12/21/1951
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CITY cm.IlI; It;SION ~lEl~TING
December 21, IH5l
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The City Cor.nninsion of the City of Cleo rV/a tel' met in SpecIolS1rn'sion a t City
Hall on Friday, December 21st, at 12:00 Hcwn, with the follovling lilcmbors present:
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Herbert 11. 13rown
Joe Turner
Herbert 1.1. BlAnton
Thoma 3 II. blB c}{, Jr.
GEtrland D. Lynn
I.la y 01"- C01:1f1i:J s ioner
CO! nllin~iono I'
COIU:lissione 1'"
C 01'11:11:3 S i one 1'"
Cm.ll.liu 3iono r
Ab:Jent:
Hone
Also nresent:
P. U. I\iicidleton
C. E. \//;lre
(}eorgo T. J.i.cC1C:.11:11'la
City 1:~d18ge 1'"
City J.ttorney
Chief' or Police
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J-.1eetinr; WH S C~ 1lucl to order hy J.i~yor Brown.
I,layor Brown ntatod thl.lt the purpone of this Il1eetitlf; \/ElS to continue the con-
sideration of the offer of H. H. Upru/~ins and Cor.lpElny and 1111". Hf.mh9uer of HWan and
HanhHuer. Cit'Jr Manfl/~er roported thnt it \lUS iwpos:Jible 1:'01'" llinl to reach all the
conpanies listed, a~l telephono linen were l)uS~T, so that he \'IUS able to call only
three firns, two in Hew ".!orl~ and one :1n l,iif.wd - I,II'. Bob Cool:: of the Vu n Engen
Company, I.-Ir. Bre\vster of the Allyn Gor1DHny in HeYI YOl':k, and lire HOI1er Locke of
Shields 8.: Cor:1pl:lny, New Yorl::. All three suid that the;! had r'eceived IJrospectus and
reviewed it 'lt/it:.. intere~lt tecsuse it VlnS f'roT'! Cleal'\"I(lt;nr~ lo'lorida, for whorl they had
handled bonds, but thot with the IwrJ.:et lJS it is todoy, an J,ir. HElnhal.ler pointed out
to the Cor.'ll':1ission last ni(.~ht, tl19t they were not interested. They stated that had
it been six months ago they \'/(1uld have been vr ry intore :ltec1, but since interest rate
has chanr;ed now fror.1 one to three on :Iecurities thflt tlwt \'/lIS (j !JiE~ reason why. City
1,1l:inEl[-~er stateCj tIwt I.ir. Cool: :wid he is h01dinl~ his lJrruth foT' fear they l:1idlt c~n-
sider his prop03ul on bonds he ente red in UiU1:1i - tha t lIe VIa 3 holding them for 4~o
and tha t he is hoping they would. not take the 1:1 up. C ity 1.iDn~[~e r 3ta ted tha t Mr.
Locke mdel that he wishoei he could huve }mt in u bid, but that the way the l:18rket is
toda;{ th.at they coule! not put in a lJid of' uny interest to the City. He said he W2::lS
given the SaE!e answer frolil 1\:1"'. Bre\'Lltor in NeVI Yor1-:. He :lEIid it is EI nurl:eting
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prouler:1, and thElt the rmrket is not there to r:a rlcet thel:1 at ull. Illayor Brown re!ilarked
that he had called Hnother 1JOncl hOllse and \Ias r~iven 0 'lory uimilar answer - that while
they \'IOllld be inter'ented in n8n~r other things Cleur\'Joter mir;ht have done that for this
particular t'Jrpe of revenue certificates there ViUS not too rnuch 11Ul'kot, ami they felt
that the Cit~! was flor,1e\ih!clt fortunate in {:ettin!~ any ldcl. City 1lan!:.lger said that each
mon he called expressed Sllrprise that the Cit'J' Ilbs received a bid - lIe said that two
proposuls r.re out on the C01:.st \lLieh are being clo:3ed lJ(Jcuuse tIley have receivec1 110
bid at all. l.luYOl" brown saiu tlwt llD111:el' told him thut it is purely a cOl(juercial
proposition on the Be8ch, and that they are pleclglng rE:V~rnlea, llut not ad valorem
revenue, and it is all lJaseci on hml good b11sine33 is in C;leur\~otel' und how well the
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lmsiness is run. '1'110 worst i'elJture, he said he saw, is the 95~) - the interest rate
is in keeping wi th the tine s, but the 95;~ feu ture is a ciiffieul t one to Cet over.
