041780-Special Session 290
MINUTES
City Commission, Sanford, Florida
April 17 at 7:00 P. M.
19.80
The City Commission of the City of Sanford, Florida, met in Special Session in the
City Hall in the City of Sanford, Florida, at 12:00 o'clock Noon on April 17, 1980.
Present: Mayor-Commissioner Lee P. Moore
Commissioner John G. Morris
Commissioner Julian L. Stenstrom
Commissioner David T. Fart
Commissioner Edwin O. Keith
City Manager W. E. Knowles
City Clerk H. N. Tamm, Jr.
AbSent: ~City Attorney C. Vernon Mize,' Jr.
The Chairman announced that the purpose of the meeting was to discuss-the concept
of a voluntary defeasement schedule for the Public Improvement Revenue Bonds of the City of
Sanford. '
Mr. Loomis Leedy, F~sca-t Agent, stated~that it~appe'ared'from the reserves o'n hand
that U. S. securities could be purchased that would provide for the retirement and interest
on the aforesaid issue at their scheduled maturities through the year of 1998, and that it
would be necessary to employ bond attornies to prepare the! necesSarY escrow deposit agreement
so that the City could utilize the Florida Power and Light franchise monies ~for .other uses.
He stated that the funds necessary for the schedule would be determined by the market on the
date that the securities were purchased.
Commissioner Morris moved to authorize to proceed with the concept of the volun-
tary defeasement schedule of the Public Improvement Revenue Bonds. Seconded by Commissioner
Farr and carried.
Commissioner Stenstrom moved to authorize Loomis Leedy to act aS Fiscal Agent for
the preparation of the proper agreements and to authorize the Board of Bond TruStees to buy
and sell securities to .conform to the schedule to be submitted by Mr. Leedy. Seconded by
Commissioner Keith and carried.
There being no further business, the meeting was adjourned.
M A Y 0 R
ATTEST:
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