071162MINUTES
City Commission, Sanford, Florida,_ July 11 ,,._~52:00 P. FI.
19_6__2 ,.
The City Commission of the City of sanford, Florida, met in regular adjourned session
at the City Hall in the City of Sanford, Florida at 2:00 o'clock P. M. on July 11, 1962.
Present: Commissioner J. H. Crapps, Mayor " Joe B. Baker
" Thomas S. McDonald
" A.L. Wilson
City Attorney Wm. C. Hutchison,.Jr.
City Manager W. E. Knowles
City Clerk H. N. Ta~"~m, Jr.
Deputy Clerk Rosa M. Rotundo
Absent: Commissioner Earl Higginbotham
Police Chief R. G. Williams
The meeting was called to order by the Chairman.
The first order of business was to receive bids for the sale of $200,000.00 Water and
Sewer Revenue Certificates Series 1962 as proposed and described in the following legal
"Notice of Sale" published in the Sanford Herald on Jun~ 19, 26, and July 3, 1962, and in
the Bond Buyer on June 20 and 25, 1962.
NOTICE OF SALE CITY OF SANFORD, FLORIDA
$200,000.00 WATER AND SEWER REVENUE
CERTIFICATES SERIES 1962
SEALED PROPOSALS will be received by the City Commissioner until 2:00 o'clock P.
E.S.T. on July 11, 1962, at its office in the City Hall, Sanford, Florida, for the purchase
of $200,000 Water and Sewer Revenue Certificates, Series 1962, dated May 1, 1962, and
maturing on November 1 of each year, $10,000 in 1963 to 1982, both inclusive.
Said Certificates maturing in 1973 and thereafter shall be redeemable on or after
November 1, 1972, at par and accrued interest plus premiums as provided in the ordinance
authorizing the Certificates.
Bidders may specify any number of rates of interest, expressed in multiples of one-
eighth or one-twentieth of one per centum, with the same rate for any one maturity, and no
named rate to exceed 5% per annum. Bidders may offfer to pay not less than 98% of par.
Interest on the Certificates becoming due on each semi-annual interest payment date will be
evidenced by a single coupon.
Said Certificates are payable solely from the revenues of the combined Water and Sewer
System of the City, and will rank equally and be on a parity as to the lien on such revenues
with certain, outstanding obligations and will be subordinate as to the lien on the net
revenues o~ the Water Syooem of said combined Water and Sewer System with other outstanding
obligations all heretofore issued by the City.
Legal opinion of Caldwell, Trimble & FIitchell, New York City, to be furnished without
charge.
Each bid must be accompanied by a certified, or cashier's or treasurer's check drawn
upon an incorporated bank or trust company in the amount of $4,000.
Further and more detailed information and copies of the Official Statement and bid form
may be had upon application to the undersigned.
s/ H. M. Tamm, Jr.
City Clerk
MINUTES
City CommiSsion, Sanford, Florida, July 11 at 2:00
19.62
Bidders:
Years & Coupons
Discount
Gross Interest
Plus Discount
Net Interest Cost
% Interest Cost
Wm. R. Hough
St. Petersburgh
Fla.
1963 thru 1968 3%
1969 " 3.50%
1970 " 3.40%
1971 " 1972 3.5%
1973 3.6%
1974 " 1975 3.7%
1976 " 1977 3.8%
1978 "1979 3.~
1980 "1982 ~.0%
Leedy ~eeler &
Alleman
Orlando, Fla
1963 thru 1969 3%
1970 "1972 5.2%
1973 "197# 5.5%
1975 "1976 3.7%
1977 "1982 3.8%
Stubbs, Watkins &
Lombardo
Birmingham, Ala.
1963 thru 1977 3.75%
1978 " 1982 3.5%
$81,385.00 $7S, 370. O0 $80,187.50
4,000. O0 4,000.00 4,000. O0
$85,585. O0 $82,370. O0 $84,187.50
3.88113 3.7~1 3 · 8267
Commissioner McDonald next introduced Resolution No. 961 and after being read in
full, moved its passage and adoption and authorized the Mayor to execute same. .Seconded
by execute same. Seconded by Commissioner Baker and carried unanimously.
Said Resolution No. 961 being in words and figures as follows:
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF SANFORD, FLORIDA, AWARDING $200,000
WATER AND SEWER REVENUE CERTIFICATES, SERIES
1962.
WHEREAS, pursuant to notice heretofore duly published for the sale of $200,000 Water
and Sewer Revenue Certificates, Series 1962, dated May l, 1962, the following sealed pro-
posals have been received:
The proposal of Leedy, Wheeler & Alleman, Inc., offering to pay the sum of One Hun-
dred Ninety-six Thousand and no/lO0 Dollars ($196,000.O03, together with accrued interest
from the date of said Certificates to the date of delivery thereof, for said Certificates
bearing interest at the rate of three per centum (3%) per annum on the Certificates ma-
turing in the years 1963 to 1969, inclusive; at the rate of three and twenty one-hundredths
per centum (3.20%) per annum on the Certificates maturing in the years 1970 to 1972, in-
clusive; at the rate of three and one-half per centum (3 1/~) per annum on the Certificates
maturing in the years 1973 and 1974; at the rate of three and seventy one-hundredths per
centum (3.70%) per annum on the Certificates maturing in the years 1975 and 1976; and at
the rate of three and eighty one-hundredths per centum (3.8~) per annum on the Certificates
maturing in the years 1977 to 1982, inclusive, being a net interest cost of $82,370.00.