He said he did not think thero v:ere any bond expepts in ClcarvlUter, only the gentle-
1.1en at this l11eetinl~, who have given the l:Jatter flO!:1e fltncl~l. He soid it would 'be a
wonderful pl"O ject a nd hard to turn down - tha t the pier and l,iarina mean a lot to all
of the City. City Tl'eaSl.1rCl' nt9tec1 that the orir;inal plan of 4~b all the war. was sub-
mitted to the CmlIHis:,ion the day before, Vlher(~ thA interest costs would be ,~219,600.00
on the pro.iect over the ~O yeal's, u cost to the Cit'y of' C54<1,600.00 to pay the interest
on ~;i325,OOO.OO 'Worth of ~ertificutes. Ee said he coulci calc1l1Hte only that they 'Would
run the full course as the plan provides. He wanted to 1-:nol;; if there would be enough
rnoney out of the pro.iect after the expenses to do what the Cit:r wants to do. He said
that 3-3/4~.~ for all the way instend of 4~.~ makes a differenee, in that interest yvould
be Q205,B75.UO for the period, an overall total cost of' ~~3U.B75.00, or ~14,OOO.OO
less than 4~,; if it runs the whole period. COl:ll'.1issioner Blanton as}:ed whether instead
of 3it;~ for the i'irst five years in which the City 1'ctires only ~~85,UOO.OO and 3:-'3/4~b
for the r;ext five -;,rea,rs, wheth€lr the City \'lOulc1 C01.1e ou.t better if the entire issue
or 3-3/ 4~J and then 45'~ tllerea .fter we re 1'0110\led. The a1 ternEl te pll:l n, where the City
would ha ve 31~~~ and 3-3/.tlfl, El nel then bo ck to 4~~ J'rOr:1 novl unt il l~J(.iO, the interest a~nd
principal Vlould ue ~~40?,.tl95.UO. lIe said that if the entire issue could be 3-3/4~o
fron now lmtil l~lEjO the intere st \'/01110 be ~,>l()l, tH2. 50, or ruuf~hl~r a sa ving of
~~6,OOO.l)0. He s01c1 tlwt he vU)11ld be willinl'. to l:lceept 3-3/47~ up to 1060 and then
45; thereafter. llr. SpraF~ins said that it \'WS 11l1})03s:l1Jle to r;et the rate changed any
lI10re .fror.1 what it is. He said tr~e United Stutes Govel'nI~lcnt bonds are down another
1/2 point this I1orning. lIe 38 iei that if he Clid not h::tve a place for ther:1 he could
not ttlke the liability for ther'l. Mr. llanballer said that he has part of the issue
placed with certain Etccounts he controls. He st~lted thut the lJoncl r:1urket is bod,
Goverru,]ent bonds 1:lre off, 9nd a couple of issues sold in the 1101 at fe\~ 6.ays Vlere un-
Sllcce ssful. He sa id thu t the intere nt rl:l te in significu nt Wl the t is the ra isinr-; of
the discount ra te of prime paper fror:l 2~; to 21~7~. H~ further sta ted tr.a t he went
ahead nore or less on his oVln ami that he alnost hopes he does not [~et an aVlUrd
because he knows he can plaee a plO1rt 01' the issue ond 119 s enour;h confidence in the
rest of the iSSlle thot ho hopes to place it. Cmmissioner L~rnn COI:D",Hmted thot the
City has ueen v/()rJ.::inf~ on this :matter for a yeBr, and that uome of' the Conrnission
worked on it even before that - that it hf,IS been uncler investi/~ution for two years.
He said that all the COI'lll\issioners ciefinitely Vlant it, and lmoVl that people definite-
ly want the pier. He said that the City won't gflt a better proposition anywhere, and
that if' it is going to do it a tall now is tho tine to ~et the mone~. and proceed with
the job. City Attorney dictated the 1"0110wing Resolution:
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-2-
CITY COliiIHSSIOn
Decembor 21,
lIlEETING
1951
of the Oi t:r of Clea rwa tel' l"lorida,
"Be it resolved by the City Cor;u:linsion ^in Special Ueeting 90selilblect this 21st
day of December, 1951, that ~(3~5,OOO.<;'(L~1_tL..9f ClcfJrwator Yacht Basin Revenue
Certif'ico tas be sold to R. W. Spra r~1n~RjHn Hanhuller ~: COllpuny for the sura of
~3U8,750.UO aecrned interest, Baid ceptificHtes to bear interest as follows:
"Tlle
The
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r:mtuT'ities of 5,UOO eBch for the yeoT's 1~152 to 1056, inclllsive
l:mtllrities for the years 1~57-ln60, in~l:tlsive
I:luturities for the years 1961-1~~7fl, inclusive
of sniel revenue c:ertificotes beinl~ dotec1 .Tuly 1st, H15l.
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"be it f'urther l'esolvod thot the ~~115,UUU.OO re'Jenue eel.tificotes now outstanding
ll(~aill~lt the Yocht Busin }'acility lie purchased b:,r the City of Cleurwl:lter at 103 plus
uccruod intel"o:lt, wlth all unpEtili intere:3t cOllj)ons attndwd thoreto or surl'endered
tlle)'e\Ji th.
liBEl it further resolved thut tho proper o:'ficern of tho Git:,r of Clearviater be
unc] tho,:! BrA lwre]i;' [luth()ri,~ecl unci directed to exocllte :mcl1 lo/;ul inntrur:lonts os are
nece:wury fAnCl ))J'oper to curry into effect the foreJ~oing provisions of this Hesolution.1t
Adopt ion of f'ore/:oin/: He Dolll tion \/0 s l.lovod by ecru, iasi one I' L:-,rnl1, nec onded by
G0l1io:110t\0l' 'L'lIl'llCl', voted ll})On unci llnuniuo1tsly curl'iecl. COllluissioner Blanton said
thut he f/:lt (IiJout this :.!onev/}wt li~~e lie 'dcHIld on hi:) own IH'ivute lmsiness in which
he SU\"I an oppClrtuni t~r to bett(l]" hhwelf or 1.1& l~e un act VEl!ltul,';eOllS deal b~r going ahead
and hOl'l'owinr: llone:r to do it \lith, althou!t,h he felt he \IUS pa;ring a pretty high
preni11l:l for thut 1.1one:r, but in the \1/;1:r oj' ohtalninr~ I.1oney us against the benefits
which \/0111d llCCruc by reH:Jon of doinr~ ::>0 thut the overull \IUS a cood deal.
