10/13/1955
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-2-
C!TY COMN[SSION MEETING
October l3. 1955
Goldman, Sachs & Co.
R. W. Spragins & Co~
11,456,84,.00
Interest rate on bonds
1956-1964
1965-1967
1968-1985
2.5
2.75
3.00
).1181
Effective interest rate
Goldman, Sachs & Co.
R. w. Spra~ins & Co.
( Alternate bid)
$1,500,000.00
Interest rate on bonds
1956-1958
1959-1973
1974-1985
3.5
3.0
3.25
).1820
Effective interest rate
The Mayor suggested calling a recess to permit the City's Fiscal Agent, Mr. R. W.
Spragins, and the City Manager to tabulate the bids. Commissioner Kennedy moved
that the Commission recess for forty-five minutes. Motion was seconded by
Conmissioner Strang and carried unanimously.
Having tabu1~ted the bids Mr. Spragins recommended accepting the bid of
Kidder, Peabody & Company for $1,448,450.00 at an effective interest rate of
2.9105. The City Attorney presented a Resolution which would accept the proposal
of Kidder, Peabody Be Company for $1,448,450.00 and award and sell the certificates
to that bidder. Commissioner Strang moved the Resolution be passed and adopted and
the proper officials be authorized to execute it. Motion was seconded by
Commissioner Kennedy and carried unanimously.
The Mayor expressed appreciation to Mr. Spragins for his assistance in
securing an "A" rating on the bonds, to Duff and Phelps for the good financial
report they gave the City, to the City Attorney for his work in validating the
securities in Circuit Court and gave credit to the City Manager for good management
of the utilities.
There being no fUrther business to come before the Commission, the meeting was
adjourned at 3:40 P.M.
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CITY COMMISSION MEETING
October 13. 1955
Mayor-Commissioner Herbert M. Brown
Commissioners: Jack Russell. W. E. Strang, Jr.
Guy L. Kennedy, J. N. Bohannon
October 11. 1955
Gentlemen:
The City Commission will meet in Special Session on Thursday afternoon.
October 13. 1955 in the City Hall Auditorium for the purpose of accepting bids
for $1,500,000.00 Revenue Certifi,cat",es as advertised. Meeting time will be at
2:00 P.M.
FCM: s
Very truly yours.
/s/ F. C. Middleton
City Manager
----~-------------~~---~---------------~-----~-----------------------------~----
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A RESOLUTION OF THE CITY COr~ISSION OF THE CITY
OF CLEARWATER. FLORIDA, AWARDING $1.500,000
UTILITY REVENUE CERTIFICATES, SERIES OF 1955.
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WHEREAS. pursuant to notice heretofore duly published for the sale of
$1.500,000 Utility Revenue Certificates, Series of 1955, dated August 1, 1955,
the following sealed proposals have been received:
The Proposal of KIDDER, PEABODY & CO., FIRST OF MICHIGAN CORPORATION,
roWNSEND, DABNEY & TYSON, DWINNELL, HARKNESS & HILL, I~CORPORATED, AND G. H.
WALKER & CO., offaring to pay the sum of ONE MILLION, FOUR HUNDRED FORTY~EIGHT
THOUSAND, FOUR HUNDRED FIFTY AND NO/IOO DOLLARS ($1.448,450.00), together with
accrued interest from the date of said Certificates to the date of delivery thereof,
for said Certificates beRring interest at the rate of Two and One-Quarter Per
Centum (2t%) per annum on the Certificates maturing in the years 1956 to 1960,
inclusive, at the rate of Two and One-Half Per Centum (2~%) per annum on the
Certificates maturing in the years 1961 to 1967, inclusive. and at the rate of
Two and Three-QuC:lrter Per Centum (2-3/4%) per annum on the Certifi cates maturing
in the years 1968 to 1985, inclusive. being a net interest ra1'.e of 2.9105~.
