09/26/1947
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City Oomrrlssion Minutes of September 26, 1947
------
The City Commission met in speoial session at eleven 0' o~ock A .M. in the
City Hall, Septenlber 2u, 1947 with the following mffinbers present: J. O. Houze,
T. A. Johnson, VI. C. Wells, J. H. Grane. J.bsent: H. D. Sargetlnt. Others
present: H. H. Baskin, j~cting City Attorney, Boyd .h. Bennett, City Manager,
Bnd J. J. Elliott, Chief of Police.
The meeting was culled to order by Mayor Houze after which he appointed
Commissiollers Johnson and ~t\rgsant as l:1 committee to study t1nd make reoom-
mendations to the City CorruniBsion concerning 811 proposed changes to the
Zoning Law.
It was moved by Commissioner Crane, seconded by Comnissioner Johnson and
oarried unanimously that the City Clerk be empowered to employ some person
to assist him 1n completing the Building Valuation Survey, at a cost of
approximutely ~1800.
The City Manager read a resolution, authorizing B. J. Van lngen & Company,
recently appointed Fiscal Agent, to purchase certain Gas PI!2nt and Sewer Reve-
nue Certificates. This resolution is set out below. It wes moved by Commissioner
Johnson, seoonded by Commissioner Wells end unenimously c81'ried that tlre reso-
lution be adopted.
The City Manager now reud to the BObrd the following bids for a 750 gallon
per minute plli.1per l'or the fire depe rtment:
Seagraves - $14,300.23
American La France - $14,343.00
Buffalo Fire ~pparatur - $14,361.79
Hovey Brothers - Meck Truck - ~~15,704.35
Maxim Fire Appuratus - $14,900.75
General Fire Truck - 315,763.99
Ward Le France - $16,334.00
The City Munager reported that on adjusted specifioations, the bids ~ere as
follows:
Seagraves - $12,500.00
American La France - $12,500.00 (180 working days to delivery dbte)
Hovey Brothers - Mack Truok - $12,182.60 (200 to 250 working days to de~ivery .
date)
Fire Chief T~eola was present and expressed his favor of the American La
France because of its additional engine power, easy accommodation for repair
parts, and the pump being a bronze, this lessening erosion dumage.
It was moved by Commissioner Crane that the reoommendation of Chief Traola
be accepted and that the American La France pumper be purchased. There was no
second to this motion.
It was moved by Conunissioner ~ohnson, seconded by Commissioner Wells and
carried that the bid of Hovey Brothers in the amount of $12,183.60, being the
lowest bid, be accepted, the vote on the motion being as follows: for the
motion - Wells, Johnson and Crane, against the motion - none, not voting -
Houze.
Attorney M. H. Jones wes present and urged the City Comnisslon to approve
the transfer of the liquor license of the Florida-Kentucky Liquor Store to
~~~ Chris A. Sarris of WaShington, D. C., who according to Mr. Jones, purchased
the store some three or four weeks ago. The Commission informed Mr. Jones
that at this special meeting, it would be impossible on such short notioe to
consider this transfer.
There being no further business to come before the board, the meeting wes
adjourned.
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T.;. ~:. J~Jnes
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OITY C01naSSION 11INUTES OF SE.PTEMBffi 26, 1947
Honorable Mayor and City Commission
City or Clearwater
Clearwater, Florida
Gentlemen:
We understand that the City of Clearwater is in need of extending and Dmproving
the existing se'Wer system. and gas plant system and that the finencing of this.
work is to be done through the issuenoe of utility revenue oertirioates,
pledging the earnings of the Water, Gas Plant and Sewer System to the issue.
We propose that we be mnployed by the City of Clearwater as fiscal agent in
oonneotion with this ~inancing and as fisoal agent we'are prepared to render
the f01lowing services:
,-
(
"
We will emplOY nationally known bond attorneys who will make a caref~l
study of the existing City Charter and City laws and make reoonilllendations
to the City Attorney and you 85 to the proper legal procedure to be
followed in order that the Revenue Bonds or Certificates1neoessary
for suoh finanoing may be successfully issued and the favorable opinion
of these attorneys may be forthcoming when the Bonds or Certificates ..
are sold. We will have these nationally known bond attorneys prepare
all resolutions, proceedings and ordinances required to issue and
validate the Hevenue Bonds or Certificates and to put into e~fect
charges necessary to operate and finance the utilities.