Cm':!.. i :3:d.oner Bla cl~ C ol.l!nentncl thB t if tha t s ta t81,len t \lore 110t true tha t the re would
lIOt he so nllch trade and tra f1'ie r;oinf~ on in the real e sta te and 'bond 1-'18 rlcet.
Cm'lI1lis:doner 131onton Baid that it 1s l!l'lforturwte thEtt the City is caught in the
nutional econonic situation v:hich puts it in thin positlon, but that they Bre there,
9ncl that they \'/ollld either }H:.\ve to quit entirely or r;o uheacl, ond that he felt that
it is to the lH~:Jt interest of' the City end the citizens of Clefll'water, especially in
view of' the 1'0 c t tha t th1 s cloe! s not come out of any direct taxa tion, but is a self-
llqllicjutinr, pl'o.iect, that it is to the 1)(:3t interent to r,o ahead vlith :l.t. lrlayor
Brown Hoicl that all p:riceH \'Jill be IIp no rlllch that the City \'/oulel pay ~~15,OO().OO or
~i-16,UUO.uO prenium :l.f the lm:i_ldinr~ is delayed until next ~rcar or sone such time;
thl::lt we are livinf~ in an uncert~dn tir.le. City Attorney Bsked \lhether the bid in
revised forr:l has been nif;ned by persons r::alc1nr; the bid. l,layor Brown soid that the
City 1.1unlll;er had 0 :d..gned cOP'J'. he said that he felt this to 'be important - that the
City hus f:one this fur, unci that the next step \/ill be to BSY. for bids, etc., v/hile
the City is waitlnl; on the lJOnds to be prepared for issuance. He asy.ed whether if
it c.ievclops in the interim that this lJuilding cannot 'be bl1ilt if the City has to
issue the bonds. lie [laid tlwl; the:r don't \Jant the I:lOIley on their hands and then
thenselves in a lei;al tanr;le. l.:r. JIanhauer salej that eontrocta are in hand to assure
cOl11pletion beforc actlwl deliv(;!'y of the bonds, 8nd thot one ean Hsnally i;et the con-
tracts to be bineUng. He said that plans and specificBtiol1s have just been completed,
and tlwt delivel"Y of the bonds COllld not he nade in less than 30 da:rs, anyway. He
suid he \Hl1lld prefer that the Cit~' i;ct tlle c:ontract in hnnci before the bonds ere
delivered. Cit~r l\ianaf~er otatec1 that there is to be a nceting the follovdng It'riday
nir;ht, and at that t11;1e he vlill 8c1vertise for bids. City J~ttoI'ney cOI:Jl1wnted that
there is a recitation in thin Oruinnnc:e that this !:iEltter is predicated upon a set of
plans and speeificutions vlhich l'm~1t bc on hand \lith the City Auditor and Clerk. He
said it ia il.l})ortant thut .junt os soon us those are cOI,lple.ted tlwt a copy uctually
be filed "Ii th the City Auditor and Cler1-: so that this can be kept straight all the
Vlay throul\h. City Iliunogcr st.ated that he l!ould delivcr thou l"ridC:l'jr night.
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CO!1llli ~lsioner Blmlton sa iet tha t the Court Strce t CO) J'd t tee ha:3 ueen working for
months with Attorney Phillips trying to rcuch an ud.iustIlnnt point on a piece of
property belonf~ing to a colored person on (rreenwood Avenue and Ghestnllt Street -
J. \I. Robison. He said they sturtcc] [It ~?l~,OOO.()U, and car:1e ciO\m to ~~8,nOO.Uo, und
fina11y ~f3,700.00. lIe :lHid this \lflS discHssed l>:r the COl<ulittec end nothing \lBS
recorrlr.wndecl. lIe Haid it h'as his ]'ecori1T:encitltion that it sell [It ~?8,500.00, that the
COI,uni ttee feel s the t thi s is a s rea sona ble a propos:! tion as 1 t can r:et. Connissioner
Black said that that is the figure the Cor-rr,1ittee had in r'lincl in the ber;inninr:, and
thought the'jr nir,ht have to i~O higher. City l-,i[lnar~er stated that the fund set aside
f'or obtaininl': ri.E~ht-of-way i11provements h8 s been exceeded. Mayor Brown sl~f~f~ested
that the City Luna/~er confer w:l.th the City Treasurer to see if additional funds can
be appropriated for this right-of-w!:IY. Cor:uissioner Blaclc Hovec1 aceeptance of the
Court Street ExtenHion COllnittee's report, and that the City l.lanar;er be instructed
to investigate the handlim~ of this trl:lnsaction out of funds which possibly could be
made available to cover this ]mrchase at the next ueeting. COl:ulissionor Lynn seconded
the motion, \ihich Vlua voted upon Bnd unanimously curried. I\layor Brown wondered
whether' the none'] should perha ps be used for sOl.lethinl'; 1,101'8 ir.l})Ortant. COl!lI1issioner
Bhmton said that 1011'. noblson would have u cifficult tir:1c selling to someone else as
he is in the ril~ht-of-way and any hu;rer would hesitate, for the rea30n that they feel
that the City may COnclei1l1 it ot an;,r tir:Je and t[dce it. lIe said that that is the last
piece of propn1"'ty tho Ci ty needs to cOI,lplete the right-of-way project. He said they
would like to see the COrll.1ission give it its full 8ml [,tuclled thought. Mayor Brown
co:r.1nenteci tha t the Cl ty I\ittna {~er' s report vloulcl 'be valua 11le to the Conni ssion in
lilBking up its r,dnd on this. COlil"I::.ssionel' Turner su id tha t I'ir. l:a bl'ich, Right-of-Way
ar,ent, drives a good bal'gain, and that his orif-~im:ll flgure \laS :'r7,500.00, so that
this is close. He said a 1'ter the street is cut !:.\nd the buildings reJ;loved that the
entire lot \'lill not be used for right-of-v/ay - th[J t there will be sOl:letl ling left
which luight bo va lua ble. lIlt:! yor Brown s ta teet tha tit could be sold to the highe st
bidder.
