05/08/1946
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CITY COVJl.ISS! ON MINUTES OF May 8. ~
---------
The City Commission met in speotel session at 5 P.M. the evening of May 8th. 1946
to consider Bond Hefunding Offers of Shtelds end CJmpany and John Nuveen and Company.
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Members .2resent:
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George R. Seavy - Mayor Commies toner
Commissioners:
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Herbert Gl'ice
Jesse G. Smtth
Timothy Johnson
W. C. Wells
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J~bsent: None
The two companies presented their servIce propos~ls to the boarrt and after
examination thereof, it was moved by Mr. Johnson, seconded by Mr. Smith and
unanimously carried that the offer of John Nuveen and Comp~ny designated as
Schedule B, be accepted. This schedule 1.s set out in full below.
There being no f'urth er business to come before the board, the meeting was
edjourned.
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M~YOr-C~~sstoner
May 8. 1946
Mr. F. L. Hendrix
City Manager
Clearwater, Florida
Dear Mr. Hendrix:
This is to certif'y thElt I have delivered the following notices to the Commissioners
ElS listed below:
"There will be €I special meeting of the City Commission at five o'clock this
efternoon, in my office, for the purpose of considerin~ the refunding proposals of
Shields and Company, and the John Nuveen Company."
TIME OF DELIVEt:(Y:
Mayor Geo. R. Seavy
Commissioner Jesse G. Smith
11 : 50 J1..M.
11: )0 i. .M.
---11 : 20 A.M.
12 : 00 noon - left at home
12 : 0 5 .2.M. - " It' "
Commissioner Herbert Gries
Commissioner W. C. Wells
Commissioner Timothy Johnson
i{espectfully su bmitt ed,
VI. E. Ham
POLICE CRUISER # 12X
Patrolman,
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Honora ble Mayor and Members of the
City C ommisston
City of Clearwater, Florida
Gentlemen:
The ct ty of C1earw!2ter has outstendt ng ap pro:xi mately $4,384,000 LtefUtlding Bonds of
1944 Series h, B, and C which ere redeemable at the option of the City, on any interest
payment date on or after July 1, 1946. In order to accomplish the greatest possible
tax savings to the ci tizl:Jns of CletlrwBter, we reovmmend thut you take advantage of the
prevailing extremely low intel'est rates by entering int:> 6 contract wi th us now to
refintlnce the entire refunding issue of 1944. OIl July 1st next. accordingly, we herewith
submit a plbn to accomplish these objectives.
It is herewith agreed as follows:
1. ~ new issue of City of Clearwate~, Florida, riefunding Bonds of 1946
shall be issued. to refund Series "", B, and C ~{efunding Bonds of 1944, the
new issue to be dated and to be payable in New York and/or Chicago as is
mutually agreed, and to bear interest end m~ture ~s set out in the attached
schedule, whioh is herewith made a P6l..t hereof. (It, is understood that
approximately $4,385,000 boms will be issued, the exact f.lmount to be deter-
mined by mutual agreement.)
2. We will reimburse the City for the s~vices of nationally recognized
bond counsel to be mutually approved 8 s to per son 01' firm, to be retained
to draw the proceedings leading to the issuance of new Refunding Bonds, to
prepare validation proceedings, and to render the approving legal opinion as
to the legality and security provisi ons 01' said new bond issue.
3. We will reimburse the City for the legal fee of its Attorney in such
amount as is mutually agreeable for his services in vali:Jating these Bonds.
4. We will reimburse the City for the expense of the printing of this
new issue of Hefunding B.:mJ s by the Columbian Benk l~ote Company, Chioago,
Illinois, and also for all other expenses incident to this refunding of
bonds, to such extent and amount as is necessary and reasonable and is
.mutually agreeable.
5. A public sale shull be helj ror the sale of all the new rtefunding
Bonds, such pUblic sale to be held on a mutublly agreeable date not later
then 15 days prior to the red€lllpti.Jn date of the bouds being refunded, and
bidders shall be requ ired to bi j for all or none of: th e bonds so offered.