The proposal of F. S. SMITHERS & CO. I J. C. BRADFORD & CO., BACON, STEVENSON
& CO., TRIPP & CO., INC., THORNTON, MOHR AND FARISH, HERBERT J. SIMS & CO., INC.,
AND ALLAN BLAIR & COMPANY, offerine to pay the sum or ONE MILLION, FOUR HU~DRED
SIXTY-NINE THOUSAND, SEVEN HUNDRED SEVENTY-EIGHT AND 60(100 DOLLARS ($1,469,778.60),
together with accrued interest from the date of said Certificates to the date of
delivery thereof, for said Certificates bearing interest at the rate of Two and
One-Half Per Centum (2~%) per annum on the Certificates maturing in the years
1956 to 1962, inclusive, at the rate of Two and Three-Quarter Per Centum (2-3/4%)
per annum on the Certificates maturing in the years 1963 to 1967, inclusive, and
at the rate of Three Per Centum 0%) per annum on the Certi ficates maturing in
the years 1968 to 1985, inclusive. being a net interest rate of 3.07566%.
The proposal of JOHN NUVEEN & GO., B. J. VAN INGEN & CO., LEEDY, ~~EELER &
ALL&~AN, INC., AND PIERCE, CARRISON, WULBERN, INC., offerine to pay the sum of
ONE MILLION, FOUR HUNDRED SIXTY-ONE THOUSAND, SEVEN HUNDRED FIFTY AND NO/I00
DOLLARS ($1,461,750.00) together \dth accrued interest from the date of said
Certificates to the date of delivery thereof, for said Certificates bearin~
interest at the rat.e of Two and Three-Quarter Per Centum (2-3/4%) per annum on
the Certificates maturing in the years 1956 to 1974, inclusive, and at the rate
of Three Per Centum (3%) per annum on the Certificates maturing in the years 1975
to 1985, inclusive, being a net interest rate of 3.06294%.
The proposal of IRA HAUPT & CO. AND ASSICIATES AND GOODBODY & CO., offering
to pay the sum of ONE MILLION, FOUR HUNDRED SEVENTY THOUSAND, ~~O HUNDRED NINETY-
EIGHT AND 50/100 DOLLARS ($1,470,298.50), together with accrued interest from the
date of said CertifiCAtes to the d~te of delivery thereof, for said Certificates
bearing interest at the rate of Four Per Centum (~-%) per annum on the Certificates
maturing in the years 1956 to 1959, inclusive, at the rate of Two and Three-Quarter
Per Centum (2-3/4%) per annum on the Certificates maturing in the yeRrs 1960 to
1975. inclusive, and at the rate of Three Per Centum (3%) per annum on the
Certificates maturing in the years 1976 to 1985, inclusive, being a net interest
rate of 3.036068%.
The proposal of GOLDMAN, SACHS & CO. and R. W. SPRAGINS & CO. AND ASSOCIATES,
offering to Fay the sum of ONE MILLION, FOUR HUNDRED FIFTY-SIX THOUSAND, EIGHT
HUlmRED FORTY-FIVE AND NO/100 DOLLARS ($1.~56,g'-l,5.00), together with accrued
interest from the date of said Certificates to the date of deltvery thereof, for
said Certificates bearing interest at the rate of Two and One-Half Fer Centum
(2~%) per annum on the Certificates maturing in the years 1956 to 1964, inclusive,
at the rate of Two and Three-Quarter Per Centum (2-3;4%) per annum on the
Certificates rnaturin~ in the years 1965 to 1967, inclusive, and at the rate of
Three Per Centum (3%J per annum on the Certific~te5 maturing in the years 1969 to
1995, inclusive, being a net interest rate of 3.11el%.
(Continued)
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CITY COMMISSION MEETING
October 13, 1955
(Continued)
The proposal of EQUITABLE SECURITIES CORPORATION AND ASSOCIATES, Nashville,
Tennessee, offerinJ~ to pay the sum of ONE MILLION, FOUR HUNDRED EIGHTY-T\\TO
THOUSAND, FOUR HUNDRED '~IRTY-FIVE AND NO/IOO DOLLARS ($1,4g2,~35,OO), together
with accrued interest from the date of said Certificates to the date of delivery
thereof, for said Certificates bearing interest at the rate of Three Per Centum
(3~) per annum on the Certificates maturing in the years 1956 to 1970, inclusive,
and Three and One-Quarter Per Centum (3-1/~%) per annum on the Certificates
maturing in the years 1971 to 1985, inclusive, being a net interest rate of
3.26g87~.
