11/22/1943
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CITY CONMISSION If.lNUTES
CITY OF CLF.AHWATER, FLORIDA. NOVTIviBER 22, 1943
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The City Commission of the City of Clearw8ter, Florida
met in special session the evening of November 22nd, 1943 in the
City Hall at 7:00 O'ClOCK P.M. This meeting WPS held in pursuanoe
of a special call a copy of which is set out elsewhere in these
minutes.
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The fOllowing members were present:
George R. Seavy, !.~ayol'-Cornrnissioner
Jesse G. Smith, Commissioner
Herbert Grice, Cornmissi,nel'
Dan L. Stoutam1re, Commissioner
Sumner R. Lowe, Commissioner
Absent: None.
After the meeting was called to order by Mayor Seavy
City Manager Hendrix read to the Eoard the final draft of the
Shields & Company Refunding Proposal and Agreement. It was
moved by Mr. Grice, seconded by Mr. .::Jm1th and cl?rrif~11 unC'lnblously
tr..'t. the Shields &, Company Refunding Proposal and Agreement be
accepted. Below is set out in rull such Refunding Proposal
and Agreernent. l\t this time }.!r. i!.. B. Casler, Jr. presented
to the Board a ~lO,OOO.OO cashier's check of Shield's & Company as
provided in said agreement.
There being no further business to come before the
Board the meeting WAG adjourned.
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Mayor-Commissioner
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AGREEMENT
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~~REAS the City of Clearwater, Florida, hereinafter re-
ferred to as the City, has outstanding apnroximAtely $4,445,652
Refunding Bon0s issued July 1st, 1936, all dated July 1st, 1936,
maturing July 1st, 1966, An~ b'aring in~erest at 2~~ to 5~ per
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v,~nEAS it is the desire of the City to refund said
bonds in order to obtain more favorable interest rates; And
WHr.:HEAS Shields & Company of 44 V:oll Street, New York
City, hereinafter referred to as Shields, hAS submitted (in be-
half of itself end associ~t8s) a plp-n for the refunding of the
said outstanding bonds, nnd the City desires to proceaJ with the
rerunding in accordance with said plan;
NO\": , T1I:3:H"EFOHE , it is hereby 8Ereed by and between par-
ties hereto as follows:
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1.
The City Commi~sion ~hall adopt such resolutions and
other proceedinp;s as may be necessary to authorize the issuance
of new refundin~ bon~s in the amounts, bearing interest at the
rates, 8nn hnvin~ the ~8turitics Bnd redemption provisions as set
forth on schedulAs hereto 3tt8ched.
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2.
Shields shall act as exchanee agent for the City ana
use its best afforts to effect exchanees of new refunding bonds
for the outstanding bonds to be refunded, it being understood tha..t
Shialds is to be the exclusive exchange Beent of the City in effect-
in~ such exchanges.
3.
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Shields shall assume and PAY f~ll legitimate expenses in
connection with the authorization, validation, issuance and exchange
of the new refunding bonds, including the fees and expenses of the
City Attorney in connection with the validation, the fees And ex-
penses of a nntionally recognized firm of bond ~ttorneys to be re-
tained by Shields, all necesssry trHveling expenses of City officia~s
on trips approved by Shields, the preparation of the blank bonds
ready for execution, chr.rges for publishing ell necessary legal
notices, anrl the ,chBrges of banks or trust companies in ef:recting
exch.anges.
4.
Shields shall h~ve the ~rivilege of uurch8sing any of the
ou tstat1ding bonds to be refundec1 :=md of exc)lp,nging the bonrls so
purchased from tine to timG for new refunding bonds and of selling
such new refundine bonQs to investors.
5.
The new refunding bonds are to be exchanged for the out-
standing bonds on a par :ror par basis with necessery adjustments
of accrued interest, such eXChanGes to b;eMsde at a bank or trust
company designateo by Shields, 8nd the fees 2nd expenses of such
bank or trust company in connecti~,n Vii tb such exchAnge are to be
p8 id by Shie lds.
6.
