07/28/1941
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- MINUTES OF THE MEETING OF THE CITY COMMISSION
July 28, 1941
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THE CITY COMMISSION OF THE CITY OF CLEARWATER, FLORIDA, met
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in special session at the City Hall, Julr 28, 1941, at 8:00 p.m., with the
~ollowing members present:
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Geo. R. Seavy, Mayor-Commissioner
,. Jesse G. Smith, Commissioner '
Sumner R. Lowe, Commissioner
ABSENT: Wm. Watson Clark
Herbert Grice
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The meeting was duly called to orde-r by Mayor Geo~'1 R. Seavy,
a'fter which he s:;sked City' Attorney Ralph Richards to read a proposed resolu-
tion authorirzlng':the purohase of $50,000.00 Defe_ Bonds, by City of Clear-
water, from Bond Interest Funds. Below is set out the resolution in full:
RESOLUTION:
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Whereas, the modified contract entered into by the City of Clear-
water with its general bond holders on July 1st, 1936, which contract covered the
refunding of' the city's general bonded indebte~nea~ ~,;' r,eqUl'i'es the"Ci ty to main-
tain a reserve at all times amounting to six months' interest on its' outstanding
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bonds; and
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WHEREAS) six months" interest on the bonds at present out-
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standing amounts to approximately $58~150; and
WHEREAS the City has, since January 1st, 1939, strictly'followed
the terms of the bond refunding contract, and intends to continue 'to comply with
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VVHEREAS is is the belief of the City Commission tha t investment
in said bonds will not only benefit the City by securing some interest on the
reserve fund but will also aid the United States Government in its efforts to
provide security for our nation and for the democratic way of life.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA:
1. That $50~OOO.OO of the City's interest reserve fund immediately
be invested in United States Savings Bonds, Defense Series "GIt.
2. That in January, 1942, an additional $8~ooO.oO of the City's
interest reserve fund be invested in United States Savings Bonds, Def'enseSer1es
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;. That the City Manager and City Auditor and Clerk be and
they are hereby authorized and direoted to d raw checks on the City's funds
~o the order of the United States Government for the purchase of defense
bonds as hereinabove set forth.
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4. That all bonds purchased by the City under authorit~ of this
Resolution shall be registered in tne name of the City of Clearwater, that
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such bonds shall be properly kept and ear-~rked as a part o~ the interest
reserve fund of the City under tpe bond refunding oontraot, and shall be used
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for no other purpose.
This Resolution passed and adopted by the ~ity Oommission o~
the City of Clearwater~ Floripa, this 28th day ,of July~'A.. D., 1941.
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Signed:
Geo. R. Seavy
M~yor-C~ssioner
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S1gn~d:
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Frank Cooley " ,
City Audi~or and Clerk
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Mo~d by Mr. Smith. seoonded by, Mr,_ Lowe, and carried that the
resolution be adorted. A11 m~mbers present voted affirmatively on the motion.
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C~mm1s~ion~r Gri?e expressed his approval of such resoJ.ution to the City Clerk
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Qver the,telephone.
There being no further business to', come' before the' Board, the
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." me~1:~ng was a,.d journed. '
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