The proposal of MERRILL, LYNCH, PIERCE, FENNER & BEANE AND ASSOCIATES,
offering to pay the sum of ONE MILLION, FOUR HUNDRED SIXTY-FOUR THOUSAND, TWO
HU~DRED FORTY-~I~ AND 70/100 DOLLARS, together with accrued interest from the date
of said Certificates to the date of deliver~ thereof, for said Certificates bearing
interest at the rate of Four Per Centum (4%) per annum on the Certificates maturing
in the years 1956 to 1961, inclusive, and at the rate of Three Per Centum (3%)
per annum on the Certificates maturing in the years 1962 to 1985, inclusive, being
a net interest rate of 3.1621%.
The alternate proposal of GOLDMAN, SACHS & CO. AND R. W. SPRAGINS & CO. AND
ASSOCIATES, offering to pay the sum of ONE I~ILLION, FIVE HUNDRED THOUSAND AND NO/IOO
DOLLARS ($1,500,000.00), together with accrued interest from the date of said
Oertificates to the date of delivery thereof, for said Certificates bearing
interest at the rate of Three and One-Half Per Centum (3~%) per annum on Certificates
maturing in t he years 1956 to 1958, inclusi ve, at the rate of Three Per Centum
(3%) per annum on Certificates maturing in the years 1959 to 197.3, inclusive, and
at the rate of Three and One-Quarter Per Centum (3k%) per annum on the Certificates
maturing in the years 1974 to 1985, inclusive, being a net interest rate of
3.1820%.
WHEREAS, the proposal of KIDDER, PEABODY & CO., FIRST OF MICHIGAN CORPORATION,
TOWNSEND, DABNh'Y &:. TYSON, lJWINNELL, HARKNESS &. HILIJ, INCORPORATED, AND G. H.
WALKER &. CO. referred to in the preambles hereof, is the highest and most
advantageous of said bids, and in all other respects complies with said notice of
sale.
NOW, 'IHEREFORE, BE IT RESOLVED by the City Commission of the City of'
Clearwater, Florida, in session duly and regularly assembled as follows:
Section 1. That the proposal of KIDDER, PEABODY & CO., FIRST OF MICHIGAN
CORPORATION, TOWNSEND, DABNEY &:. TYSON, DvUNNELL, HARKNESS &. HILL, INCORPORATED,
AND G. H. WALKER ~ CO. referred to in the preambles hereof, be and the same is
hereby accepted, and the following described Certificates of the City of
Clearwater, Florida, be and they are hereby awarded and sold to the said purchaser
referred ~ in the preambles hereof:
$1,500,000 - UTILITY REVENUE CERTIFICATES, SERIES OF 1955,
dated August 1, 1955, numbered 1 to 1,500, inclusive,
in the denomination of $1,000 each, bearing interest
and maturing on August 1 in the years and amounts as
fo llows:
Interest Rate Interest Rate
~ Amount Per Annum Year Amount Per Annum
1956 $31,000 2;% 1971 $49,000 2-3/4%.
1957 32,000 2*%. 1972 51 ,000 2-3/4~
1958 34.,000 2t~ 1973 52,000 2-3/4~
1959 34,000 21% 1974 53,000 2-3/4%.
1960 36,000 ~l~ 1975 55,000 2-3/4'%
1961 36, 000 1976 57 , 000 2-3/4'%
1962 38,000 2 % 1977 59 , 000 2-3/4%.
1963 38 , 000 2 % 197$ 61,000 2-3/4%
1964 40,000 2 ~ 1979 62,000 2-3/4%
1965 41,000 ~t~ 1980 64,000 2-3/4%.
1966 43,000 1981 66,000 2-3/4%.
1967 43,000 2 % 1982 68 , 000 2-3/4'f,
1968 45 ,000 2-3/~% 1983 70,000 2-3/4%
1969 47 ,000 2-3/~% 1984- 72,000 2-3/4%
1970 48 ,000 2-3/4% 1985 75,000 2-3/4%
Section 2. That the proper officers of the City, be, and they are hereby
authorized and directed to execute said Certificates when prepared and to deliver
same to said purchaser upon payment of the purchase price pursuant to the conditions
stated in the notice of sale, without further authority from this Commission.
Section 3. That the City Treasurer, be and he is hereby authorized and
directed to return for.~~with the good faith checks of all unsuccessful bidders,
Section 4. This resolution shall take effective immediately.
