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061128-Special MeetingCITY COMMISSION, SANFORD, FLORIDA., MINUTES Special Neeting June 11 at 9 O01ock A N 28 39t at the The City 0ommission of the City of Sanford, Florid~ met in Special Sessiom 0ity Hall in Sanford, Florida at 90'01ock A ~ June llth, 1928 Present: 0ommissioner E F Rousholder, Mayor. S 0 Chase " Frank L Miller. 0ity Attorney, City Clerk, F City Manager, George A DeOottes S Lamson G H Cairns. The Chairman sznnnunced that M~ E R Ashcraft, Receiver of the Seminole County Bank, and his Attorney S R Dlghton, had requested a meeting with the Commission in order to submit a proposition with respect to the threatened petition against the validation of the $425,000.00 issue of bonds authorized by Resolution ~368 dated May 14, 1928, same bei~ in words and figures as follows: "To The Hon. City Commission of the City of Sanford, Florida: Gentlemen: With reference to the petition in Intervention filed by me in the 0ircuit 0curt of Seminole 0ounty on behalf of the Seminole County Bank as a taxpayer, I submit the following proposition for your consideration: I will withdraw the petition and my objections to your proposed refunding bond issue, if you will first enter into a written agreement to arbitrate, within thirty days, with em and the other holders of your obligation 'paper through assignment from the Seminole County Bank, the question of your liability thereon to the Seminole County Bank and such other holders, said arbitration to be made a rule of court from which there shall be no appeal; In explam&tion of my position, I desire to point out that the affairs of the Seminole County Bank can never be liquidated so long as the question of the liability of the City to said Bank upon paper aggregating more than $?O0,O00.00 remains undetermined. It is manifestly unfair to the depositors of the Seminole County Bank for the City to arbitrarily write off these o~ligations which your books show you have done, before a judicial determination is had of your liability thereon, and to delay such an adjudication' while at the same time you continue to pay, as you have already paid, other similam creditors of the City through a large increase in your bonded debt. The essence of the m~tter is whether the City is indeed liable upon these obligatio~s. It it is not, I have no desire to interfere with your refinancing plans. It it is, justice to the depositors of the Seminole County Bank demands that provision should be m~de for the prompt payment of these debts. I am convinced that your approval of this proposition will result: 1 In clearing the financial atmosphere of this Community. 2. In settling many intricate and perplexing questions which in a large measure are responsible for our present financial unrest. 3- In sooner completing the liquidation of the Seminole County Bank which is a development greatly to be desired, not only for the best interest of the depositors but of the community as a whole. MINUTES CItY COMMISSION, SANFORD, FLORIDA,_J~ m~.~.~ ._T,~_~_~ ~-! ~ ? .~. ~ ~9 2~ 5 In assisting you in refinancing the City upon a basle that will ineure credit standing and materially reduce the tax burden upon the people. 6. In saving to the City and the depositors of the Bank many thousands of in its dollars attorney fees and other expenses which would otherwise be spent in protracted litigation.i Your refusal to accept the aboveSuggestion can oly be construed as disregarding the rig~ rights of the depositors of the bank which I represent as Receiver, in which event I will feel amply justified in proceeding with my petition in intervention to protect such depositorS, amd I shall resist with all the power at my command your present policy of paying your other creditors through large increases in your bonded debt to the exclusion of our claim. Very truly yours, E H Ashcraft After a thorough discussion as to whether this matter of the legality of the so- should be decided called obligations/ by Arbitration, as suggested by Nr Ashcraft, or by the Courts, and it being the sense of the Commission , that it is a matter for the Courts to decide, Commissioner Niller made a motion which wes 'seconded by ~is~o~er ~h~e, that the proposition of Nr Ashoraft be rejected, and the roll being called, Commissioner Housholder Aye Commissioner Chase Aye Commissioner Miller Aye June ll, the vote stands as follows: There being no further business,the meeting adjourned to meet at 2 O'Clock P M. 1928. Attest: City C~erk. Mayor CITY COMMISSION, SANFORD, FLORIDA, MINUTES Regular Meeting June llth at 2 P M 393 The City 0ommission of the City of Sanford Florida met at the 0ity Hall im Sanford Florida at 2 O'Clock P M June ll, 1928. Present: Commissioner E F Housholder, M~yor " S 0 Chase " Frank L Miller 0ity Attorney, George A DeOottes City Manager, George H Cairns. City Clerk, F 8 Lamson~ The Chairman stated that the first business to be taken u~ would be the consideration of ~ny