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07/20/1954 : ~ '>:'-":~"'I~'!?-::'~~~rtHC' 5Cl3 """ ~~,~~; ..:J:~;.':': '..:~~::~':;..:\~:':f'.. i': .~~, ':., ~ :.. "~,:.',~;~;: :,C",', '~:;;',' ,,:;>.'.: "~,i.~,,",""', ,'",.>. ,:,.. ._~,~.;" ,. .,.;",:" ,-", ,~.:';~,.,.',,_;:: ij~:,;;~,~;,id: i~;~~:~:;';;C,,~~~;LL~;l.i~~iJL::;.;,L;~;:l,iiL~i,Y:" ',:. .' 1 ,. I' +~~ \:. ~ .;~ ".~ ".:~;. ,,',.~ 1', CITY COMMISSION MEETING July 20, 1954 The City Cowmission of the City of Clearwater met in Special Session at City Hall, 'ruesday, July 20,1954 at 2:00 p.m. with the following members present: i Herbert M. Brown John W. Bates G. L. Kennedy Jack Russell W. E. Strang, Jr. Mayor-Commissioner Commissioner Commissioner Commis s ione r Commissioner F. C. r4i ddleton ""d.".d__"4_~_.. .....--...* Chas. ~. Phillips, Jr. Capt. W. D. Booth S. Lickton R. Wendall Spragins Frank Abernathy Ci ty i~lan()ger City Attorney Police DepArtment City Engineer City Fiscal Agent Ci ty 'rreasurer f' ,"' ~ I,' . t ... ~ :':,:, l .... I I I \ f Also present were: ; .. The Mayor called the meeting to order and informed those present that the purpose of the meeting was to open bids and to consider the sale of $400,000.00 in Recreation Revenue Certificates. In response to a question by the Mayor, Mr. Spragins stated that neither he nor his firm had any interest in the submitting of bids or in the buying of the bonds either directly or indirectly. Six bids were opened as follows: Watkins-!w1orrow & Company, Birmingham, Alabama $394,080.00 and accrued interest to date of delivery Interest rate on bonds - 1955 to 1961 - 2.75% 1962 to 1974 - 3 % 1975 to 1984 - 3.25% Average interest rate - 3.238% Interest Paid - #263,657.50 plus discount Stubbs, Smith & Lombardo, Inc., Birmingham, Alabama t:f'400,OOO.OO and accrued interest from date of certifi.cates to delivery Interest Rate on bonds - 1955 to 1967 - 3 % 1968 to 1975 3.25% 1976 to 1984 - 3.5% Average Interest - 3.3739% Pierce, Carson and Wu1bern, Inc., Jacksonville, Florida $392,000.00 Interest rate on bonds Average Interest - 1955 1966 1977 - 3.229913% to 1965 2.75% to 1976 - 3 % to 1984 - 3.25% Equitable Securities Corporation, Nashville, Tennessee $394,368.00 Interest Rate - 1955 to 1984 - 3.25% Average Interest Rate - 3.32643% First National Bank, Clearvm ter, Florida, as 86ent for Robinson-Humrhreys, Atlanta, Georgia $400,026.00 Interest Rate - 1955 to 1959 - 4 % 1960 to 1969 3.75% 1970 to 1984 3 % Average Interest - 3.1289% LeedYl Wheeler & Alleman, Orlando, Florida 1P394,360.00 Interest Rate - Entire Issue - 3.75% The Mayor announced a thirty minute recess to permit tabulation of the bids by the City's Fiscal Agent and the City Treasurer. Having tabulated the bids, Mr. Spra~ins, Fiscal Agent, reported the bid or Robinson-Humphreys Company as being the best bid. The City rrreasurer agreed and joined in the recommendation that the bid be awarded to Robinson-Humphr~ys Conlpany subject to the Supreme Court's confirming the validation of the certificates. Mr. Spragins, in response to a question, stated that his firm was taking the risks of preparing and printing the issue prior to the Supreme Coprt'g decision. Commissioner Bates moved that this bond issue of $400,000.00 be awarded to R6binson- Humphreys Company of Atlanta, Georgia, theirs being the best and lowest bid, at a premium of ~26.00 with the following interest rate, 1955 to 1959 - 4%; 1960 to 1969 - 3.75%; 1970 to 1984 - 3%; with the understanding that the sale is subject ~, ... - ~--, ~~ - -.