PASSED AND ADOPTED this 13th day of October, A. D. 1955.
(City Seal) /s/ Herbert M. Brown
ATTEST: Mayor-Commissioner
/s/ R. G. Whitehead
City Auditor and Clerk
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CITY COMMISSIaN MEETING
October 13, Z955
Tkte City Commission of the City of Clearwater met in special session at City
Hal1, Thursday, October 13, 1955, at 2:00 P.M. with the followir►g members present:
Herbert M. Brown 1�layor-�oranis sioner
W. E. Strang, Jr. Commissionar
Guy L. Kennedy Commissioner
Absent:
Jack Russell Gommissioner
J. N. Bohannon Commissioner
Also present were;
F. C. Middleton City Manager
Chas. M. Phillips Ci�y Attorney
G. T. McClarmna Chief of Police
S. Lickton City Engineer
The Mayor called the �ee�ing �a order and stated that the special meeting had
been called for the purpose o�' openino an�l considering bids for the �1,500,000.00
Uti7�ity Revenue Certificate issue to be used f�r improvements to the water system,
storm sewer and sanitary sewer systems. The bids were opened and read as follow�:
John Nuveen & Co.
B. J. iTan Ingen & Co.
Leedy, Wheeler & Allemar.., Inc.
Pierce Carrison Wulbern Trte.
. 1, �. 1, 750. 00
Interest rate on bonds 195b-1974 2.75
1975-19$5 3.00
Effe�tive Interest rate 3.p5294
Merrill L nch Pierce Fenner & Beane
1�4 4,21� >70
Interes� rate on bonds 1956-1961 4.00
196z-19$5 3.00
Effective interest rate 3.1621
�. 5. Smithers & Co.
J. C. Bradford & Co.
Bacon, Stevenson 8c Co.
Tripp & Co., Inc.
Thornton, i�ohr & Farish
Herbert J. Sims & Co., Inc.
Allan Blair Fc Co .
��-,4 9,77$.5a
Interest rate on bonds 1956-1962 2 5
Effective interest rate
Kiddsr, Peabody & Go.
First of Michigan Corporation
Townsend, Dabney � Tyson
Dwinnell, Harkness & Hill, 2nc.
G. H. Walker & Co.
�1,44 ,450.00
Interest rate on bonds
Effective interest r ate
Ira Haupt & Co.
Goodbod�& Co.
�1�470,29$.50
Interest rate on bonds
Efiective interest rate
E uitable Securities Cor oration
1,4 z,435.00
Interest rate an bonds
Effective ir_terest rate
1'g63-1967 2.75
196$�19$5 3.00
3>07566
�956-1960 2.25
1961-1967 2.5
lg6$-19$5 2.75
2.9�05
1956-1959 4.00
1960-1975 2.75
1976-19£35 3.00
3.03606$
1956-1�'70 3 , 00
1g71-.19$5 3.25
3.26�$�
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CITY CaMI�LLSS20N ;'�ETING
October 13, 1455
Goldman, Sachs & Co.
P.. W. S ra ins & Co.
1, G.5-7i, �. 00
Interest rate on bonds
Effective interest rate
Goldman, Sachs & �o.
R,�W. S ra ins & Co.
Alternate vid
�1,500,000.00
Interest rate on bonds
Effective interest rat�e
1956-1964
lgb5-1967
�96�-19$5
195b-195$
1959-1g73
1974-19$5
2.5
2•75
3.00
3.5
3.0
3.25
3.1$20
The Mayor suggested calling a recess to permit the City's Fiscal Agent, Mr. R. W.
Spragins, and the Gity Manager to tabulate the bids. Commissioner Kennedy movQd
that the Commission recess for forty-five minutes. Mo�icn was seconded by
Corrsnissioner Strang and carried unanimously.
H�ving tabulated the bids Mr. Spragins recommended accepting the bid of
Kidder, Peabody & Company for �1,1�4$,450.00 at an effect�re interest rate of
2.91�5. The City Attorney pr�sented a�esolution which would accept the proposal
of Kidder, Peabody & Company for �1,�.4$,��50.00 and award an d sell the certiiicates
to that bidder. Commissioner Strang moven the Resolution be �ssed and adopted and
the praper o£ficials be authorized to execute it. Motion was seconded by
Commissioner Ker.nedy and carried i:a�animously.