The City shAll take such 8ction Be may be necessary to
make the bonds 9veilable for exchange at the e~rliest practicable
date, and shall cooperate with cihields in effecting exchAnges 8nd
furnishjng such statistical data as may be requested.
7.
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Shields shell receive no c~mpensation from the City for
its services as such exc.,enge agent, but shall receive its full
compensation from such fees as it may bhBTg8 bondholders making
exchanges, and such profits as it may be able to make through the
ourchase of outstanding bonds and in selling the new refunding bonds
in exchange therefor as provided in paragrnph 4 above.
8.
In case there shall be any change in the status of the
ne~ refunding bonds with respect to their exemption from federal
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income taxes, then this contract shall no lonRer be bindin~ upon either
party, but shall thereupon be subject to renegotiation as to interest
rates and other details.
9.
If at any ti.me Shields shAll reouest the City to offer
a t pUblic sale the new rAfu:1d i ng bon': s, or a 11 or any p<.' rt of the
unexchanged refun~ing bonds, the City shall promptly carry out
such reauest anct take Duch necessary oroceedings 8sthe bond counsel
retained by Shields may require. If Shie1~s ShAll make such request,
it shall bid at least 102 '~nrl Bccruecl interest for th, bonris so ad-
vertised for sAle, en~ in consideration of such promise Bnd of all
the services performed and to be performed by 311ie11s under the pro-
visions of t:lis contract, Shiel::.s shall receive from thr: City a fee
of 21 of the principfll amount of' the bonds so sold. Upon making such
request, Shields shall deposit ~itll the City n certifiod check amount-
ing to 21 of the face value of th~ bon~s to be offered for sale, which
check shall be ret~ined by the City 8S full liouidated damages in C8se
Shields fails to bid for the bonds as above set forth. If Shields
does Make such bid for the bonds, the chec~ is to be returned to it
if it shall not be the successful bidder; but if it shall be the
successful bidder, the c ileck shall be A f'P lied as p!i r't payrne l1.t for
thp. bonds, or retained by the City as full liauidotcd damages. If
at any time the City shall offer all or Any ~art of the new refund-
ing bonns at pUblic SAle without being requested so to do by Shiel~s,
and if Gt such nublie s81e Shields shall bid lJt least 102 And Dccrued
interest for the bonds so offered, the Oity sllall pay Shields a fee
of 2~ of the principal a~ount of the banns sold at such public sale,
such fee to be in full pAyment of the services theretofore performed
by Shields in connection with the refundin~ plan.
10.
Shields shall use its best efforts to effect the re-
funding of the outstanding indebtedness of the City in accordance
wi th the- refunding plan hereinabove referrec1 to, A. no wi 11 underteke
all acts which it may lF1wfully perform in this connection; bnt
such action on the pert of Shields shall in no manner constitute the
managing or controlling of the official functions of' the City Commiss-
ion in refunding said indebtedness or in the issuance of the new .
refunding bonds, it being expressly understood that the City Com-
mi~sion reserves the right fully to exercise its 6fricial discretion
end to perform its official duties in all m9tters pertrining to the
authorization and the issuance of the new refunding bonds, or other
duties in connection with such bonds.
11.
In order to insure the prompt completion of the refunding
plan, Shields hereby guarantees:.
( a )
If the City furnishes informtion promptly for
resolutions and legal papers, Shields will have
Masslik & Mitchell complete forms and resolutions
for validation of the new refunding bonds so they
may be filed v:i th the Circuit Court for validation
as promptly as possible, but in no event later than
the first business day in Janupry, 1944.
That ~resent bonds in the face amount of not less
than ~1,500,OOO sh?ll be exchenged for new refunding
bonds on or before January 1st, 1945; and
That all of th; present bon~s, amounting to
ap~roximately ~4,44B,652 in face value, shall
be exchanged for new refunding bonds not later
than January 1st, 1946.
(b)
(c)
12.