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-3-
CITY COMMISSION MEETING
December 21, 1951
'.' "
Mr. William (loza, Attorney, sa id the t he had neglected to tell the Comr,'1ission
the previous eveninr; the !.toot im110rtant thing regurdinr, the proposed new Town House
on Cleveland Street. He said that it has always haci a beer anci w1ne license, and
that it wa s transfer:red fror.\ Steve Peterson. He sa id he fel t the objectionable
feature in snch un estul>lishl':1ent is the bur over the connter, and that this is so
arranged as to be inconspicuOll3 and in good taste. He uaid the 'lease itself' limits
the length of the bar to 13 j'eet and that no udvertisinr; signs will be placed on
the outside of the Imilcllng ael '/e:rtising the fact tha t there fire liquors being sold.
lIe sa iel he did not wa nt to I."..ul~c an issue out of it, 0 nc1 hopod tha t there Vlould be
no unfavorable pulJlicity from the Baptist Church, that legl;llly they can go ahead,
but that they did not wont to do no if it could be uvoided. After discussion, it
was decided thut the notion mode the prOVi01l3 eveninr~ for the City Uanager to
invcllti/~ute and brinf~ back report should be cal'riec1 out, and l'eport brought back
to the nAxt ~Aetln~. '
There bein(~ no further Imnino~:3 to come before the Cortr.1ission, Il1tJE,ting was
ad .10urned by 1Ila YOI' Brown at 12: 55 P .1\1.
ATTEST:
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CITY COMMISS IOU MgE'rING
December 21, 1951
December 20, 1951
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Vie the undersigned, Mayor-CcJnunis sioner and City COl1rnissioners of the City of
Clearwater, !i'1J.orida, hereby waive notice of a special I1'leetin~ of the City Connniss1on
called for 12:00 noon on the 21st day of December, A,D., 1951, at the City Hall,
Clear\'/a tElr, Plorida, for the purpose of considering proposa ls for the pureha se
of $325,000.00 of revenue certifica te 3 on the Olea r'iHl ter MDrina at Clea rove tar
Beach.
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In witness whereof Vie ha va hereunto set our hands this 20th da y of Decenlber, 1951.
~B/ J{er'bHrt },I. Brown
" ayor-Corlll11iss1onel'
..lJ!L Garland D. Lynn
C Or:lr.ltt s s i one I'
The Iviaturities of ~i5,OOO.OO each for the years
1952 to 1956, inclusive
The Maturities for the years 1957-1060,
inclusive
3.kf
P..IO
Is/ Joe Turner
COl'Jlr.1i s s i one I'
/s/ Herbel't Blanton
ConUl11 s s ione r
/8/ Thomas H. Black, Jr.
COIrr:1i saloneI'
ATTEST:
/s/ II. U. Wint';o
City Auditor and Clerk
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RESOLUTION
of the City of Clearwater Florida,
Jm IT RESOLVED BY THE City CC))Iunissiol1,4 in Special Meetinr, a asel;lbled this 21st
day of Decel.lber, 1051, that ~~325,OOO.OU C1t.,,~f' Clearwater Yacht Basin Revenue
Certifica tea be sold to R. VI. Sprap;in~and'i( an Hanhauer & Co. for the sum of
ij308,750.00, plus accrued interest, said Certificates to bear interest as f'ollo~s:
3-3/4%
The l\laturities for the years 1961-1979,
inclusive
4cl
l'
all of sa id Revenue Certificates being dated .Tuly 1st, 1951.
BE IT FtTRTHER RESOLVED that the ~?115,OOO.OO Revenue Certificates now
outstanding against the Yacht Basin Facllity be purchased b~r the City of Clearwater
at 103, plus accrued intereRt with all unpaid interest coupons attached thereto
or surrendered therewith.
BB IT PlffiTHER HE~OLVEJ) that the proper officers of the City of Clearwater
be and they are hereby authorized and directed to ex.ecute such legal instl"urrlents
as are necessary and proper to carry into e.ffect the fo l'egoin~ provisions of this
Resolution.
ADOPTIon O}l' POHEGOIHG Resolution was moved by COI"lPlissioner Lynn, seconded
by Commissioner Turner, and pa ssed by unaniInous vote.
/s/ Herbert N. Brown
},la yor-COl.llni ss ioner
ATTBs'r:
/s/ H. G. Winp,o
City Auditor and Clerk
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: , c2mx cal�,u,�zsszoiJ r�iE��zrt�
December 21, 1951
, The Cii�y Cor�ni�sion or the City of Clearv�ater met in S'
Peci�l Session at City
fl�ll on Fricla�, LecamUer 21at, r�t 12:(�0 Idoon, 1^t3:th the �ollor�in� �nenbers present:
' Iierbert hT. 13rorvn HIayor-Comrii�3ianer
Joe Turner Cormitissione-r
Herllert Iii. F3lanton' Co�ntnissianer
_ Thor,v�s H. Blyck; Jr. Cor�nissioner
Garland I7. L nn Corrn:iissioner
Absentt
Idone .
