102656-Special Called SessionMINUTES
City Co~mission, San£ord, Florida, 0cgober 26 at 3 P.bi. 19 56
The City Commission of the City of Sanford, Florida, met in special called session
at the City Hall in the City of Sanfor~, Florida, at ~:00 o'clock P. M. October 26, 1956.
Present: Commissioner F. D. Scott, Mayor
" David M. Gatchel
" Earl Higginbo tham
" John S. Krider
" A.L. Wilson
City Attorney W. C. Hutchison, Jr.
City Clark H. N. Sayer
City Manager W. E. Knowles
Meeting called to order by the Chairma~ who announced that the meeting had been
called for the purpose of considering a Joint proposal of Gunby & Company of DeLand, and
B. J. Van Ingen & Company, Inc., of Miami, to act as financial advisors for the City in
issuing the proposed revenue certificates in sum of $400,000.00 for financing the "capital
Improvements Program", and also to purchase the revenue certificates.
All membe'~s ~of the Commission being present, Commissioner Higgin~otham then moved
the waiver of the requirement of "Written Notice" of this Called meeting.
Commissioner Gatchel and carried by the following Vote of the Commission:
Commissioner Scott Y~a
" Gatchel Yea
" Hlgginbotham Yea
" Krider Yea
" Wilson Yea
Seconded 9y
Messrs. D. Kirk Gunby of Gunby & Cam pany and Robert H. Cook of B. J. Van Ingen &
Com~pany, Inc., then submitted a proposal to issue revenue certificates maturing serially
over a period of 25 years, beginning two years after date of issuance, payable solely and
secured by pledge of the electric franchise tax. All certificates to be callable prior to
their respective date of maturity at premium of 2% of par value. Also, a sinking fund
reserve requirement for first two years 'of a sum equal to the annual retirement of the cer-
tificates.
After discussion and careful consideration, the Commission approved the proposed
maturity schedule and call features for the revenue certificates, and authorized Messrs.
Gunby & Cook to proveed with securing legality approval of the issue.
Messrs. Gunby & Cook next requested that they be granted an option for ten (10) days
to purchase the $400,000.00 revenue certificates issue at private sale, and submitted an offer
of 98% of par value, with interest rate of 4~% per annum on the certificates.
Thereupon after discussion and c or~ideration, Commissioner HigginbOtham moved ~hat
for l0 days from date the Commission will take no action with any other investment firm to
sell the proposed revenue certificates; and. further moved that ~ it is deemed that the City
~has legal authority iD sell revenue certificates at private sale, the Commission wills~ll
to Gunby & Company and B. J. Van Ingen & Company, Inc., the $~00,000.00 issue of revenue
certificates at price of 98% of par value, with interest rate of ~2% per annum on the
certificates. Seconded. by Commissioner Gatchel and carried.
There being no further business the meeting adjourned.
ATTEST:
gm