The proposal of Stubbs, Watkins & Lombardo, Inc., offering to pay the sum of One
Hundred Ninety-six Thousand and no/lO0 Dollars ($196,000.003, together with accrued interest
from the date of said Certificates to the date of delivery thereof, for said Certificates
bearing interest at the rate of three and three-fourths per centum (3 3/4%) per annum on
the Gertificates maturing in the years 1963 to 1977, inclusive; and at the rate of three
and one-half per centum (3 1/~) per annum on the Certificates maturing in the years 1978
to 1982, inclusive, being a net interest cost of $8~,187.50.
The proposal of William R. Hough & Co., offering to pay the sum of One Hundred Ninety-
Six Thousand and no/lO0 Dollars ($196,000.003, together with accrued interest from the date
of said Certificates to the date of delivery thereof, for said Certificates bearing interest
at the rate of three per centum (3%) per annum on the Certificates maturing in the years
1963 to 1968, inclusive; at the rate of three and three-tenths per centum (3.3%) per annum
MINUTES
City Commission, Sanford, Florida, July 11 at 2:00 P. M.
19,62
maturing in the year 1973; at the rate of three and seven-tenths per centum (3.7%) per annum
on the Certificates maturing in the years 1974 and 1975; at the rate of three and eight-
tenths per centum (3.8%) per annum on the Certificates maturing in the years 1976 and 1977;
at the rate of three and nine-tenths per centum (3.9%) per annum on the Certificates
maturing in the years 1978 and 1979; and at the rate of four per centum (4%) per annum on
the CertificaTes maturing in the years.1980 to 1982, inclusive, being a net interest cost
of $85,385.00.
WHEREAS, the proposal of Leedy, Wheeler & Alleman, Inc., r~ferred to in the preambles
hereof, is the highest and most advantageous of said bids, and in all other respects complies
with said notice of sale; now, therefore,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA:
Section 1. That the proposal of Leedy, Wheeler & Alleman, Inc., referred to in the
preambles hereof, be and the same is hereby accepted, and the following described Water and
Sewer Revenue Certificates, Series 1962, be and they are hereby awarded and sold to the said
purchaser referred to in the preambles hereof:
$200,000 - WATER AND SEWER REVENUE CERTIFICATES~ SERIES 1962,
dates May l, 1962, numbered i to 200, inclusive,
in the denomination of $1,000 each, bearing interest
and maturing on November i in the years and amounts
as follows:
Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1963 $10,000 3% 1973 $10,000 3 1/2~
1964 lO,O00 3% 1974 lO,O00 3 1/2%
1965 10,000 3% 1975 10,000 3.7~
1966 10,000 3% 1976 10,000 3.70%
1967 10,000 3% 1977 10,000 3.80%
1968 10,000 3% 1978 10,000 3.80%
1969 l0,000 3% 1979 l0,000 3.80%
1970 lO~',O00 3.20% 1980 lO ,000 3.80%
1971 l0,000 3.20% 1981 l0,000 3.80%
1972 10,000 3.20% 1982 10,000 3.80%
Section 2. That the proper officers of the Commission be and theY are hereby authorize(
and directed to execute said Certificates when prepared and to deliver same to said purchaser
upon payment of the purchase price pursuant to the conditions stated in the notice of sale
without, further authority from this Commission.
Section 3. That the City Clerk be and he is hereby authorized and directed to return
forthWith the good faith checks of all unsuccessful bidders.
Section 4. This resolution shall take effect immediately.
PASSED AND ADOPTED THIS 11 day of July, A. D. 1962.
Attest:
H. N. Tamm~ Jr.
City Clerk
J. H. Crapps
Mayor
On motion of Commissioner McDonald, seconded by Commissioner Baker and carried, Gene
Meadows was approved as an individual to sub lease a portion of the proposed San A Lee
Marina from Jack Trim.
MINUTES
City Commission, Sanford, FlOrida,. ,, July 11 at 2: O0 P. M.
Wm. Leffler, Jr., Engineer, next submitted Estimate No. 1 in amount of $~8,263.55
covering work completed and materials on job site to July 6, 1962~ on Contract with Texas
Mid West Contracting Co., Inc., dated May 9, 1962, for the Sewage Treatment Plant. After
consideration and on motion of Commissioner Baker, seconded by Commissioner Wilson and
carried, payment was authorized from the Construction Trust Fund of 1962 in the amount of
$~3,~37.19 for Estimate No. 1, less 10% retainage.
There being no further business
nf
the meeting adjourn~.~ /
/ /