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10/20/1941, 3� S- w . . . . . . . . . . ' � . 3�'" . . . . . . . . . . � . .. . "r�„1� . . . � . . . � .. . � .. , . . �,_. ...-,f . . . . TIiE 2vIINUTES OF '�Ii� CITY COP/!�l12SSI�N OF GLEARI"dATER, FT,ORIDA, �he City Commission of the G1.ty o#' ClearwQter, Florida met in re�ular session, Oetober 20th, 19y.1, at 8.-00 o'cloclt F, M. ;r�ith the following members present: ' George R. Seavy, IJfa�or-Coumiissioner Dan L. Stout�unire, Comraisaioner Sumner Lowe, Commiss:toner Absent: Herbert Grice and Jesse G. Smith The meeting was duly called to �rder by Mayor Seavy and the minutes oP the previous mee�ing were approved as read. The matter r�f licensin� T'Panoram�� picture r�achines being , brou�ht under discussion, it �r�as suggested sy Nayor Seavy that the me�ter be worked out by the City 2vianager and the Cit� A�torney, Moved by IvIr. Lowe, seconded by NIx, Stoutamire and cars�ied th�t the tr�nsfer of �10,00fl.00 fron the Gas and Vdatar Fund to . the General Fund an October,lOth, 191�1 be approve�t. Mr. 4Yheeler aP Zeedy, Wheeler and Corapany oi' Orlando, appeared before the Boerd relating to Refundiu� o� the �259,0OO.00 Sanitarp Sewer Bonds now outstanding. The ofPer to xefund v�ss as Pollows: That Leedy, VJheeler Ec Company �urehase the Bonds Pram the govern- ment agencies at an estimated 102 and refund at 32 per cent, bear- ing all expenses oP re�unding, or that the City buy the bonds from the government agencies, and then Leedg, �7heeler & Conpany ��ould refund at 3,,�-� per cent bearing all e�penses of refunding. hiayor Seavy explained ta �Rr, ti�Theeler th�t the Conmi.ssion hesitated to take any definite action on Bond Refunding when trvo Cammissianers were absent. It was suggested by tre Mayor that the Citg Manager contact �he two absent Commissioners and get their apinion on the refundin� propossis. TY�ere bein� na fttrther business to cone before the B�ard the meeting wa� adjourned. . �. � Mayor-Commissioner � - �, � � � � � � � MnJu�r�s oF �E r���r�tG or �xr ez�r co���zsszaN ,, The City Comuiissian of the City of.Clearwat.ex�; Florida met in Special Session, October 2'], 191�1 in the Auditoriurn. oP the-City Hall at 7:30 o�clocl� P, r�I, The Special notice regardi�� this meet-- ing is. set out �elSe�vlier.e in ,the minutes. -.. The Pollow3ng membera were present: Geor�e R. S�avy, tdayor-Conmissioner � �J'esse G.., Stnith,,-Comnissioner. : . , ,CommissionE�r • . Herbert. Grice, . Dan Stou.tami.re, �ommissioner Absents Sumner Lov�e. The meeting wa9 duly caTled to order by iviayar Sefivy. Tv U. Crumpton, seprese�tatzve a� Roy Gridley oc Company.,of Bir,inin�lia�, Alabana, apPesred. bePore �he Board rel�tive ta refund- in� of the �259,QQ0.OQ �$«ver Revenue CertiPicates nov� outGtandin�. A.fter much diseusaion Ray, Grid"ley & Gampany by �;r. T> U. Crumptan and Carlberg & Cook, Ync., o� Gdest Palm Beach, by Trunan A. LiPsey, Jr. made the following�oPfer to rePund the bonds: � 1: TQ s;ecure the Revenue: Gsrt3�icates �rom`"the � .,y. . �. _ � _ .. . ; . Reconstruc.tion;Finance Corpora�3on at a price agree- able to the Gity'. ' ' " ' ` 2. Agrae to exchange�.