080525-Regular MeetingMINUTES
CITY COMMISSION, SANFORD. FLORIDA AUC, U,qT 5 19 :~5__
HELD ~U~UST ~, ~. ~t ~ P.M.
Present:
Absent:
adopted:
Commissioners, Forrest Lake, and C J ,V~rshall.
Commissioner S 0 Chase.
Commissioner C J ~arshall introduced the following resolutioflAwhich Was unanimously
,i
"WHFoE~S, under ordinance No. 94, adopted the 13th day of April ~.D.1925, work is now
in progress in the Ekst Side Bulkhead District, and contracts have been let for all
improvements to be made under the authority of said ~rdinance, and
WHFMEAS, it will be necessary to temporarily finance said project until bonds of the City
of Sanford, Florida can be issued covering the proportion of the cost of said improvements
assessed against privately owned property in said East Side Bulkhead District and covering
the proportion of the Cost of said improvements to be borne oy the City of Sanford, Florida,
and,
WHEREAS, under authority of a resolution adopted by the City Commission of the City
of Sanford, Florida under date of July 13th, 1925, Forrest Lake, as Mayor of the City
of Sanford Florida, has .made application to the Atlantic National Bank of Jacksonville,
Florida for a temporary loan to the City of Sanford, Florida, in the sum of ~104,000.00 to be
collaterally secured by a like amount of special assessments levied and in~osed against
privately owned property in the East Side Bulkhead District of the City of Sanford, Florida
and has also made application to the Atlantic National ~ank of Jacksonville, Florida for
an additional short term loan of ~75,000.00 Under authority of Section ?, Chapter 989y, Laws
of Florida, 1923, and,
WHFMFAS, The Atlantic National Rank of Jacksonville, Florida has agreed to make said
short term loans to the City c~ Sanford, Florida at a rate of interest of 6~ per annum, paya~
ble quarterly, provided, the City of Sanford, Florida, shall and will sell and deliver unto
the Atlantic ~ational ~ank of Jacksonville, Florida, all special assessment bonds issued under
authority of Ordinance No. 94, adopted April 13th. 1925, and under authority of the General
Laws of the State of Florida, authorizing the issuance of improvement bonds, at $1,OOl.lO per .!~
~l,O00.O0 bond, with accrued interest to date of delivery, said bonds to bear interest at
the rate of six per cent per annum, interest payable semi-annually, and provided further that
the Atlantic National Bank of Jacksonville, Florida shall have the option of financing the
City of Sanford, Florida on approximately ~400,000.00 of work to be done in the West Side
Eulkhsad District now in process off cremation and establishment on the sa~;e basis and in the
same manner the ~tlantic National
~a~ of Jacksonville, Florida is ~o finance the City of
~anford, Floridaon the work now in progress in the East Side Bulkhead District, therefore,
BE IT PESOLVFD, that the proposition hereinabove outlined, for a temporary loan
submitted to
~.,~ ~tl~ntio ~ational
~an~ of Jacksonville, Florida, by Forrest Lake, as ~ayor
of the City of Sanford, Florida, ~nd accepted by the Atlantic ~ational Rank of Jacksonville
Florida, be and the s~me is hereby approved, and the action of the ~ayor of the City o f 2anford
Florida in negotiating said loan is hereby ratified and confirmed.
RE IT ~THEM FFSOLVED, T,bat in consideration of the financial assistance to be ren-
dered the City
MINUTES
CITY COMMISSION, SANFORD, FLORIDA, -- AU.~ust ~ 19_ 25 -
sold to the Atlantic National ;lank of Ja. cksonville, Florida, at and for the Price of
$100,OOl.lO ?er ~l,OCO.O0 bond, with accrued interest to d~te of delivery, said bonds
to bear interest at the rate of Six Per cent per annum, interest payable semi-annually
and to mature serially over a period of ten years from the date of issuance, said bonds
to be direct obligations of the ~City of Sanfcrd, Florida, secured by all special assessments
levied and imposed against privately owned property in the East tide Bulkhead District of
the City of Sanford, ?lorida, all cf the proceeds of said special assessments against
privately o~med property shall, upon collection, be immediately paid into a sinking fund
account and pledged solely for the payment of the principal and interest cf the special as-
sessment bonds to be issued against all special assessments levied and tmposel a~ainst privately
owned property in said East Side Bulkhead District and in event the proceeds of said special
assessments shal , be insufficient to provide for the payment of the principal and interest
of said bonds as the same become due and payable, a tax shall be levied annually upon all
,- e ~ ~lorida, sufficient to meet said deficiency, and
taxable property in the City of S~n~o-d, ~
the full faith and credit of the City of Sanford, Florida, is hereby irrevocably pledged
for the payment of the principal and interest of all said special assessment bonds.
BE IT FU~{ER RESOLVED, that the temporary loan of ~75,000.00 to be made to the City
of San ford, Florida, by the Atlantic National Bank of Jacksonville, Florida, under authority
of Section y, Chapter 9897 Laws of Florida, 1923, be funded with the proceeds of an issue
of bonds to be issued by the City of Sanford, Florida, to cover the proportion of the Cost
of the improvement to b~ made under authority of Ordinance No. 9~, properly chargeable
to the City of ~anford, Florida.
~=90~D that an option be, and the same is hereby ~ranted and given
BE IT F!~T.HF~ ~ .... ~ ,
unto the Atlantic :7ational ~ank of Jacksonville, vlorida , to purchase of mud from the
City cf s~for~, Vlorida , all speci~ assessment bonds to o~ issued aa-ainst speci~
assessments levied ~nd imposed a~atnst privately owned property in the l[est side ~ulkhead
district, now in the process of creation and establishzent, at ~1,00!,10 per
bond; with ~ccrued interest to date of delivery, said bonds ~o bear interest at ~he rate of
Six Per cent Der annum, interest payable semi-~.nually.
RE IT FURTHFR RESOLVED, that the ~ayor ~d ~he City Clerk of the City of Sanford
Florida, ~e hereby authorized to issue certificate of indebte~ess to the Atlantic ~a~zonal
Bank of J~cksonville, Florid~ in 5he sum of ~Tp,oOO.uO bearing interest mt the rate of
Six per cent per ~num, interest payable quarterly, said certificate of indebtedness to be
payable February l, 1926, ~d be funded by the proceeds of an issue of bonds to be issued
by the City of sanford, Flori~ to provis~ fun&~ to finance the proportion or the cost of
all improvements in the ~st side ~lkhead District properly payable by the City of sanford
Florida, ~nd if bonds for said proportion be not issued, said certificates of indebtedness
shall be funded with other funds of the City of 2anford, Florida, and
~ IT FU~THMM RESOLVED, That ~ke City cf Sanford, Florida, shall, if necessary levy
and impose on all taxable property~[i~,'~h~: ~t~. ~f SanfOrd, Florida, a tax sufficient to
orovids ~nds for the payment ~d ~schar~'e o. 1. s~t.d certificate of indebte~ess, with
any and all accrued interest t~n. :.