The Mayor expressed appreciation to Mr. Spragins for his assiatance in
securing an"AtT rating on the bonds, to Duff and Phelps for the good financial
report th�y gave the City, t o the Citp Attorney for his work in validating the
securities in Cireuit Gourt and gave credit to the City Manager for good management
of the utzli�ies.
There being no further business to come before the Commission, the meeting was
adjourned at 3:1�0 P.M.
Attest:
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Cit Auditor and Clerk
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CITY CONIIt2ISSI0N MEETING
October 13, 1955
Mayoi•-Commis sianer Herbert M. Brown
Commissioners: Jack Russell, W. E. Strang, Jr.
Guy L, Kennedy, J. N. Bohannon
Gentleinen :
October 11, 1g55
The City Commission wil� meet in Special Session on Thursday afternoon,
October 13, 1955 in the City Hall Auditorium for the purpose of accepting bids
for �1s5Q0,000.00 Revenue Certificates as advertised. Meeting time wi11 be at
2:00 P.M.
FCM:s
Very truly yours,
�s� F. C. Middleton
City Manaoer
A RESOLUTION OF THE CITY COt�tISSION OF THE CITY
Or^ CLEAf�,WATER, FLORIDA, AW?�RDING �1,500,OQ0
UTILITY REVEnUE CERTIFICATES, SEkIES OF 1955.
WHEREAS, pursuant to notice heratofore duly Fublished for the sale oi
�1,500,0�0 Utility Revenue Certificates, Series of 1955, dated August 1, 1955,
the following sea].ed proposals have been received:
The Proposal of KIDDER, P�,ABODY & CO., FIR ST 0��' MICHIGAN GORPORATION,
TOW2�SEND, DABNEY & TYSON, DWINNELI�, HARKhESS 8c HILL, INCORPORATE�, AND G. H.
WALKER 8c CO., offering to pay the sum of OnTE i�fILLIOI�, FQUIi HIIATDRED FORTY-EIuHT
THOUSANIi, FOUR HUI�DRED FIFTY AR?D N0�1�00 DOLLARS (�1, �.4$, �.50.00 ), together with
accrue�i interest from the date of s�:id Gertificates to the date oi delivery thereof,
for said Certificate� bearing interest at the rate of �rro and One-Quarter Per
Centum (2�%) per annum on the Certificates maturing in the years 195b to 19b0,
inclusive, at the rate of Two and One-Hali Per Centum (2��) per annum on the
Cartificates maturing in the years 1961 to 1967, ir_clusive, and at the rate of
Two and Three-Quarter Per Centum (2-3��:0) per annum on the Certificates maturing
in the years 196$ to 19$5, inclusive, be ing a net interest rate of 2. 10 0.
The proposal of F. S. SMITHERS & CO., J. C. BRADFORD & CO., BACON, STEVr�NSON
8c Cp ., TRIPP & CO ., IATC ., THORNTOhT, MOHR AN D FAftISH, HFRBERT J. SIMS & C0. , INC .,
AND ALLAI� BLAIR & COMPANY, offering to pay the sum of ONE MILLION, FOUR HUNDRED
SIXTY-NINE TH�USllI1TD, SEVEN HUNDRED SEVEI4TY-EIGHT An'D 60,100 DOLLARS (�I,1�69,77$.60),
to �ether with accrued interEst from the date of said Certif;:cates to the date of
delivery thereof, for said Certificates bearing interest at the rate of �o and
�ne-Half Per Centum (2�y'o) per annum on the Certificates maturing in tne years
1956 to 1962, inclusive, at the rate of Two and Three-Quarter Per Centum (2-3/1��)
per annum on the Certificates maturing in the year s 1963 to 1967, incluszve, and
at the rate of Three Per Centum (3°faj per ann�am on the CertificatAs maturing ir_
the ye'ars 196$ to 19$5, inclusive, being a net interest rat,Q of 3.07566J.
