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Cr'!'Y COMMISSION MEETING
April 14, 1950
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The City Commission of the City of Clearwater met 1n opeca.? Session Friday,
April 14, 195Q at 7630 P. M. with the following members presents
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Harry D. 3argeant
Herbert M. Brown
E. B. Caeler Jr.
Leland F. Dreg
Joe Turner
-Mayor-Commissioner
-Connniasioner
-Commisaionan?
-Conm?iasioner
.Commissioner
.City Manager
-Police Department
-City Attorney
The meeting was called to order by the blayor, pho stated the purpose of the
meeting was to consider the proposal of Spragina & Company to sot as fiscal agent
2'or the City and to receive the report of the Committee appointed by the blayor
April 3rd to consider the proposal.
Mr. Robert H. Nichols, Nashville, Tenn., representing J. C. Bradford & Co.,
addressed the Commiission, stating that he had heard of the meeting too late to
prepare a written proposal in time, but would like vary much to submit such a
proposal, if given an opportunity.
Mr. Albert Roberta, 400 Beach Drive, St. Petersburg, asaooiate and partner
oP A. bt. Kidder & Company, addressed the Commission briefl and presented a written
pro oral for handling X125,000 of revenue certificates at 2.50 per certificate or
at 15.00 per bond or certificate, if the City wished a guaranteed bid.
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Also Present
Boyd A. Bennett
Spt. Glenn Prootor
Ben Krantzman
The Clerk read a letter from Fisher Hawes & Caumpany, Inc. of Knoxville, Tenn.
requesting that they be allowed to submit a proposal before any definite decision
was made.
Commissioner Drew, reporting for the Committee, stated it ryas the Committees
recor?nendation that no fiscal agent be appointed at this tune. Commissioner Caeler
moved the adoption of the report. The motion was seconded by Commissioner Brown
and carried unanimously.
Commissioner Drew moved that the Committee continue to function and bring
in a report to the Commission at first meeting next month. The motion was seoonded
by Commissioner Turner and carried.
At the suggestion of Commissioner Caeler, the Mayor appointed Connnissioner
Turner as an additional member of the Committee.
Mr. Chas. P. Day and blr. H. H. Baskin addressed the Commission briefly.
City Attorney Krantzman told the Commission that a representative of blitchie
and Company would be in Sarasota next Monday and suggested that. the Commission have
a meeting with the Campany?s representative to consider a proposal for re-codifying
the City?a Ordinances. Commissioner Brown moved that a special meeting be held at
5 P. M. Tuesday to hear the representative of the Mitohia Publishing Co. The
motion was seoonded by Commissioner Turner and carried unanimously.
There being no further business, the meeting ?vaa ad?curned.
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? CITY CCMDiIS?ION MEETTNO ?
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_ April 14
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Considering the proposal made by 5pragins and Ca?mpany as
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fisoal agent for
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the City upon the report of a apeoial committee appointed by tho Mayor at?
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,`` , ? ' ' the meeting held Aprix 3; the committee being composed of Commiasioneres
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; : Drew, Casler, Bropn, City Attorney and City Manager.
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2. Any other business the Commission may piste to consider.
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April 14, 19bfl
,,?; The Mayor and City Commission,
?? City of Clearwater,
"?"?` ?`?'??` Clearwater Florida.
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? Gentlemen:
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? It is my understanding that the City oP Clearwater contemplates the iseuanae
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'` of not in excess of X115 000 Dock Revenue Certificates to be secured b revenues
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,?r„r,,:?,;.;.;::' . Prom dock privileges end rentals from adjacent property.
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It is also my understanding that the City of Clearwater contemplates the
issuance of ?p125,000 of Utility Revenue Certificates rich will be secured by net
revenues Prom municipally owned utilities, and that this issue will be of equa]i
???:' ,;:??. `.,;. dignity as that enjoyed by your presently outstanding t?tility Revenue Bonds or
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Certificates.
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???-tirt ?,?;:;?,,,?t,: The purpose of this letter is to offer my services to the City to assist
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them in determining the terms of these issues, including security and source of pay
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;' ment interest rates maturities etc.• assistin the Cit?R in furnishin information
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` to legal oouneel and oonferring with legal counsel on matters pertaining to the
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: validation of the seourities. It ?rould also be my intention, with the aid and
?;:,,•;.,?,.,;::; assistance of your department heads, to prepare official statements or preliminary
,:fir ,..,..,,"? circulars, setting forth the terms of these issues in the most intelligent and
' attractive form for distribution to houses specializing in the eels of municipal
securities who may express an interest in the same.
?,, :,,,;,ra,;' For aerviaes ae set forth, I would anticipate a fee of ?p2.50 per bond, payable
' '" when, as and iP the securities are sold.
????? ?? I would like to Dint out that the above does not bind the writer to arantee:
? a bid at publio sale. If a guaranteed bid is deaired, I pauld anticipate a fee of
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'k? not leas than I? points (15.00) per bond, in addition to the Pee above stated.
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??,,,?,', .:;! ? If the foregoing is Satisfactory, I would be pleased to work out the terms
ti; of a mutually acceptable contrast to Derry out the intent of this letter.
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},?? Respectfully submitted,
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i Signed: Albert Roberts Jr.