Revenue Bonds or Certificates to be issued and bearing interest at
a rate not to exoeed 3%, which mature serially starting one year
after their date of issue in suoh amounts that annual payments shall
be approximately equal over a fifteen year period.
A schedule is attached hereto showing the maturities together with the
oall feature and this schedule is made a part 01' this memoranl'lum
agreement.
Prior to the time thet the Revenue bonds or Certific8tes are to be
sold, we will prepare a financial prospectus setting forth such infor-
mation as is ushally desired by prospective purchasers of this type of
security and will otherwise assist the City in getting the best possible
prioe for the Revenue Bonds or Certifioates.
4. In conneotion with the validation of these Revenue Bonds or Certificates,
we will pay the fees of the nationally known bond attorneys for pre-
paring the proceedings and issuing their favorable opinion, the cost
of printing the bonds, as well as the cost of all required advertising
and notices.
1.
2.
'l
3.
At the publio ssle, if, held on or before November 20th, 1947, subject to the
Revenue Bonds or Certificates carrying unqualified legal opinion o~ a nationally
known bond. attorney, we will agree to bid for the Bonds or 'Certifioates pursuant
to the tenns of said Notice of Sale a prioe and rate or rates of interest that
will not exceed an interest cost of 3% to 'the City. In view of the possible
fluotuation in the prioes ot: municipal securities of a character similar to the
proposed bonds or certificate.s between November 20th, 1947, and the date of
delivery of such Bonds or Certificates, it is mutually agre~d t~at the price
we will pay therefor will be based upon said cost price which shall be increased
or deoreased aooording to the increase or deorease, if any, in the quoted Dow
J"ones average of lhnterest yield for twanty' (20) municipals between the date
of November 20th and the date of delivery of said Bonds or Certificates. The
prioeto be paiid for such Bonds or Certiffcates shall be fixed in relation to
the Dow Jones average on the Monday of the week in which delivery of such
Bonds or Certifioates is made,. and shall b'e based 0 n the a b sol. ut'e maturity of
said Bonds or Certifioates.
To reimburse us for expanses and to oompensate us for our guaranteed bid, the
Oi ty agrees. to pay us an amount equal to 1--1.3/4% of the amoun' of Revenue Bonds
or Certifioates issued or othe~~ise disposed of, to finance the improvements
of the gas ~nd sewer system, the fee is to. be paid to us upon delivery of the
Bonds ox Certifioates to the successful purohasers.
It is speoifical.ly understood that suoh services as we may lawfully perform
shall in ~o way oonstitute, the manuging or.oontrolling of any of,the official
functions of the City Commission.
.
Respectfully submitted,
.
B.J. VAN INGEN & CO. INC.
BY R. H. Cook
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Septe~~er
day of
AOCEPTED this
25
1947 A.D. CITY OF CLlli\HWATER, FLORIDA
..~,
BY Boyd~. Bennett(Signe~)
, City llBnager . .
AUTHORIZIl.ID BY ~OLUTIOlf . OF q ITY OOM1USSIQN SEPTEMBER 8, 1947
APPROVED AS TO FORM
I." .
'Frank Ooolel(S1gned~
01'ty Olerk
4~
H. H. Baskin(SiRned)
Aoting City Attorney
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OLE:.RWATEH. FLORIDA
FROPOSED N.1W ISSUE OF $525,000 35b MUl{ICIP1~L
UTILITY REVENUE CERTIFICATES
PRINCI1>AL INTEREST TOTAL OUTSTANDING 525 M
1948 26,000 15, 750 41,750 499
1949 28,000 14,970 42,970 471
1950 29,000 14,130 43,130 442
1951 29,000 13,260 42,260 413
1952 30,000 12,390 42,390 38)
1953 31,000 11,490 42,490 352
1954 32,000 10,560 42,560 320
1955 33,000 9,60U 42,600 287
1956 34,000 8,610 42,610 253
1957 35,000 7 , 5~0 42,5')0 21S
1958 36,000 6, 540 42,540 182
1959 37,000 5,460 42,460 14,
1960 39,000 4,350 43 ,:3 50 106
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1961 40,000 3,180 43,180 66
1962 41,000 1,980 42,980 25
!.2.Q.l 25,000 750 2 5 . 7 50
525,000 140,610 665,610
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Interest Savings Based on Re-Aoquiring $152,000
3k% Sewer and Gas Oertifioates ' ,
OUTSTANDING 31:% NEN 3~t
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PRINOIPA$ INTllliEST PRIImIPAL INTEREST
1948 4,940.00 4 , ,60 .00 .'
