122227-Meeting of Commissionzss
.9 Meetig of:, CogpAgi4
C t-COMMISSIOM-SANFOAD, FL ONDA n
The City Commission of the City of Sanford, Florida met at the City all at
Sanford Florida, at Two,Oelpok P M on the 22nd day-o; December 1927-
Present: Commissioners, E F Housholde; Mayor.
S 0 Chase
W 0
City Clerk, L R Phillips
City Manager, W B Williams
City Attorney, George A DeCoites.
-Wright, Warlow & Co. and Prudden and Company submitted a joint proposal in writin
`for the purchase at private sale of bonds of th& City of Sanford Florida to the amount
of $510,000-00 of an authorized issue of bonds in the 'sum of $693,000.00 authorized by
Resolution No* 358 of the-Oity'Commission of 'the City of Sanford, Florida, adopted, on the
30th day of November -1927, said bonds to the'. amount of $510,000.00 being the bonds duly
advertised for sale' at public sale on the 15th day of December 1927, as per notice of,•
said public sale published in the Sanford Signal and in the Bond Buye3i of 'New York N.Y,
said bonds so advertised and offered for sale on December 15th. 1927, to bear a rate
of interest not exceeding six per oettum ' p ei annum.-
The said joint proposal submitted by,Wright, Warlow & Co. and Prudden and Compan3
was thoroughly discussed., and thereupon, Commissioner Chase offered a resolution which
was unanimously adopted, in words and figures as follows, to-wit:
Resolution #359'
WHEREAS, The City Commission of the City, of Sanford Florida,, ordered to be
advertised for sale on December 15, 1927 bonds of theCity of Sanford, Florida, in the
-
I amount of$510,,000-00 of a duly authorized issue of bonds of the City of Sanford, Florida
In the sum of $693,000.00 heretofore authorized by Resolution No- 359 adopted on,the
30th clay of November 1927, said bonds to bear a rate of interest not to exceed six per-
dentum per annum,-the bidder to name the rate of interest in multiples of 1/4 of 1% and.,
WHEREAS, on said date only one sealed proposal was received for the purchase
of said bonds or any part thereof advertised for sale on said date, said bid being the
bid of Farson Son & Co. which bid was for bonds only to the amount of $100,000.00 of the
bonds on said date offered for sale., aggregating $510,000-00, and
WHEREAS, after due consideration said bid of Farson Son & Co. was duly
rejected-by the City Commission, and,
WHEREAS, said bonds may be legally sold at private sale,
WHEREAS, Wright . Warlow & Co. and Prudden and Company have submitted a.
proposal for the purchase of said bonds to the amount of $510,000-00 bonds numbered from
1
to 300 inclusive, to bear a rate of interest of. six per cen1hum per annum, and bonds
numbered from 301 to 510 both numbers inclusive, to bear a rate of interest of 5?-1/,2
per centum per annum, interest payable July 1 and January 1, of each year, both principal
and interest being payable at National Park Bank in the City of New York, and State of
',
New York, said bonds being" in the denomination,of $1.,000. 00-each-and to dated 'Tanuary
1, 1929 and to mature serially over a period of twenty five years from and after date
of issuance, authorized by bond*ng resulution No. 358 duly adopted on November 30th, 1927
said proposal in writing being in words and figures as follows, to-wits
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2
MINUTES
_C FLORIDA_ December 22,_j9.a
CITY COMMISSION. SANFORD. T.; 19
Honorable City Commission
City of Sanford, Florida
Gentlemen-*.
In connection with Your-$510,000-00 Refunding Bonds, said bonds being dated January
1, 1929 maturing serially as follows,,,,
$20,000 on JaruarY lst. in each of the years 1931 to 1949 , inclusive.
30,000 on January lot in each of the years 1949 to 1953 inclusive'.
interest payable semi-annukily, both principal and interest payable at the National Park
Bank., New York City, bonds to be delivered to us at a bank in New York City accompanied
by the unqualified approving opinion of Messrs Caldwell & Raymond and complete certified
transcript, we will pay you as follows-*..
For the $300,000 bonds maturing $20,000 each year 1931 to 1945, bearing 6% interest ,at
the rate of 9950.00 for each $1,000 of bonds.
For the $210,000 bonds maturing $20,000 each year 1946 to 1949 inclusive and $30,000 each
year 1949 to 1953 inclusive, bearing 5 -1/2 % interest at the rate of $950.00 for each $1,000
of' bonds .
.We will also pay accrued interest from date of bonds to date of delivery to us.
In your acceptance hereof it is mutually agreed that all proceedings., acts, and steps
taken by you in the authorization and issuance of these bonds are to be approved by our
attorneys as- well as the above mentioned Messrs Caldwell & Raymond.
This bid is for the entire $510,000 bonds and not for any part.-
Respectfully submitted,
WRIGHT, WARLOW & COMPANY
ByL,jjOWARD 8 WHEELER
PRUDDEN & COMPANY
By R S.HAYDEN.
and,
WHEREAS; it is the opinion of the City Commission of the City of Sanford Florida that
the bid of Wright Warlow & Co. and Prudden and Company offering to purchase said bonds
bearing a split rate of interest of 5 - 1/2 and six per centum pd anmm, as hereinabove
stated, at and for the price of $950.00 per bond and accrued interest to date of delivery
tb the best and highest bid obtainable for the purchase of said bonds as above 'described
THEREFORE, BE IT RESOLVED that it is the opinion of this Commission that the bid of
Wright Warlow & Co and Prudden and Company this day submitted for the puralmse of bonds of
the City of Sanford Florida, in the amount of $510,000.00, as aforesaid, bearing a split
rate of interest of 5 -1/2 and 6 per centum per annum, as aforesaid, be.and the same is
hereby accepted . and
BE IT FURTHER RESOLVED, that the sale of said bonds as above described be and the
same is hereby awared to Wright j, Warlow & Co. and Prudden and Company upon the terms and
.conditions set forth-'Lin their written proposal of this date, and
BE IT FURTHER RESOLVED that said bonds as above described
aggregating the sum of
$510,000.00 authorized by the bonding resolution aforesaid, be duly delivered to Wright,
Warlow & Co. and Prudden and Company upon the payment' of the sum of $494-500-00 abd accrued
interest to date of delivery, and
BE IT FURTHER RESOLVED , that this resolution shall become effective immediately upon
its passage and adoption•.
Adopted this 22nd. day of December 1927.
Attest:
L R Mlips x City Clerk. Seal)'
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-MI NAjTE`.
- CTC. 6AMM15S1QN.:- SANFORD. FLORI December 22 t 19?7,
f
Upon recommendation from the Accounting Department , Commissioner S 0 Chase
,moved and Commissioner W C Hill seconded, and it Was unanimously adopted that the City
Clerk be, and he is hereby authorized to open a_bank account to be known as the "City of S_-1111
Sanford Salary itceount" on which account there shall-,be deposited each month one regular
check drawn on the Ordinary Fund Account of the City covering the amount of all the City
salaries for the first half of the month, and one check covering the amount of the salar es
for the last half of the month , and the Clerk shall Idraw checks on said Salary Account
for oWnhAndividual salary , which checks shall be - signed by the City Clerk.
Thee being no further business the meeting adjourned.
or
Attest;
City Clerk.
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