At such pUblic sEJlewe l1ere\'Jith agree t:> bi:l at least 108 and accrued
interest for all of said rlefunding Bonis advertised ~or sale.
6. Since it may be desirable for the successful bidder ~t said public sale
to request the City to aocelerate delivery of said new [..,efunding Bonds to a
date prior to the date of call of the City's outstanding indebtedness, it is hereby
agreed that the City will make sllch earlier delivery as requested, provided,
however, th at the succ essful bidder shell pay accrued interest 0 n said new Hefund-
ing Issue of Bow s to the date :)1' cell of the bon.ds being refunded.
7. Our bid bt the publio sale and bCc6ptonce of th.e bond s in delivery therefore
is subject to the unqualified ap~rovins legel opinion of nationally recognized
bond o,Junsel s ati sfactory to us (The co st of wh ose 1egel opinion we ere to
assumeJ. that: (A) said new Refuming Bonds are valid, have 811 contract rights
as t::> security, texi ng pow ar, obligation for payment, and 611 remedies for en-
forcement as the imebtedness refunded thereby; and (B) the new Refunding
Bonds enjoy the same tax-exempt status at tile time of delivery to us as they
would enjoy if delivered to us at the present time.
8. It is understood and agreed that the City shall not consider any bid less
than our herein specified bid aOO ace rued in.terest for seid neVI Refunding
Bond s sold at public sel e, and that, in the event said bond s are issued and sold
to us or to others, at OQr prescribed intexest rates and bid prioe, or at such
higher premium as any bidder may specify, for our services rendered, our
eXlJenses and our agreement to make the herein speoified p;uElranteed bi:J at
such public sale, the City shell pay to us at such tirr.e as said h:>nds are
delivered to the purchaser thereof' 8 fee 01' 3~b of' the par value of said
bonds vhich have been sold.
MINUTES OF SPECI.ri.L COMMISSION MEETING
May 8, 1946
................ .
May 8th, 1946
9. We wi 11 deposit wi th th e City a Certi fi ed or C(:jshler' s Check in the
amount of 2% of the amount of Bonds offered for sele as evidence of our good
faith (same to be held un.cashed by the Cit~ pending completion of this
refundi~) at least 15 days prior to e public sale 01' new Hefunding Bonds, it
being understood that unless such good faith check: is so deposited the City
shell be under not obligation to perf'orlll under this agreement and the agree-
ment shall 1'orthwith be cancelled wi thout li~ btlity to th.e City or to us.
After such g~od faith oheck is depoated ~tth the CitYt should we fail to
make the herein speoified guerenteed bid f~r suoh bonds at public sale, such
check: shall be oashed by the City in consideration of full liquidated dameges
tor such llon-psrformano e on our part, and the 01 ty shell be und er no oblige-
.,~~on to us for the payment of 6ny fees or for the reimbursement of any
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expenses in this matter. Should said new hefullding Bonds be sold to other
than the underslga.ed at said publio sale, or should bond counsel refuse to
approve the issuance of the new H.et'unding Bon:l s as is specified herein, the
City agrees to promptly return said good faltn check uncashed to us.
10.. It is understood and agreed that the City will give full cooperation
and attention to the preparation of ell informLtion, in the passing 01'
resolutions, ElIld in the performing of all €lots neoessary for th e prompt
issuance of v~lid new RefUnding Bonds.
11. We will undertake all €lots whioh we may lewfully perform in this
oonneoti on, but such assi ate nee shall in no manner 00 nsti tute the mt:tnaging
or oontrolling of the offioiel fuootions ~f the City Commission in retund-
ing said indebtedness or in the issubnce of the bonds refunding suoh in-
debtedness, it beln~ expressly understood that the City Commission reserves
the right to exeroise its offioial disoretion and to perform its offioial
duties in ell mE1tters conoerning the issu8noe, sale and delivery of said
Hefunding Boms, or its other duties in oonnection wi th said bond refunding.