1949 4,940.00 4,560.00
1950 7,000.00 4,940.00 . 4,560.00
1951 4,712.50 4,560.00
1952 4,712.50 4,560.00
1953 8,000.00 1l.,712.50 18,000.00 4,560.00
1954 8,000.00 4,452.50 27,000'.00 4,020.00
1955 9,000.00 4,192.50 28,000.00 3,210.00
1956 10,000.00 3,900.00 29,000.00 2,370.00
1957 10,000.00 3,575.00 30,000.00 1,500.00,
1958 12,000.00 3,250.00 20,000.00 600.00 '
1959 12,000.00 2,860.00
1960 13,000.00 2,470.00
.
1961 13,000.00 2,047.50
,
1962 14,000.00 1,625.00
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14,000.00
1l,.,000.00
SmOOO.OO
152,OOO~OO
Interest Outstanding 3k%
.Interss'tNew 3% .
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1963
1964
1965
1,170.00
715.00
260.00
, ','9,47,.00
59,47,.00
~6.060.00
.415.00
l. :
~52,OOO.00
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39,060.00
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Interest Savings Based on He-Aoquiring
$231.000 3k% Sewer & Gas Oertifioates
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Outstandinp: 3i~
Frinoipa1 Interest Total
1948 7,000 7,507.50 14,507.50
1949 7,000 7,280.00 14,280.00
1950 7,000 7,052.50 14,052.50
1951 7,000 6,825.00 13,825.00
1952 8,000 6,5':17.50 14,597.50
1953 8,000 6,3J7.50 14,337.50
1954 8,000 6,077.50 14,077.50
1955 9,000 6'117.50 14,817.50
1956 10,000 5, .25.00 15,~25.00
1957 10,000 5,200.00 15,200.00
1958 12,000 1,875.00 16,875.00
1959 12,000 4,485.00 16,485.00
1960 13,000 4,095.00 17,095.00
196J. 13,000 3,672.50 16,672.50
1862 J.4,000 3,250.00 17,250.00
1963 14,000 2,795.00 16,795.00
1964 14,000 2,340.00 16,340.00
1965 15,000 1,885.00 16,885.00
1966 15,000 1,397.50 16,397.50
1967 14,000 910.00 14,910.00
1968' 14.000 455.00 14.455.00
231,000 94,380.00 325,380.00
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PrinoipaL Interest Total
6,930 6,930
6,930 6,930
6,930 6,930
20,000 6,930 26,930
25,000 6,330 31,330
27,000 5.580 32,580
27,000 4,770 31,770
28,000 3,960 31,960
29,000 3,120 32,120
30,000 2,250 32,250
31,000 1,350 32,350
1~.000 420 1~.420
23 ,000 55,500 2a ,500
Interest on Old I ss ue 94,380
Interest on New Issue 55.500
38,880
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C9;ty Comrai�sion, N:inutes oY September 26, 191�`%.
The City Commission met in special session at e]_even oTclock A,r�. i.n �he
City Ha7.l, Septemb9r 20, 1y1�7 tivith the fo].lowin� members present; J'. 0, Houze,
T. A. Jahnson, V7. C. Wells, J. R. Crane. �bsent; H. D. Sar�eant. Others
present; H, H. Baskin, acting Citg kttorney, B�yd k. Benne�t, City �rIanager,
and J'. J. Elliot�, Chief o�' Police.
Tha meeting was cslled ta order by Tdayox Houze a�ter which he app�inted
Commissiouers J'ohnson and Sargeant as a commi�t.�o to study ax�d make recom-
mendations to the City Comcnission coneerr�ing all proposed changes to the
Zon2ng Law. .
