11/01/1943
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CITY C01MISSION tITNUTES
CITY OF CLEARWATER, FLORIDA. NOVIDM3ER 1, 1943.
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The Oity Oommission of the City of Clearwater, Florida met
in regulRr session the evening of November 1, 1943, 1n the City Hall
at 8:00 P.M. with the fOllowing members present:
George R. Seavy, Mayor-Commissioner
Herbort Grice, Commissioner
Sumner R. Lowe, Co~~issioner
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Absent:
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Dan L. Stoutamire, Commissioner
-Jessie G. Smith, Commissioner
The meeting was duly c81led to order by Mayor Seavy and
the minutes of the previous meeting were read and approved.
The matter of the City selling the 20 foot strip of proper-
ty that at one time was a part of Ambler Street, coming before the
Board, the Commission ~as of the opinion that this property should
be kept for street purposes, but that if in the future the City should
decide to sell it then property owners adjoining this land should
be allowed to purchase it, each adjoining perperty owner to be sold
one-half of the property. City Attorney Richards reported that Messrs.
E. T, Roux,.F. L. Skinner, and Goodman Kelleher were opposed to
the City selling the property and that they wanted the same used
as a street. Attorney Simmons, representin~ H. F. Heye stated thBt
his client wanted to be able to ~urchase one-half the property if
it was offered for sale but that it was agreeable with Mr. Heye that
the property be not sold but used as a street.
City Manager Hendrix now read a letter addressed to the
Board and signed by Roy F. 11ains as Chairman of the Upper Pine1.las
Veteran's Reemplo~ent Counsel. This letter set out the possibility
or a government agency establishing a merchant marine hospital on
the site owned by the City And known as Del Oro Grov.es. It was
moved by Mr. Grice, seconded by Mr. Lowe and carried that a resolu-
tion be drawn offering Del Oro Groves 8,S a site for a merchant
marine hospital.
Carmel Ceraolo appeared before the Board and requested
permission to place a fruit stand on the east side of Ft. Harrison in
the block just north of Chestnut Street. The Board informed Mr.
Oeraolo that such a building might be placed in this ares provided
the same was put in line with other buildings on the street and
fixed up to correspond wi th other buildings in this area.
The Board by mutual consent agreed that Mr. Hendrix
should be permitted to sign without formal approval by the City
Commission a map covering property owned by H. F. Heye. Said
property being located just south of and adjoining Rockaway street.
Mr. Hendrix now read a letter from the Clearwater Transit
Oompany in which they ask permission to discontinue the east bus
service due to insufficient patronage. The City Commission set Novem-
ber 15 as the date of discontinuance provided sufficient patronage was
not obtained by that time and that notice should be given to the pub-
lic that its discontinuance might be made.
The Board had before it a communication from Shields and
Company submitting a revised bond refunding schedule, and an agree-
ment covering the refunding plan as submitted by them, the same to
be executed by the City and returned to them. Also along with other
papers was a list of P~&Pty changes incorporated in the new con-
tract and not previously agreed to. The City Commission decided to
postpone the approval o~ the submitted agreement inasmuch as it con-
tained changes from the original agreement, and inasmuch as there
was two commissioners absent.
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City Attorney Richards read a letter from the U. S. Fublio
Health Service stating that the health service would not be able to
furnish any assistance in the r at eradication program now going on
in Clearwater unless a special ordinance approved by them and setting
forth methods and means of eradication was passed and adopted by the
City.
A letter was read from Edith Peck requesting that the Oity
vacate an alley known as Park Place, said alley being in block ~C"
of Boulevard Heights Subdivision. It was moved by Mr. Grice, Seconded
by Mr. Lowe and carried that the alley be vacated.
There being no further business to come before the Board the
meeting was adjourned.
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(Signed)
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CITY C01~ISSION MINUTES
Npvember 1st, 1943
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Clearwater, Florida,
October 30th, 1943.
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Mr. F. L. Hendrix,
City Manager,
Clearwater, Florida.
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Dear Mr. Hendrix:
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I am the owner of Lots 6, 7, 8, 9, 25, 20, 28 and 28, all in Block
"0" of Boulevard Heights Subdivision. The map of this subdivision shoVls a
25 foot street known as Park Place running between these lots. This street
was undoubtedly platted to give access to Lots 25, 20, 27 and 28, since these
lots have no frontage on anr other street other than this narrow street known
as Park Place.
Park Place has never been opened or improved in any way. In fact,
it is impossible to tell by looking at the ground where this street is s~p-
posed to be.
I would like to have you consider this letter as a petition to the
City for the vacating of Park ~lace. The closing of this theoretioal street
would not~ as far as I can see, affect anyone exceot the dwner of Lots 25,
20, 2? and '28. And since I am the 'owner of all the~e lots I would like the
street closed, and hope the Commission will see fit to grant my request.
Th~nking you, I am,
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Very truly yours,
(Signed) Edith Peck
(Miss) Edith Peck.
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Clearwater, Florida,
November 1st, 1943.
Mr. F. L. Hendrix,
Ci ty Manager,
Clearwater, Florida.
Dear Mr. Hendrix:
Several weeks ago I re-routed the east run in the hope that it
would be better patronized. I also spent considerable money in advertising
in order that the peo:ple 1.n the eastern part of the city would know that
the east run would have to be discontinued unless traffic im:proved.
I regret to SBJ' that the si tu,ation has not iIIlproved in the least.
The run ~roduces revenue of o~ly about $1.50 per day, which is far less
than the oost of operating the run. Furthermore, it is increasingly dif-
ficult for me to keep a driver who is willing to drive this run.
Will you therefore 'consider this letter as a request on the part~
of the Clearwater Transit Company to discontinue the east run. As you know,
we cannot discontinue any run under our franchise without your permission.
Very truly yours,
CLEARWATER TRANSIT Cm,PANY
Jos. L. Martin
Manager
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Clearwater, Florida.
November 1,-43
Hon. George R. Seavy, Mayor and
Members, Board of City Commissioners,
Clearweter, Florida.
Gen tleme n:
On 'l'hursday of last week, the Uni ted Pres s news wire from V/ashington
carried an item announcing the introduction of A bill in the national House of
Representatives by Rep. John King, (0) of Ca1iforni~ authorizing the construction
of a group of Marine'hospitn1s, with the bill stipulating that one of these in-
stitutions shall be built in Florida.
Realizing the need for prompt action in the matter, the Upper Pine11as
Veterans Reemployment Council, early the following morning sent telegrams to Con-
gressman J. Rardin Peterson and U. S. Senators Claude Fepper And Charles o. Andrews
notifying them that the city of Clearwater wished to sub~it a site fcr the Florida
hospital. Immediately thereafter, the writer contacted officers of the Clearwater
Chamber of Commerce, including President Tarvin anrl Secretary Lee, with the result
that similar telegrams were sen t by the chamber of com'r',erce. Later in the day,
we conferred with Mayor Seavy and were assured that the city stood ready to offer
as a hospital site the city-owned property, known as the Vel Oro Groves.
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In response to our telegrams, we have been advised by Congressman Peter-
son that the Clearwater:offer has been duly filed in notice form with the appro-
priate committees of the House Of Representf:tives. Congressman Peterson further
advised us to proceed immediately with the preparation of Clearwater's brief.
Work ~as gone forward on t:lis matter. Preliminnry copy is ir. process of prepara-
tion by Howard W. Hartley, industrial chairman of our industrial co~nittee. Much
valuable assistance also has been given by City Engineer Rogers, The ~~rk on the
brief is a joint enterprise with our organization working shoulder to shoulder
with the chamber of commerce and the ci t~' and county engineers. You will recall
that a brief of the Del Oro site was prepared and was tBken to V:ashington last
spring by President Tarvin. Unfortunately, there are no copies of t}~t brief
available. The original is now on file v:i th the Navy Department in Washington
and is of no value in connection with t' e current hospital project inasmuch as
the institution, provided by the King bill, will be constructed by another
governmental bureau.
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In the face of this situation, it has been necessary for Mr. Hartley
and his associates to start from scratch in preparing the new Del Oro presentation.
It was felt that the new brief should include a set of photographs of the proper-
ty and its surroundings. These photographs were taken Sunday afternoon. There
will be six pictures altogether.
Inasmuch as this project will be handled by two and possibly three
committees of the Rouse of Representatives, it is advised that the Del Oro brief
should be printed in booklet form. A minimum of 20 copies will be needed to sup-
ply merely the committee members. Counting extra copies for federal bureau
officials, engineers and inspectors, it is recommended that a total of 50 copies
should be printed, leaving a few in reserve for unexpected demands.
Congressman Peterson has notified us that he will keep us advised as
to when the House committees will get down to the business of site selections.
Nevertheless, 'the printing of the brief should go forward wi thout delay. This
means the expenditure of a comparatively small sum of money in contrast with the
very large expenditure in federal funds that is involved in the project. The
Florida hospital will be an institution of 150 beds along with nurses quarters
for 25 nurses, homes for staff doctors, a laundry, power house, administration
building, garaFes, et ceter8. In brief, the institution will be somewhat sim-
ilar to the original first unit of Bay Pines. The hospital will give Clearwater,
should it be located at the Del Oro site, a monthly payroll of around $50,000.
You can readily understand why our organization, whose objective is providing
jobs for war veterans, is anxious to get this project for our city.
Insofar as future expenses in connection with the hospital project are
concerned, it may be necessary when the bill is before committee hearings or the
site selection is entering final stages to send a representative of the chamber
of commerce and a representative of our Counail to ~ashington to see that Clear-
water's project gets every possible chance. We believe that the expense~ of our
representative in this connection will be underwritten to the extent of ~250.
Suoh an Offer already has been made by a prominent Clearwater business man and
property owner, who believes the opportunity should not be muffed for the lack
of proper presentation. Therefore, our group may call upon your honorable board
for additional financial help should the exigencies of the situation warrant.
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Oity Oommission Minutes
(Continued)
November 1st, 1943
As you know, the upper Pinellas Veterans Reemployment Oouncil
is a cooperative organization, comprising accredited representatives
froIn the following groups.--the Americ&n Legion posts of Clearwater,
Largo and Indian Rocks; the Clearwater chapter, Disabled American
Veterans; the Clearwater Rotary Club; the Clearwater Kiwanis Club; the
Clearwater Lions Olub; t!1e Veterans of Foreign Wars. the oity cO:1mis-
sions of Clearwater. Safety Harbor, Largo and Dunedin. and the Pinellas
Oounty Commission. The hospital project is being handled by the indus-
trial division of our Council.
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Your prompt attention and coo~eration in thin matter will be
deeply aT)precia ted by our Council.
Yours sincerely.
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(Signed)
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Roy F. Mans
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Ohairman
Uyer Pinellas Veterans
Reemployment Council
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SHIELDS & C m.T ANY
44 Wall Street
New York
October 27. 1943
Mr. F. L. Hendrix,
0i ty Manager,
Oity Hall,
Olearwater, Florida
Dear Hugh:
We are enclosing our schedule of maturities conforming to our
understanding with a memorandum attached. The essence is as follows:
First, the new refunding bonds will be dated January 1st, 1944.
The will mature serially to January 1st. 1975. The term bonds will
mature January 1st 1979. \'ie believe your term bonds inill be retired
by 19?5, also; if you find it possible to levy the Sinking funds on page
one. B, they will be. If not, a cushion is provided by their legal
maturity being four years later. T::is was done purely as a safety device.
We have made certain alterations in the contract, detailed on a
sheet attac\ed to the contract. The change in the validation limit is
to allow for the time which could be involved in an appeal to the State
Supreme Court. The resolution is Virtually complete except for informa-
tion required from the City which Mr. Mitchell is requesting.
Oircuit Court validation requires ab0ut forty-five (45) days
from the da te of filing.
It is a rule of the firm that contracts be reviewed by the house
attorney and signed in the firm's name. Therefore, we have had these
things done and are returning the original and copies for your ,approval
and execution.
Permit me to take this opportunity to thank the City Commission
and yourself, as well as Mr. Cooley, for your courtesies during my
pre~entation of the refunding proposal.
With best respects, I remain
Sincerely y-:;urs,
(Signed) Marshall Dancy
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CITY OF CLEARWA'l'ER, FLORIDA
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In last line of paragraph 2 insert word "exclus ive" before words "ex-
cha nge agent".
Change paragraphs 11, 12 and 13 to read as follows:
11. "In order to insure the promp t comple tion of the Refund ing Plan,
Shields hereby agrees to use its best efforts
(a) to corrrpete the VAlidation of the new refunding bonds not later
than MArch 1, 1944,
(b) to effect exchanges of new refunding bonds for outstanding
bonds to be refunded in on amount not less than ~1,500,OOO on or
before Jonunry 1, 1945, and
(c) to effect the excange or the sale of all of the new refunding
b0nds not later than Jnnuary 1, 1945.
12. "Shields shall deposit with the city its certified check for the swn of
$lO,OJO as an evidence of ~ood fait:l in the perfor~8nce of its oblie,ations under
this Agreement. In the event thot the Supreme Court of Florida shall refuse to
va lid~4te the new refunding bonds, such certified check shall be irnmed iately re-
turned to Shields. But in the event that the bonds shall be validated and
Shields shall default in the perform8nce of clause (c) in the preceding para-
groph, then and thereupon the said certified check of $10,000 shall be and be-
come forfeited to the City ~m(l shall be retained by tile City as full liquidA.ted
damages, ond the City shall have the right to cancel this Agreenent and it shall
thereafter have no binding effect on the City.
13. "Schedule B hereto attached (referren to in paragraph 1 of this Agree-
ment) is intended to show the total debt service requirements and interest costs
to the City under the .....efunding Plan. On Page 1 the annual interest costs and
the annual debt service requirements are shJwn in case the taxes levied Rnd
collected by the ,City shall be sufficient to pay the serial bonds as they mature
and to retire the term bonds by January 1, 1975. On Page 2 the annual interest
costs and the Annual debt service reauirements are shown in case the taxes levied
and collected by the Oity sh~ll be s~rficient to pay the serial bonds 8S they
mature And to retire the term bonds by JAnuary 1, 1979. The interest cost cal-
cule t=-ons are shovm on pages 3 and 4:."
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SHIELi)S &. COMPANY
44 Wall Street
NeVi York
October 2?, 1943
FORMULA FOR NET INTEREST COST
Find the number of coupons at eacll interest rate, for each maturity -
total these; divide total number of 'coupons into total dollars of interest cost.
The resultant percentage will be per cent net interest cost.
**~~************
MA TURITY SCHEDULE
I\i1emorand urn
We enclose herewith tabulations co~nprising a revision of our Schedule
B and Schedule B Minimum Levy pres~nted to you in connection with our proposals
to refund the debt of the City of vlearwater, In e~~lanation it may be said
that our original tabulation called for a net interest cost of Slightly over
3.30% on the basis of Schedule B. ,'fie did not CO,;lpute the net in terest cost
on the basis of the "Minimum Levy" as we considered this merely illustrative of
our proposal and not 8 part of the proposal itself. In view of the misunder-
standing that occurred we h~ve revised our tabule.tions so as to produoe for
schedule B a net interes~ cost of 3.288?99% and 8 net interest cost for the
minimum levy of 3.299036~.
In our computations we have used the method of calculation accepted as
the practise in bond dealings. ~e know that you are aware that interest costs
depend to a considerable degree upon the rapidity of the retirement of the bonds.
It would be possible, for exam~le, to 9fford a largel~ reduced interest cost if
the City desired to undertake the obligation to increase its levies and to mature
its bonds more rapidly. Conversely it would be very easy to work out a schedule
that would ameliorate the yearly requirements but in that case tbe interest cost
would bf course be increased. ~e present the above tabulations in the belief
that they fully satisfy the requirements of the contract as it now stands.
We might add an explanation of our deduction from gross interest cost
of the amount of interest received on the $150,000 Reserve Fund to be invested
1n bonds of the Federal Government. It is of course possible, at the present
times to purchase that amount of 2 1/2% Govermnent Bonds not callable until
~967, and maturing in 19?2, so that the return indicated is practioally guaran-
teed. Other combinations or Government Bond purchases might be used to your
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greater advantage which, or oourse, is entirely optiJnal with you. If
the $150,000 Bond Reserve were used to retire bonds there would be a oon-
siderable interest saving. Thnt would be B gross savi~g of course, for with-
out the Reserve Fun1 the refunding terms would be more costly. It is un-
questionable, however, that the Reserve Fund does prevent the retirement of
an equal par amount o~ bonns and that unless it were sure to purchase (as
it does) a satisfac ory rate of return, it mi~ht not be to your advantage to
ret3in it. Under the circumstanoes it is difficult for us to see that the
interest obtained from the Reserve Fund could be regarded as other thAn an
offset to the interest to be paid on the funded debt. We might add that our
confidence in the future of Clearwater is such that we are oonvinced that the
serial bonds will be retired in advance of Schedule B with a oonsequently
lowered interest expenditure.
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City Commission Minutes
(Continued)
November 1st, 1943
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S C H E D U 1 E B
$4,400,000
CITY OJ? CLEAHWATER, FLORIDA
Refunding Bonds
Pa~e No. 1
Term
Year Interest a 1.t'26 3s 3 1/4s 3 1/28 3 1/2s
Jan. 1st -
1945 $147,025 ~45~ $ 5
1946 145,725 BO 3
194? 144,370 50 7
1948 142,875 55 7
1949 141,255 $60 1i 7
1950 139,210 60 13
1951 136,955 65 15
1952 134,480 70 16
1953 131,820 70 22
1954 128,950 ?5 24
19B5 125.,-860 $80 lt1 26
1956 122,350 85 26
195? 118,677.50 90 27
1958 114,807.50 100 22
1959 110;767.50 100 28
1960 106,557.50 110 24
1961 102,142.50 115 26
1962 97,495 120 27
1963 92,650 125 29
1964 87,572.50 130 31
1965 82,262.50 135 33
1966 76,720 ;i14 0_ 35
196? 70 , 595 145 38
1968 64,190 150 41
1969 57 ,505 155 45
1970 50,505 160 49
1971. 43,190 165 53
1972 35,560 170 5'7
1973 27,615 175 62
1974 19,320 185 62
1975 10,675 190 11.5
$2001l/ Less Application of Reserve-------
$4 0 O:;l $1,190~ $1,63~ ;~9'7~
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Total Int. Cost
Less
Net into Cost
$3,009,702.50
116,250.00, earnings of Reserve ~und
~2,893,452.50
Total Debt
Service
$197,025
198,725
201,370
204 ,875
208,255
212,210
216,955
220,480
223,820
22?,950
231,860
233,350
235,677.50
236,807.50
238,787.50
240,557.50
243,142.50
244,495
245,650
248,5?2.50
250,262.50
251,720
253,595
255,190
2E7,505
259,505
261.,190
262,560
264,615
266,320
315,675)
150 000
165,675
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SCHEDULE B
Page No. 2
Term. Total Debt
Year 2 1/2s, 35 3 1/45 3 1/25 ~ 1/2s merest Service
Jan. 1st -
1945 $45lA $147,025 $192,025
1946 50 145,900 195,900
1947 50 144,650 194,650
1948 55 143,400 198,400
1949 $60}1 142,025 202,025
1950 ;:60 140,225 200,225
1951 65 138,425 203,425
1952 ?O 136,4?5 206,475
1953 70 134,375 204,375
" ' 1954 '75 132,2?5 207,275
, , 1955 $80~ 130,025 210,025
1956 85 127,425 212,425
.;:, " 195'1 90 124,662.50 214,652.,50,
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J'Bli7 1st
3s
3 1/4s
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
$loqit
100
110
115
120
125
130
135
Schedule B
Page 2
Continued
3 1/2s
$140lA
145
150
155
160
165
170
175
185
190
Term
3 1/2s
Interest
121,737.50
118,487.50
115,237.50
111,662.50
107,925
104,025
99,962.50
95 , .7.37 . 50
91,350
86,450
81,375
76,125
70,700
65,100
59,325
53,375
47,250
40,775
$19~ 34,125
205 27,300
210 20,125
365 12,775
Reserve---------------
$975fd .
l200~
~4 0 O~
Less Application of
$1,190~ $1,635)1
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Total Debt
Servioe
221,737.50
218,487.50
22f., ,237.50
226,662,,50
227.925
229,025
229,962.50
230,737.50
231,350
231,450
231,375
231.,125
230,700
230,100
229,325
228,375
232,250
230,775
229,125
232,300
230,125
377,775)
150 , 000 ~
227,775
Total Interest Cost$3,427,812.50
Less 131,250.00 earnin~ of
Net Interest Cost $3,296,562.50 Reserve Fund
*************
INTEREST COST CALCULATIONS
Number of Coupons
~
~ 1/2s
45
100
150
220
3s
3 1/4s
300
360
455
560
630
750
880
1 , 020
1,170
1,400
1,500
1,760
1,955
2,160
2 , 375
2,600
2,835
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3,055
19,655
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PaRe No!._ 3
3 1/2s
3,080
3,335
3,600
3,875
4,160
4,455
4,760
5,075
5,550
5,890
43,780
Proposal
Term 3 1/2s
5
6
21
28
35
78 "
105
128
198
240
286
312
351
308
420
384
442
486
551
620
693
770
874
984
1,125
1,274
1,431
1 , 59 6
1,798
1,860
3 , 56 5
20,974
6,240
6,765
7,140
12,775
32,920
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969,
1970
1971
1972
1973
1974
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Interest Cost Calculations
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Pa~e No. 4
Recapitulation of Inte~st Cost of PaRe No.1.
Coupons
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@ 30.
;'b 32.50
~ 35.
Proposal
515
3,055
19,655
84,754
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Less Earnings
Net Interest Cost
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Divided by 87,979 (coupons)
$12,875
91,650
638,787.50
2.260,390
l3,009,702.50
110,250
~2,893.452.50
3.288799%
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Proposal 515 Coupons .~ $25.
Min. Levy 3,055 " @ 30.
19,655 " @ 32,50
70,700 " ,'!J 35.
Less Earnings
Net Interest Cost
Divided by 99,925 (coupons)
Reoapitulation of Interest Cost of Pa~e No. 2
$12,875
91,650
638,?87.50
2.684,500
:$3,427,812.50
131,250
:$3,290,502.50
3.299035%
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A G R E E MEN T
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~~EREAS the City of Clearwater, F~orida, hereinafter referred to
as the City, as outstanding approximately $4,445,652 Refunding Bonds issued
July 1st, 1935, all dated July 1st, 1936, maturing July 1st, 1906, and bear-
ing interest at 2 1/2% to 5% per annum; and
WHEHEAS it is the desire of the City to refund said bonds in order
to obtain more favorable interest rates; and
VffiEREAS Shields and Company of 44 Wall Street, New York City, here-
inafter referred to as Shields, has submitted (in behalf of itself and asso-
ciates) a plan for the refunding of 'che said outstanding bonds, and the City
desires to proceed with the refunding in accordance with said plan;
NOW, TW..-"fLT;FORE, it is hereby agreed by and between parties hereto
as follows:
, The City Commission shall adopt such resolutions and other proceed-
ings as may De necessary to authorize the issuance of new refunding bonds in
the amounts, be~ring interest at the rates, and having the maturities and
redemption provisions as set forth on page 2 of Schedule B, according to
said plan submitted by Shields.
Shields shall act as exchange agent for the 6ity and use its best
efforts to effect exchanges of new refunding bonds for the outstanding bonds
to be refunded, it being understood tl':at Shields is to be the exclusive ex-
change agent of the City in effecting such exchanges.
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1.
2.
3.
Shields she.ll assume and pay all legitimate expenses in connection
with the authorization, validation, issuance and exchange of the new refund-
ing bonds, including the fees and expenses of the City Attorney in connection
with the validation, the fees ~nd expenses of a nationally recognized firm
of bond attorneys to be retained by Shields, all necessary traveling expenses
of City officials on trips approved by Shields, the preparation of the blank
bonds ready for execution, charges,for publishing all necessary legal notices,
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nnd the cha~~es of banks or trust companies in effecting exchAnges.
4.
Shields shall have the orivllcge of purchasing any of the outstanding
bonds to be refunded and of exchanging the bonos so purchased from time to
time for new refunding bonns Bnd of selling such new refunding bonds to
investors.
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5.
The new refunding bonds are to be exchanged for the outstanding bonds on
a per for par basis with necessary adjustments of accrued interest, such ex-
changes to be made at 8 bank or trus t compa ny designated b~r 3111elo s, and ihe
fees end expenses of such bank or trust company in connection with such exchanee
are to be paid by Shields.
6.
The City shall toke such action as may be necessary to make the bonds
availablo for ~xchange at the earliest nracticalbe date, and shall cooperate
with Shields in effecting exchanges Bnd furnishing such statistical data as may
be requested.
7.
Shields shall receive no compensation from the City for its services
as such exchange agent, but shall receive its full compensation from such fees
as it may charge bondholders maldng exchanr.;es, and such profits as it maybe able
to make through the purchase of outstanding bonds and in selling the new refund-
ing bonds in exchange therefor as provided in paragraph 4 above.
8.
In case there shall be /jny Change in the status of the new refunding
bonds with respect to their exemption from federal income taxes, then this con-
tract shall no longer be binding upon either party, but shall thereupon be sub-
ject to renegotiation as to interest rates ~nd other details.
9.
If at, nny time Shields sh8.ll request the City to offer at' publ'ic sale
the' new 'r.efunding bonds, or all or'any p.1rt.'of, the unexcbangedr.efunding ;bonds,
the City shall promptly carry out such request and take such necessary proceed-
ings as the bond counsel retained by Shields may require. If Shields shall make
such request, it shall bid at least 102 and accrued interest for the bonds so
advertised for sale, and in consideration of such promise And of all the services
performed and to be performed by Shields under the provisions of this contract,
Shields shall receive from the City a fee of 2% of the principal amount of the
bonds so sold. Upon making such request, Shields shall deposit with the City a
certified check amounting to 2% of' the face value of the bonds to be offered for
sale, which check shall be retained by the City as full liquidated damages in
case Shields fails to bid for the bonds as above set forth. If Shields does make
such bid for the bonds, the check is to be returned to it if it shell not be the
successful bidder; but if it shall be the successful bidder, the check shall be
applied as part payment for the bonds, or retained by the City as full liquida-
ted damages. If at any time the City shall offer all or any part of the new re-
funding bonds at public sale without being requested so to do by Shields, and
if at such public sale Shields shall bid at least 102 and accrued interest for
the bonds so offered, the City shall pay Shields a fee of 2~ of the principal
amount of the bonds sold at such pUblic sale, such fee to be in full payment of'
the services theretofore performed by Shields in connection with the refunding
plan.
10.
Shields shall use its best efforts to effect the refunding of the out-
standing indebtedness of the City in accordance with the refunding plan here-
inabove referred to, and will undert8ke all acts which it may lawfully perform
in this connection; but such action on the part of Shields shall in no manner
constitute the managing or controlling of the official functions of the City
Commission in refunding said indebtedness or in the issuanoe of the new re-
funding bonds, it being expressly understood that the City Commission reserves
the right fully to exercise its official discretion and to perform its official
duties in all matters pertaining to the authorization and the issuance of the
new refunding bonds, or other duties in connection with such bands.
11.
In order to insure the prompt completion of the Refunding Plan, Shields
hereby agrees to use its best efforts
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(a)
(b)
to com~lete the validation of the new refunding bonds not later
than March 1, 1944;
to effect exchanges of new refwlding bonds for outstanding bonds
to be refunded in ~n amount not less then $1,500,000 on or before
January 1, 1945, and
to effect the exchange or the sale of all of the new refunding bonds
not later than January 1, 1946.
(0)
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!,,:)'::';ji,;:. ': ,,I tlO' '000" ~~; an' evidenoe of good faith in the performance of its obligations
~b~?~~L:~~, ~':(/';;\';'2 ;'~::'\~~ :":':::/i}["~; ;: '" '" .,<,', .<' .. ~ '~
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(Contin.ed)
November 1st, 1943
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under this Agreement. In the event that the Supreme Court or Florida shall
refuse to validate the new refunding bonds, fluch certified check shall be
immediately returned to Shields. But in the event that the bonds shall be
validated and Shields shall derault in the performance of clause (0) in the
preceding paragraph, then and thereupon the said certified check of $10,000
shall be and become forfeited to the City and shall be retained by the City
as full liquidated damages, and the City shall have the right to cancel this
Agreement r.nd it sholl thereafter have no binding effect on the City.
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Schedule B hereto attaohed (referred to in paragraph 1 or this
agreement) is intended to show the total debt servioe requirements And
interest costs to the City under the Hefunding Plan. On Page 1 the annual
interest costs and the annual debt service reouirements are shown in case
the taxes levied and collected by t~e City sh~ll be sufficient to pay the
serial bonds as they mature end to retire the term bonds by January 1, 1976.
On page 2 the annual interest costs and the annual debt service requirements
are shown in case the taxes levied and collected by the City shall be suffi-
cient to pay the serial bonds as they mature and to retire the term bonds
by January 1, 1919. The interest cost oalculations are shown on pages 3
and 4.
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IN WITNESS ~~REOF, the City of Clearwater has caused its name to
be hereunto subscribed by the City Manager or said City, confirmed by the
Mayor-Commission of said City, attested by the City Auditor and Olerk, and
its corporate seal to be thereunto attached; and Shields an.l Company has
caused this agreement to be executed by its representative.
Attest:
CITY OF CLEARWATER, FLORIDA
By
C1 ty Manager
City Auditor and Clerk
Signed, sealed and delivered
in presence of:
Mayor Commissioner
SHIELDS & CO.
By
for themselves and associates
Approved as to form and correctness:
City Attorney
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CITY COIvIMiS���IODT P1ITNt7TES
CITY OF CLEARW.F�TER, FLORIDli. IQOV.EP�IBER 1, 1943,
The City Comm3ssion of the City o£ Clearwater, F�orida met
in regular session the evening of November 1, 1943, in the City Hall
at 8:00 P.M. with the following members present;
George R. Semvy, NTayor-Commissioner
$erbert Grice, Commiss3oner
Sumner R. I,owe, Commissioner
Absent:
Dan L. Stoutamire, Commissioner
°Tessie G, Smith, Commissioner
The meeting wa� duly c�lled to order by Mayor Seavy and
the minutes of the previous meeting were read and approved,
The matter o� the City selling the 20 foot strip of proper-
ty that at one tiime was a part of'Ambler Street9 coming before the
73oard, the Cbmmissi�n �!�as of the opinion that this property should
be kept for street purposes, but that if in the futi.u•e the City should
deeide to sell it then property owners adjoinin� this land shouid
be all�wed to purchase it, each adjoining perperty owner to be sold
one-ha1P of the uroperty. City Attorney Richards reported that Messrs.
E. T. Roux,.F. L. Skinner, and Goodman Kelleher were opposed to
the City sellin� the property and that they wan:ed the same used
as a stre�t. Attorney Sitruuons, representin� H. F. Iieye stated that
his client wanted to be able to �urr,hase one-half the property if
it was offered for sale but that it was agreeable *vith hrir. Fieye tnat
the property �re not sold but used as a str•eet.
City Manager Hendrix now read a letter addressed to the
Board and signed by Roy F. I+L�ains as Chairruan of the Upper Pinellas
Veteran's Reemployment Counsel. This letter se� out �the poss�bility
of a government ageney establishing a merchant raarine hospital on
the site owned by ths City and known as De1 Oro Groves. It was
moved by '�r. Grice, seconded by Mr. Lowe and carried that a resolu-
tion be drawn ofPering Del Oro Groves as a site for a merchant
marine hosp3tal.
yarmel Ceraolo appeared beioxe the Board and reauested
permission to plare a fruit stand on the sast aide of Ft. Harrison in
the block just north of Chestnut Street. The Board ini'ormed Mr.
Ceraolo that such a buildin$ mi�ht be alaced in this area pr�ovided
the same was put in line with other buildings on the street and
fixed up to correspond with other buildin�s in this ar,ea,
The Board by mutual consent agreed that Pdr. Hendrix
should be per�u.tted to sign vaithoui; formal approval by the City
Commission a map coverinp proAerty ewned by H. F. Heye. Said
property beir_� located just south of a�d adjoining Rockaway Street.
Mr. Henclrix now read a letter from the �learwater Transit
Con�nany in which they ask permission to discontinue the east bus
service due to insufficient patrona�e. The City Co?rQnission set Novem-
ber 15 as the date of discontinuance provide� sufficient patronage was
not obtained by that time and that notice snould be given to the pub-
lic that its discontinuance might be made.
The Board had before it a communication from Shields and
Company submittin� a revised bond refunding schedule, and an agree-
menL covering the refunding �lan as submitted by them, th� same to
be executed by the City and returned to them. Also along with other
papexs was a list of p���%y changes incorporated in the nex= con-
tract and not previously agreed to. The City Commission decided to
postpone the approval of the submitted agreement inasmuch as it con-
tainefl changes from the original agreement, and inasmueh as there
was tw'i� co�mmissioners absent.
City fittarne5* Richards read a letter from the U. S. Public
Health Service stating that the health service would not be able to
furnish any assi�tance in th� r at eradication progr�m now going on
in Clearwater unless a 3p8cial ordinance approved b y�them and setting
�orth methods and means of eradication was passed and adopted by the
City.
A letter was read fxom �dith Peck requesting that the City
vacate an alley known as Park Plac;e, said alley being in block "C"
oi B ouleaard Heights Subdivision. It-was moved bq �1Ir. Grice, Seconded
by Mr. Lowa and carried that the alley be vacated.
There bein� no further busin,ess to ceme before the 3oard the.
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Mayor-Commissionei:
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Cl2'I'' CC�2�.�+I;ISSION MINUTES
Noveznber 1st, 1943
Clearw��er, Florida,
Octob�r 30th, 1943.
Mr. F, L. Hendrix,
'I
City Manager,
Clearwater, Florida.
Dear Mr. Hendrix:
T am tl�e owner af I,ots 6, 7, 8, 9, 25, 26, 28 and 28, all in Block
"C" of Boulevard Heights Subdivision. The map of this subdiv3sion shows a
25 foot atre�et known as Park Place running b�tv�een these lots. This street
. was undoubtf;dly platted to give access to Lot� 25, 26, 27 and 28, since these
l�ts have nci fr�ntage on any other street other t�.an this narrov: street known
as Park Place.
Park Plaee has never been opened or improved in anf way. In �'act,
it is impoQsible to te11 by laokin� at the ground where this street is sup-
posed to be.
I would like to have you consider this letter a� a petition to the
City for the vacating of Park Place. The closing of this theoretical street
Would not, as far as I can see, afi'ect anyone exce�t the ovoner of I,ots 25,
26, 27 and '28. And since I am th� 'owner oi' a11 the�e Tqt:;, I v�ould like the
street closed, and hope the Qoimnission wa.1Z see fit to gr�,�nt my request.
Tnanlcing you, I zsn,
Very truly yours,
(Signed) Edith Peck
y
(?�i�Iliss j Edith Peck.
*�:�**��**��x�
Clearwater, Florida;
No�ember lst, 19430
11�r F L H d•
en rix,
CitS� It?anager,
Cl.earwater, Florida.
Dear i��r. Hendrix:
Several x�eeks ago I re-routed the e�st run in the hope that it
would be better patronized. 2 also spent considerable monep in ftdvertising
in order that the peonle in the ea�tern part of the city vzould knov�� that
the east run would h�ve ,to be �.iscontinued unless traffia i�Aroved.
I regret to say that the situ•ation has not improved in the least. '
The run produces revenue of o�ly about �1.50 per day, which i� far less
than the cost of operating t3�ie 'run. Fi,trthermore, it is increasingly dif-
ficult for me to keep a driver who is wiiling to drive this run.
Will you therefore 'consider this letter as a reauest on the part�
of the Clearwater Transit Company to discontinue the east run. As you kttow,
we cannot discontinue any run under our �ranchise without your permission.
Very txuly yours,
CLEARV��ITER TRANSIT' COi;1'ANY
(Signed) J'os. �, ivIartin
Manager
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�%loarwater, �'lorida.
November 1,-43
Hon. George R. Seavy, 1t4AjrOT and
Nlembars, Board of City Commissioners,
Clearwater, Florida.
Gentleme�:
On Thursday of Y�st week, the United Press ne��s v��ire from 1�Zashington
carried an item announcing the introduction of a bill in the national House of
Representatives by Rep. J'a'�n King, (D) of California autho�izing the construction
of a group of Mari.ne'hospitals, witr the Y�ill stipulating that one af thAse in-
stitutions shall be built in Florida.
R2alizing the need for prompt action in the maLter, the Up�er rinelias
Ueterans �eemployment Council, earl; the follow�ng mornzng sent telegr�'is to Con-
gressman J, Hardin Petersor_ and II. S. Senator_� ClauB_z Pepner q�d Charles 0. Andrews
notifying th�em that the city of Clearwater <vished to submit a site for the Florida
hosnital: Immediately tLereafterx thE w�•iter contacted ofPicers of the Clearwater
C�amber of Co�¢nerce, including President Tarvin and Secret�ary Lee, with the result
triat similar telegrams x�ere sent by the chamber of com.�nerce. Later in the day,
ue conrerrPd with Mayor Seavy and were assured that the ci�y stood read,y to oifer
ar a hospital site the city-ownc:d property, known as the �el Oro Groves.
�n responsa to our telegrans, we have been advisec� b� Congressman Peter-
son that the Clearwater°oPfer has been duly �'iled in notice form with t�he appro-
priate committees of the Aouse Of Representatives. Gongressman Peterson further
advised us co proceed immediately +nith t�e prepazation of Cle.ar�ruater's brief.
4tfork has gone fo�ward on t'�.is m�tter. Preliminary copy is ir_ process of prepara-
' tion by Howard �+V. Hartley, in�lustrial chairman of' aur industrial co*!unittee. Much
valuabls assistance also has been given by City Engineer Rogers. The WOI'S on ti2e
brief :is a joint enterprise with our organizaticn warking shoulder to shoulder
with the chamber of commerce and the cit� and county en�ineers. You �r�ill recall
� that a brzef of the Del Oro site was prepared and �vas taken to 1a;ashington last
spring by President Tarvin. Unfo:r�ui�ately, there are no copies of tiiat �rief
available. lhe original is nova on iile �vith the I`�avy Department in V�'ashingtan
and is of no va�ue in connectlou with t;ie cu.rrent hospital roroject inasmuch as
the institution, provided by the King bill, will be ec�nstruc�ed t�y another
go�ernmental bureau.
In the fa�e of this situatian, it has beeii neeessary for 1�Zr. Hartley
and his associates to start from scratch in preparing the new Del Oro presentation.
It was felt that the new brie� snould include a set of photographs of the propPr-
ty ar.d its surroundings. These photographs wsre 'taken Sunday afternoon. There
will be six pictures altogether,
Inasmuch as this project will be hand].ed by two and possibly`three
cormnittees of the Aouse of Representatives, it is advised that the Del Oro brief
should be printed in booklet form. A minimum af 20 copies will be needed to sup-
ply merely the committee :aembers. Counting extra copies for Pederal bureau
officiale, engineers and inspectors, it is reoommended that a total of 50 copies
should be printed, leavirig a few in reserve f°or unexpeeted demands.
Congressman Peterson has notified us that he will keep us advised as
to when the House com.mittees will get down to the busir��ss of site selections.
Nevertheless, the printing of the brief should go forvaar� without delay. This
means the expenditure of a comparatively small sum of money in contrast with the
very large expenditure iri federal fuiids that is involved in the project. The
Florida hospital will b e an institution of. 150 beds along with nurses auarters
for 25 nurses, homes for staff doctors, a launcir,y, power house, administration
buildinga gara�es, et ceterr�. In brief, the institution will e�e somewhat sim-
ilar to the original first un3t of Bay Pines. The hospital wi11 give Clearwater,
.� should it be located at the Del Oro site, a monthly payroll of around �50,000.
•'"'� You can r.eadily tinderstand why our organization, whose objective is providing
jobs ior war veteran�, is anxious t� get this project for oar city.
Insofar as futurP �xpenses in connection with the hospital project are
concerned, it may be neaessAry when the bill is before cnmmittee hearings or the
site selection is Pntering final stages to send a representative of the chamber
of co:nmerce and a re�resentstive of our Coun4il to y�ashington to see that Clear-
water's project gets every pessible chance. Vle believe that the expenses o� our
renresentative in this connec:tion will be un:derwritten to the extent of i�250.
Such an offer already has been made by a prominent Clearwater business man and
proper.ty owner, who believes the opportunity should not be muffed i'or the lack
of praper presentation. TherePore, cur group may call uoon yaur Y:onorable board
for additional financial help should the exigencies of the situation warrant.
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Ci�y Commiasiqn Mlinutes November lst, 1943
(Continued)
As you know, the upper Pinellas Ve'terans �2eemploy;nent Council
is a cooper�tive organization, eomprising a��r�aitea represzntatives
from the following groups--the Amexican Legion posts nf Olearv��ter,
Largo and Indian �tocks; the Clearwater chapter, Disabled Americ�n
Veterans; the i::learwa�sr Rotary �1ub; the Clearv�ater Kiwanis �lub; the
Clearwater Lions ,�.ub; the Veterans of Foreign Vuars, the ci�ty co�lmis-
sions of Clearwat�r, Safefcy �Tarb�r, Largo and Dunedin, and the Pix�ellas
County Commission. The hospit�l project zs being handled by the indus-
trial division of our Council.'
Your prompt attention and cooperation in thi� snatter will be
deeply aapreciated by our Council,
Yours sincerely, '
0
( Si�nrSd ) Rog F. Z.Zsns
C ha i rman
U�er Pinellas Veterans '
rfm��h Reemployment Cnuncil
***�k��*******� .
SHIELDS & CO":�ANY
44 Wall Street
New York
N`r, F, L. �end'rix,
�i�ty P/tanager,
City Ha11,
Clesrwater, Florida
Dear Hugh:
�re are enclosin� our schedule oi maturities conforming to our
understanding �vith a memorandum attached. The essence is as f ollows:
First,, the new �efunding bonds will be dated Januar� lst, 19�a,
The wi11 mature serialiy to January lst, 1975. The term bends wi11
mature January lst 1979, i'�"a believe your term bonds µrill be retired
by 1975, also; if you find it possible to levy the sinking funds on page
one, B, they will be. I� not, a cushion is provided by their legal
maturity being four years later. T::is was done purely as a safety devi�e.
'Aie have m�ide cer�Gain alterations in the centract, detailed on a
sheet atta�`_ed to tne contrac�;. The change in the valida�ion limit is
to allow for the time which could be in�rolved in an apneal to the State
Supreme Court. T�e �esolution is virtually complete except for informa-
tion required from the City which lt"r. I�Zitchell is reauesting.
Circuit Court validation requires about forty-five {4�) days
from the date of filing.
It is a rule of tne fir� that cor.tracts be reviewed by the hou3e
attorney and signed in the firm's name. Therefore, we have had tl?esE
things done and are returning the original and co�ies For your approval
and execution:
Permit me to take this o�aportnnity to thank the City Commission
and yourself,, as we11 as IvIr. Cooley, for your courtesies during my
presentation of the refun�ing prop�saL
Wii�h best respects, I remain
Sincerely y^urs,
(Sio�ed) Niarshall �ancy
�F
�k%k �k �k �k �k �k �k �ic �k * �k
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CITY 0� CLEAR�YAT�:R, �'LORIDA
In last line of Aara�raph 2 insert word "ehclusive" before words "eh-
change agent".
Change gaxa�raphs 11, 12 and 13 to read as follows:
11. "In order to insure �he prompt completion of the Refunding Pl�n,
Silields hereby agraes to use its best efforts'
(a) to comp�te the validation of tlie new refunding bonds n,ot later
than March 1, 1944,
(b) i,o effect exchan�es of new refunding bonds for outstanding
Uonds to be refunded in an amount not less than ,�p1,500,000 on or
before J'anuary 1, 1945, and
(c) to effect the excange or the sale of all of th� new refun:iing
bands not later than January 1, 1946.
12. '�Shields shall deposit with the city its certified check for the sum of
�p10,0�0 ns an evidc;nce of good faith in the performance of its obli�ations under
this Agr�ement. In the event that the Su�reme Court of Flora:da s�a11 refuse to
vclidet� the new refunding bonds, such certif ied check shall be inmediately rea
'turned to Shields. But in the evPnt that the bonds shall be validated and
Shields shall default in the performance of clause (c) in the pTeceding para-
graph, then and thereupon the said certified check of �10,000 shall be anfl be-
come forfeited to the �ity and shall be retained by the Git�y as fu11 liquidated
damages, and the City shall have the right to cancel this Agreemen� and it shall
thereafter have no binding effect on the Cit3T.
13. °Schedule B hereto attached (referred to in paragraph 1 oi this Agree-
men�) is intended to show thP itotal debt service requirements and interest costs
to the �itSr under thE "efunding Plan. Qn Page 1 the annual intersst costs and
the annual debt service requirements are shown in case the taxes levied and
�ollected bv the �ity shall be sufficient to pay the serial bonds as they mature
and to retire the term bonds by J'anuary 1, 1975. On Page 2 the annual interest
costs and the annual debt service reauire?nents are shovrn in case the taxes levied
and collected by the City sh�11 b e sufiieient to pay the serial bonds as they
maturs and to rztire the term bonds by January 1, 1979. The interest cost ca1-
culat=ons are shown on pages 3 and a.'�
���**x:***�x*�*���
SHI�LDS & COTIIPANY
44 4t�all Street
Nev� York
October 27, 1343
rOR�I_UI� FOR NET INTEREST COST
Find the number of aougons at each interest:rate, iar each maturity -
total these; divide total ntunber of coupons into total dollars of interest cost.
The resultant percentage tivill be per cent net interest cost.
**�a�**x��:�*��*x���k
2viATURITY S�FyDULE '
2�emorandu.m
�"te enclrse he�ewith tabulations co:�prising a revision of our Schedule
B and Schedule B P�iini�;lm ?,�vy nresented to you in connection with our proposals
to rzfund the d�bt of the Citiy of �laarwater, In expl�nabion it may be said
that our original tabulation called for a r.et interest cost of slightly over
3.30°fo un the basis o� Schedule B. •tPle did not co;;�putt� the net interest cost
on the basis of �he "Minimum Levy" as we considered tP:is merely illustrative of
our pr�posal and not a part of the proposal itself, In �iew of the misunder-
standing that occurred v�e have xevised our tabulations so as to produce for
schedule B a net interest c�st of 3.288799� and a net inter�st cost for the
minimum �evy of 3.299U36J.
In our computations we have used the me�hod oP calculation accepted as
the prac�ise in bon3 dealings. 1Ve know that you are aware that interest costs
depe�� to a considerable degree upon the rapidity of the retiremer�+.� of the bonds.
It vaould be possible, ior example, to aPford a largely reduced intere�t cost if
the City desired to undertake the obligati�n to increase its levies and to mature
its bonds more rapidly. Conversely it would be very easy to work out a schedule.
�hat �vould ameliornte the yearly requirements Uut in that case the interest cost
would bf couxse be increased. w'e present the above tabulations in the belief
that they fu11y satiafy the requirementa of the contract as it now stands.
Vde might add an e�cplanation of our deduction �rom gross int�rest eost
of the am•ount of interest reeeived on the �150,000 Reserve Fund to be invested
in bonds of the Federal Government. It is of course possibl�, at the present.
time, to purchaso that amoun� of 2 1/2% Government F�onds not callable until,
1967, and maturinL in 1972, so thai; the return indicated is practically guaran-
t�ed. Other combinations o£ Government Bond purchases might be used to your
�
City Commissio,n Minutes
( Continuec� )
�
November lst, 1943
greater advantage which, of course, is entirely optional with you. If
the �150,000 Bond Reserve wers used to retire bonds there would be a cun-
- �iderable interest saving. That would be a grnss saving of course, for with-
out the Reserve Fun3 the refunding terms would be more c�stlg. It is un-
c�uestionabla, however, that the Resarve �und does prevent the retirement of
an equal par amount of bonds and that unlass it were sure to purchase (as
it doee} a sa�isfac ory rate of return, it might not be to your �dvantage to
retrjin it. Under the circumstanees it is difficult for us to aec that the
interest obtained from the Reser�ce Fund could b,e regarded as other than an
offset to the in�erest to be paid a� the funded debt. We mi�ht add that our
confidence in the Puture of ClearWater is such that we are convinced that the
sArial bonds will be retired in advance oP Schedule B with a consequently
lowered interest expenditure.
SCH�DIILr� B
�4,400,000
CITY OF CLEAR�hTATEFt, EZ,ORIDp
Refundin� Bonds
Page No. 1
Term Total Debt
Year Interest 3 1/2s 3s 3 1/4s 3 1 2s 3 1/2s Service
Jan. lst -
1945 �147,025 �45}�t � 5 �197,025
1946 5,725 FO 3 198,725
19�7 144,37� 50 7 201,370
1948 142,875 55 7 204.,875
1949 141y255 �60�df 7 2Q8,255
1950 139,210 60 13 212,210
?951 136,955 65 15 216,955.
1952 i34,480 70 16 220,480
1953 131,820 70 22 223,820
19F4 128,950 75 u 24 227,950
19, 5 12., ; 860 �80 � 26 231, 860
1950 122,350 85 2fi 233,35J
1957 118,677.50 90 L7 235'077.50
1958 114,807.5� 100 22 236,807.50
1959 110;767.50 100 28 238,787.50
1960 106,557.50 110 24 240,557.50
1961 102,142.5Q 115 26 243,3.42.50
1962 97,495 120 2% 244,495
1963 98,650 1�5 29 246,650
1964 87,572.50 i30 31 248,572.50
1965 82,262.50 135 33 250,262.50
1956 76,720 �14�j� 35 251,720
1967 70,595 145 38 253,595
1968 64,190 I50 41 255,190
1969 57,505 155 45 2F7,50b
1970 50,505 ' 160 49 259,505'
1971 43,190 165 53 261,I90
1972 35,560 170 57 262,560
1973 27,615 175 62 264,615
1974 19,320 185 62 266,320
1975 10,675 190 115 315,675)
Zess �pplication of Reeerve------- 150 000)
�200 i� �4DO�i �1,19Q 1 , 1,'63 ,�,97 , 165,675
Total Tnt. Cost �3,009,702.50
Less � 116,250.00, earnings of Reserve rund
Net int. Cost �2,8g3,4�2.50
Year 2 1 2s
J'an. lst
1.945 ' , �45�
1946 50
1947 50
1948 55
' 1949
1950
1951
1952
1953
1954
1955
1956
1957
3s
�6O�f
'60
65
70
70
75
S � H� D'J L F B
Pa�e No. 2
Term Total Debt
3 1/4s 3 1/2s 3 1/2s Int�rest , Servzee
�147,025 �192,025
145,900 19�,900
144,650 194,650
1439400 198,400
142,025 202,Ow5
140,225 200,225
138,425 203,425
136,475 206,475
134,375 204,375
132,275 207,275
y�80� 130,025 210,025
85 127,425 ?12,425
90 124,�i62.50 214,862..50
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Schedule B
Page 2
Continued
Term To�al Debt
Year 2 1 2s 3s 3 1 4s 3 1 2s 3 1 2s Interest Serviae
Jan. lst
1958 �1�0� 121,737.5G 221,737.50
1959 100 118,487.5U 218,487.50
1960 11� 115,237.50 22F,237<50
1961 115 111,682.50 22&,662.50
1962 120 107,925 227.925
1963 125 1�4,02F 229,025
1964 130 99,962.50 229,962.50
1365 135 95,'7.37.50 230,737.50
1906 �140� 91,350 231,350
1957 145 F36,450 231,450
1968 150 81,375 231,375
1969 155 75,125 231�125
1970 160 � 70,700 230,700
1871 165 65,100 230,1�0
1972 170 � 59,325 229,325
1973 175 �3,375 228,375
1974 185 47,250 232,250
1975 190 40,775 230,775
1976 �195j� 34,12b 229,125
1977 205 27,300 232�300
1978 210 20,125 230,125
1979 365 1�,775 377,775�
Less A nlication oi' Reserve--------------- 150 OOOj
,200 400� 1,190� �1,83 �'97 227,775
Total InLerest Cost�3,427,812,50
I,ess 131 250.00 earnin� af
Net Inte.res'� Cost -3,296,562.50 Ressrve Fund
*����::��**=�**�
INTEREST COST CALCIILATIONS
Number of Coupons
T_'age Pio. 3
Proposal Min. Zevy
Year 2 lf2s 3s 3 1/4s 3 1/2s Term 3 1/2s Term 3 1/2s
1n��5 45 5
15�6 l0Q g
lci�7 150 21
�948 �20 28
1949 340 35
1950 360 qg,
' 1951 455 105
1952 560 128
1953 6�0 I98
1954 750 240
I°55 FsBfl 286
1956 1,Q20 312
19F� 1,170 351
1958 1,400 308
I959 1, 500 42�J
1960 1,760 384
1961 1,955 442
1.9ti2 2,160 486
1963 2,375 551
1964 2,600 620
1965 2,835 693
1966 �, Of30 770
1967 3,335 874
1968 3,66Q 98�
1969 3,F375 1,125
1970 4,160 1,274
1�71 4,455 1,431
1972 4,760 1,596
1973 5,075 1,798
1974 5,550 1,850
�9�5 5,890 3,565
1976
1977
1978
1979
515 3,055 19,655 43,780
20,974
6,24Q
6,765
7,140
12,775
32,920
e
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City Cormnission Minktes N..�vember lst, 1943
(Continued)
Interest Cost C7alculations
Page No. 4
Recapitnlation of Interest Cost oP Pa�e No 1
Proposal 515 Coupons � �2�, �12,875
3,055 " � 30, 91,650
19,655 t' � 32.50 638,787.50
64,754 " � 35. 2 266 390
'3,OQ9,702.'50
Zess Earnings 116,250
Net Interest Cos� �p2,893.452.50
Divided by 87,9'79 (coupons) 3.2887990
Recapitulation of Interest Cost of Pa�e No 2
Proposal 515 Coupons � �25. �12,875
Min. Zevy 3,055 " � 30. 91,650
19,655 " � 32.50 538,787.50
76,700 T' � 35. 2.084,500
�3,427,812.50
Less Earnings 131 250
Net Interest Cost �3,296,562.50
Divided by 99,925 (coupons) 3.299036f
*�*�*�xx�********
AGRE ENtENT
VtT�REAS the City of Clearwater, Florida, hereinafter rei'erred t�
as the City, as outstanding approximately �4,445-,552 Refunding Bonds issued.