The proposal of JOHN �?UVEEN & CO., B. J. VAN INGEN & CQ., LEE�7Y, �:�FiEEI,ER &
ALLEMAN, IN�,, AND PIERCE, CARRISON, P7ULBEhN� IIdC., offering ta pay the sum of
ONE MILLION, FOUft AUTiURED SIXTY-ONE TFiOUSAI�D, SEVEN HUIv'DRED FI�+'TY AND NO/100
BOLLARS (�1,461,750.00) together with accrued interest fram the d�.te of said
Certificates to the date of delivery thereof, for said Certificates bearing
interest at the rate of Two and Three-Quarter Per Centum (2-3�4�) per annum on
the Certificates maturing in the �Tears 1956 to 1Q7l�, inclusive, and at the rate
oi Three Per Centum (3/} per annum on the Cer�ificates maturing in the years 3975
to 19�5, inclusive, being a net interest rats of 3,062g�.�.
The proposal of IRA HAUPT & C0. AATD ASSICIATES AND GOODBODY & Cb., offering W
to pay the sum of ONE MILLION, FOUR HUNI�RED SEVENTY THOUSAND, TWO HUA?DRFD NIN�TY-
EIGHT AAiD 50�100 DOLLARS (�1,1a.70,29$.50), 'to�ether with accrued interest from the
date of said Certificates to the date of �elivery thereof, for said Certificates
bEaring interest at the rate of Four Per Centum (1��) per annum on tl�e Cextificates
maturing in the fear� 1956 to 1959, inclusive, at the rate of �,vo and Three-�uarter
Per Centum (2-3��.�0) per annun on tihe Certificates maturin� in the years 1950 to
1975, inclusive, and at the rate of Three F'er Centum (3f) per annum on the
Certificates maturing in the years 1976 to 19$5, ir.clusive, being a net interest
rate of 3.03606$%.
Tre proposal of GOLDMADI, SACHS & C0. and R. �^l. SPRAJINS & C0. AnD ASSOCIAT�S,
offerin� to �ay the sum of ONE MILLION, FOUR HUNDRED �IFTY-SIX THt�USAND, EIGHT
HUI:DRED i�ORTY-FIVE A?T� AT0�100 DQLLARS (�1,45�,$4•S.OQ), tooether with accrued
interest from the date of said Certificates to the date of delivery �hereoi, for
said Certificates bearin� interest at the rate cf Two and Ons-Half Fer Centum
(2��) per annum on the Ce,rtificates maturing in the years 1956 to i964, inclusive,
at the rate of Two and Thres-Quarter Per Centum {2-3/k�) per annum on the
Certificates maturing in the years 1965 to 1967, inclusive, and at the r3te of
Three Per Cen�um (3�b) per annum or_ th� Certificates maturing in the years 196$ to
19�5, inclusive, bein; a net in}erest rate of ,3.11�lo.
(Continued%
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CITY COMMTSSION MEE�ING
October 13 , 1955
(Continued)
The proposal of E�UITABLE SECUftITIES CORPOR ATTON AND ASSOCT�TES, Nashville,
Tennessee, offerin; to pay the sum of ONE MILT,IOA, FOUR HUNDRED EIGHTY-TWO
THOUSl�ND,, �UR HUnDRED THIRTY-FIUE ANA NO/100 D�LLARS (�1,�:$2,1�35.00), together
caith accrued intzrest fron the date of said C�rtificates to the date of delivery>
thereof, for said Certifi:cates bearing interest at the rate of Three Per Centum
�3�) per annu.*� on the Certificates maturing in the years 1956 to 1970, inclusive,
and Three and One-Quart.er Per Centum (3-1f4.�) per annum on the Gertificates
maturin� in the years 1971 to 19$5, incl.usive, being a net interest rate of
3 . 268£37,�.
The proposaZ of MERRIZL, LYNCH, PSERCE, FENNER & BEANE AND ASSOCT ATES,
offering to pay the sum of ONE D'lTLLION, FOUR HUNDRED SIXTY-�UR THOUSAND, TWO
HUnDREB FORTY-SIX AND �0�100 DULI,�RS, together with accrued interest from the date
of said Certi:ficates to the date of delivery thereof, for said �ertificates bearing
interest at the rate of Four Per Centum (1+�) per annum on the Certificates maturing
in the years 1956 to 1961, inclusive, and at the rate of T1irEP Per Centum (3y�)
per annum on the Certificat�es maturing in the years 1962 to l�$5, inclusive, being
a net interest xate of .16210.