�ertificates so :secured from 'Ra F. G, fox;certificates when:validated as shown in ExY�ibit A. , 3. To pa� all expenses�in,ciden� to sueh exchange a�d refunding,except ang premiu�i that might have to be `�aid the:.R. F�: C. for the Certifi.cates. Iv being clearly 'and distinctly understood that the City may ox may nUt agree to a purchas� Prom t:ae�R._F. C, at above�par. In , the e�rent ilowevei that tite City a�;rees to s purcliase above par froui tlie'R. F. C. tl�en the C,ity agrees to psy the �premium. ' 4.. That tiie iJew Sewer Revenue Refunding Certificates 'sliall he secured by the revenue�,from the San;tary Se�r�er Fund and in sddition by a second �ortgage lien,on tho �� � rev�nues of the �11�ter Depa�tinent. `It being'uiide'rstoad ' that the rdortgage on the revenues of +he 1'�ater �Department shall be open ended, makin� allo�vance for issuance of � additional Revenue or Bond obli�ations based on tt l-3/y:� �ebt servi;ce coverage. � 5.� That the blocb of �p13g,000.OQ,Revenue Cer-tificates ,shown in Schedule A, a copy of which is made a part of ti�.ese miuutes, shell be callable at a price of 105.` � � _ 6. Tha� there be' no S�;n�ing Fund'renu�,rad in conneei;- ion witn the reYunding. � _ • ': 7. That the'Refunding �gents xec�ive as a tbt�l romuner- ° ation for their serviees 10 of the par va];ue of the Refnnding Revenus Gertificates issuea: " "' Moved by Mr. Grice,: second'ed`�by Pdr. 5m9.th that the of�er be accepted, sut,ject to checY.in� for correctness ab�ve mentioned ExhiUit A. Ni�tion carr�ed. G�ice, Smith and Stoutamire votin� for the motion. . Bel:ow is set out in verbatim Ex1�iUi� Yic - ' ' ; _ Y. . - , . � CITY JF CLEE1R�dt�TER � . , < : Pinell�s Covz�ty� Florida ' '" ..259 00o REF'uTdDING SE4�^Ef2' _ . , . 2-3/4, 3� 3-1/�. o REVENUE" BONDS DA�� ANNU.AId REQ,UIRF�3ENiS `FRES�VT OF ,�`i, o MATURITY FEINGTP�2, " � INTEREST TOTAL ' BONDS 1942 •�` 4,000 � 6,4T�0.63 ,� 10�,020.63 � 11=770 i9�+3 4,0�0 7,917:5o u,917e5o . i4,zoo ?944 5,000 7,807.,50 12,807a50 15,0�.0 1945 5,00e 7,670. 12,670. , l�.,st�o 1946 5,000 7,532.50 12,532.50. 11�,640 . 1947 - 5 , 000 • 7 s 395 . : . i2, 395 .'. - , . 1'�-.440 194s 7,000 7�257.50 14.257.50 1e,2�:o �.949 ?,000 7,065. 14,065. 15,960 �950 7',000 6,855. 13�g55': . 15.680 1951 7,000 6,64.5. 13,6t��; . 15,4.00 1952 �,000 . . 6,��35. 14.435, • i6,12o 1953 g,000 6,i95. i4,i��; �5,�00 �954 8,000 5,955. 13,955. 15,480 1955 9,000 5,715. 14,715. lb 160 1956 lo,a�o ' S,445• 15,410-5. 1b;80o 195% , 10,00�' , 5�1�5. 1$,1�.5: ` T�,1�o0 195� �.2,aoo 4,�45. 1b,84.5. 18,000 1959 12,000 4,485. 1b,485. 17,520 i96o i3,000 4,095. . 17,095, is,oy.o 1g61 13=000 3,672.50 16,67z.5o 17,520 �96z i4,000 3,250. i7,z5a. . >1.�,000 �963 14,000 2,795. 16,795. �.7,4•40 1961� 14.,p00 2,340 16,340. 16,Sgo i965, 1.5�000 1,s85. 16,8�5. ' �7,3zo i9d6 1.5,000 1,397•50 16,397=5o i6,7zo 1967 � 7�,000 910. i4,'910. 15,1zo 1968 14, 000 w�5. 14, 4.55. 14., 560 �259,000 �1.37,1.$5.b3 �396,185.E�� ��`�432,090 PRINCIP�L IIGTEREST' ' AVE�Cr� _ : RAT�' ' AMOTTNT MATURITY Bonds due 19w2 to 19�.8 35,000 2.�750 3,911.58 4.Ob " " 1949 �0 195g 86,000 3.00 32,g65".o0. 12.�4 ,, i+ 1959 to 1968 138,000 3.25 100,408.75 z�.39' _ �6z59,000 3.i7o �137,z85.b3 ih.7i ���1 �; . �• a TOTAI, INTERE�T SAVITdGS Over I�res�nt 4o Bonds �35,9�4.37 T► Stz'aight 3-Z/2% ,r lt�, 268.12 „ " 3-1/4i� ,t 3 , 450 . o0 Notice sent to Commissiony_�s an"�ouucing the Special �.�eeting is set out belorv: "There wi.11 be a�pecial rneetin� oi' the City Commission tonight at �:30 o'clock at the Gity 3�s11 i'ar the purpose oF con- sidering a pro�osition on rePunding sewer revenue certiPicates and suoh other business that may properlv coue �aPore the meeting.