Also present:
P. C. Ivlicldleton Cit;� u��nager
C. �, 1Vare City Httorne;�
GeorUe T. 1icClar.�tna Chief of Yolice
I�'feetin�; �vas called to order by PrTayor ?3ro�n.
hlafor Brown stated tr�t tre purpose of this meetina, r-ras to continue t:he con- '
sideration of the o�ffer of R. 4J. �pra�ins and Cor�pany and 2tilr. I�anhauer ef R�an and
H�anhauero Cits nIana�;er repc>rted that it v�as irnposszble For him to reach aT1 t�e
cor�panies listed, a� telephone lines were bus�r, so that Yxe ti�as able to call onlv
-three �'irr.�s, trvo in T1ew YorY ancl one in Iliiai:ni - NTr. �3ob Cook of the Van Engen
Cornpany, li4r. I3retivster of the A11�n Companf in PTetv York, and �.�Ir. Iior�ex Loeke oi
Shields E� Cor.zpany, Sletiv York. All three said that theJ l�ac1 received Prospectus and
reviev+ed it viith interest because it wa s fron Cleai�ti�ater Plorida i'or jyhon t�ey ha�
hanclled bonc�s, but that V�ith the raarketr as it is today, as I�1r. Hanhauer nointed out
to the Cor.u;�ission last ni�;ht, that they v�ere not intere3ted. The,y stated that ha�;
it been six nionths a�o thef r�uld have been vex�y intore3tec�, but since in�erest rate
has chan�;ed norv fror,� one to three nn secura:�ies that thstt Sras a big reason c�hy. City
&ian�F;er sta�ed that hir. Coo�: said he' is holdin�, his breath ior zear they rsi�;hti con-
sicter his: l�raposal on bonds he entered in Itiiaz:i - that hn ��ras holding them for ao
and that he is hopin� they v�oult� not take theri up. City t�iana�;er �tated that iIr,
Locke said that he vJished he could have put in a bid, t�ut tY�at the c�a� the �arket is
, today that they could no{; ,put in a bid of anf ini:arest }o the City. ne sa7d he ti�as
, �;iven the sazne ansrver from I�.r. Brer�;�ter in Pievt Yor�. He saicl it is a raarketin�
- pro�leia, and that the r�arket i9 not there to �arket t2iem ai; all. Alayor Brovan reraarked
tlz�t ho liad callec� another Uond house and vaas �iven a very similar answer - that v�hile
- they ti�ould l�e intere;,ted in raany other thin�;s Cleartaater niight have qone t�a� for this
partir,ular tgpe oi revenue certificates ;tYtere vtas no� too mtxch zlarket, and they fel:t
that �Ghe City t�tas sorie�alaat sortunate in �ettin� any bici. City IvTana�;er saici 'that each
rnEtn he calleci expressed surprise that the Git� has receivecl a bid -�ie said that tvro
proposals sre out �n tY�,e Co�ast �ri�ic�r are being closed Y�eca:ase the� ��ve received no
bid at all. P,Iayor }3ro�vn �Qicl that Uanl_er tnld llizn that it is pu.rel� a c-oi�nercial
prop�sii:ion on the Be�ach, and that th_ey are pledging revenues, but not 2d valorex:i
revenue, anci it is all based on hor+ �;ood l�usir_ess 3s in C1ear�va�Ger and Yiov�r rre11 tre
is run: The ivorst ieature, he said he sa1�, is the 95� - the interest rate
less�aid�h�1�` N11th the ti�es, hut the 95;� feature _s a diisicult one to �et over.
N e did not think thera t�ere any bond experts in Clear��a�,er, only �he �enLle-
r;rnen at this meet�n�, who have �;3ven the ��ter sorle stud�. FIe said it tivoula t�e �
:- vronderfizl pro jectr and lzard to turn doiNn - that the pier and i�iarina mea:n a lot Lo :�Il
of the City. City Ts^easurer stated that the ori�;inal plan of 4� a1'1 bhe �rag ��rae sub-
mitted to the Goi��is:�ion the day before, r�here the interest costs avould be N2i9�600,00
�an the �r�ject �ver the 28 ,years, a cost �o the City of w5a�,6U0.00 to pay �1ie interest
on $�325,C700.00 wortrh of certiiicates. �e said he could calc�xlate only tt�at they would
run the full courss as the plan �rovicles. ffe wanted to l�nota if i;here would be enough
money ou� of the project azter the ex�enses to do 4vha� the City vrants to do. He said
th�at 3-3�4�,'� �'or a11 the �vay instead of 4�u raakes a diif.erence,, in �that in�erest ti��uld
, be �205,$75.U0 i'or the period, an overall total cost of y�53U.875.OQ, or $�1�,U00,G0
less than Qjo if it runs t3ie wholE period. Gor,2raissioner Bl�nton asked srhether instead
oi 32io for the iirst five years 3n rihich tlze City _retires orly 5�25,UUU.c�O and 3-3��j`
, for i:he z�ext .�ive years, crl7ether the City crould cor.7e oui; better if the Entire issue
or 3-3�4�� ,and then 4�� t�ierea�'�er vaere �'ollovred. The a�texn�tie plan, where �re City
- woulci have 3z:i� and 3-3'4� ancl �hen 2�ack to 4y� zror� notiv until 1960, the interest and
principal vzould t�e y�4U7,495.007. He said that if the entire issue could �e 3-3�4�0
frox� i�o�v ur.til l�)6G the interest tivould be y�I,U1,012.50, or^rou�;hly a savin�; pf
5�6,OOO.UU. Ae s�ic1 that he v�oulci Ue e�illinp to �ecePt 3-o�4�i up i;o 1�6U and then
4�a there�ai"ter. nlr. Spragins yaid that it ��as irlpassible to €;et the ra�e chan�ed any
rnore froin ti�ha�; it is. He said the Uni-�ed States Goverru�ent bonds are dorvn another
l�� point this r�iornin�. ile 3aid that i� he aid not l�ave a pl�ce .�or them he could
no� t�ake �he li�abilit�� for them,. P�ir. 'Hanhalzer said thqt he has part of tY:e isstie
placed ivitlz cerl:ain account, he cont-rols. He stated that the bond raarket is bad,
Governra�nt bonds' are off, �n$ a co��ple of issues .sold in tlie last fsrv da�s �rere un-
- stizcc9ssf.lzl. Fie s�aid i;hat tlie interest rate is si�nificant ns i:hat is tre raisin� of
, the c�iscoun�G rate of printe paper f.ror.2 2i� to 22j�. I�e further ststed tl�at he �rerit
aheac� more or leas on his own and thr�t he alr.iosl; hopes he cloes not �et an av�rd
becauae he Isn�v�s he ean place a p�rt of the i3sue t�nd has enou�;h confidence in the
rest oi the issue thAt he hopes i�o nlace it. Cormiissioner L,�,rnn cor.mentad thnt the
Gity hras been v✓orl�in�; on �;his m�tter for a ve�r, and 1;hat soi;te oi' the Cor�rnission
worked nn 3� euen bei'ore thpt - that it hs�s been iznder investi�;atioii for, tvro years.
