10/27/1941
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THE MmUTES OF THE MEETING 0]' THE CITY COMMISSION
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'-'..-'-The City Commission of the City of Clearwater; 'Florida met in
Special Session, Ootober 27, 19~1 in the Auditoriwn of the City
Hall at 7:30 o'clock P.M. The Speoial notioe regBrdin~ this meet-
Ing is set out elsewhere in the minutes.
The follOWing members were p~esent:
George R. Seavy, Mayor-Commissioner
Jesse G. SIli th, ComL1i ssioner
Herbert Grice, Commiss1onel'
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Dan Stoutamire, COIIlluissioner
Absent: Sumner Lowe.
The meeting was duly called to order by Mayor Seavy.
T. U. Crumpton, representative of Roy Gridley & COIB.pany)of
BirLlille::,harn, Ala baua, appeartld before the Board rela tl ve to re:fund-
ing of the $259,000.00 Se\ver Revenue ,Certificates now outstanding.
Af'ter much discussion Roy Gridley ,&: Company by 1.11'. T. U.
Crumpton and Carlberg & Cook, Ino., of West Palm Beaoh, by Truman
A. Lifsey, Jr. made the following offer to refund the bonds:
1. To s,ecure the Revenue Cert1f:ioa.tes from' the
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Reconstruotion Finance Corporation at a price agree-
able to the City.
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2. Agree to exchange;_:C~rti;rioates so sec,\!red froIn
'R. F. C. :for certificates when validated as shown in
Exhibit A.
3. To pay all expenses'incidenu to such exohange
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and refundin~,except any pre~ium' that might have to be
'paid the:R. F~ c. for the Ce~tifioates. It being clearly
'and d1stinct~y understood that the City may or may not
agree to a p~rcbase :fTom the,B. F. C. at above par. In
the event howevei. that the Ci ty a(:;rees to ~ purchase above
pa.r from the-R. F.e. then the C~ty ae:;rees to pay the
, :premi l..lI1l .
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4. That the New Sewer Revenue Refundins Certificates
'shall be sec~red,by the revenues ,:from the Sanitary Sewer
Fund and in ~ddit~6n by a second mortgage lien.on the
revenues of the Water Department. 'It being'understood
that the Mortgage on the revenues of the Water Department
shall be open endeo, making allpwance :for issuance o~
" additional Revenue or Bona obligations based on a l-J/4~~
aebt se~vio~coverage.
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; .:That the blo~k of $138 .qoo .00 Revenue Ce~ti~ioates
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": ,shown 1~ .s~Aedule A, 8: oopy at: which is made a part or
these minutes, shall be oallable at a price of 105.
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6. That there be no Sinking Fund required in oonnect-
ion with the refunding.
7. That the Refunding Agents receive as a total remuner-
ation for their servioes 1% of the par value or the Refunding
Revenue Certificateo issued.
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Moved by Mr. Grice, seoonded by lAr. Smith that the offer be
aocepted, subject to checking for correctness above mentioned Exhibit
A. Motion carried. Grice, Smith and Stoutarilire votlnE. for the
motion.
Below is set out in verbatim Exhibit A:
CITY OF CLEARWATER'
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Pine11as Count~, Florida
J259 ,000 REF1JHDING SEWER
2-3/4. 3 &. 3-1/4 ~~ REVENUE BONDS
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DAFfE ' ANNUAL REQ,UIREHENTS PRESENT
OF 4%
MATURITY PRINCIPAL INTEREST TOTAL BONDS
1942 "'$ 4,000 $ 6,020.63 $ 10,020..63 $ 11,770
1943 4,000 7,917.50 11,917.50 14,200
1944 5,000 7,807.50 12,807.50 15,040
1945 5,00Q 7,670. 12,670. 14,840
1946 5,000 7,532.50 12,532.50 14,640
1947 5,000 7,395. 12,395. 14,440
1948 7,000 7,257.50 14,257.50 16,240
1949 7,000 7,065. 14,065. 15,960
1950 7,000 6,855. . 13,855. 15,680
1951 7,000 6,645. 13 ,64S~' 15,400
1952 8,000 6,435. 14,435. 16,120
1953 8,000 6,195. 14,195; 15,800
1954 8,000 5,955. 13,955. 15,480
1955 9,000 5,715. 14,715. 16,160
1956 10,000 5,445. 15 ,41~5. 16,800
1957 ,,' 10,000 5,145. 15,145. 16,400
1958 12,000 4,845. 16,845. 18,000
1959 12,000 4,485. 16,485. 17,520
1960 13,000 4,095. 17,095. 18,040
1961 13,000 3,672.50 16,672.50 17,520
196~ 14,000 3,250. 1'1,250. 18,000
1963 14,000 2,795. 16,795. 17,440
1964 14,000 2,340 16,340. 16,880
1965 ' 15,000 1,885. 16,885. 17,320
1966 15,000 1,397.50 16,397.50 16,720
1967 14,000 ' 910. 14,910. 15,120
1968 14,000 455. 14,4?5. 14,560
$259,000 $137,185.63 $396,185.63 ~432,090
PRINCIPAL INTEREST AVERAGE
RATE '/\MOUNT ' MATURITY
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Bonds due 1942 to 1948 35,000 2..75% 3~911~88 '4.06
" " 1949 to 1958 86,000 3.00 32,865.00 12.74
".":, ",:It'.' ;1959 to, 1968,' 138,000 3.25 100.~08.75 22.39
'.1,', $259,000 ' J.1 7% $~37,185.63 1'6 . 71
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TOTAL nJTEREST SAVINGS
Over Pre sen t 4~~
" Straight 3-1/2%
tt It 3-1/45~
$35,904.37
14,268.12
3,450.00
Bonds
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Notioe sent to Commissioners a~uncing the Speoial Meeting
is set out below:
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"There will be a special meeting of the City Commission
tonight at 7:30 o'olook at the City Hall for the purpose of oon-
sidering a proposition on refundinG sewer revenue oertificates and
suoh other business that may properly come batore the meeting."
This notice was delivered to the followlI16:
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11:25 A. M.
11:00 A. M.
11:27 A. M.
11:08 A. M.
11 : 3 0 A. M.
11:)6 A. M.
Major Gerorge R. Seavy
Mr. Herbert Grice
I.:' Mr. s. R. Lowe
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" . Mr. Jesse G. 8Ini th
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L Mr. Stoutamire
j':' Dan
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I, Mr. Ralph Richards
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Respectfully submdtted,
D. Neal
There be~ng no further busiIless to come before the Board
the meeting ~as adjourned.
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Mayor-Co ss ~ner V
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