The alternate proposal of GOLDMAN, SACHS & CQ. AND R. [a. SPRAGINS & C0. AND
ASSOCIATES, offerin� to pag th e sum of ONE MILLION, FIVE HUIdDRED THOUSAND .t�ND NO/100
DOLLARS (�1,�00,000.00), together with accrued interest from the date of said
Oertificates ta the date of deliverSr thereof, for said Certifzcates bearing
interest at the rate of Three and One-Half Per Centum (32%j per annur� on Cez•tificates
maturing in t he years 1g56 to 195�, inclusive, at the rate of Three Per Centum
(3%) per annum on Certificates maturinJ in the years 1959 to 1973, inclusive, and
at the rate of Three and One-Quarter Per Centum (3�f) per annum on the Certi:ficates
maturing in the vears 1971� to 19$5, inclusive, being a net interest rate of
.l$20 .
WHEREAS, the proposal of KIDDER, PEABODY & CO., FIR ST OF MICHIGAN CORFORATION,
TOS+INSEND, DAB?1EY & TYSON, DWINNELL, Hp.RKI4ESS & HILI., INCORPORATED, AND G. H.
WAI�KER & C0. referred to in thE pr'eambles hereof, is the highest and most
advantageous of said bids, and in a1Z other respects complies with said notice of
sale.
NOtd, �tILkEFORE; BE IT RESOLUED by the City Commission of the City o�
Clearwater, Florida, in �ession duly a.-�d regularly assembled as follows:
Sectioaz �.. That the proposal of KIDDER, PEAB�DY & CO., FIRST OF MICHIGAN
CORPORATION, TOV�IiSEND, DABNEY & T�SON, DP7iN1��LL, HAFiKNESS 8c HILL, IACORPORATED,
ANI1 G. H. i��ALKER 8c C0. referred to in the preambles hereof, be and the same is
hereby accepted, and the followzng described Certificates of thz City oi
Clearwater, Florida, be and they are herebp awarded and sold to the said purchaser
referred to in the preambles hereof:
�1,500,000 - UTILITY REVENUE CERTIFICATES, SERIES QF 1955,
dated August 1, 1955, nwnbez�ed l to 1,500, inclusive,
in the denomination of �1,000 each, bearing interest
and maturing or� August 1 in the years and amounts as
fo llows :
� Inter�est Rate + � � Interest Rate
Year Amount Per Annum Year Amount Per Annum
1956 �31,000 2�I 1971 �G49f000 2-3/4�
1957 32,000 zI� 1972 51,000 2-3/�,.�
195$ 34,000 2�f 1973 52,000 2-3/4%
1959 34 , 000 z 1 jo ly7t� 53 , 000 2-3/�. o
lgb0 36,000 2�� 1975 55,000 2-3/4�
1961 36,000 zl% 1976 57,000 z-3/4%
1962 3$,000 2�� 19?7 59,000 z-3/4l
�963 3�,�00 2 J lg7$ 61,000 2-3/4�
1964 40,00o z�� �979 6z,000 2-3�4I
19b5 41,000 22% 19$0 64,000 z-3/y,J
1966 43,000 2�� 19�1 66,000 2-3/1��
1967 43,000 22� 19�z 6�,000 2-3Jw%
196$ �5,000 2-3/4� 19$3 70,000 z-3/�.%
19�9 47s000 2:-3/4I 19$4 7z,000 z-3/wJ
1970 �.�,000 2-3/4I 19$5 75,00� 2-3/4�
Section 2. That the proper off icers of the City, be, and they are her�by
authorized and directed to execute said Certificates when prepared and to deliver
same to said purch aser upon payment of the purchase price pursuant to the conditions
stated in the notice of sale, wi.thout further authority from this Commission.
Section 3. That the City Treasurer, be and he is hereby authorized and
directed to return forthwith the good faith checks of all unsuccessful bidders.
Section 4. This reso lution shall take effactive immediately.
P9SSED AND ADOPTED this 13tr. day of October, A,, D. 1955•
(City Seal) �s/ Herbert M. Brown
AT'PEST : Mayor-C or.lmi s si o ner
fs/ R, G. Whitehead
City kuditor and Clerk
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