Loading...
091126CITY COMMISSION, SANFORD, FLORIDA, MINUTES ADJOUP~ED SESSION SEPTE~,~ER 11 2:30 19 2g ~e City Commission of the City of Sanford, Florida, met in adjourned session at the City Hall at Sanford, Florida at two-thirty O'Clock P.M. on September ll, 1926. Present: Commissioners, Forrest Lake, S 0 Chase and E F Housholder. HALSEY STUART & CO I~C. , ELDREDGE & CO $ and WRIGHT WARLOW & CO, submitted a pro- pos~l in writing to pua-chase at private sale $1,575,000.00 legally issued 5~-% Utility and Improvement bonds, dated July l, 1926, authorized by 0rdinaces Nos. llO,111, ll2, ll~, ll6, ll8 and 121, adopted March Jth, 1926, said proposal submitted by HALSEY STUART & CO INC. ELDREDGE & CO and ~IGHT, WARLOW & CO. was thoroughly discussed and thereupon, Comn~issione~ S 0 Chase offered the following Resolution to-wit: ~EREAS, the City Commission of the City of Sanford Florida , heretofore ordered to be advertised for sale on the 3rd. day of September ,1926 $1,575,000.00 legally issued 5½% Utility and In~rovement bonds of the City of Sanford, Florida, dated July l, 1926 authorized by Ordinances Nos. llO,111, ll2, ll4, ll5 , ll6, ll8, and 121 adopted March 8, 1926. and ~EREAS, on said date of sale certain proposals were received by the City Com~uission of the City of S~nford, Florida for the ptu~chase of said bonds, and ~WHEREAS after due consi~eration all of the bids submitted on September 3rd. 1926 for~the purchase of said bonds were rejected by the City Commission, and ~HEREAS, said bonds were not sold ptu~suant to said advertisement and ~ay now be legally sold at private sale, and ~HEREAS, HALSEY S~"WJART & CO I~C. ELDREDGE & CO ~nd .WRIGHT WARLOW A~D CO. have submitted a proposal for the purchase of said bonds, bearing interest at the rate of 5~ per annum, interest payable January first and July first of each year, both principal and interest being payable at Chase National B~nk in the City of New York, State of New York said bonds being of the denomination of $1000.00 each, all of said bonds being dated July 1 1926, and maturing respectively thirty years fzom and after said date, said bonds being authorized by~ Ordinances Nos. llO, lll, ll2, ll4, ll5, ll6, llS, and 121, adopted D~rch 8th 1926, said proposal being in words and figmLres as follows, Hon City Co~ission City of Sanford, Florida. ~ent~,,en · For the following utility bonds of your City, scribed as follows: $325,000.00 for the improvement and e~tension of ~200,000.O0 for thc improve~nent and extension of to-wmt. September 11, 1926. said bonds being more fully de- the Water Works Plant. the Gas Plant. said bonds being dated July 1, 1926, maturing without option of prior payment, July 1, 1956 bearing interest at the rate of ~½% per annum, both nrincipal and semi-annual interest payable at Ch~se National Bank, New York City, we will pay you $4~y,oo~.50 with accrued interest to date of delivery t~us. For .~1,050,000.00 general obligation bonds, more fully described as follows: $575,000.00 Sewer L~provement. ~100,000.00 Street Improvement i 100,000.00 For Purchase of Real Property ~ 100,~;00 00 For Municipal Hospital Bonds ~ lO0,O00.O0 l~unicipal Natatorium Bonds 75,000.00 For Extension of Street Lighting Equipment Said bonds being of the same date, interest rate and.having the same place of CITY COMMISSION, SANFORD. FLORIDA. MINUTES Sept ll, 1926 We hand you herewith our certified checks as folIOws: · ~5657 in the amount of $15,500.00 ,~.56.,4.8 in the ~mount of~l~,oo0.oo ~5b~9 in. the amount of ~ 4,000.00 (Total of $31,500.00) al of said checks being dravm on and certified by State Bank of Orlando,& Trust Co., which checks are to be held by you as evidence of good faith on our part in the performance of this contract and to be promptly returned to us in event the above attorneys cannot approve the legality of the issue. Respectfully submittes, HALSEY STUART & 00 INC. of New York ELDREDGE & CO., NEW, YORK WRIGHT, WARLOW & CO. ORLANDO FLORIDA By; (Signed) H S WHEELER" and, WHEREAS, it is the opinion of the City Commission of the City of SaD_ford, Florida, that it the bid of HALSEY STUART & CO INC., ELDREDGE & CO, and WRIGHT , WARLOW & CO. offering to pu~'chase said bonds bearing a rate of interest of 5~% per annum, at and for the respective prives hereinabove set forth, is the best and highest bid obtainable for the purchase of said bonds at private sale, said bid being in excess of any proposal submitted to this Co~uission on September 3rd. 1926 for the purchase of said bonds at public sale, therefore BE IT RESOLVED, that it is the opinion of this Commission that the said bid of HALSEY STUART & CO, ELDREDGE & CO, and WRIGHT, WARLOW & CO, this day submitted for the purchase of the issues of bonds above described at and for the sum of $1,549.862.50 with accrued interest ~to date of delivery be and the same is hereby accepted, and BE IT FURTHER RESOLVED, that the sale of said bonds be and the same is hereby awarded to HALSEY STUART & CO INC, ELDREDGE & CO. and WRIGHT, WARLOW & CO, upon the terms and. conditions! set for th in the written proposal of even date herewith submitted by HALSEY STUART & CO IN~ ELDREDGE & CO , and' WRIGHT WARLOW & CO., offering to purchase said bonds at private sale. BE IT FURTHER RESOLVED THAT said bonds of the City of Sanford, Florida, as above described in the aggregate sum of $1,575,000.00 authorized by the ordinances aforesaid, be delivered to HALSEY STUART & O0 INC, ELDGREDGE & CO, and WRIGHT WARLOW & CO, upon the payment there$or by HALSEY STUART & CO INC , ELDREDGE & CO, ~d WRIGHT WARLOW & CO. of the sum of $1,549.862.~0 with accrued interest to date of delivery. THEREUPON, the motion was put upon the adoption of the resolution offered by Co~m~issione~ Chase and upon a call o~ the roll, those voting for the adoption of the resolution were Commissioners, Forrest Lake, S 0 Chase and E F Housholder. THEREUPON, the Chairman of the Co~mmission announced that the City Commission by its vote had unanimously adopted the above and foregoing resolution awarding the sale of the bonds to HALSEY STUART & CO. INC, ELDREDGE & CO. and W~GHT, WARLOW & CO. The meeting then adjourned.