�� This notice was delivered to the �ollowing; TIIviE Major Gee�rge R. �eavy 11a25 A. M. Mr. Herbert Grice 11:00 A. bi. Mr. S. R. Lowe 11s27 A. ti. �s, Jesse G. Smith 11 • 08 A. D,i. Mr. Dan Stoutr�rnire 11:30 .4. M. Mr. Aalph Richards ll:36 �. N1. ' Respecti'ully submitted, D. I3eal �here bevng n� furthsr buszness to come Lefore the Board tue neeting was adjournedo �� �` 1� a�yor-Comrei ssion er � � � � _ � , � �� TFIE I�lINU�l'ES OF TIi�; CITY GO�.�+lISSTOl`T OF CLEARW�TER, FI,ORID�. The City Commission of' ths City of Cle�rwater, Florid� inet in regular 3ession November 3, 19l�1 at gs0� o'clock P. M. in the Auditorium of the City Hall. The �ollovaing Fnembers were gresent: George R. Seavy, h7a,ror-C�mmissionez� Herbert Grice, Cor�iasioner Sumner Lo�ve, Gommissioner Jesse G. Smich, Comreissioner ' Dan Stautamire, Qommissioner The meeting was duly called ta order by Mayar Seavy, after whieh he asked the City H,ttorney tvhat he cansidered the present status of the ttvo agreeme�ts in connection with refundin� the Sewer CertiPicate�, IJ�.r, Richards stated that there was some passibility oi the Leedy-Y�heeler contraet sti11 bein� in sf£ect in rxs rnuch as there was no tine :L�nit set in the contra�t and that he recom�nded that reasonable notice be given I,eedy-S'dheeler iP the �ity Comrai.ssion desired t� call oYi' the contract. I�r. Gxice stated that it was his opinion that the i,eedy- 6aheeler contract was no longer in ei'fect, PIIr. Leedy q#' Leedy-Z`�Theeler 8c Gompany r,� Or3ando appeare.d befofie the Board and stated that his company had considered the contract still in effect �nd that Zeed�-YJheeler had of£ered the R. F. C. 102 zor the Certificates about two weeka ago, and that Leedy-ti',iheeler & Company was ��villing and ready naw �a go throu�;h �vith the contract.and �that it would take anly 45 to 50 �ays to corn�Zete the �efunding. n4oved by Piir. Lawe, seconded bg �,ir. Smith and carried thai, any acti�n taken by the Conmis�ion at its raeetin� on October 27, 191�1 - with I�,oy Gridley and Co�pany and Carlber�; and Company, Inc, in canneet- ion v�ith refunding the Sawsr Ger�ificatea be rescinded. Corlmissioner Gri�e voted in the negative on this motion. City Attorney Ral�h Richards now read to the Board the followin� resolution. R� �OI,TJT I Ort S�7fi��REAS on the 7th day of �uly, 19l�1, the City of Cl�arwater entered into an agreement with ZeedS�, SVheeler �c Co. f�r refundin� oi' tha present outstanding sewer, revenue rerti�icates; and 1fdHEFtEAS said agreement contemplated the purchase �f the present sower certificates fror� the RFC at par, and the re-- funding o�' these certificates by new certifie�tes to be a first lien on sevrer revenuasand a secona lien ou gas revenues; and V7FiER�,P.S nearly four months have expired since said ;, � - � a�reemen� was entered into and the i'efuuding agent, Leedy, FJheeler 86 Goo, has been unabla to purchase the present sewer aerl;if.'icates froLt the RFC at par as contemplated by said agreemeut; NO�I TIiGREF�RE BE IT �SOLVED I3Y TfiE CTTY CUIvIhIISSION OF TH� CITY OF CLr.ARVdATEIt, ELORIDA, that the �*efundin� agsnt, Leedy, V�Theeler & Co., be and it is hereby callc�d on to purchase the prasent sew�r certificates immodiately from the RFC at par to the City of Clear- water, and proceed at once with the �`e'�`,�nding bf these certificates as contemplated by the present agreem�ent between tho refunding a�ent and the City of Clearwater. BE IT FURTHER P. �SOI,U.