112185-Special Session MINUTES
City Commission, Sanford, Florida
245
November 21,
19 85
The City Commission of the City of Sanford, Florida, met in Special Session in the
City ManaGer's Conference Room in the City Hall in the City of Sanford, Florida, at 4:30
o'clock P. M. on November 21, 1985.
Present:
Mayor-Commissioner Bettye D. Smith
Commissioner John Y. Mercer
Commissioner Milton E. Smith
Commissioner David T. Farr
Commissioner Bob Thomas
City ManaGer Frank A. Faison
City Clerk H. N. Tamm, Jr.
Absent: City Attorney William L. Colbert
The meeting was called to order by the Chairman.
The City ManaGer reported that proposals for an $8,000,000.00 line of credit' for
purchase of land and improvements to sanitary sewer facilities were received from
institutions as follows:
Southeast Bank, N.A.
Sun Bank, N.A.
Barnett Bank - Option I
Option II
(Bond Anticipation Note)
Florida National Bank
SIX MONTHS - $8,000,000
% of Prime Total
62% $235,600.
63% $239,400.
67% $254,600.
65% $247,000.
62% ($235,000)
plus 1.0% commitment fee ($80,000)
(Loan)
$315,000.
The City ManaGer, also, reported that the Southeast Bank, N.A., had included a
ParaGraph E, which stipulated approval subject to additional depository arrangement to be
mutually agreed upon.
Commissioner Farr moved to accept the proposal from 'Southeast Bank, N.A., with the
deletion of ParaGraph E. Seconded by Commissioner Smith and carried. Commissioner Mercer
abstained from the vote and stated he was an officer in the Sanford Branch, Southeast Bank,
N.A.
There being no further business, the meeting was adjourned.
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ATTEST: