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10/13/1943� CITSC COMMISSTON MLNUTES 651 GITY OF CLE.�RV�ATER �'LORIpA. Oc:., 13, 19�r3+ The City Commission af the City oi' Glearwater Flnrid,a met in p�rsuen�e oP a speciol call the evening sf O�t �.3� i943� in the City Hall at 7:30 p, M, with th,e follov�ing members present: `�=-. � Geo 8. Seavy, Mayor-Commissioner, Dan L. Stoutamire , Cormnissioner, Sumner R i,�we n Herbert Grice �r J'esse G. Smith �� Ab�ent: None. of thQ�Cit�pscia� meeting was held to consider ���z plans for the rePunding y general �onded Debt, Frenk C. Cerr & C. T. McCreedy were present and prese.ntsa the � rePunding plen of J�hn Nuveen & Cog�pany. Mershall Dancy� presented the plan a� Shisi�s & Cbm�any, It was moged by Mr. G�1ce sec�nded oy �r, Umith and ,�x� carried thst tha �ffex of Shields & Company, being schedule B�age 2 be accep�;ed; the net interest c�st to be .0329 �t�ree and twenty nine one hundreds per cent). This m�tian carried unamimously. There being no further businesss 1;o came bef�re the Board the meeting w�s adjourned. � ,� � � � `�/�cm � - /.��,z�� �, _ Mayor-Commissi�ner � . . . . . � � �; � • � : r � 9 a e .. . , F,� . . . � . _ �.; � � �ri d 4 � � '� a I'�. '�l�.�WJ N'4' � V�peLii�Z"t�Y4+�. �.. : a � Plan gor CI@f'Urid111�;� , }.��c�'$ °�` 'a �� � �. 3�� . � ' � .� ,; ~` + s�virig of '�,�;�3�,022 �50, • - , � . � I a ��he n�w �e�uric�ir� �iar� �qua7.3'�es �tk�e: deb�� �ex�vice, . ," , ;, , b y. �A AZ.LOXk�i�p the gralr��, gf::,th� Ci�y ��o t�e�`cax�e ���c�f �i�a -p�.r�� o� - .. A y '�: �he -��o'�1i�a�ipn. ` _ .. �'.; , . � � ' �.: r, . ._ � .� 1 , , � '4�F� a.re -rel.e�s�.n� "�n� �,Ci-t Yrom� �rov:C�ions zr2iiC11. . 5 .� Fi�i' �ft. reaui.rQ a:aa�.l' o� debz �ervic ''�� be 'I vieds�o� ea �.o R � e ch. �,z,a� �- , 3 QP o�e�atiri� man�y �T � '� . Ti�is csontrac'� does �no'� ii�.te�ex� r�i�.th �h� ; eXerc�s� , _ ~: �f tk�� jud�m�n'� o� tlze : Ci'ty ,'oificia7:s 'in � tn� , roaecut�.ori� ofT � ` tYieir. t�t1�t � •� � - No �cidi'Gion�1:;',��sd��'s or, �se�urity �re.h��,ng ssked: • .. � • - �a . , ,+1, 4 Th� �o1i': i.s �o b� o�� b�r;` exchan�ek�of� rs�ou��.t�;es;. �, - 't�. Y •r.l , ��. 4y• „ ` "_'.U.ith�?rr4se�i h.oT�.er.�,. No fes ar' e� en� .�`re' re. '�ir� fr'om�.. . a�. . � � � � � � ' i he • 'it '�.� �t Ci II . �h��R�f.0 d �n. , ' - , �.. = _- , � Y• �. �•i#gent� k�cspe �d: r.`ga�:n '�x e�ensea�' , i�e g +.. 3 � �` arid �t� mak� �, ie� .�xom tl�e tionc'il�olc�e�e.; .