Shields shall deposit ~ith the City its certified check
for the sum of ~lO,OOO as a guarantee of performance of its ob-
ligations under this contract. In the event that Shielr3s defaults
in the performance of any of the reouirements enumer~tp.d in the ~re-
ceding paragraph of this contract, tnen'and thereupon the seid .sum. of
$lO,OOO shall be and bscome forfeited to the City and shall be re-
tained by the City ~s full li~uidated damages; and in addition to
receiving and retaining said sum of $lO,OOO, the City shall have
the right to renounce its contract And it shall thereafter have no
binding effect on the Ci~y.
l3.
Shields and the City have agreed that the maturity schedule attached
hereto and nade a part hereof shall be included in the resolution
autho~izing this issuance of the new refunding bonds.
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All of thA new refunding bonds, both serial bonds and
term bonds, shall be callable after two y~ars from the dete of
the bonds. Bonds called within five years from the date of issue
shall be subject to call interest in the sum of five per cent
(5~), bonds called within the succeeding five years shall bear
oall interest in the sum of four -per cent (4~q; bonds called wi th-
in the next ten years shall b:nr cell interest in the amount of
three per cent (3%); And after twenty years bond3 mAY be c81lable
at par andacorued interest unon thirty (30) days' notice pr&or to
any interest date. Frovida& further that qny term bonns may be ~l-
ed by lot for Sinking Fund account at par value plus Accured in-
terest.
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Shields agrees that all term bonds shall be exohanged
before the City is required to offer any serial bonds for ex-
change or sale.
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IN V.ITNESS V;HEHEOF, the City of C learwa ter has caused
its n8me to he hereunto subscribed by the City Manager of said
City, confinned by the Mayor-commissioner of said City, attested
by the City Auditor and Cler~, and its corporate seal to be there-
unto attacledj and Shields & Company has caused this agreement to
be executed by its representative, this 22 day of November A.
D. 1943.
CITY OF CLEARWATER, FLORIDA
By: (Signed) F. L. Hendrix
Ci ty Manager
Attest:
(Signed) Frank Cooley
City Auditor and Clerk
(Signed) Geo. R. Seavy
Mayor-Commissioner
Signed, sealed and delivered
in the prese~ce of:
(Signed) E. B. Casler, Jr.
(Signed) Ralph D. Reed
SHIELDS & CO.
By: (Signed) Marshall Danoy
for themselves and associates
Approved as to form and correctness:
(Signed) Ralph Richards
City Attorney
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2500 Term Bonds
1900 Serial Bonds
SeriAl Bonds Int. Cost Total Serial Term Int.
2t:% 3t% 3i% of Serial Reouirement Cas t.
1944 64,3l2.50 87,500
1945 25 63,587.BO 86,687.t)0 86,730
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'-J" 63,062.BO 88,062.50 8B,855
lQ47 25 62,,437. 50 87,43?50 84,875
1948 25 61,8l2.50 86,812.50 83,685
1949 30 60,837.f-0 90,837.50 82,460
1950 30 59,862.50 89,862.50 81,025
1951 35 58,725.00 93,725.00 79,520
1952 35 57 ,E'87. f'0 92,587.50 77,770
1953 40 56,287.!:0 96,287.50 7B,950
1954 40 54,987.50 94,987.50 73,885
1955 45 53,525.00 98,525.00 71,715
1956 50 51,900.00 101,900.00 69,545
1957 55 50,ll2.eO 10B,112.50 67,340
1958 55 48,325.00 103,325. C;O 64,925
1959 60 46,375.00 106,375.00 62,475
19GO 52 44,205.00 106,205.00 59,850
1961 57 41,860.00 108,860.00 57,lf5
1962 69 39,445.00 l08,445.00 f4,285
1963 70 36,995.00 106,995.00 51,170
1964 72 34,475.00 106,475.00 47,880
1965 74 31,885.00 105,885.00 44,380
1966 76 29,225.00 105, 22!;,. 00 40,670
1967 78 26,495.00 104,495.00 35,7l5
1968 79 23,730.00 102,73a.CO 32,5l5
1969 80 20,930.00 100,930.00 28,035
1970 83 18,025.00 101,025.00 23,3l0
1971 87 14,980.00 101,980.00 18,375
1972 88 11,900. )0 99,900.00 13,125
1973 90 8,750.00 98,750.00 7,550
1974 250 250,000.00 1,785
, 100 475 l325
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Probable Cost of Int.
Term Total Amt. Est. &. Prin. for
Retirement Requirements Available Serial Bond.Ji
1944 151,8l3 197,250 l51,8l3
1945 22,000 197,4l8 199,185 17B,4l8
1946 25,000 198,915 201,120 173,918
1947 : 28,000 200,313 204,990 172,313
1948 34,000 204,498 208,860 170,498
1949 35,000 208,298 212,730 l73,298
1950 41,000 211,888 216,500 170,888
1951 43,000 216,245 220,4?0 173,245
1952 ' 50,000 220,358 224,340 170,358
1953 52,000 224,238 228,210 172,238
1954 59,000 227,873 232,080 168,873
1955 62,000 232,240 233,9l5 170,240
1956 62,000 233,445 235,750 171,445
1957 63,000 235,453 237,~85 172,453
1958 69,000 237,250 239,420 168,250
1959 70,000 238,860 241,255 168,850
1960 ?5,000 241,055 243,090 165,055
1961 77,000 243,Ol5 244,925 165,Ol5
1962 82,000 244,730 246,760 162,730
1953 89,000 247,155 248,f95 IB8,155
1964 94,000 248,355 250,430 154,355
1965 100,000 250,265 252,265 150,265
1966 106,000 251,895 254,100 145,895
1967 1l3,000 254,210 255,935 141,210
1968 120,000 2f'5,245 257,7?0 135,245
1969 l28,OOO 256,955 259,605 128,955
1970 135,000 259,335 26l,440 l24,335
1971 l41,OOO 261,355 263,275 120,355
1972 1BO,00O 263,025 265,110 113,025
1973 159,000 265,3l0 266,945 105,3l0
1974 165,000 266,785 268 ,780 101,785
51,000
2,500,00 rtJ)
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CITY OF CLEARWATER
C1earwBter, Florida
November 19, 1943
Mr. F. L. Hendrix,
Ci ty Manager
Clearwater, Florida
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Dear Mr. Hendrix:
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This is to certify that I have delivered
the followine notices to the City Commissioners, as
indicated by the time or delivery by each name below:
"There will be a spec:ial meeting of the City 0onlll1ission,
Monday evening, (11/22/43), at 7:00 p.m., at the City
Hall, for the purpose or considering a proposal and
contract for the refunding of the City's bonded in-
de btednes s. "
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Time of Delivery:
Mayor-Co~~issioner, George R. beavy.
6ommissioner Sumner H. Lowe
Commissioner Jesse G. Smith
Commissioner Dan L. ~toutamire
Commissioner Herbert Grice
G.R.S.
S.R.L.
J.G.S.
D.L.S.
H.G.
4:05
4:55
4:28
4:20
4:25
Respectfully submitted,
SIGNED:
J. J. Neal
Patrolman, Police CrufSer
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CIT'.L COP+�JlISSION NI1VIiT�S
C2TY OF GLrARV1flT�Et, E�,OF�I:7A. ATOVF2JlBER 22, 1943
The City Commission oP �Ghe City oi' C].earwater, Florida
met in special session '..hE ever�ing oi November 22nd, 1943 in the
City Hs�ll at 7:00 otclock P,bq, This meeting wes held in pursuance
��'�r, of a special ca�.l a copy of which, is set out elsev�rhere in these
minutes.
mhe following *nerrsbers were present:
George R. Seavy, Pdayor-Commisairner
J'esse G. Smi�h, Commissioner
Herbert Grice, Commissioner
Jan L. Stoutamire, Commissioner '
5umner R. Lowe, Cora.m3:ssioner
Absent: None.
After the meeting was called to order by I�ayor Seavy
City Manager Hendrix read to the Board the iinal draft of the
Shi.elas & Company Ftefunding Proposal . and Agreement. It was
mozred by Mr. srice, sec�nded by IvIr. �m�th aild carxiPd unari,�_mausly
tY.� t tre Shields 8c Company RaFunding Proposal. anci A�rcement be
accepted, Below zs sEt out in fu?.l such Refunding Proposal
and A�reemEnt. Ai tnis time �Zr. �. B. Casler, Jr. presented
to the Board a*�10,000.�0 cashier's c'rreck of Shield's & Compang as
provided in said a�reement.
There being no Purther business to comz before the
Boars3 th� meetin� was adjourned.
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Mayor-Commissioner
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City A��r ana Clerk
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A G R E E M E N T
�h'HEREAS the Gity aP Clear�water, Florida, hereinafter re-
ierred to as �Ghe City, has outstanding ap*�roximately y�,'4,445,652
Refunding Bonds issued July lst, �936, a11 �ated J::�ly lst, 1936,
maturing July lst, 1966, �nd bearing in�erest at 22°f2 to 5�! per •
annum• and
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j`a'HEREf�S it is �he desire of the City �o rePund sai.d
bonds iri order to obtain more favorable interest rates; and
V7HEREAS 5hields Fc Company of 44 UJall Stree�, New v'ork
City, hereinaft�r referred tc� as Shiel�.s, has sub�itted (3.n be-
half of itself and associ�tes) a pl4n for the refunding of the
said outstanding bonds, and the City desires to proceefl v�ith �he
refunding in accordance with said p1an;
N0�'�J, THr�tEFORE; �.t is hereby a�reed 'oy and bettiveen par-
ties hereto as follows:
1.
The City Gommission shall adopt such resolutions and
other proceedings as may be necsssary to authorize the issuance ,
of new refundin� boncls in the amounts, bEaring interest at the
rates, anc7 h�?ving the maturities and redemption provisions as set �
forth on schedules hereto attache�.
2.
Shields sha1T act as exchan�,e agent f'or the Qity and
use its best efforts to efi'ect exchanges of new re�'unding bonds
£or the ou�standing bonds to be refunded, it being understood tha-t
Shields is to be the e?�clusiva excha�ge agent of the �ity in effect-
ing such exch�anges.
J.
Shields shall assume and pay all legitimate expenses in
connection with the aikti�orization, validation, issuance and exchange
of the netiv refunding honds, ircluding the =ees and e�enses of the
City Attorney in connectior� witr the yalidatian, the fees and ex-
penses of a nationallT recognized firui of bond attorneys to tie re-
ta�ned by Shields, a11 necessary iravelin� expe�ses oi City oificials
on trivs appro�ed by Shields, the urenarat3.on of the blank bondss
ready fo.r execution, ch:��rges for publishing all necessary le�al
not.ices, and the cGharges: pf banks or trust ce�roanies in effecting
exchan�es.
4. .
Shields sha11 h^ve the rorivilege of purchasing any of the
outstandin� bonds to be re�unded an�l oi e�c?��r_gin;'the bonds so
purchased £rom time to time for new refunding bnnds and of selling
such new refunding bonds to investors.
5.
The new refunding bonds are to be exchangPd for the out-
standing bonds on a par f'or par basis �nith necessary adjustments
of accrued interest, such exchan�es to beer�ade at a l�ank or trust
comuany designated by �hields, �nd the fees and espenses of such
bank or trust company in connecti�n u�itY� such e�change are to be
paid by 5hields.
6.
The City sha11 take such action as ma? be necessary to
make the bonds available for exchan�e at the ea.rliest practicabla
dater and shall cooperate with �hialds in effecting exchan�es anc�
furnishin� such statistical data as may be reouested.
'7 .
Shields sha11 receive no c�mpensation from the Gity for
its services as such exc�.ange agent, but shall receive its f ull
com�ensntion from such feea as it may bharge bondhol:ders making
exchan�es, and such profits as it may be able to make tl.rough the
gi.u�chase of outstanding bonds and in selling the n�w refunding bonds
in exchange therefor as �rovided in paragreph 4 above.
8,
In case there shall be an$T change in the status of the
new rePuneling bonds with respeet to their exemption from fedt�ral
�
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!
