112956-Special Session MINUTES.. · ·
City CommisSion, Sanford, Florida, November 29,~ at 9 P. N.
19 56
155
The City Commission of the City of Sanford, Florida, met in special session at
the City Hall in the City~ of Sanford, Florida, at 9:00 o'clock P. M., November 29, 1956.
Present: Commissioner F. D. Scott, Mayor " David M Gatchel
" Earl Higginbo tham
" John S. Krider Sr.,
" 'A. L. Wil~n
City Attorney W. C. Hutchison, Jr.,
City Clerk & Dir. of Finance H. N. Sayer
City Manager W. E. Knowles
Ass't Dir.' of Finance H. N. Tamm, Jr.,
Meeting called t~o Order by the CHairman who announced that the meeting had been
called for the purpose of considering a proposal of'~.Le6~y,~Mheeler & Alleman, Investment
Bankers, of Orlando, to purchase the $400,0~0.00 Revenue Certificat~ proposed to be issued
by the City to finance the Capital Improvement Program.
All members of the C6mmission being present, Commiss~ner Higginbotham then m~ed
the waiver of the requirement of "Written Notice" of this called meeting.
m~mioner Krider and carried by the following vote of the Commission:
Oommlssi oner Scott Yea
" Gat che 1 Yea
" Higginbotham Yea
" Krider Yea
" Wilson Yea
Seconded by Com-
Mr. Loomis C. Leedy Jr., of Leedy, Wheeler & Alleman, then submitted a proposed
contract to purchase the $400,000.00 revenue certificates at 96% of par value, with interest
rate of ~% per annum on the certificates. Said certificate to mature serially over a
period of 25 'years, beginning three years after date of issuance, payable solely and
and secured By pledge of the electric franchise tax, with callable feature after 15 years
for refunding purpose, and after 5 years for retirement purpose. Mr. Leedy also submitted
an alternate offer of 97% of par value, with callable feature after 10 years for retirement
purpos e.
Thereupon after a lengthy discussion, Commissioner Higginbotham moved that th~
called meeting be adjourned un,il lO:00 o'clock A. M. November 30, 1956, for ~he purpose of
considering the bond sale contract submitted by Leedy, Wheeler & Alleman. Seconded by
Commissioner Krider and carried.
There being no further business the meeting then adjourned 'until lO:O0 o'clock
A. M. November 30, 1956.
ATTEST:
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