St was movecl by Commissior�er Cra�ie, seconded by Comnissioner JohnsUn r�nd
ce_rried unanimously that the City Clerk be empowered to employ some p�rson
to assist him in comnleting the Building Valuatiori Surveq, at a cost of
approximately �180Q,
The Ci�ty I4lanager read � reso�ution, authorizing B. J', Van Ingen & Campany,
recen�Gly appointed �iscal Agent, to purchbse certain Gas P1an�t and aev�er Reve-
uue Cer�tificates. This resolution is set out below. It wss njoved by C�mmissioner
Johnson, seconded by Comuiissioner VJells �nd unanimouslv carried that the reso-
lution be adopted.
The City I�Ianager now xead to the Bosrd the i ollowing bids for a'750 gall:an
per min.ute pursper for the i'ire depa rtment i
Sesgraves - �pll�, 300.23
Amerioau I.a France - �1y.,3l�3,�p
BuY�e1.o Fire kppaxatur - �11�,361.7g
Hovey i3rothex�s - Iviack Truck - �"15,70l�.35
n'Iexim Fire L�ppUratus - �1t�,900.75
General Fire Truck - y15,763.99
Ward La France - �C16,334.D�
• The CitS* �anagex reparted thst on adju,Qted spacifications, the bids �v�re as
follows•
Seagraves - �12,500,00
American La �rance -�12,50U.00 (1g0 workinb days to delivery dste)
Havey Brothers - M�ck Truck -�12,182.60 (200 to 250 working days to deliver�:
d�te)
Fira ChieS T�ceU1a wt�s present and expressed his favor oi' the �:merican La
France because of its additianal engiBe pawer, e�sy accommod.sti�n �or repair
parts, and the pump being a bronze, this lessening erosion demage.
It wes'maved by Commissi�ner Crane that the recommendation af Chief Treol.a
• be accF;pted and that the �n.erican Za France pumper he purchased. There was na
second to this motion.
7t �vas moced by Commissioner �'ahnsan, seconded by Commissioner Wells ar_d
carried that; the bid of Hovey Brothers in the amount o� �12,183.60, being the
lowest Uid, be accepted, the voto on the matian being as i'ollows: Por the
m�tian - Z�Fe11s, �ohnson and Crane, against the motion - none, not voting -
gouzf..
At�Gorney M. H. Jones vaas present and urged the City Commission to approve
the tiransfer o� the liqu�r license of the Florida-�entucky Liquox Store to
14Tr. Ch.ris A, Sarris of L"lashington, D, G,, �vho according to Mr. �'ones, purchased
the store some three or four weeks ago, Tl�.e Commission informed Mr. Jones
the,t a�t this special meeting, it rw uld be impossible on such siort notice �o
cansi�ler this transfer.
There being no f urther business to come before the board, the meeting was
ad,jaurnad.
, �
Mayor-Co ' sioner
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CITi' CONID4ISSZON MTN[7T�,'S OF' SEPTEDiIB�t 26, 19y,7
Honoreble Mayox ar_d City Commissi�n
City o�' G],earwater
Clearwa�Eer, F'lorida _ _
Ge:1'� ]. BIl18T1;
We undexstan�. that the Gity of Cl:esrwater is in need oi' egtendin� an� improving
the existing sewer system and �as plant system an.d ti�t the �inancing o� t2iia-
work is to bo dune �.hr�ugh the i3suance oP utiiity reve�tue cexti�i.cstas,
p].edging the earnin�s oE the Wa�ex, Gas Plant and Sew�r System to:the iss•���=.
�'Je prop�se �hat we be emFloyed b3T the Ci�y o� ClearNrater as iiscal agent in
connec�ion with this financing and as fiseal agenz v�e`'are prepared to render
the i'ollowing aervices:
l. We will em�,�loy nationally knov�n bond attorneys who avill make a carePul
study of the existing City Charter and Ciiy lawa and mal�e recommendatiQng
t� the City A�torney �nd you as to the pro�er legal procedure to be
follov�ed in ar$er thai the Revenua Bonds or Gerti�icates`necessary
for such financ;i�ng may be successf ;.11y issued and the �avorable cp�.nion
of these attorneys may be forth.ccming when the Bonds or Certi.ficates`
are s�Xd, VJe will have these nationally know� bond attorneys prepaxe
all resolutions, proceedings and ordinances required ta issue and
validate the �?evenue Bonds or Gertifzcates and to put into e�iect
cha?'ges nEcessaxy to oper�te and finance the utilities.
