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060126CITY COMMISSION, SANFORD, FLORIDA, MINUTES Adjourned Session - June 1. 1926. 2 P.N. 19__ The City Commission of the 0ity of Sanford, Florida met at the City Hall at Sam-ford Florida on the 1st day of June A.D.1926, at two O'Clock P.N. Present: Commissioners : Forrest Lake (Nayor) S 0 Chase and E F Housholder. City Attorney; George A.DeO~ttes; Oity Nanager W.B.Wllliams, City Engineer, Fred T Williams City Clerk L R Philips. H V Condict submitted a proposition to the City Commission offering to secure a purchaser for three issues of bonds of the City of Sanford, Florida, known as Bulkhead Improvement Bonds, authorized by Resolutionsl'275,~276 and of the City of Sanford, Ylori adopted on the 26th day of April 1926, aggregating the sum of $73%000.o0 , said bonds to be dated January 1st, 1926 and to bear 'interest at the rate of Six Per Centum per annum interest payable semi-armuAtly at some bank in the City of New York, Sta~e of New York, at a price not less than par, with accrued interest to date of delivery, provid~ed the City of Sam_ford, Florida will agree that the City of Sanford, Florida will offer no additional bonds for sale for a period of sixty days from and after the date of the delivery of the above mentioned bonds, said written proposal of H V Condict to act as fiscal agent being in words as follows, to-Wit: June l, 1926 Oity Commission, Sanford, Florida. Sirs: I Will undertake and agree to procure for you a purchaser for your $734,000.00 City of Sanford Florida 6% Bulkhead Improvement bonds, more fully described in the notice of sale of 5apds~et~e~Olty of Sanford, Florida, advertised to b e sold on Nky 31st. 1926, as published in the Daily Bond Buyer, and in the Sanford Eerald, who will pay you for said bonds not less than the par value thereof, together with accrued interest to date of delivery, said bonds to bea~ interest at the rate of six per centum per annum, interest payable semi-annually, for said service to be performed by me, as your fiscal agent, you a~re to pay me~$13,O00.O0 in cash at the time of the delivery ~ the purchaser and thepayment by the purchaser of the purchase price of said bonds. This offer is made you on the ~ndition that if I do so procure a purchaser for the above described bonds, the City of Sam_ford, Florida shall agree that no additional bonds of the 0ity of Sanford, Florida , will be offered for sale for a period of simty to the purchaser secured days from and after the date of the delivery of the above bonds by me. Yours truly, (Signed) H V 0ondict. " The m~tter was thoroughly discussed by the Commission, and thereupon, Commissioner S 0 Chase offered the following Resolution to-Wit: WHEREAS, H V Condict, has offered to procure a purchaser for the $734,000.00 leg[[ly issued 6% Bulkhead Improvement Bonds of the 0ity of Sanford, Florida, dated January 1st, 1926, authorized by resolutions 275, 276, and 277, adopted April 26, 1926. who will purchase said bonds at not less than par, at said ~ate of interest with accrued interest to date of delivery, and CITY COMMISSION, SANFORD, FLORIDA. minuTes June l~ 1~26 19 WHEREAS, for said service to be so performed by H V Condict, the said H V Condict requires a fee of $13,OO0.O0 to be paid in cash to him by the City of Sanford, Florida as soon as the purchaser produced by H V Condict has accepted delivery of the above bonds at a price not less than par, with accrued interest to date of delivery , and WHEREAS, it is the sense of this Commission that the acceptance of the proposition submitted by H V ¢ondict will be most advantageous to the City, therefore, BE IT RESOLVED, that the proposition of H V Condict bm, and the same is hereby accepted, and BE IT FURTHER RESOLVED, that when said bonds have been delivered to the purchaser produced by H V Condiot who will pay for said bonds not less th~n par, with accrued interest to date of delivery, that H V Condict be paid the sum of $13,000.00 in cash by the City of Sanford, Florida, for services performed by him as fiscal agent of the City of Sanford, Florida, and. BE IT FURTHER RESOLVED, that no additional bonds of the City of Sanford, Florida shall be offered for sale prior to sixty days from and after the date of the delivery of the above bonds to the purchaser thereof to be secured by said H V Condict. There being no further business the meeting adjourned. M~yor Attest: · Oity Clerk.