, BE IT FURTHER RESOLVED, that when said bonds are lawfully sold, same shall there- upon be duly executed'by said Mayor and the said Clerk in the form and ma;}ner hereinabove set forth, and said bonds when so executed shall thereupon be forthwith delivered by said Lt Ii 280 November Q c:�r _�aN, ser,�foRQ. F�.o�w. mayor-and said Clerk to E F Housholder, S 0 Chase, and WV C Hill, composing the City Commission of the City of Sanford, Florida, ex- officio bond trustees of the City of Sanford Florida or their successor or successors in office, for delivery in due course to the purchasers thereof. BE IT FURTHER RESOLVED, that this resolution shall be and become effective immedia e- { ly from and after its passage and adoption. Adopted this 30th day of November A D. 1927• E P' Housholder S 0 Chase. W C'Hill As the City Commission of the City of Sanford, Florida. Attest:. L a Ph ll s.. . T, City lerk of the-City o Sanford, Florida. ( Seal) The Clerk was ordered to advertise for sale on the 15th day of December 1927 -510-bonds of the-issue of-$693'000.00 authorized by Resolution No. 3581. The bonds to be A. offered -,for sale on the 15th day -of December 1927 to be the bonds described in the not -ice of sale of said bonds hereinafter set forth in Words and figures as follows: NOTICE OF SALE OF BONDS Notice is hereby given that up to and until 2 0!Clock P M on the 15th day of (December A D 1927 sealed proposals will be received by E F Housholder, -S 0 Chase and W C Hill as the City Commission of the City of Sanford` Florida, and as ex- officio bond trustees of the City of Sanford, Florida, at the City Hall at Sanford Florida, for the purpose of re- funding bonds of the City of Sanford Florida, to the amount of Five Hundred Ten Thousand ($510,000,00) Dollars of an authorized issue of refunding.bonds in the -sum of Six Hundred and Ninety three Thousand ( $693,000.00)Dollars , authorized under an act of -the Legislature of the State of Florida, 1927, entitled: " An Act to-Authorixe the.Issuance of Refunding Bonds by Counties, Cities, towns and other Municipal Cox*rations and._Taaing Districts, and to Pro- vide for their payment," duly approved by the Governor on..the 6th.- -day of June A.D. 1927 to be issued pursuant to a resolution of the City Commission of the City of Sanford Florida, duly adopted. _ Bidders are requested to name the. rate 'of interest'the bonds are to bear in mul- tiples of 1/4 of 1% not exceeding six per centum per annum.,.; Split interest rate bids may be submitted. Award to be 'made at the lowest rate of Interest and highest price on such lowest rate.' The six hundred and ninety three thousand - (4693,000.00) - D611ars refunding bonds -are lo be dated January 1., 1929, interest payable semi - annually on July lstx.and January lst, of each year, both principal and interst being payable at National Park Bank in the City of New York, State of New York, said bonds being of the denomination of One Thousand 31,'000f00) Dollars eac maturing twenty five bonds per year from January 1st, 1931 to January lsti,� 1949, inclusive, and fifty bonds per year from January "let. 19+9 to January lst, 1952 inclusive, `.And forty -three : > bonds maturing January let, 1953. The numbers of the bonds and the maturities' thereof aggregatiig YW Hundred Ten Thousand ($510,000-00) Dollars, of said authorized issue ,of, Six ^Hundred and Ninety three Thousand` ($693,000.00) Dollars to be offered for sale on the 15th day of December A.D.192 being as follows, to -wit: Bonds numbered from 1 to 20 to mature January let. 1931 `Bonds numbered from 26 to 45 to mature January 1, 1932 Bonds numbered from 51 to 70 to mature January 1, 1933 4 CITY COMMISSION. SANFORD. ' FLORID ' N'ov ember 30 a, » ;, , : - 27 Bolds numbered from 76 to 95 -to mature January 1, 1934, Bonds numbered from 101 to 120 to mature January 1, 1935 Bonds numbered from 126 to 145 to mature January 1, 1936 Bonds numbered from 151 to 170 to mature January 1, 1937 Bonds numbered from 176 yo 195 to mature January 1, 1938 Bonds numbered from 201 to 220 to mature January 1, 1939 Bonds numbered from 226 to 245 to mature January 1, 1940 Bonds numbered from 251 to 270 to mature January 1, 1941 Bonds numbered from 276 to 295 to mature January 1,--1942 Bonds numbered from 301 to 320 to mature January 1, 1943 Bonds numbered from 326 to 345 to mature January 1, 1944 Bands numbered from 351 to 370 to mature January 1, 1945 Bonds numbered from 376 to 395 to mature January 1, 1946 Bonds numbered from 401 to 420 to mature January 1, 1947 Bonds numbered from 426 to 445 to mature January 1, 194 Bolds numbered from 451 to 480 to mature Janixary. 1, 1949 Bonds numbered from 501 to 530 to mature January 1, 1950 Bonds numbered from 551 to 580 to mature January 1, 1951 Bonds numbered atom 601 to 630 to mature January 1, 1952 Bonds numbered from 651 to 680 to mature Jamuary 1, 1953 No bid at less tan 95% of par and accrued interest to date of delivery will be considered, and the Commission reserves the right to reject any and all bias if, in -tits opinion, the price offered therefor- is,inadequate or the rate too high. Said bonds constitute general obligations of the City of Sanford, Florida, and the full faith and: credit of the city of Sanford, Florida is irrevooably pledged -for the payment of the principal and interest of said issue of bonds. The bonds offered for sale are to be sold subject to the ggproving opinion: of ftldwell_ & Raymond, Attorneys, New York City; to be furnished by 7the City of Sanford, Florida. All bids must be accompanied by a certified check for two per cent of the amount of the bonds to be sold. Proposals to be addressed to E F Housholder, 8.0 Chase and.W 0 Hill,. as the City Commission of the City of Sanford, Florida, and as Ex officio Bond Trustees of the City of Sanford Florida, at Sanford Florida. WITNESS our hands as the City Commission of the City of Sanford, Florida, and as ex- officio Bond VzUstees of" the City of Sanford, Florida, and the seal of Said City on this the-30th day .of November A.D.1927. E F Housholder (Seal) R Ph11ib.0 City Clerk. Deo A DeCottes City Attorney. There being no further business the meeting adjourned. Attest; , Ar ,, S .. There being no further business the meeting adjourned. Attest; , Ar ,,