- He aaicl thr�t all �he Cormtissioners definitely r�rant �t, rand know that pe'ople clefinite-
ly want {;h� pier. He said that the City ivon't p;et a l�etter proposition anq�vhexe snd
that if it is �;o3n� to do it at all notiv is the tir:ie to p;et the mone� and proceed}��ith
the 3a'�. City Attorney dictated the followin�; Resoluti:on:
.
,; _
_ ' _ : �
_�_ � D Z _
OZTY COA,P�iISSTt�T7 RSL�TTIJG : ' , J O�:
Decomboi 21, 1951 _ 3- : Lf :.
. of t2ie Cit;q� of Clearwat;er }+'lor3da, C2T�l GOI�I�IISS20Ti 149�E'�:Lt1�
' �'Ba it resolved b� the City Commission�3n Special nleeting &ssexn�lecl this 21st December 21 . '
1951
da�* of �ecemUer, 1951, that �3�5,000.00 City £'Clearrvater YqclZt Basin Revenue : ' '
e + , . ,
C rtificates be s�l�l �o R. 1y. S ra in �� an Ht�nhauer R. Corii �n .f.or fihe' s xm o� Prlr. 3V
P � � � , R �' l i�.l�aza Csoza, Attorney, 9aic� that he had ne lected'�o e ,
'3�8 750.q0 �ccrued in�ere:-t seid aes�t�i'icatas Lo Uear 3nterest a ollow : �ha . - , �
t 11 the Gorruiission
�� , , . t� f s �revinlzs even3n�; the r.�tost �uportant thin� re�;prdin� the ra osed new Tov
� �' P m House
' on Cleveland Street;. He sa,id that it has alvrays liac! n beer and yJi e
i'The �aturities of 5 c�00 aach �or the yee��s 1�J52 to 1�58 incltisive - 31po thAt it w s tr' e' , n license, and
, . , r�i a �ns�' xr.ed fror.l Steve Yetereon. He aaid he felt the ol�jectionable
The maturities .�or the vears 1957-1�60, �:nclusive �-3/4� - feature in such an establishment is the 'aar ovor the:
- The maturities foi the ears 1961-197Q inclusive 4°0 - Ari-an=ec1 s . courter, and that this is so
j €, a to be inaonspi.�uotis and in goocl taste. He saicl ti�e lease ii:self li '
� ' rn� t s
,�-� all of' said revenue certificr�tes bein�; rlated �Tttly ls�, 1�51, the len�;th oi' the bar to 13 f.eet an� -�hat no advertisi,n: si ns Vrill be _
placed on
_ tho outside of the buildi.n�; acl�zertisin�; the #'�ct that i;nere�are li i r
: "Be it �zrther resolved tha� the a�115 UU0.00 revente ert ' � _ , nuors be_n�,,sold,
-- N , i c ific�ttes nolr ou-tst�nclin�; He said he d�c1 not �vant to raake an issue aui, of i -
, a ainst th2 Yaclat Basin Pacilit Ue urchased b' tlie Cit of Cle rw te .
t, r�nd hopecl thai, ther� woul�l be
�; Y P Y Y �+ a r a� 1U3 plus- r�o tini'avorAble �ublicit�f' #'rorn the Baptist Church' that e�•� ` , , - -
accrued interesti ��it27 al1 un aid interest cou ons attaGYzed there�o pr �urrendered b • . . � .1 �,a11y the� can �o anead,
�, P P ut th�t they dicl r�ot laant to clo so if it cotzl� be avo�deQ. kfter discussion, it
therewith. was clecictecl t;hat the r.iotion rnade the previou3 evenin�; i'or the Citg 'T.tan�ver to -
investi�;ate and Y�rink; Uack report sY�ould be car.rie�i out an re a
°Be it furGher resalved that the �raper ofiicers of the C�t� o� Clear�vater be to the next r:ieetin�;. � � I�ort bx�ought back
and they are 1�.exeY�,y aiitl�.orized anci clirected to execute such lega2 instrur:�ent� as are
neoessar �nd ro er to cerr into effect the fore oin iovisions of tl�is Resqlution," . - .