July lst, 1936, all dated July lst, 1936, naturing Ju13* lst, 1986, and bear-
ing interest at 2 1/2% to 5� per ar�num; and
V�EAS it is the desire of the City to refund said bonds in order
to obtain more Pavorable interest rates; and
VdEiEREAS Shields and Company �f 44 PTa11 Street, New York CitS*, here-
inaftex referred to as Shields, has submitted {in behalf of itself and asso-
ciates) a plan �or the refunding of the said oiztstanding bonds, and the City
desires to proceed with the refunding in accordance with said plan;
NOl�T, fi�tZ�aFORE, it is hereby abreed by and betti�een parties hereto
as follo�vs:
L
The Gity Commission shall adopt sucii resoltitions and other proceed-
ings aa may Be necessary to authorize the issuance of new reiundir�g bonds in
the amounts, be?ring interest at the rates, and having the maturities and
redemptibn provisions as set forth on page 2 of Sc�edule B, eccording to
said nlan submitted b y Shields.
Z.
Shield3 sha11 act as exchange sgent for tha' aity and use its best
e�for'ts to effect exchanges of new refunding bonds for the outstanding bonds
to be reiunded, it bein� understo�d that Shields is to be the exclusive ex-
chan�e agent of the City in effecting such exchanges.
3.
Shields sh��l assume and pay al.? legitimate exp�nses in c�nnaction
�vith the authori�ation, validation, issuance and pxchange of the new refund-
ing bands, includinp the fees and expenses oP the City Attorney in co�.nection
with the validation, the fees �nd expenses of a nationally recognized firm
of bond attorneys to be retained by Shiel�ls, all necessary traveling expenses
of �ity officials on trips approved by Shields, the preparation of the blank
bonds ready for execution, charges,for publishing all necessary legal notices,
�'.
�
e � ' }
!o�
_ �nd the char�es of banks ar trust companies 3n effeeting exohangeso
4. '
Shields shall have the privi,tege of purck�asin� �ny of the outstanding
bonds to be refu_nded and of exchanging the b�nds so purchased from time to
time for new refundi�g bonds and of selli:n� such new refunding bonds to
investors.
5.
The new refunding �aancls are to be exchanged for the outstanding bands on
a par for par basis with rieQessary adjustments of accrued intereat, such ex-
clzanges to be made at a bank or trust company designated by 6hields, and the
fees and expenses of such bank ar trust company in connection with such exchange
are to be paid by Shields.
6.
The City shall take such r�ction as may be necessary to make the bonds
available for exchar_ge at the earliest practicaZbe date, and shall cooperate '
wi�th Shields in effecting exchanges and furnishing such statist;ical data as m�y
be requested.
�• '
Shields sha11 receive no compensation f rom the Citp for its services
as such exchange agent, but shall xeceive its full compensation from such fees
as it may �har$e bondhold.prs making ex_changes, and such profits as it may be aole
to ma?ce through the purchase of outstandin� bonds and wn sellin� the new refund-
ing bonds in exchange therefor as provided in paragraph 4 above.
8,
In case there shall be any change in the status of the new refunding
bends with res�,ect to their exe�ption from federal income taxes, then this con-
traci; shall no longer be binding upon either party, but shAll thereupon bz sub-
j�ct to renegotiation as to inter��st rates and other det�ils.
9.
I�. at. any:_time Shields she11"_sequest. the Gi�y t;o : offer a�• public 'sale
�he•'new:r.ei'unding bonds; o.r all or'�ny�:part 'a�c:the u.�exc:hariged::r,ef_tixndingibonds,
the �ity sha.11 promptl,p carry out such request and take such necessary proceed-
ings as the bond counsel retained by Shields may sequire. If Shields shail make
such request, it shall bid at least 102 and accrued interest ior the bonds so
advertised for sa1e, atld in consideration of such promise and of 'all the services
performe3 end to be performed by Snields under the prov�sions of thi� aontract,
Shields shall receive from the �ity a fee of 2°� of the principal amount of the
bonds so so1d. Upon making such req_uest,'Shields shall deposit with the City a
certi�'ied check am.ounting to 2f of the face value of the bonds to be offered for
sale, which eheck shall be retained by the City as full liquidated damages in
case Shields fails te bid for the bonds as above set forth. If Shields does make
such bid for the bonds, the sheck is to be returned to it iP it shall not be the
s��ccessful bidder; but if it sha11 be the successiul bidder, the check sh�ll be
applie� as past nayment for the bonds, or retained by the �ity as full liquida-
ted damages. If at a�y time the Gity shall oYfer all or any part of the new r�-
funding bond� at public sale without being requested so to do by Shields, and
iP at such public sale Shields shall bid at least 102 and ac�rued interest for
the bonds so offered, the Gity shall pay Shields a�ee of 2j of the principal
amount of the bonds sold at such pub].ic s�.le, such fee to be in full payment of
the services theretofore performed by Shields in connection with the rei'unding
plan. �
10.
Shields shall use its best ePforts to effect the refunding of the out-
standing indebtedness oi the City in aceordance with the refunding plan here-
inabove referr�d to, and will undertake all acts which it may lawfully perform
, in this connection; but such action or,. the part of Shieids shall in no man�er
consti�cute the managing ar controlling of the of£icial ftinetions of the City
Commission in refunding said fndebtedness or in the issuance oi' the new re-
funding bonds, it bei�g expreasl5 understood that the �ity Cozomission reserves
the right fullp to exercise its ofi'icial di�cretion and to perform its oi'ficial
duties in all matters pertaining to the authorization and the issuance oi' the
new re;funding bonds, or other duties in connection with such bonds.
11.
In order to insure the prompt campletion of the Ref.unding Plan, Shields
hereby agrees to use its be�t efPorts
, (a) to c�m�lete the validation of the new refunding bond3 not later
than I;![arch i, 1944;
(b) to effect exchanges oi` new refunding tronds i'or outstan�ing bonds
to be refunded in en amount not less than �1.,5�J0,000 on or before
January l, 1945, and
� (c) to ePfect the sxchange or the�sale of all of the new refunding bonds
not later tl�an J'anuary 1, 1$46.
12.
? Shields �hall de�iosii; with the City its certifled check for the sum oP
� $�10 OCQ as �n, evidence o�
� , good faith in �k�e performance of i�ts obl3gations
�
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City Commission PJIinutes November lst, 1943
(Contin�d)
tinder this Agreement. In the event that the Supreme Court of Florida shall.
refuse to validate the new refunding bonds, such certi:iied cheok shall be
immediately returned to Shields. �ut in the even� that the bonds r�hall be
validated and Shields sha11 default in the performance of clause (c) in the
preceding paragraph, then and thereupon the said certified check of-�10,000
sha11 be and become forfeited to the City and shall be xetained by the City
as full li�uidated damages, and the City shall have the right to cancel t;his
Agreement <nd it shall therea�tEr have no binding effeet on the City.
i 3,
Schedule B hereto attached {referred to in paragraph 1 of this
agresment) is intended to show the total debt service requirements and
intarest costs to the City under the �efunding F�an. On Page 1 the annual
interest costs and the an_nual debt service requiremen�s are shown in case
the ta�es levl.ed and co Lected by the City shall be sufficient to pay the
serial bonds as they mature and to retire the term bor�ds by January l, 1976.
On page 2 the annual interest costs and the annual debt ser�ice requi.rements
are �hown in case the ta�es levied and collected by the City shall be suffi-
cient to pay the serial bonds as they mature and to retire the terrn bonds
by January l, 1979, The interest cost calculations are shown on pages 3
and 4.
IN ti"rITP'ES8 Vr'E�REOF, the City of Clearwater has caused i'ts name to
be hereunto subscribed by ihe C3,t�T Manager of said City, confirmed by the
Nayor-Commission of said City, attested by the �ity Auditor and �lerk, and
its corporate seal to be thereunto sttached; and Shields r�nr: Compang h�s
caused this agreement to Ue executed by its representative.
CITY OF CLE�RI�aA'PER, FLO�IDA
By
Attestt
City I�fanager
Cit' A dit - Mayor Gommissioner
y u or ana lerk
Signed, sealed and delivered
in presence of:
SHIELDS 8c C0.
By
for themselves and associates
Aii�ro�ed as to form and corr2ctness:
City tittorney
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