This offer is made for prompt acoeptance, and your approval end aoceptance of this
agreement by resolution duly and legally adopted shall consti tute a oontraot between
the City of Clearwater, Florida, and the undersigned, oovering the ~bove finanoing.
rlesp3 ctfully,
JOHN NUV .li:EH & CO.
by C. T. Mo Creedy
ACCEPTED AND APl)f{OVED for and on behEll!' of the CITY OF CLShliWATER, ~"'LORIDil, by duly
and legally adopted resolution passed this 8th day of May, 1946, said Refunding
BoDd s to be issued per soh edule Batt ached, for wh io h a guaranteed bid of at least
108 shall ,be made by John Nuveen &. Co. at publio sale, as above specified.
Attest:
City Clerk
Mayor
City Manager
Approved as to form and correotness:
City httorney
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CbLL .ffiOVISI ON:
2 3/4% Bond s n:)n-calla ble. .All 0 tll er Bonds C ll1h;.ble on 01' aft er July 1, 1951
in inverse order of maturity as fol1CNJs: ?.40~ Donds (.It 100 ond interest at
any time; 2 1/41b end 21/2% Borns et 101.50 if' coIled on :)1' before July 1,
1957; thereefter at 101 if called on or before July 1, 1964; thereafter flt
100.50 if celled on or before July 1, 197?j tr..oreofter et 100 if' called prior
to maturity.
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$4,385,000 City of Clearwater, Florida
Refllndi ng Boni s. Series 1946
City to reoeive not less than 105 &. Interest
.dEFtJNDI m
Interest
Rates
Total
Debt Service
Series 1944
Year
Ended
July 1
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
1975
1976
1977
1978
1979
Total
Interest
Total
Debt Servioe
Pri nol pal
$ 10,000
10,000
10,000
1J,000
10,000
65,000
70,000
75,000
80,000
85,000
90,000
90,000
95,000
95,000
100,000
105,000
105,000
110,000
110,000
115,000
115,000
120 ,000
128,000
125,000
12 5,000
125,000
130,000
290,800
40,000
40,000
45,000
45,000
h625.000
4,385,000
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2 3/4%* $ 197,325 $ 207,325
2 3/4 * 196,875 206,875
2 3/4 * 196,425 206,425
2 3/4 * 195,975 205,975
2 3/4 * 173,800 183,800
2 3/4 105,712.50 17 J ,712 . 50
2 3/4 103,925 173,925
2 3/4 102,000 177,000
2 3/4 99,937 . 50 179,937.50
2 3/4 97 , 7 37 . 50 182 ,7 Y7 . 50
2 1/4% 95,400 185,400
2 1/4 93,375 183,375
2 1/4 91,350 186,350
2 1/4 89,212,50 184,212.50
2 1/4 87,075 189,075
2 1/4 84,825 189,825
2 1/4 82,462.50 1:-37,462.50
2 1/4 80,100 190,100
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2 1/2 ~() 77,625 187.625
2 1/2 74,875 189,875
2 1/2 72,000 187,000
2 1/2 69,125 189,125
2 1/2 66 ,125 186,125
2 1/2 63,125 188,125
2 1/2 60,000 185,000
2 1/2 56,875 181,875
2 1/2 53,750 183,750
2 1/2 50 ,500 3/1) ,500
2 1/2 43,250 83,250
2 1/2 4'?,250 82,250
2 1/2 1.1 ,2 50 36,25J
2 1/2 40,125 85,125
2 . 40~~ .2.LOJJ 1.66/+ 100.:)
3, J2 J-;Ja7 .50 7, 4Ji3 ,387.50
$ 205,227.50
108,397.50
172 ,647 . 50
171,747.50
17 5 , 837 . 50
174,797.50
178,747.50
177,542.50
181,260.00
184,897.50
188,385,00
186,607 . 50
189,927 .50
188,090.00
191,250.00
194,100.00
191,960.00
194,835.00
192,555.00
190,250.00
192,970.00
190,260.00
187,710.00
190,175.00
187,625.00
185,075.00
187 , 525.00
344,325,00
86,855.00
86,855.00
86,855.00
86,855.00
2,621,-855.0Q.