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CITY COMbIZSSION M�ETIIIG
April l�, T950
2'he Citq Commiasion of the City of Clearvrater met in Special S'e�sion Frida9s
�pril 14, 195Q�at 7:30 P. n4. with the following members pre3ent:
H�.rry I7. 5ar�eant
Herbert ni. nrown
E. B. Casler Jr.
Islanrl F. Drevr
Joe Turner
Also Present
Boyd A. Benn9tt
S�t. Glenn Proctor
Ben Krentzman
-Mayor-Com.niasioner
-Coxanisaioner
-Commissione�
-Corr¢nissioner
-Co�issioner
-City Manager
-Police Department
-City Attorney
�he meeting was oalled �o orcler by the 2dayor, vrho stated the purpoae oP tlie
meeting wao to conaider the proposal oP Spragins & Company to act as Piscal agent
for the City and to receive the report of �he Com.mittee appointed by the htayor
April 3rd to consider the proposaT.
The Clerk read a letter from Fi�her Hawes & C�pany, Inc. of Kno�ville, Tenn.
requesting that they ba allowed to submit a proposal before any definite decision
was made.
Mr. Albert Roberts, 400 Beach Drive, St. Petersburg, easociate and partner �
of A, h7. Kidder & Company, addressed th9 Commission brief.l and presented a writ;ten
proposal for handling �125,000 of revenue certiPieate� a{: �2e50 per certiPicate or
at �'15.00 per bond or certificate, if the City wished a guaranteed bido
hire R�bert H. Nichola, Nashville, Tsnn., representing J. C. Fsrad£ord & Coe,
addressed the Coimnission, stating that he had heard of the meeting too late to
prapare a written proposal in tim�, but would like very much to subnit such a
proposal, 3f g3ven an opportunity.
Coumiiss�oner Drew, reporting for the Coimnittee, steted it v¢as the Comrei�tee+s
recoa�nendation that no fiscal agent be appointed at this tirae, Comrnissioner Casler
raoved the adoption of tha report. The motion was seconded try Comr�issionex� Srown.
and carried unanimously.
Commissioner Drew moved that the Conunittee continue to i'unction and bring
in a report to the Commission at first meeting next month. The motion was a2conded
bg Couunissioner Turner and carrie@.
At tlie auggestion of Conmissioner �asler, the Mavor appointed Co�aissioner
Turner as an additional member of the Counnittee.
Mr. Ghas. P. Day and blr. �, H. Baskin addressed the Com�ni.ssion brlefly.
City Attorney Kr-entzmen told the Co�mnission that � representative of �itchie
and Compeny �zould be in Sarasota next �iond�y and suggastad that the Co�ission have
a meeting p�ith the Companyta representative to consider a proposal for re-codifying
the City's Ordinances. Conunissioner Brown moved that a special meeting be held at
5 F. M. Tueaday to hear the represeiztative of the MS.tqhie Publishing Coo The
motia:� vras seconded b� �o�+missioner Turner ar,d carried un�nimously.
There being no i�.is�ther business, the meeting vr�s ad jnurned.
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hleyor Commissioner
ATTi�S'T:
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City Auditar an Clerk
CITY COR�iZ:,S'TON r2E�TIi�G
Apr3Z 14, ]�95� (speaia}:)
A�e_n_�1e�
1, C�nsidering the proposal made by Spragins and �ompany as fiscr��l ra�ent ,for
tiie City.upon the report of � speaial co�nittee appointed by th� Mayox et
the meeting held Apri� �; the counnit�ee being aomposad of Cox�nissianers:
Drew, Caslar, Srosrn, City �,t�ornay and City A4anager.
2. tYny other business the Co�ission may wish to consider.
St. Petersburg, Fla.
4U0 Be�eh Drive,
April 14, 1950
The Aiayor and City Commission,
�ity oa" �learwaterp
Claarwat�a•, Florida.
Gentlemens
It is my undarstanding thet the City of Clearwater contampiates the issuance
of, not in excess of, �115,000 Dock Revenue Certificateg to be secured by reversues
from dock privilege'� and rentals from adjacent property.
It is also my understanding that �he City of Clearwatex• contemplatas bhe
issuance of' $p125,000 of Utility Revetiue Car�ificates �ich will be secured by nei
revenuea from muni.cipally owned utilities, and that this issue will be of equal
di�nity as that anjoyed by your presently outstanding Utility Rev�snue Bonds or
Gertificates.
The purpose of this letter is to offer my services to the Ci�y to assist
�hem in determining the ter�s of these issues, including security and source oi pay-
ment, interest rates,s mt�tuZ�ities� e�tco; assisting the Gity in 2"lzrnishing informat3on
to legal counsei �nd conferring with legal counsel on m�tters pertaining to the
val3dation of the sscurities. It would alss� ba m5* intent3on, with the sid and
assistance oP your department heads, to nrepare official statements or prelimirit�ry
circulars, setting forth the tarms oi' these issues in the most 3ntelligaz�t and
attractive Porm for distribution to house� sgecializing in tha sale of municipa]1
securit3es who may express an interest in i.he same.
For sarvices as�set forth, I tivould anticipate a fee of �p2.50 per bond, payable
when, as and if the securi�ies a ra Hold.
I a�ould Tike to goint out that the abova does not bin� the writer to guarante�
a bid at public sale. IP a guaranteed bid is desired, T would anticipate a fee of
not lass than TQ points (�15.00) per bond, ir addition to the fee above stated.
If the foregoing is sstisfactory, I would be pleased to Srrork out the terms
of a mutually �cceptable contract to carry out the intent oi tk�is letter.
RespeetPully submitted,
Signed: Albert Roberts,� Jr.
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