_ 5 P 1� Y �; � P : There bein�; no #tizrther bizsineas to come beiore th� Cor�saission, raeetin�; tivas
ad�ournecl 'by I���yor Brown at 12:55 P,Iri.
Adoption o#' fore�oin�; Resolution �^�as r.ioved by Co�riis�ianer �urnx�, aecondec� kay
Corfftissianer `i'izrne�, voted upori an� unani�ously carr:ted. C'omttiissioner Blanton said
that he �'el� ab�ut t]iis somew7iat lilee he rtould on his o�vn private business in which
he sa�i an opp�rtunit3* to better• hirmself or make an advan�a�eolis def�l bg �;oin�; ahead • �
ancl borro�vin� rione� to cio it ti^�ith, althou�;� he felt he tiv�s- Yaaying a�rei;ty hi�;h ,, ,
prem%ur.i ior that �oney, but in the vuay of obtainin s�oney as a:�ainst tY�e renei'its Iia Jor-Coruiissione �,'
� ��
' ��hich raould �zccrue by reason of doing so th�t the overall cuas a�oa�l Geal.
Coi�,issioner Blacl, con�unented tliat if that statsr,ient �vere irot trtze that thez�e- v+ould '
- not be s� rauch trade ancl trafiic �oin�; on in the real estate ancT boncl r.�arl�et, ATTFST.:
Coi�uniss-ioner I3lanton said that �t is unfortunate that the Ci1:y i3 caught in the
national econorzic situation Y+llich pizts it in this position, but that tlzey are theie,
and that i;hef 1��puld either have to quit entirelg or �o ahana, ancl that he felt that � '
it is to the best iiiterest of '�he Gity and the citizens of Cle�rv�ater, es�ecially i:n -
vie�a of. the fact that this does not corae �ut of any clirect ta �ation, l�ut is a se1f- Citg kiiclitor nd C1Pr�:
liquifl�tin�; pro ject, that it is to the bsst interest to �o ahead �7ith it, h�ayor ° -
Brown said that all prices �:rilS bc� up so �uch that the City �roulcl pay w15,C700.00 or
�p16,000.�0 pre�!ium ii the buildin�; is aelaged until next �tear or sou^�e such time;'
thst �ve are l:ivin� in an uncertain time. City Attorney asked t°�hether the bid in
revised i'orm r�s been si�;�ed t�y persons r.akin�; the bid. IwIayor I3rotivn said that the
City Iiena�;er had a si�ned copy,, He sai.d that he felt this to be important -' th�t the
City has �one this f'ar, and tliat �he ne�:t step w�11 be to ask �'or bids, etc., while
the City is vraitin� on the bonds to be prepared for i:ssuance. He asked vrhether if
it develops in 1:he interim that this buildin� cannot k�e b�tilt i'f the City has to ' ' '
issue the Uonds. xe said tflat they don�t raant the raoney on their hands and then
ther.iselves in a le�;al tan�le. h7r. Iiannauer said that contracts are in hand to assure
completion before actual delivery of the bonds, and that one can usually �;et the con-
- ' tracts to be bindin�;. 'He sa?d Lhat nlans and specificatians ha�re just been eompleted,
and that deliveiy of the Uonds coul� not be m�aade in less tYian 30 da;rs, anyi�ay. He '
said he vroizld pre�:er that the City �et the contract in han�l beiore the bonds ase
delivered. Cit�r hlana�er stated that tYiere is to be a:r�ieetin�; the iollorvin� N'rida5* , ,
niFht, and at that ti�e he uriTl advertise for l�ids. City �lttori�ey conmiented tYiat
there is a rec�tation in th�� Urciinance that this rnraatter is predicated uPon a set �f
plans and 3pecifications v�YiicY1 r�ust be on hand �Jith tYie City �uci;itor an� Cler�. He
said it is irsportant t�t ju3t as so�n as those are coiapleted that �a copY �ctually '
be iilecl z�rith the Ci�y kuditor and C1er�: so that this can be l�ept strai�;ht aTl the
vra� throu�,h. Cit;� hlana�;ex ata�ed that he viould deliver thern Priclay night.
Cormiissioner Slanton said that the Court Street Corimittee ha3 been �vc,rkin� for
rnonths vrith A�tto.rney Phillips tryin�; +o reach an adjustr.ient point on a piece of
property belon�in�; to a colored person on Crreern��ood Avenue and Chestnut Street -
3. aJ. Robison. He 3aid the� <startecl at �12,JOO.OU, and carne dcv�n to yP8,800.�0, �nc3
finally °�8,700.00. Fie said this was disctl3sed t�;r the Gomnittee and notlzin� raas
reco�ended. �Ie said it s�as his recomraenclation that it sell at tip8,500:00, that the
Corimittee feels trat this is as reasonable a proposition as it can �;et. C�rmnissi�ner
Black said that that is the fi�ure the Cormlittee ha� in r.iind in the be�;inning, ancl
thou�;ht the3* �i�ht have to �o hi�;Yier. Cit,y Irian�a�;er si:ateci th�t the funcl set a side '
sor obtainin�; ri�;ht=of.-way ir.mgrover�ents has been exceeded'. rrIayor 13rov�n su��;ested .