8,334,512.50
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Totb1 Interest Series 1944
Totbl Interest Series 1946
';:E'I Son V IiJG
.~~:> , C) 49, 51 2 . 5 J
),J2J,~87.~J
..i' ~26, 125 .00
:l,i2,535,OOO.OO
l,b25,oao.oo
Term Bonds Due 1979 - Series 1944
'lerm Bonds Due 1979 - Series 1<)46
rleduction in hm.::>uut of Fiub1 l'oibturity
aocomp1ished by l'afunding 'Wi th Low er
Interest _..stes
~' 910,000.00
*This issue bears interest at the rate of 4 1/2% from Julj' 1, 1946 to
July 1, 1950, end 4% from July 1, 1950 to July 1, 1951, bnu thereufter
as listed. Interest in excess of the listed cJupon r~tes du~lne the
initial five-year period will be evidenced by ext.rEl coupons in the proper
amount. '
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CITY CON�VIISSION MINUTES OF Iviav 8, 1946
The City C�mmission met in snecsisl session at 5 P.M, the evening �P May 8th, 191�6
to consider Bond i3efunding OPfer§ of Shields and C�mpany �nd John Tduveen and Company.
M�mbers Present :
George R. Seavy - blayor Commissioner
Gommissionars:
Herbert Grice
Jesse G. Smith
Tinothy J'ohnson
t�'7. C . l', ells
t,bsent: N�ne
Ths two compsnies presented their service propossls to the board and after
exemination th.ereof, it was moved by N:r. J�hnson, seconded by L�1r. Smith and
unanimously carried that the oPfer oP John Nuvc�n and C�m�a�y designated as
Scnedul.e B, oe sccepted. This schedule is set out in full belaw.
There being no further ousiness t� came bef�re tha board, the r�:aeting was
�djourned.
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bi� �r-C o ' ssi oner�
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C� y Huditor and Clerk
PV�ay 8 , 194 6
N1r. F, L. Hendrix
Citg Manager
Clearwater, Flarida
Desr T�:r. Hendrix:
This is t� certify thst I have del�.vered the P�llowing notices ta the Commi.ssioners
es lisi<ed bela,v:
"�uere will be & special meeting of the City Commission at five o'clack this
afterno�n, in my affice, for the puroose of considerinp the reilindirr� pr�posals ��'
Shields and Company, and the Jahn Nuveen Comp�ny."
TIA:L' OF D�N�t'cY:
Nayor Geo . k. Seavy 11: 50 h.Idi.
C�mmissioner J'esse G. Smith 11:30 1-..i,�.
Co�issi�ner Herbert Grics ll:20 x.h5.
Con�missioner �(., C. Wells '2:00 n�an - left �t h�me
Cammissioner Timothy J�hnson 12:05 �'.a�. - " "• "
Ftespec�fully submitted,
V'I. �,. Harn � atrolmsn ,
POLIC� CrZUISER � 12X
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MINUTES OF SPECIkL COIvIMISSION I4'fEETING
MeY g, 1946
�ay �th, 1946
Honorable Mey�r and Members oP the
City Cocimission
City �P C1,earwater , Fl�rida
Gentlet�en :
The City of Clearwater ha� outstending ap�r�ximately �4,3�4,000 riefunding Bonds �£
1q4/� Series .•�, B, and C wh;ch are redeemable at the option oP the City, on any interest
payment dete on or a1'ter July 1, 194.6. Ln �rder to accomplish the greatest possibla
tex savings to the citizens of Claarwater, we reaommend thst you take advantage af the
prevaili� extremely l�w interest rates by enterin� int� s contract with us naN to
refinance the entire refunding issua oP 1944 �n July lst neat. L�ecor3i�gly, we herev�ith
submit e pl�n to accamplish these objectives.