2. Revenue Bi�nds or Certi3'icates t� be issued and bearing intexest at
a rate not to exceed 3f, wh�ich mature serially sta;rting one year
after their date af issue in such amounts �hat annual payments shs11 �
be approximately equsl over a Pifteen geHx period.
?. A schedula 3,s a�ctached hereto showing �he maturities together with tha
call Peature and this schedule i� made a part o�' this �em�x�andur�
agreement.
3. rrior to t�e time that the Revettue �onds or Gertiiycates ara to be
sold, we will prepaxe a financial prospectus setting forth such ini'or-
mation as is ushallp desired by prospeetive puxchasers of this type a�
security a�d will otherwise assist the City in gettin� �he best possible
price far the Revenue Bonds or CErtificates.
4. Tn conneetion with th� validation oP these Aevenue Bonds or Gerti�ieat�as,
we will pay the �'ees of �the nationall� known bond attorneys �or pre-
paring the proceedings and issuing their favarable opinion, the cost
of printiing the bonds, as we11 as �he cos� oY all required adver�ising
aud notic.�s. .
At tn� public sale, i�'- held on or bef�re Nov�ember 20th,� 19�r7, subject -to the
Revenue Bonds or Cer�ificates carrying unqualified legal opini�n of a nati�naliy
known b�nd.e�torney, we wi11 agree to bid i'or the Bonds o'r �ertificates pursuant
to the terms of saifl Notice �f Sa�.e a price and rate or rates of interest thet
will, not exceed an intexest cost �f 3� to'�he City. In view of the possible
rluctuation in th,e pricea of municipal securities oP a charaater similar to the
proposed boru� ar cextificates between Novembar 20th, 19�.7, and the dete o�
delivery oi' such Ban�s oz� Certificates, it is mutual.ly sgreed that �he price
we will pay therefar wi11 be �ased upan said cost prics whieh shal.l be increased
or decreased eccording to the increase or decxease, if any= in the quotsd Dow
�'ones average o� �nterest yield for �L-wanty (2qj m.unicipals bet?aeen the date
of Novembar 2Oth and the date of delivery of gaid Bonds or Certi�icat8s. The
price to be pai=3 for sucl� Bonds or Csrtificates shatl ba i'ixed in relation to
the Dow Jones avera�e on the I�onday of the �,yeek in which delivexy or such
Bonds or Carti�ic�tes is made,•and shall b'e based on the absolute maturi.•�y oP
said Bonds or Certii'icates.
To reimburse us for expenses a nd to c ompensate us f or our guaranteed bid, the
City agresa t� pay us an �mount equal to 1�3/ly� oP the amoun�t oi" Ravenue Bonds
or Certificetes issued or otherwisa ciispossd ci', to �inance the inprovenents
of the gag and sewer ays$em, the fee is to.be paid to us upan de:ligery of ths
Bonds or Csr�i�icates to the succsssful purchesers.
It i� specifically understoad that such services as we msy ls�vfully perform
shall in no way consi;itute the manr�ging or,controlling of anp of,the af�icial
Punetions of the City Cammission.
Respectfull.y submi�ted, R
B.�'. VAN INGEN & C0. INC.
:BY R. H. Cook
AGGL�PTID this � day of Se tember , `
.—.y��------.,� 191�7 t�,D. CITY' OF CL1'tiHt�ATER, FI,ORIDA
BY Boyd A. Beuiiett(Bi�ned) '
Cit�* Man�ger ' ' •
AUTHORIZ�D BY Rr,SQLUTIOi�T,OF CI'PY CQ��+;9ISSIQN S�TED�tB�: �', 19k7 .