thati the Gity I,�ana�er conier witr the City Treasurer to see if additional funds can
be appropr�ated for th_s right-of-way. Gor.missioner Blac}: rnoved acceptance of' the
Coitrt Street Extension Cor�ittee's report, ant� that the Citf nlana�;er be in�tructed '
to investi�ate the handling oi this transaction out of fu.nc�s vrkiich pos�ibly e;ould be
�c�e available to cover tkiis nurchase atr tIze r.e�;t raeei:in�. _ Cor,�zissionor L'ynn seconded
the motion, vahich rras voteci u�on and unqnirnously carried. Iiiayor I3roti�in :ir,rondered -
whetrer the rloney should perhaPs be used for sor:�ethin�; rnore ira��ortant. _ Comilissioner
Blanton said that T+ir. Robison would 'have a difficult tir.�e sellinb i:o �omeone else aa
, . �` ., ' esitate, for tl�e re��on that they feel
thatgthe Cit�rma�tcondernn itaa�nanyutineWvand4ta'lce it. Iie sa?cl fihat thAt is the last '
: - plece of property the Cit� needs to complete t1�.e ri�ht-of-waf pro�ect. He said thef _
would like to see the Cor,unission �;ive it its �ull �nd stuclied th�il�;ht. I�teyor Brown '
cor:u:�er�ted that the Cit;� 11Tana�er'� s r��or�: w�uld be valual�le to the G'or,�u:tission in -
_ raakin�; up its raind on this. Cor;,r,i�asioner TurnPr saic] i;hat P,i�. K�al�rich, Ri�ht:-o�-1Vay
!'- a�eni:, driues a goo�l bar�;ain, and 1;hat his ori�?in�l, fi_�;ure ti�a� yN7,5UU,00, so that
this is close. He saicl aiter the street is cut and the buildin�;� rern�ved th�zt the
entire Zo�L ti�ill not Ue used ior righl�-oi-way - the,t there ��Jil1 be soxie�Y;in�, le�'t
vahich rai�,ht be valuaJ�le, nTa;/or I3rown staf;ec� L-hat i�G eould Ue sola to the hi�;hest
bidder.
, . � ' '..V' . _... .... � .�::�. .��...�. . ��.... ,. . . ....,.,::. ,.._ �.... ::. . . '_."�
_ . _ _ , ... _ _ _ _ __. _ i
- _ 1; , ;.-,.
, � '..
�
�
�o � ,
C ITY C OAII�iTSS IOii hiELTTNCr ,�
�ecem�er 21, 1951 , �
_ _ �+
�. - � , 1�51 �
Dacember 20
;' �`
VJe tHe undersigned, hiayor-Ror�miss3oner and City Cor�m:tsa:Loners �f the City oi' _ � `
Clearwqter, Florida,, 2ieraby'<<raive notice o�' a special r�eetin�; of the -0ity Commissio� ;
called for 12:00 noor� on the 21et ciaq a� December, A,D., 1951, at the City I3a11,
qlearvratery N'lorida, for the purpose of considerin�; piopos�ls f.or {:ho purcha,se
of �n325,000.0U of re�enue ceri:ificates on ths Clearv�ater n��rina ai; Cle�artivater i
:BeA ch.
� In witness vrhexeqf vJe have hereunto set our hends tYiis 20th da� of Decen�bex, 1951,
_ �; _.:_ ' �
�s/ Herbert NT. I3rawn .
Dlavcsr-Corrnnissioner , -
, /s/ Garl�nd ll. Lynn , ,
Corrnna:ssioner
,�s� Joe Turnez�
Cnm�issioner
fs� Herbert 131anton
_ Cormiis s ioner
/s/ ThoTna s Fi. Blacl�, Jr. _
_ Cou�nissio:�er
A^T�ST: ,
. . � � . .. .�. . . f9� ��1.. ('r. ��1T1�Q � . . . . ... . .. .... �� � � . . . .. �� - �� . � . �. . .. . � � � . : � .. � .. � � � . � . . .
City l�uditor ancl Clerk
RES OLTTT 20;PZ
of the Gity of Clearr�ater I�lorida,
B� IT RESt?LVED 33Y THE Gity �omiaission�in Special Nleeting assem�led this 21st- '
da5 of Decer,zber, 1951, tha� ��325,OOb.OU Cit� f C1ear�vater Yacht Basin Revenue
Certificates 3�e sold to R. 4�. Spra�ins a t-an Hanhauer & Co. for the s�m oi'
y�'308,750.00, plus accrued interes�;, sa�.d Certificates to Y�ear interest as follows:
The Iv;aturities of w5,000.00 each for the qears _
1952 to 1956, inclusive 320
The Aiaturities for cY±e years 1957-1�360, '
inclusive 3_J��� �
, ' The I,taturities zor �he years 1961-1979, , _
inclusive 4�
all of said Revenue C�rtific�tes bein� dated July lst; 1951.
BE IT F[TRTHER RESOLVED that the �p115,q00.00 Revenue Certificates now
outstanding against the Yacht Basin Fac9_lity be purchased t�f the City �f Clear�vater
at 103,, plus accrued interest �'ith aIl un�aid interest coupons �attached there�o
, or surranderecl therswith.
BE IT �tTRTHER RES�LVEU that the proper o�iicers of the Cit;�,of. Clerarwater
be and they are hersby authorized and directed to e�.ecute sucli legal instrument's
, as are necessary and proper �o carry into e#'fer.� the f'ore�oin� pro�isions of. this
' Ftesolution. _
AU�P'�I011 OF F'OR�CrQII,TG Resolution was moved by Con?Lnissioner L�nn, seconded,
bg Cormi,ssioner TZzrner, and pasaed by unani�ou's vote,
�sf Herbert P�2. Brovrn
bia yor_-C or,uni s s ioner _
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ATTEST: _
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_/sj H. G. p7in�;o
City Auditor and C1'erk _
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