/ ( �
income taxes, �heu this contract shall no lon�er be binding upon eii;her
par�Gy, �ut shall theraupon be subject to ren6�;otiation as to interest
rates and othex detail�.
9.
Tf at any t�.nie Shi.elds shall request the City to offer c
at public sale the new refunding bonds, or a1.1 or any p�rt of the
�unexchan�;ed xefun3i.ng bonds, the Gity sha11 �romptly carry out
such reyuest and ta:ce such necessary proceedin�s asthe bona counsel
retained by Shields m�,y xequire. If uhields sh�11 ma�e such request,
it shall bid at least 102 and aecruel interest for th� bonds so ad-
vertised foi� sale, and in cansic3eraf,ion of such promise and of all
the servic;es pexiorm�d and �o be performed tay Shields under th� pro-
visions af t�iis contraoi, 8hields shall receive from �Ghe City a fee
of ,8� of �he princi�al amount of the bonds so sold. Upon making such
� request, Shields shall deposit with tha City a certif�ed cheek amount-
ing t� 2°' of the face value of th� bonds t� be offered �or st�le, which
check shall be retsined by the City as fu11 liouida�ed dama�es ir case
Shields fails to bid for t�e bonds as abr,ve set iorth. If �hields
does ma:ce sach bid for the bonds, the cb,e�k is to be returned to iL
if it sha11 not be tue successful bidde;c; but if it s�all be t�e
successful bidder, the ci�eck shall be �ppliec�. as p�rt payment xor
the bonds, or retained by the City �s fu?1 linuidat�d damages. if
�t any time the Cit,v shall offer all or any part of the neW xafund-
?ng bonds at public sale v�ithout being reouested so to do by Shiel2fs,
and if at such nublic sale Shields shall bid �� least 102 and accruPd
interest for the bonds so offered, the �iity shall pay Shields a fee
of 2� of the princ-ipal am�unt of the bonds sold at sueh public sale,
such fee to be in full payment of the sertrices theretofore performed
by ShieYds in connection with the refunding p1an.
1J. '
Shields shall use its best efforts to effeat thP re-
funding of the oubstanding indebtedness of the City in accorca�ce
uith ��e, xefundin� plan hereinabove referred to, and will undertake
all acts which it may law7 u11y per�orm in t�iis connection; but
such action on the part of Shields shai.l in no manner eons�itute the
mana�ing or controlling of the official functio�s �f the City Commiss-
ion in reiunding said i,ndebtedness or in the issuancE of tP�e new '
refunding bonds, it being expressly understood that the City Gom-
mi�sion reserves Lhe ri�ht fully to exercise its oi•�icig.�, discretion .
and to perform its ofPicial duties in all matiters pert�-ining to the
authori2ation and the issuance of the :�e�v refi:nding bonds, or.other�
�uties in coz�nection with such bonds.
11.
In �rder to insure the p.ro.mpt completion of the refunding
p1an, Shields hereby guarantees:.
(a) Ii the City furnish�s inform�ion promptly for
resolutions and legal papers, Shields wi11 have
I�Zasslik & Ivlitchell complete forms and resolutions
for validation of the new refunding 'aonds so they
may be iiled with the �ircuit Court for validation
as pramptly as possible, but �n no event later than _
the first business day ir_ JanuArys 1944.
(bj That re5ent bonds in the face amou�t of uot less,
than �1,500,OOd sha11 bE exchanged f or neva'refunding
bonds on or before January 1st, 1945; and
( c) That a? 1 af th; p�esent bonr?,s, a�iounting to
ap�roximately �4,445,652 in face value, s�a11
be exchanged for new refunding bonds not later
than Jan�,ary lst, T�46.
12.
