02/27/1948
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Feln'uL ry 27, l)hS
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f1'ho 0it:>' COl&liss iOll l!lot in sj)Gcit.;l se:owion b t 11: 30 J. .1.:. I"ebruc.;I'Y 27, 19h8
in the city Hull ,'lith the i'o11ov!inC 1::8Ub(;l'D i)l'O:";Ullt: J. O. lIout',o, Guy L. Kennedy,
Lo1LIlc1 F. .J1.C\'I, J. "~. (;l'....nc. ..blJoni.: iLr....J' iJ. .JuJ\;OLlnt. ..1:::0 )l'\)f~t:Hlt: G')Ol't~C
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'l'j.e l:l{~,;tlll[; V!U~ cLJ.l,::cl 1.,J O::J,;l' LJy ;:,<::">1' ~~ou:>) \ilw r;:,.llLint:d tllllt the ,lll'pOSO
01' the Jl::uti:ll~ \'ILl:, t.0 00;l:;';'.JdJ' L. l",;~;olution ui;i:r,JvlnL: <.1,:..>:1:; othc:r t::1fl(:S the
1'()d(~...~Jti:)~1 Df vi t~, out~tGlli.\l lC Gu~) } Itd1t cJnd ..;e'lw)' ~yutoLl .I.wflUllilng .wvunuo iJert:L:f'icL,tes
ill tl1~~ fJIlOLlllt of )202,JOO.
City .."ttOl'l1c:' G).:.n'cu ,;uith l'()l;d th:;;: re801utL,m VJitiull'is /;lO follows:
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',:J:r..:::.u.i..s the Ci t~/ of C1eGl",.'/:., L 01', J.'loI'iu8, he: s nccotiL ted \.'i th tb 0 lJre::.ent ovmer
of out stu:1Jlnc Gus J.1L;llt 1..111'1 ~OVI l' ':';Y:Jte:: .,;,f'unlilnc :UJ".;;1U~ Jcrtifictltes of soid
city to th::; lJl'incl1)'J1 h!IWunt 01' ,.::?O:',()()O "no 11..:=: l'f;,'.;:hoo. un G~~l'eeLie:lt \'il1ereUnuel' SElid
ccrtific"tefi ,1'{; t::> b;} s'.ur.;'c;ilCle::,,'cd, :c,;ti1'8;J t.ld c"ncc';JJJ;',l, LI1Cl s'.id city 118S clvt.ilable
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i'unus E.~ufficlont to rctd.rc unci c:.Ilc',l f:;,::ic1 Gdl'tU'loi.te:> LS \':e11 LS to pGY tl1.J )1'in-
ci:.(~l L, il~ lllt::}~~,,::c~t to (.cerne to ,.:,tilrity ;):1 tlt,:,; '::").',,:..::'L'l: Gus llc.nt 8ud Sovwr J~j:)t{~:r;
=l(;~_'tL:l.~l ~ 4\.(;Velltte COl~tificLte~~ ~)I.O:),~.l~~l:.. ;J~.lt::tj : ~11~.
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of th3 Oi ty
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of C1e,n'\Jutol', ~~lOl'idu, !:.is follows:
oecti::>ll 1. 'i\h~;t t,}',lj ,;it~ _ILi L..n. ::,nc":J.":....:': ,:)1' t~::J! Jit:' :If ''':lE;~l''.'lLltcr) l/'lorido,
is here by uuth ol'ized 8nd dirGe te~: t!J 1 .;~, ,~t
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.J:'.lt!( ~ r:ill'U~~t GO!l~~'~snJr of
How York the S1.ll:l 01' :;;237,187.<;9 VJith instructiJn:;l thut Sl:id ~HUH is to,"p.:; L,~:;oll ::..:nc1
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up J,ied t.') t11e l'otireL0nt unrl ci,.nc(~lL.ti.)n of ~~2Q2,OOO 'Gcis .i.lunt und Se\'Jcr Sys.~eFl,.'
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~(efundillC j,{OV,;:llUO C01'tiJ'icotcs Oj~ fJl.icl cit:', :latel October 1, 19h1, of the denominbtion
of .:;'l,()()O End nuubol'Gcl 1:3 to ft.1,') ~.1l8 ;)5 to '~59) ;:;11 inclusive) c.nd ullon sucll retire-
ment 8nd cc.lllcbll/;l ti:m Gbi :lJhcldcul Dunl: Lv 'l'I'llst G OL:i..t.~lY of lrG\'; York is l: eq ues t,ed to
return t.he C,,::lo';lled cel'tificLltes to tl1c':':it:; ..\I-1i tor '~Ind ,aerie.