�D tiiat if the said refunding agent fai3�s to camplete arrangemeni,s for the purchase of the present sewer certificates at par to the City of Clearv�atzr �u or beiare the 20th day of Novetaber, 191�]., then and thereupon the City will consider that tl�e refunding agent is either unable or unr•�illing to purchase said certificates at a cost of par to the City, and thereupon said refunding agreement dated the 7th day oi' July, 191�1, ivill b e eonsidered as terminated and of no further force and efieet. Maved by Mr. Smiti�, secc�nded by P�Lr. Lowe and carried that the resoluti ott be adUpted. It appearing that Rov Gridley & Compary and Carlber� & Cook, Inc., kne�v nothing of the contract- with Leedy-,'Jheelex & Company, the following resolution was moved £o-r r�:doption by IJIr. Grice. �Soti:on seconded b,y �r. Stoutamire and carriedo R E S O L U T I O r1 1'JEiEREAS on J'uly 7th , 19L�1, the City of Clearwater entered into a written agreement zvith T�eedy, VlYieeler & Campany for the refunding oi outstandin� sewer certificates; and 3i�THEREAu Zeedy, u�heeler & Company was for a long time unable ta ca�ry �ut the 'refunding agreement because of inability to purchase the pxe5cnt se�ver certificates from the Rsconstructio� Finance Corporation; and Y'i�iiREA� at a special meeting oP the City Commission held on October 27th, 19y.1 Roy Gr:idley & Com�any of Birmin�ham, �l.abama, and Carl'oert & Cook, Inc., oi Palm Beach, Florida, submitted a proposal. Yor the re�uncl�rl� of the said se�vsr certific�tes, which pxoposal iqas �ccspteo. by �he City Commission in tYxe belief' that Leedy, V7Yiealer & Com�iany had abaiido�ied efforts to co.rry out its contract; and '��1HEREAS 'i,t has now developed that I�eecly, Wheel.or Pc Corn:pany had not abanda�i�.ed its cor_tract but has now gu�eeeaoa in maKin� s■� 1-�. Y � arran�ements to purchase the sew'er cer�Eificates from the Rec�onstruction Finance Corporation and thus car�y ou� its contract; N04Y, Tfi�RE� �RL, BE IT RESflLVyD BY Tfii C�'TY QbPffMISSION OF THE CITY OT CLEARL'JAT.ER, FLORIDA: l. That the rePunding proposa:.l iaade by Roy Gridleg & Conipany o:f Birmingham, A1,ab�a, and Carlberg & Cools, Inc., o� Paln Beaciz, Florida, �Yas 'subLnitted by said cornp�nies in good faith and without an� knowledge of the i�et that the City �uas bound by the refunding contraet �,�reviously entexed into with Leedy, �'�Theeler & Company. 2. That in acceptin� the proposal mad� by '�2oy Gridley & Campany and Carlberg & Cook, Inc,, the City Canmission actsd in good faith and in the belief that the contract pre�Tiously entered into tivith L'eedy, Vaheeler Fc Company had been abandoned by that eomgany. 3. That �he City Commission sincerely regre�s any expense or ezabarrassment that may hav� been caused b� Roy Gridley & Company and Carlberg & Gook, Inc., by the action of the Commission in assumin� that Zeedy, S'I�eele� & CoLnpany had abandoned its contraet wken in fact it had not. IaSr. J�hn Brown appeared Uefore the Board and extended to the Qoffinission a speeial invitatian to attend a patriatic meetinb sponsored by the Elks Lodge to be held at the Gity Auditorium, Thursday night, November 6th, 191�1, Ivir. Richards norv read to the Board a draf� oi a Fzre Prevention Ordinance sponsored by the Sta�be ��re BC�arshal of �'lorid�. The Gom�issiDn decided that befare adoption this ordinance shauld be gone ' into thoroughlya �'here bei�g nc i'uTther businass to come bePore the Boa�d the meetin� was adjourned. �-�"� �C� ��`'r7� N�ayor-Commissioner f . ��