Shields shall deposit with the City its certified cheek
for the sum of N10,000 as a�uarantee of performance of its ob-
ligations under this contract. In the event that Shiel�.s dePaults
in the psriormance of any of the reauirements enumer�ted in the pre-
ciedin� paragraph oY this contra�t� t$�'n`affd �hereitpon the s�id'sum: of
�10,000 shall be and bscome forfeited to the Gity and shall be -re-
tained by the Cit,p as full li�uidsted damagey; and in adclition bo
rsceiving and retaining said sum oi'�?10,000, the City shal.l have
the right to renounce it;s contract antl it shall �hereafter have no
binding ePfect on the City. , ',
13.
Shields and the City have agree�l that the maturity schedu].e attaehed �
hereto and made a part hereof shal]. be included ii1 the re.solution �
authorizing �l�is isauance of tne nevt refunding bunc�s.
�
��.
All of the new refunding bonds, both aerial bonds and
term bonds, shall be cal�.able a�ter two years from t,he �cate of
the bunds. Bonds ealled vaithin five years froni the date of issue
shall be subject to c�ill interest in 'che sum of five per cent
(5�.), b�ncls called ��ithin �the succeeding five years sha11 bear
call interest in the sum of fc,ur per cent (4f); bonds called u�ith-
in the next; ten years sha�1 •b:•.ar epll interest in }hz amo�ant of
three per cent ( 3°�.�) ; and after ��venty years bonds ;uay be c�llable
�t; pAr andaccrued interest unan thirty (30} days' notice pr�'or to
any interest date. �fiov7�d�di further tYAat �.ny term bonds may l�e �11-
ed by lot for Sinkin� Fund account at par value plus accured in-
teres�.
15.
UhiElds agrees tha�t all term bonds shall be exchanged
b�fore the Citg is xequired to o£fer any serial bonds for ex-
change or sale. �
IN V�:ITIV��SS P�HF�EOF, thE City of Clearv�*ater has caused
its name to he hereunto �ubscribed by the City �anager of 5aid
Ci�y, confirmed by the i�ayor-eo�nmissioner of said City, ait�stzd
by the City Auditor and Clerk, and its corpqrate seal to be th�re-
unto attacl:ed; and Shields & Cr�rRpany has caused this agr�e�ent t�o
be executed Uy its Tepresentative, this 22 day of Novem�er A.
D. 1943.
CITY OE' CZEl�RZ�rAT�R, FLORIDA
By: (Si�ned) F. L'. Hendrix
City Manager
Attest:
{Signed) Frank Coole.V
City Auditor and Glerk
C�i�ned) C-,eo. R. Seavv
rlayor-Commissioner
Signed, sealed and delivered
in the preseace ofc SAIELDS & CO3
(Signed) E, �. CasZer, Jr. By: (Si�ned) M�rshall Danc.y
�'or themsel�ces and associates
�Signed) �2alnh D. Reed
Approved as to form and correctness:
(Si�ne3) Ralph Richards
City Attornsy
�rr t�r�f�i�-rrrrr�r���
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2500 Term Bonds
1900 Serial Bonds
Ses��.a7� Bonds Int. Gost Totral Serial Tarm Zn�.
2zo 3��32� of Ser3al Reauiremen't Cost.
1944 64 , 312. �0 87 , 500
1945 25 63,687.;i0 88,687;�0 86,73D
1946 �5 63�062.F0 �8,062.50 85,855
1a47 25 , , . . . . 62;437.50 8'Z :;�37.50 84,875 ,__.
1948 25 6Z,812.50 80,812.�0 83,685 � `�-�-
1949 30 60�&37,50 90,837,�0 82�460
1950 30 59,862.50 89,86�.5Q 81,025
1951 35' 58,725.00 93,725.00 79,520
1952 35 57,587.50 92,�87.50 77,77D
1953 40 56s287,F0 96,287.50 75,950
],954 40 54�987.50 94,987.50 73,885
1955 45 53,525.00 98,525�00 71,715
1956 50 51y9-00,00 101,900.00 69,545
19�'7 55 50,112,50 105,112.50 G7,340
1�58 55 . 48,�25.00 1�a,325.v0 64z925
' 1959 60 46,375.OD 106,375.00 52,475
1960 62 44,205.00 106,2C5.OQ 5p,�50
1961 67 41,860.00 108,860,00 57,�F5
1962 69 39,445.00 I.08,445,OQ 54,285
196� 70 36,995,00 106,995.00 51,170
1964 72 34,475.00 Z06,475.-00 47,�£�0
1965 74 31,885.00 105,8$'5.00 44,389 �
1966 76 29,225.00 1�5,225.00 40,670 ,
196? 78 26,495.0� 104,49u.On 36,715
1968 79 23�730.QO 102,73�.G0 32,�?5
1909 80 20,930.00 I00,930.p0 28,035
1Q70 83 18,-025.Ob 101,025.QO 23,310
1971 87 14,98Q.00 101,980.00 18,375
1972 88 11,900„0 99,90U.G0 13,125
�973 80 8J750.00 98r750.00 7,�60
1974 250 _ 250,000.00 . 1,785
. 1Q0 475 J_3�5
Probable Cost of Tnt.