~cction 2. rl'lwt SElid City ~.u:Jito:c l.wd ;JJ.orl-c i~: lWI":;by ~uthorizod to l'er:lit to
sUiid ChoEicu1 131.111-:: & 'l'l'ust COL)Uny th":l Sill:! of,,31,8SI2.50 v.'ith the apJropl'iete
instructions tll~t soid Sill! is to be iITevocl1bJ.~T 1101:[ r..,nd u~)p1icd to the ~JUyw~nt of,
the princilH:.l1 unu l!lterOGt uccrued to I~Llturity of ~~29,OOO pl'irlCijJ81 8r'10l111"1. of Gas
l'lunt end ~3ev'ier 3ysteu ...{ei'und lac .:.{ovenUc-1 CertificLter3 of s L,id oi toY Qt;tcc1 October 1,
IS/hI uld llurnberecl 2',: to 42, und 50 to 6h, 811 incl:J ~;ive.
Section :1. 'rhu t (j 11 GElS J;'ltn t und ::Jewel' .jy S1.el:l Hefundillg l{evenue eel' tific8 tes
heretofore issued under the lJrovisions of Ol'dinU1Ce :no. itCh heving been 118id or
provisions for such l)uyment huvillg nOVJ been ffi8de, it is hereLy covenuntod ~.il1d ac;reed
on behulf of suid City that 811 lirovisions of Sl; id ordinbnoe for use and Elp~)licotion
of future net revenues of the Gus 3yster:l end the Sovior J:'steLl of sedd City Lre revoked
end oancelled Elnd none of said 'provisions sholl be construed 0 s peI'Lli tting or 1'es-
'trioting the future issuance of obligatL.ms iJuY oblc:> from revenues und eI' Ordirw nee No.
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550 or ony other ordinance.
Seotion 1.;.,
rrhLt by 2"~CJson of the ilillnediL te necessity of L.p~,)lyillg the funds
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os hereinbefore provided sir:mltull,:o:ously \'Iitll or l,rior to the iSSllOnCEJ by sllidcity
of' the Liutllorizell Lunici,;,lLl Utility l(CVi.;Ilue Certificates, Series of 19/",7, c.llld the
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proceods 01' ~;[Jid LLlJlic~':'lul Uti lit::,' .l.WV,}!l:lO Certiric~t{;)n, Series 01' 19h7, 'boinc
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il:lIlwdic..ltely rOt) \lirerl 1'01' tll:j L ut;loI'i~ed :iur ~,() BO, tin e1ne r[j(jnqy iB here by de cltjred
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und tIliB rosolution shull b:3 in full foroe and e1'fect irrunedil.:tel:,,' u1Jon its lldoption.
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r,c1011te:l J!'ebrnory 27, J.,)h8.
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It Vies I:lovcd by Commissioner Crtllle, seconded by GOLlfJlissi~ner Kennesly. ~nd
unanimously cllrl'iod thut the res.:>lution ,;s rend be edOi)ted.
There boing no furtru:;r UUGil1f: Sf; to come b era!' e the 13ourd) the mee ting Via s
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cr'l'Y COh~HIS~I0H i..j,~lrIlm
February 27, lY48
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1,:uY;Jr ;r, 0, H\JLt,',e
r.1e!iloors \Ji' 8i t~, c.:ol:lldsr;ioll
Cleurwuter, floridu
Gentlenon:
rl'here \'/ill lHJllu .9peoiul neetinc of' the City 00JilI:lis:~ion ut the C1 ty Hall
J!'riduy J!~DbJ'Ulll'Y ;~'1, l~JII-(l, ~t l1.:J() ...f,.., fo)' the 1)1.l1'~)08e 01' iJOssillL: 1:.l resolLttion
liutilori?lng the City ..:ollditor ul1:.l Jlel'l~ to Dut!lOl'lzo tile Jhumiool .;Junk unc1 rl1rust
OOI,llH,my to CUlle(;} tile pI'esent euS bnd 8'')\'i<-1' ~irf:iter.l l'uv:)nue r'~rundillC cel'tificutos
u:)Oll the pLy[.~ellt 01' tJ ~3tUl of II;:JJley to COVIJl' the cant 01' 8;.LU u:l: Ot:H::l' such thine;s
U8 beinG: nece~m,J,T in conlle(,~tioll ,>!ith th(~ :r'(;til'e::~\'lnt of 8Li(1 G6\'Jer reV'3IlUe
c ertif' 1e II t(1 S.