It is herev:ith agrsed as follows;
l. H new issue oi C3.ty �f Clearwater, Florida, tiefundin� Bonrls �� 1946
sha11 be issued to refund Series n, B, and C�te�'u�ding 3�nds �� 1944, the
new issue to be datsd and t� be payable in Nerr Yark and/or Chiasgo as is
mutually agreed, and to bear intarast and maturz as set out in t�ae sttached
schedule, which is herewith mede a part hereof. (It_ is understo�d that
� approxi.mately �4a3g5,�00 borxis will be issuen, the exact am�unt to be deter-
m�ned by mutual agreemant.)
2. We wzll reimburse the City Por tha services of nationally recagnized
bond counsel to be mutually approved �s to pers�n or firm, t� be retr�ined
� to draw the groceedings lsadin� to thE i.ss uance �i new Refunding B�nds, to
• prepare validati�n pr�caedings, end to render the approving legal �gini�n as
, to the legality and security pr�visi�ns �f said new bond issue.
3. VVe will reimburse the City fa r the legal fee oP its httarney in such
amount as is mutually agreeable i"or his services in vali3ating t�ese Bonds.
4• We will reimburse ths City ��r the ea�nen�e of the printing oi this
new issue of 12efundirg B�rz� s by the C�lumbian Bank iJata Gompan�, Chicag�,
Illinois, and alsa for all other expenses incideni; to this refunding of
bonds, to such.extent and smoun� as is necessa�y and reasonable and is
_mutuslly sgreeahle.
5. �: public sale shbll be he13 for t ue sele of all the new Refunding
Bbnds, such public sele to be hald an a mutu�lly agreeabl� date not later
than 15 days prior t� the red.� pti �n date of th e b�nds bain� rePunded, snd
bidders shall be rsquired to b�3 f�r all �r n�ne �i the b�nde s� oifered.
ht such public sale we heretvith agree t� bi3 at least 108 and accrued
interest for all of said �?�flznai.� Borrls advertised for sale.
6. SineP it mey be desirsble for the successful bidder at said public sale
to reguest the City to accelerate delivery o� said nerv nefunding Bon3s ti� a
date prior to the date of ca11 �P the Cit3�'s �utstandin� indebtedness, it is hereby
agreed that the City will make such earlier delivery as requested, provided,
h�vaaver, that the successiul bidder ahall pay accrued interest on said new i�efund-
ing Issue af Bor� s to the dste of c a7 1�f the h�nds being rei5inded.
i- �ur bid at the public sale and eccaptance �f the b�ncls in delivery therefore
is subject to the unqualified ap r�vir� legel opinion of nati�nally recognized
bond c�unsel satisfactory to us �fihe c�st of whose legal opinion �e sre to
sssume), that: (A) said new Keiu�siir� Bonds ara valid, have all contract rzghts
as t� security, teasing power, �bligation for payment, and ell remedies for en-
forcement as the in�ebtedness refunded thereby; snd (B) the new Refunding
Bonds enjoy the seme tax�exempt status at the time of delivery to us as they
would enjoy if delivered 1;o us at the present time.
8. It is undarstood and agreed that th e Ci�y shall not c�nsider sny bid less
than our herein snecified bid airl aoerued interest for sai3 new Aeilindir�
Bonds sold at public ssle, and thst, in the event ssid boixis are issued and sold
t� us or to others, at our prescribed interest rates an.d bid prica, or at such
higher premium as any bidder may sp ecifp, for our services r endered, our
expenses and our agreement to make the herein specified guaran'teed bi3 at
such public 3ale, the City shell pay to us at such time as said b�nds are
delivered t� the gurchasar there�f a fee of 3°fo o� the par value of seid.
bonds v�hich have been sold.
9• TA'e will deposit ti�ith the City a Certilied o�� Cashier's Check in the
amount �f 2� af the amoutzt of Bonds offered for sale as eviden�e ai �ur good
f�ith (saine to be held uncashed by the G�.ty pending com�leti�n of tnis
refunding) at lsast �.5 aeys pri�r ta a public sale of new ��efunding $onds, it
beSn€r, undessto�3 that unless such go�d faith check is s� d�p�sited the City
shall be under not obligat�.on ta perf5rm urider this agreeanent and the agroe-
meat shall �'orthw�th be cancell,ed without liability to the City or t� us.
Hfter such g5od faith check is deposited with the Gity, sh�uld tive fail ta
mrake the hez�ein sl�ecified guaranteed bid f�r suah bands �t publie se1e, such
check shr�ll be cashed by the Gity in co nsideratior. of full liauidated dsma�zs
for such n�n-perforrrianca on aur pert, and the City shall he under no �bliga-
�i�n to us f�r the p�yment of any fees or f�r the reimbursement of any
�
2.
expenses in this m�tt er . Shauld said new neiliizdi� �3ond s be sold t� other
thsn che undersigt�ed et said public sale, ar shquld bond c�unsel refuse to
a�prove the issuance of the new riefuncZing B�rrls as is s�ecified herain, the
City sgrees ta pr�mp�ly return seid g�od faith check uncashed to us.
10.. It is understaod and eareed that the City will �ive full cooperation
and attention to the pre�arsti�n qf all informr�tion, in the passing of
resolations, rand in the per�orming of all acts necessary for the prompt
issuance of valid nerv i3eilin3ing Bon3s.
1�.. 19e will undertake sll acts whieh t��e ma5� la.wfully perform in this
c�nnection, but such �issistance she11 in no manner constituto the managinr,�
or c�ntr�llin� or the official functions oi' the City C�mmission in rePund-
i�g sai3 indebtedness �r in the issuunca ��' the bonds refunding suah in-
debtedness, it bein�- expressly understood that the Git,y C�rnL�;issi�n reserves
the right to exercise its �Pficiel discretion and to perform its �ffic�.ai
duties in sll mstters concerning the issu�nce, sale and delivery �a said
Ftsfunding B�n?s, or its ather duties in c�nnection witl: said 'r.sond refundin�.
This �ff er is made far prompt aeceptance, and your approvel and acceptanca af this
agreament by resoluti�n duly snd legally adopted sha11 co nsti tute a c� ntraqt betwaen
the Gity af Clearwdtery Fl�ride, and tha under si�nsd, covexin�g the above financing.
i2es� ctfully,
�TOffiV I�TiNiEi1 & C0.
by . C. T. l�ic Creedy
nCCE��TED AND t��P�tOVrD for and on beh�lf of the CITY QF CL��It�NATER, I'LORIDi�, by duly
and legally �dopted res�luti�n passed this 8th day �f rdlay, 191+6, said i�eflznding
Bonds t� be issued per schedule B attached, f�r �shich � guaranteed bid �f at least
108 shall .be mada by John Nuveen & Co. at public sale, as ab�va specified,
�ttest:
City Clerk
�
May ar
City IvIaneger
aoprovsd ss to f�rm anfl correctness:
City httorney
Tatal
I�ebt Service
Series 1944
� zo5,227.50
168,397.50
172,647.50
1'71, 747 • 50
175,g37.5o
174,797.50
178,747•50
177,542.50
1�1, 260 , o0
18l� , 897 • 50
1s8,3s5,oe
186,bo7.50
1g9, 92'7 . 50
188,090.00
191,250.00
194,100.00
191,960.00
194,835.00
192,555.0�
190,250.00
i92 , 97� . i�o
190,260.00
1�7,710.Q0
19�=175.00
1�7,625.00
1$5,075.00
187,525.00
344-, a25,U0
�6,�55.00
86,g55.�o
86,855.�0
gb,�55.00
2,621,g55.�0
8,334,512,50
�'�4,3�5,000 City of Clearwater, I`l�rida
__ Refunclint� Borr3s Series 1946
City to recea.ve not less than 105 & Interest
Year
Ended
Jul.y 1
1947
194g
1949
1950
1951
1952
1953
1954
1955
1956
1957
195�
1959
i96o
1961
1962
1963
1964.
