07/02/1941
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MEETDm OF TIIE CITY Cm,~ISSION OF CITY OF CLEAH\iATER FLOIUDlh
The City Commission of the City of CleHl'Vl8ter Florid!..\. net in Specle.l Session
July 2, 1941, at 5 o'clock 1). ~.l. in t.he Cit~~ Hull with the follo\'JiI1~ members present:
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George n. Seovy, l,1ayor Cor.lIIliBBionol',
Sumner R. Lowe. CO!1mi:JSioner
V~. Watson dlark >>
Jesse G. Smith ff
IIerbf}rt Cr1 co "
Absent:
none.
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The meeting was duly Co.] led to order by U'wor-CoruniosloIlCT, Geo. R. Se~"~".
Ci ty Manacer F. 1... Hendrix read to tho Donrd u pl'o!lo~3e'1 (~ll'eonent betvll~(m Leedy, Wheeler
&. Company of OrIEl 11do lnor1 du, and the C1 t~, of Clon l":m tel', wlwl''i:Jby Leedy, Wheol!=lT and
Company proposed to refund th8 e261,OOO.OO of Sewer ncvenue Certificates now outstanding.
Moved by l.ll'. Lowe , secondod by I.Ir. Smi th and unnnimously carried thn t the proposed
aereement be aocepted. Below is set out in full tho aocepted acroemont:
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"Agre Of.len t tt
This agreer:lent made and entered into this 7th day of July 191.1, by and betv/een !..eedy,
Vlheeler & Co., a Florida Corporation, party of the first part hereinafter referred to as
"Leedy" t and the City of Clear'wa ter Flor1 du, u Municipal Corporation, party 01: the senond
part. , hereinafter referred to as the "Cit y" (See back of this sheet *******
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The City will endeavor to purchase from the Reconstruction Finance Corporation certain
Sewer Revenue Certificates of the City of Clean/uter in the amount of ~26l,OOO.OO, whioh
Certifioates are dated Oot 1,' 1938, and benr interest at the rate of 4% per annum..
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In the event that the City is able to purohuse said Sewer Revenue Certificates at a price
not exceeding par and accrued interest , Leedy shall thereupon immediately pQl'chuse said
Certifioates from the City, paying therefor the same amount paid by the City to the
Reconstruotion Finanoe Co~poration for said Certificates. When the City has completed
arrangements to purchase saiu Certificates from the Reconstruction Finance Corporation,
written notice to that effect shall be given to Leedy, and Leedy shall furnish the neocessary
funds for the purpose of said Certificates withing ten (lO) days after said notice has
been given.
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Immediately after the purchase of said Sewer Revenue Certificates from the Reconstruotion
Finance Corporation has been accomp~ished, the City shall by proper aotions cause
Refunding Revenue Certlfica~es to be authorized and validated by the Cirouit Court, or
the Supreme Court of Florida in the event an appeal is carried to suoh Court, in an amount
sufficient to provide funds to pay all outstanding Sewer Revenue Certificates of thd City
as above described, using such procedure add forms therefor as shall be furnished by attorneys
designated by Leedy and approved by a nationally recognized firm of Bond attorneys
acceptable to Leedy; that the City shall immediately do or cause to be done all things
incident to t~e immediate authorization and issuance of said Refunding Certificates and that
said Certificates shall be executed in a manner required by law.
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When the Refunding Revenue Certificates have been authorized, issued, and the procedure
approved by nationally known bond attorneys, then Leedy shall immediately deliver to the
City the present Sewer Revenue Certificates now outstanding, reoeiving in exchange therefor
refunding certificates of the same amount.
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Said Refunding Revenue Certificates shall bear interest at the rate of 3i per cent
per annum, payable semi-annually; shall be issued in the denomination of $1000.00 eaoh , shall
mature approximately as do the present outstanding Certificates, and shall be secured by a
first and exclusive lien on the present revenues of the sewer system of the City or
61earwater combined with a second lien on the revenues of the gas plant , which lien Is to
be open-ended after a coverage of 1.75% of the annual servioe charges has been provided, and
which shall contain such other details as may be mutually agreed upon by the parties hereto.
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Leedy shall defray all expenses in connection with the refunding herein provided for,
inoluding the printing of the Refunding Certificates , the obtaining of the approving opinion
of nationally known bond attorneys, and any travelling expenses that may be incurred by any
employees of the City in connection with this refunding. It is the intention of this
agreement that Leedy shall enable the City to replace its present 4% sewer Certificates with
Refunding Certificates bearing 3~% interest, and that this shall be acoom~11shed without
any expense whatever to the City.
(See over for Continuation)
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******* WITNESSETH. That in consideration ot the sun or One Dollar($l.oo) paid b~ eaoh of the
parties hereto to the other , reoeipt whereof 1s hereby mutually acknowledged , and
in turther oonsideration of the terms, oovenants and mutual promds9s herein contained
it 1s mutually understood and agreed as tollows:(Seeftirst page)' ,
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By
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L C Leed~ .
, resident
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In the event that the city dec1de4 to have additional Refunding Certifioates printed
and validated in exoess of the amount neoessary to exoha~ge 'for the present
outstanding Certifioates , then, and in that event the City shall pay any expenses
that may be inourred on acoount of the issue of said additional Certifioates . the amount
to be paid in such event to be agreed upon by the parties hereto.
In Witness Whereof the party ot the first part has caused this agreement to
be exeouted in triplioate by its President , and the party of the second part
has oaused said agreement to be exeouted in duplioate by its city Manager , and
City Auditor & Clerk, oountersigned by its Mayor-Commissioner. and the seal ot 'said
City to be duly affixed hereto the day and year tirst above written
LEEDY, WHEELER & COMPANY
CITY OFCLEARVlATER FLORIDA.
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BY'
l!'. L. lIen drix
0ity Manager
Frank Cooler:
city Auditor &. Clerk
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. , Countersigned:
Ceo. R. Se~
Mayor-Comm1 sslone r.
City Sed.
Witnesses:
Witnesses:
, 'H. G. Wingo
E. C. Ho~e.n J'r.
· H. Smith
M. Elms
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as'to the City ot Clearwater.
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as to Leedy, Wheeler & Company
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There being no further business to oome Hetors the Board t~e meeting wes a~jbu~ned.
, , '..01 ty Auditor & Clerk. t
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Mayor-Commissioner. .
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