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Very truly yours,
Boyd ~. Dennett - Signed
Boyd 1.. D31lflett
Ui ty LUJlL: c;er
I,ll'. Boyd oLio. Bennett
City l\~tlnuger
Cleorwtlter, F.l\Jridc.:
Doar ~r. Bennett:
\fe have received rrom UhG:j)I:iClI1 811d lJutler u 10tt er 01' instructions, tVJO cO:;lies
of which c.re erwlosed herewith. You'Ilill Llso find enclosed [j l'esolution J)roviding
for the lJaYlIIeflt of the G-tlS .l.Jlu,it unJ. :::;ewer Gyst'.3Iil HefundinG Certificates tllld for the
dep:>sits of' cel't,.lin funds 1'01' the ~:oyme.,lt 01' the .;;,25,000 \vl1ic111'ef>l8in outstandi:lg.
In (j;Jditiol1. tIt01.~dtO, tlw :LOl'!ll of l(;t"Lor sue e:,ted by Ckqplilun end C:ut1er to tho
Cl1cJlticuI Bonk 8Ild l.'l'USt GOf!liJbny covel'iae; Su iJ. ~)o~'~nent IJna de)osi t 01' fumis. Vie c:;lso
enclose finrll delivery pu_.)(U'S DS refer'red to in "IV" of th:3ir lett:;l' of the 18th.
You should l~oc,~ive tbe GeJ'tii'ic"tcf; 1'1'01:1. tbe lll'intel' todt:lY, 1;1l1en you hElve
completecl sigllinfj theN, ;,.lIe :.-se S Gnd Certi1'ic!::te Ho. 1 to Chapmen Clnd Cutler \-\ii th
instructi.111S to send ::30[;10 tJ the 011ouicol uun.!\: Lnc1 rl1rw3t 00rapuny together v'lith their
opinion Lnd delivory instruotions. The b~l8nce of the GertificDtes to be shipped
to the CherniC:bl I3t.n(, in He\'J 1'01.'1(.
It is our suw~~estiQn tlll:.;t J'ou Cbll 5 spe uial me~tillg o:f' your .Bobrd to i)8SS
the l'esol utL:m co nc~ ol'ilin~ the c u ncelletion of the old c eI'tifici::.i tas G nO. the depo sit
of l'undn. You will note th.e:ce is c: bhj~ll( 81),-,U8 in s"id resolution covel:'ing the
anlOtlnt to be i'emitted to tile Gh'3ltical Bbtll-: snd 'l'l.'ust Oom;>oIlY. ~:Ie oalculc;te this
8m~unt to be ~;;2J7 ,187.89, r::ude Ul) ut3 follows:
.i..Jrinc ipul .hf.lOUll t
l)reui lUll
Interest to liurch 10th
.;;202,000,00
3~,288.J4
2,H99.55
\'Ie su,gCest thut you tittcwh L ce:l'ti1'iec1 cOlJ~' oj' the resolution to the letter of
instructiollS to the ChtWliol~l i3un}~ tlTlcl ',l.lrust CODlJHJny.
In uuditiol1 to tJ1t-J letter wbove ret'errec~ to, it will be lUCeSSC:iry thut you vJI'ite!:.\!lother
letter to the Cherdc:..l Dunl': udvifJine thBIil,
1. rrbut they will receive Certil'icr::te iJo. 1 tOGether VJitl1 opinion and delivery
instructioils 1'1'0111 Cili:.1,llilbn uncl 0l1tlcl:'.
2. That the Cortit'ioe. tee l1uve i)(J en so ld to us t.nd t hey I.:I'~ [.. utllorL:.<::d to del iver
to us on 1)l,jJ'1ilent of :';';513,1+50.00 <.Jnd l:uc:rued interest to d"te 01' payment of
~~;51),450,O() ead Elccl'ued interest to dote 01' ,uym<3n.t less ~;10,500 rt~presented
by our Gootl l~c.l i th cilec k vihich you llOW hold.
3. Your uuthori ty to the Chemicul Bunk uncl lJ.'ruGt Company to l)uy us the fee of
~$9 ,187,50 due us urller th.:) ter11s of our contr!:lct.
4. It tll)peurs to us that tho funds for ptlyrnent of the Gus l;lunt end Sewer System
He1'unding Certif'icutes should be de posi ted to the Int erest 8nd Sinldng :l?und
of thut issue flt the Ghemicttl Bank, GO thl:t you CUll druw e. check for payment
:from. tl1.et Fund, It is s~Gested ttl~lt you discuss this p:rocedure vlith Iv'~r.