1905
1966
1967
1968
1969
197�
1971
1972
1973
1974
1975
1976
1977
1978
1979
�XfiTBIT B
_ ;.�EFUNDI NG
Interest T�tel T�tsl
Yrincipal Rates Interest Debt Ser�ice
� 10,�00 2 3/4%'s` � 197,325 �w 207>325
l0,000 2 3/4 * �96,875 2�6,8'75
lo,00U 2 3/4 '� 196,42> 206,425
1�,000 2 3/ 4* 195,975 2a5,975
l0 000 2 3/4 * 173,800 183,800
65,oC0 2 3/4 1�5,712.50 1%J,712.50
70,000 2 3/4 1o3,9z5 17j,925
?5,000 2 3/4 l02,000 177,000
80 000 2 3_/k 99,937 •50 1:)g,937.50
85;ooQ 2 3/4 97,737•50 182,737.50
90,000 2 1/4% 95,4�� 185,400
90,000 2 1/4 93,375 183,375
95r000 2 1//.� 9i�35� 186�350
95,Go0 2 lj+ 89,212.50 18y.,212.50
l00,000 2 1/1� S'%,o7� 1�9,�75
105,000 2 1/4 84,g25 1�9,gz5
105,000 2 1/4 82,402.50 137,�62.50
110,000 2 1;1� 80,100 190,100
11.�,000 2 1/2%� 77,625 I8�.625
115,00o z 1/z 74,$7S 1a9,$75
115,000 2 1/2 %2,00� 187,000
120,000 2 1/2 69,1z5 189,125
12Q,Oq0 2 1/2 66,125 130,125
125,OQo 2 1/2 63,125 188,125
�5,000 2 1�2 60,000 185,000
125,000 2 1/2 5b,g75 181,875
i3o 00o z 1/� 53,75a i83,750
290;0�0 2 1/2 5�,500 340,500
I�0,0o0 2 1/2 43,250 83,2�0
L;�,OQO 2 1/2 1�2;250 82,250
4�5,0�0 2 1/2 41. ,250 �6,25�
45,�00 2 1�2 t�0,125 85,12�
l,bz5,�oo 2.4�n 39,00� 1 66� o00
4,3s5,000 3,�z3,3a7•5o 7,�.�a,3 7.5�
ct�UL`1' JF xiiUi�DIiVG:
1^ot�l Intarest - Series 191i1F
T�tel Interest - Series lqla.6
ir�+I Sri�iIi�G
Term Baiids �ue 1979 - Series 1944
'Term B�nds Due 1q79 - Series 1�1;6
..�teduction in hm�unt of Final Ivi�turity
accamolished by rafunding with T�ower
��3 , 949 , 51� . 5�
3 �23 3g7.5�
•;� ��2 :,J-25.00
5r2,535,00�.00
1,b25,fl�0.�0
Interest ,ates � 91�,000,00
�This issue beors intarast st the rate of !� 1/2jo from July 1, 19�.6 to
�'uly 1, 195�, a�a 4i from Ju1}� 1, 19�0 t� July 1, 1951, and thereaiter
as list�d. Interest in excess af thz listed c�upon rates during the
initisl i'ive-year perio3 will oe eviaenced b� ext�ra cougons in the pr�per
emount.
ChLL t'FcOVISI�Id:
2 3/4� Bonds n�n-csllsbla. H11 o ther Bonds call�ble on or after July 1, 1991
in inverse �rder of maturity as fallaRn�s: 2.�0� B�nds at lOQ snd interest st
any time; 2 1/4 o en� 2 1/2�o BorYl s s t 101.50 if callsd o� or before J"uly l,
1957; thereaiter at 101 if called on or bef�re July 1, 196t�; theresfter at
100.50 if called on ar bef�re July 1, 1972; t�eresfter at 100 ii' cal.led prior
t� maturity. ,