- ,-......" "., ~n!f:Wft.:,f~W:~~~~"'~:~;:;J!!::'.:~~:,::~~::~:~ ^'~',:f';:~':~;'~~::'Xl:":~":f~:~.';';;'~~~:~~'f~:, : '>.';:"~~ ";:?", ',"" '1^ " , '. _ ,: , ",:~L<'~;~~:;~ec:~~':,.V':~'~:~;~..:;:~~~~~,~f::::4i7<i~~~~)::? , 'i~\.j,J~t:..t.'Il"'l\iJ::}~~ 'I."J,,~~;'~~~\;;.r.!.~ln~'\io~.'jt:U~{i-Z;4~.C~)~;~l~~1!.t~';';'~::i~..J."',j.'@Y'.w:.."l't~',:}.i:.~,-t.::,;>,,::~,,;,,:,,~'.Jr''::1I-!';;.t~''t_t.~I'.v..~W:J~.r......:.."''tf..~~~~;'':~~~~~.~~".. 'u. *" tti ii~~ CITY COMMISSION MEETING July 20, 1954 -2- to the provisions stated in the advertisement dated July 6, 1954; subject to the Supreme Court's approval of the Certificates, and the average ~ntereBt rate being 3.1289%. Motion was seconded by Commissioner Russell and carried unan1mously. There being no further business to come before the Board, the meet1ng was adjourned at 3:20 p.m. ';t~~ Attest: " " " , :01. . ... - ',~.. );~..::;~t~~,\~...,ti.;~~lti~;:a.j~(;.!:;Z..s::':~;:i.~;!":'III"'-'::':~_;;1:"I.:',~,J;1\~:~;~;1'\'::!f?!.~'.~t?~};:::}l,\\{:~~;1'rlf,{loj~:i'?1~J:t~~\);.t~t:i;,~~~~~~')\t~lAt~J,~~~1~~;v~~~~Wtj~~S_~':~.r.;J.'i'~.~~~~/~r~I'$~i~.ri.t4!;'" .. t\"i.1:. ,," I . -:. ) .. ~iN'~. >r.........,...!lf:'I.1~,...... ......._:.4>> ;-'1Q~.::j...~U*t(......obtL1.~;~~\.:i~..~~~'oIi""lOC.~~..:~...Ini."".>\Ij#i..~~.....~"':;',;;w~lii..~.....~~~~ilr&~.. ..-,'......r...,..:.,;.:.... :"'" _h~: ....;:.. . v ,;.,..'-~ CITY COMMISSION MEETING JUly 20, 1954 July 19, 1954 Mayor-Commissioner Herbert M. Brown Commissioners: Jack Russell W. E. Strang, Jr. John W. Bates Guy L. Kenned y Gentlemen: The City Commission will meet in Special Session on. Tuesday, JUly 20, 1954 at 2:00 p.m. in the City Hall Auditorium for the purpose of opening bids for the sale of Clearwat~r Recreation Revenue Certificates. Very truly yours, Is( F. C. Middleton F. C. Middleton City Manager FCM:s ", :\'-. ;- ' 5�� CITY COI��ISSION MEETING July 20, 1954 The City Commission o.� the City pf Clearwater met in Special Session at City Hall, '�uesday, July 2p, lg5�r at 2:00 p.m, with the following members present; Herbert Pd. Brown Jahn W. Bates G. L. Kennedy Jack Russell '"" . VT. E. St;'rang, Jr. Also present were: F. C. P2iddleton Chas. i�1. Phillips, Capt. W. D. �ooth S. Lickton R. Wendall Spragins Fxank Abernathy Mayor-C ornmis si oner Commissipner Commissioner C ommis s ione r Corvniss�orier City itiIanager Jr. City Attorr_py Folice Depar�ment City Enginesr Czty Fiscal Agent City Treasurer The :�Iayor called the mesting to order and informed those present that the purpose of the meeting was to open bids and to consider the sale ef ��.00,000.00 in Recreation Revenue Certi#'icates. In rssponse to a question by the �aypr, Mr. Spragins stated that neither he nor his firm had any interest in the submitting of bids or in the buying of the �onds either directly or indirectly. Six bid� were opened as follows: Watkins�Morrow 8c Company, i�irmin�ham, Alabama �394,0$0.00 and accrued interest to date of delivery Tnterest rate on bonds - 1955 to 1961 _ 2,75� 1962 to 197t� - 3 � 1975 to lg$�. - 3.z5� Average interest r�te - 3.