'APPROV.ED AS T0 FOFiIvT
_ Frank C�o1oY(Si,�ned) � H. H. BaskinfSi�ned)
-O,it� C1erk Aet�.n� Csty ���orney
V� �
C.3 7
CZE:.Rt�7AT�H, FLORIDA
I'ROPOSEll N'L+'4"T ISSUE OF y`"+1525�AOQ 3 o MUIVICIPiiL
UTILITY REVENUE CERTIFICATES ,
PRINCII'IaI. INTLREST TOTAL OUTSThN'IIING 525 M �
194$ 2,�� 15,750 1�1,750 4-99
1949 2g,000 14,970 42,970 471
195o z9, o00 � i�.,130 4.3,130 442
1951 z9,000 13,z6o 42,z6o 4i3
1952 30,000 12,390 4z,390 3�3
1953 3i3Ooo 11,490 ' 42,490 352
1954 32,000 lo,5bo 4z,56o 320
1955 33,000 9,600 �:2,�oQ 287
1.956 34,000 $,�lo y.2,610 � ?53
1957 35,000 7�590 �+2,590 218
195� 36,000 6,540 4z,54o �.gz •
a.959 37,000 5,46o t�2,460 1�:5
lg6o 39,000 4,350 � 4-3,350 l06 �
1961 �.o,000 3,180 43,1�0 6b
1962 41,000 1,980 42,980 25 •
19b3 25,000 750 25.75�
525,000 140,610 665,610
Interest Savings Based on Re-Acquiring �152,000
3�� Sewer and Gas Certificates
OUTST�P7DING 3�°Io N�N1 �
PRII�ICIPA�n INTt.kEST PRIi�7'rIPAI, INTEREST �
?94g 4,940.00 4�560.00
i949 4�94a.ao �.,S6G.00
1950 7,000.00 4,940.00 4,560000
1�51 • 4,?1z.50 4,560,00
i95z 4�71z.5o 4,56o.ao
1953 S,000,00 �.,71z,5o 18,000.00 : �.,560.00
195k S,000.00 4,452.5o z7,oCo.00 t�,o2o.00
1955 � 9,000.00 1�,192.Sp 2�,000,00 3,210.00
195b l0,Qo0.00 3,9oQ.00 29,000.00 2,�70,00
1957 1.0,000,oc . 3,575.00 30,000.00 1.,Soo.00
195� lz,000,o0 3,250.00 20,000.00 600.�0
1939 12,000.00 2,g60.00 «
1960 13,000.00 2,1�"70.00
1961 13,Uoo.00 2,0�.7.5p ,
. .
196z 1�.,000.00 � 1,625.oU
19b3 ll�,000.00 • �1�17d.00
1964 lt�,000.o0 7i5.oa .
1955 �,000.o0 260.00 �
i5z,000.00 •, 9,� 475.0o i52,000.00 3q,-�oo
Interest Outatanding 3�f 59,1�75.00
Interest New 3j 3g,060.00
Savings 2Q,415.00
d �`
�
Interest Savings Based on Re-l?cquiring
�2,31�000 3�.� Sewer & Gas CertiYicatea
Ou�standint� 3�°/a
Principal Interest Total Princinal Interest T'otal
194$ 7,000 7,50�.50 14�507.50 9�- b----
1949 7,�Og' 7,280.00 1�.,280,00 � ,930
1950 7,000 7,052.50 1�.,052.50 6,930 6,930
1951 7,000 6,825.00 13,g2.5.oG 20,�00 6;930 26;930
1952 �,000 6,5y7.5o iy.,5g7.5o 25,00o b,33o 31,330
1953 �,000 6,337.50 1�.,337.5o z7,o0o 5,580 32,5�0
1955 9,000 ���77.50 14.,077.50 2�,000 4.,770 31p77o
]-956 Yo 000 ¢;8i7.5o 14,817.50 28,000 3,960 31,960
5, 75.00 15,525.00 2g,000 3,120 32 12
195g 12�000 5�200.0� 15,200.00 30,000 2,25p 32�25p
1959 12'000 �'g7�•00 16,�,5.00 31,000 1,350
32,350
lg6o 13'000 �"���5•00 16'y.�5.o0 1�.'oco wzo 1�' �zo
t�,095.00 17 095.00 231 000 55,500 2 6� ,500
1�6�. i3,000 3,67z.yo 16,67a_.5o
1�6� lt�,000 3,250.00 17,25o.oa
1963 lt,.,000 z,795.00 �6,795.00
196t� l�.,000 2,3�.0,00 1b,34:o.00
1965 15,000 1,885.00 lb,g85.00
1967 1�.,000 1�397.50 16,397.50
910,Q0 1L�,910.00 Interest on O1d Issue 94,3�0
1968 14,000 .00 14,455.00
z31,000 g1�,380.00 Intex�est on New Issue 00
325,3�0.00
3g,8so
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