Coolt'Y as it nUlY be thot ~'ouwould justvv8nt to instruot the BElnk to muke
payment from the sC:lle of tl~ $525,000 Certifioates, Your letter to the
Chemical B~nk should cover the procedure 1'01' handling of the payment of thB
Old Certificates VJith furtherinstrllctioIlS covering the remittunoe to you,
'or,t~e' delJOsit to your credit, of the re1l1Lining funds,
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If u ny 0 f the r:1\)()ve is not cleer to J' au. or L:1'. i:3mi th, do not llesi tot e to cull
us on thd telG)li:Jne.
V~ry truly yours,
D. J. "h.H IlIG.;:: u CO. Inc.
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Vie e .J.Tt; si II e at
B. J. Vun Ingen & Co., Inc.
DU1;ont 13uildinc;
l\licuni, 32, li'loriuB
Gentlelaen:
In your letter of F0bruciry 12, 1948, you outlined u plbn of retirement of
prescntl~' outstunctine Gus Plunt cHld Sevier Sys tE;lll H::.:fund,ing iievenue C ertific [jtes de; ted
October 1,1941, of the City of Clci;.,l'\'L.ter, Floride, to the 8lUount of ;;1202,000, and
fOl' impounding funds to ,:)bY the 1>1'inci':)Gl ,-.nd int(;l'est of th.:} re[;ll~inder 01' these
certifics tes. ~his ]JILill \'Iill of' c OLU'S,; illll,l'e tot 11.(;: E; ecul'lty of the pro posed ~;525, 000
IIIunicipul U"dlity HeV~;;lIH:; Cel'ti:~ic",teD, :Jories 01' l')l;7, of the city but conSWfUIlEltion
thereof does not ~p~l~ur es:,.cntiGl to t!w vCllidlty of the l)l'o~Jose(i cel'tif'icutes for the
reason tJ1bt t.he OI'dil1<.Jl1.Cc-; uut,Lol'i:zing the ~)rol)ost~d certiricLit.:'.JS recognize:] the certi-
ficr.lt~~B dated Octol>ur 1, 19J+l to be l)l'es~ ntly outstGndinc.
H.tW)Ollsive t:J YOU1' H~\jUest you'ill find anclosea u SUs'~".t~sted f'roIiI 01'
resol ut :Lon for 8 do itlon by the 0 it y C or:il!llssion to c ul'ry Oll t the plLIl CJ swell L s the
1.'orL1 of cowiJUIlicuti:m l.dLlreDsec.i to C1temicc..:l Bont\: /;:. 'l'rust GompbIlY of' Hew York, forwarding
the funds 1'01' retiring r.nd for >,.yinC the respective i)Ortiolls of the certificates dGted
October 1, 1941.
In order to complete the record for the )roposecl ~i5~~5,OOO l.:unicipol Utility
llevenue Gertil'icutes, 3cries of 19l~7, Vie beg to Iluke the following sugcesti:ms:
1. There should be submit tee! a c eL.tific,;L e by t he City Hudi tor 8nd Clerk
confirming tllLlt the eo~)y of the ordinGnce authorizing the certi1'icDtes~nd the copy
of the minutes of the :.;i ty Gommis 8i on ',"Illie h u 1'~1 ut tt;ched to the co urt validi~ tL:m
petition are tr'ue, correct und cOlllplete COl)ies tl1u'c;o1' tjfJ shown 'uy the ~'ecords in his
o:t'fic e.
2. Thel.e should be s ubmi tted 0 c er tU' ied trullGC l'ipt of' the IJ roceedings of
the City COI(j!:1is~ion under dote 01' l?ebruBI'Y 10,. .194(\, confir'ming sc.le and e\!urd of the
certificutes aI~ fixing the interest r~te for s~~e.
3. Tl1ere should be sU:Juitted 0 certificc.te by the ":::lel1<: of the Circuit
Court tor J.'inelle s County COliltJleted ~,t 1 ct. st tv~ent y d uys ofter J::..Il Ul;..l'Y 2'/, 1948,
confil'1iling that no O~)pe8J. hus bden tulcen from the vGl ictuti.I1S decree.
l}. '.:e huve llrellured t: nd enclose sp ec i1::l 1'1'01lls 0 l' i'i ntl1 delivery papeI's, and
in due course one of the e;~ecuted Lunicipol Utility ltev::nue Certificates llCCOIDIJClnied
by these fully completed finel d,:~liv.ery ,p[;lJers should be submitted.
Very truly yours,
/S/ Chapmbn clnd Cutler
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