�3$0 Interest Paid - �263,657,50 plus discount Stubbs, Smith, R•.Lombaxdo, Inc., Sirmingham, Alabama �I�OC,00Q.00 and accrued interest from date of certificates to delivery Int�rest Rate on bonds - 1955 to 1967 - 3 % 196� to 1975 - 3,25% 197b to 19$�: - 3•5� Average Interest - 3.3739� Pie�rce, Carson and Wulbern, Ina., Jacksonville, Florida �a392 , 000 . 00 Interest rate on bonds - 1955 to 1965 - 2.75� 1g66 to 1975 - 3 j 1977 to 19$4 - 3.z5o Avera;e Interest - 3.2z99i3�o Equitable Securities Cor�oration, I�ashville, Tennessee �394,36$.00 Interest Rate w 1g5� to l�?$4 - 3.25� Average Tnterest Rate - 3.3264-30 First Natioilal Bank, Glearwaber, Fl�rida, as a;ent for Robinsorf-Humghreys, Atlanta, Georgia �1�00, 026. 00 Interest Rate - 1955 to 1959 -�r � 19bo to 1969 - 3.75h 197G to 1�$t� - 3 � Average Interes� - 3.1?$90 Leedy V,lheeler & Alleman, Orlando, Florida �394,360.00 Interest ftate - Entzre Issue - 3.'75% The Mayor announced a thirty minute recess to permit tabulation of the bids by the City's Fiscal Agent and the City Treasurer. Aaving tabulated the bids, ti�r. 5pragins, Fiscal A�ent, reported the bid of Robinson�Humphreys Company as being the best bid. The City Treasurer aoreed and joiner3 in the recammendation that the bid be aU�axded to Robinson-Hunphreys Company subject; to the Sixpreme Court's confirming the validatic�n of the certificates, Mr, SPragins, in responsa to a nuestion, statied that his f�s� was taking the risks of preparing and printing the issue prior to thE Supreme Court�s decisien. Cotcunissioner Bates moved tha� this bqnd issue of �:�.00, 000.00 be awarded to Robinsori- Humphreys Company of Atlanta, Georgia, theirs being the best and lowest bid, at a premium of �26.00 with the following interest rate, 1455 to 1959 - 4�; 1960 to 1969 - 3.75%; 1970 to 15$li. - 3�� witlz the understanding that the sa7.e is subject CITY COMMTSSTON MEETTNG July 2Q, 1954 -2 - ta the provisions statea in the advertisement dated July 6, 1954; su�ject �o the Supreme Court�s approval of the Certificates, and the average interest rate being 3.i28g�. Motion was seconded by Commissioner Russell and carried unan�mously. There being no furth�r business to come before the Board, the meeting was adjourned at 3:20 p.m. Attest: � , �� y u i• r and�Ie r� - ;� �./�i/ r � . . . lr ,� G� ,�J_, � CTTY COMMTSSiON MEETING July 20, 7,954 Ju1y 19, 195�+ Mayor-Comm3asioner Herbert M. Brown Commisaioners: Jack Russel�. W. E. Strang, Jx. Jol�n W. Bates Guy L. Kennedy Gen�7.emen : The City Commission urill. meet in Special Session on.Tuesday, J'uly 20, 195U� at 2:00 p.m, in the City Hall Auditorium for the purpose of opening bids f'or the sale of Clearwater Recreation Revenue Certificates� Very truly yours, fsl F. C, P�Iiddleton F. C. Middleton City Manager I'CM : s � .� &� .��''