proposals submitted to purchase the $183,OOO.O0 Refunding Bonds of an issue of $693,000.00 authorized by Resolution $358 adopted by the City Oommissiom of the City of Sanford, Florida on the 30th day of November 1927 and $425,000.00 of an issue of like amount authorized by Resolution $368 adopted by the City Commission of the City of Sanford, Florida May 14, 1928. Thereupon the Clerk announced that only one sealed bid had been received. The Clerk was ordered to open and read said bid, the same being the bid of Spitzer, Rorick & Company by Ray M Mann, agent , said bid offering to purchase the $183,0OO.00 Refundirg Bondsoff the issue of $693,000.00 to bear interest at the rate of 5~% per centum per annum, at and for the price of 95.5% of the par value, with accrued interest to date of delivery, said bonds to be dated January l, 1928; delivery to be made on or before July 1st, 1928 or later at the City's option, provided Spitzer, Rorick & Company are given the privilege to extend the time of delivery or cancel the contract in event delivery cannot be made by July 1, 1928 provided, also that Spitzer, Rorick and Company wlll be given the option to purchase the $425,000.00 RefundirE Bonds in the event the City will be in a position to deliver them. After a thorough consideration, the bid of Spitzer, Rorick & Co. of Toledo Ohio, was rejected and the Clerk was directed to forthwith return to said bidder the good faith check submitted with said bid. Minutes of Regular Meeting of May 14th and Regular meeting of May 28th 1928 read and approved. Mr Clyde Byrd, Manager of the Sanford office of the Florida Power & Light Co. appea ed with the request that an agreement be signed between the 0ity of Sanford and the Florida Power & Light Co. whereby the Florida Light & Power Co will cut off for a period of one year from May l, 1928 to April 30th, 1929, 194 street lighting lamps as designated in said agreement and will at the end of that period without further notice, agreement being in words and figures as follows: City of 8anford Sanford Florida. Gentltemen: RE:STREET LIGHTING AGREEMENT__~, restore these lights to service, sai May l, 1928. In accordance with your request and for the purpose of relieving you of some of your present financial burden, we hereby agree to cut off for a period of one year from may 1st, 1928 to April 30th, 1929, inclusive, one hundred and ninety-four (194) lights of the "White Way" system on the Dusk to Midnight and Dusk to Dawn b~zrning schedule, more particularly described and set forth as follows: 8 - 80 Op Over Head Dusk to Dawn Lamps 26- 80 OP White Way Dusk to Dawn ~amps · $25.oo yr. $2oo.oo · 2o.oo yr 5 9.oo 394 CITY COMMISSION, SANFORD, FLORIDA, MINUTES Regular Meeting june 11 for which we are now furnishing electric energy and service under the Street Lighting Agreement between your City and this Company,s predecessor, the $outhe~nUtilities Company dated July 13th 1920 and to reduce your monthly bills under said agreement proportionately for s~id period of one year, it being understood and agreed that none of the terms and obligations under said agreement, dated J~ly 13th , 1920 shall be suspended hereby, except as provided herein. As of May 1st, 1929, we will, without further notice restore to serviee and thereafter bill you for the street lights cut out in accordance herewith. If the foregoing is agreeable to you, kindly so indicate on the space provided below on this original letter and on the inclosed copy, returning the copy to us for our files. We agree to the foregoing. 0ITY OF SANFORD, FLORIDA. By E F Housholder Mayor. Attest: F S Lsuns~ City Clerk. Date: June 11, 1928. Very truly yours, FLORIDA POWER & LIGHT COMPANY By .... Joe H Gill Vice President & ~en'l Manager. The Legal Department having assured the Commission that there was nothing contained in said agreement detrimental to the interests of the City smd upon motion duly adopted, E F Housholder, as Mayor, and F S Lamson as City Clerk were instructed to execute the agreement as requested with the Florida Power & Light Co. On motion duly adopted, it was ordered that the practice heretofore followed of allowing two weeks annual vacation, with pay, for all salaried employees of the City should be followed this year, with the proviso, that in no case shall any extra help be employed to per mit vacations being taken. Current invoices and payrolls as vouchered by the Accounting Department were sub- mitted, examined, approved and the Clerk i~tructed to draw checks in payment thereof. Bank Statements for the month of May 1928, in all accounts were submitted, ex- amined and ordered filed. Regular financial statement and statement of revenue and expenditures for the month of M~y 1928 as prepared by the Accounting Department, submitted and approved. Monthly report of City Manager G H Cairns submitted and accepted. There being no further business 1928 at 2 O'Clock P M 1928 the meeting adjourned to meet again on June 15th. Mayor.