� Term Tr��al .Amt. Est. & Prin. for
Retirement Aequirsments �lvailable Serial Bonds
1944 151,813 197,250 151,�13
1945 22,000 197,418 199,185 175,418
1946 25,OQa 198,9?S 201,120 173,918
' 19�7 _,28,000 2Q0,313 204,990 172,313
� 1948 3�-,�00 204,498 208,860 170,498
1949 35;OD0 2G8,298 21.2,730 173,?98
195� 41,000 211,8t38 216,�00 170�888
1951 4�,000 216,2�?5 220,470 173,245
1952 .50,OO�J 220,�58 224,340 170,�58
1953 52,000 224,238 228,210 17�,238
1954 59,000 227,873 232,�80 168,873
19�5 82,�?00 232,24Q 233,91� 1'70,240
1956 6'2,�00 233,445 235,750 171,445
1957 63,Q00 235,453 237,F85 172,453
1958 8�,000 237,250 239,420 168,250
1959 70,00� 238,SF0 241,255 168,850
1960 75,000 241,�55 243,-090 166,055
19G'1 97,000 243,015 244,9z5 166,07�5
1962 82,OOQ 2�4,730 246,760 162,730
1963 89,�00 247,165 248,�58 158,165
1964 94,�00 24&,355 250,430 1F4,355
1965 1�70,Ob0 250,265 252,285 15�,265
1966 106,U00 251,895 2�4,100 1�5,895
1967 113,000 254,210 255,935 141,210
1968 120,000 2�5,245 257,770 135,245
1959 I28,000 256,965 259,605 128,965
1970 135,000 259,335 261,440 1Z4,335
197Z 1d1,000 2F,1,355 263,275 120,355
1972 150,000 263,025 L6�,110 113,U25
1973 159,000 2fi5,310 206,945 106,310
1974 165,000 266,785 268,780 101,785
51,000
2,500,00
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`..� . . . � .. �. � � � . . . � . . . � . . .
o �`�
GITY OF CLEAR1NATER
Cl�arwater, l��,orida
Noveml�er 19, �.943
Mr. k'. L. Iiendrix,
City Manager
Cleaxwater, F1ori�a
Dear S�ir. Hendrix:
This ie to certify that I have deliver�d
�he followin� notices to the City Commiss3aners, as
indicated by thP time of delivzry by each name below:
"Theze will be a special meetin� oi' the Ci�Gy �ommission,
Monday evenittg, (11/22/43}, at 7cOQ p.m,, at the City
HaZl, fox the purpose of considering a proposal and
contract for the xefunding oi the City's bonded in-
de'otedness. "
Time of Delivery:
�Tayor-Com.,nissioner, GeorgE R, aeavy�Si�nefl) G.R.S. 4:05
faommissioner Sumner �. I,owe Si ned S.R.I,. a•55
Commissioner Jesse G, u�ith �5i ned J.G.S. 4•2g
. Commissioner Dan Z. StoutamirQ Si ned D.L.U. 4:2p
Commissioncr Herbert Grice $i�ned, H.G, a;25
Respeetfully submi,tted,
SIGN�'D ;
J. J. Neal
Pa�rolmen, Folice Cruiser
xnnia�
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