�' F ' `�. - , '� z' ,� � � �, -r � �'r �"� . � �� �. :r . .�; � �:. � k` � o �.� �� � < ' � ' \. ' { � x ' � �' .�, _ _ ' , + Tt l.�. � `�.. j 1��'� 1�� -•� 6' _ • ti: � - � " " �, :, , t a � , '' • - ` � � . . � . , . , , ,.,., ,` , . f' . . .i n".}�,; . . :° � - t . � _'• -�" � � . � .. - . � . . . .. . .�..� � ..9! F . a ;: , .� . .�- , ..- : . .:. , . ,, . •� � ,;;, „ , • . , .�: . H .t . - - , • � ° .'� } � . . . < � • ,. � . _ � . � �` - , • , , �. . . . . . _ . ' . . ' . ' � 1 E"3 . • . �i . . . � . . . . ; 7 •�� � .. . 1. . . . . • 'c ' . , . . , r � . ,_,. � , . .5. �' • �: '� ' ' � �. .. , Ne{�oz�k,, t �.X��, . ,� ' . � ' .CC'CO�BX' `rk'2.L'T trl ' Y� >1 -� .. . . -o- 1943 .. e� . .. • • . :� • . ' � ' i U 'TFiE �i ' � fiOiVCRAELE: T:AYGR. end: . . . • 4. : . - ,, , viTY CG1�:i�:I SSIOId, . . . �'�' _ Clty'of Clesrtaater; � �� , . � Floxic�a. " . . � . . . . • . _ . . . \ . � . .P � • - � �entlemen,- ,.. . �` ` : • . : � , o �i�TPGDUC`PGRY CGT�u:ENT , : ; \ . 1�. . . , • , . .. . . ' .. . . . • ^� ; �� � �.,, •r c - . �..� t, c.Pr_� in�, u.-�u t fter� Gev r 'o:: � 1" �. T � � A �.- ,;� . e�L conver��t�on, u.ith , ; . .{� • • .. . • . �. • . ; . . . . . � � L :�• . . � j% . �� .'�i . ' . � . . �._ ., �'r.e �it� .= Fn����er �n? �it,v Attorney, y.ou !r�ve uQ �a l.etter re- ,. ,:. . ' . , � c�ue£tin_. ue ta rtu�.�� th� Cit�r,���. fi�c�l_ conditio{i 2.nc the: a: ,f . • - , rice T•�1 r� r' i. , _ ',, �, � ,f . tr � � _t v er �t� _.. �_ir.;_ � i•efun�in �- n1F.n �re�2�:y `to :�iik�mit � - , . _ ^ . . . . .. . `. � 7' , to tr,e „it� r.q,r, _: `er t,�t �ctc?�er 15tr1. _. � ;• ^ � - , . • % . j" �° ;e i.r_Ftruat,i3r;� i�c,i�e, ti>Nt � reP��n�Gfr.r' nl�n ';w��^�e. � �,' • . . _ . , . . � ';` ; rEt:;�i•r-,E�; ti r � �::u� �F nrofit���e � tiie ci�Cy ar,.0 ec:�nomie^lly , f: ' -, � . . , . . .. - . . ' . ' . . � ,� . � � � � . , . - ... .. '�ounc.. .ne 'reetie t 1 � -fi'� <ir �b' 1 e � k , .,t . � lv e �i:e �i• y in ��:y, •exne��e�, - . • ���... . . . , . . . �.,��, , nor ai�. ,it �,:li �.t,e i't A'�'� ��cE.;�t an;/ refun ir,�; nrti�oea.l'�ua-. � � • • • �: . � �; g .. � . ( r�it�e� , , - _ - ,I ���:t 4-: � . . . _ .e �, '. , - � � � -. � � . ' . � � �.'� _ . . , . . . . , , _ .�I':� ��� . • -�n � �2,_ t.e ::'.�er izt:: . ��e �t� t ed t � tnE Gi � :�:�r� ..er tr... t ,.,�,., ,; � .. ' . • ' " ' _ . . Y 2-v ? ;'; � i,�e.4��a�c.�liri.k c r.;,�i :u_a;:pe. �titil ::ct�ber �rtr,, `sir�ce lt� mY -i-kL �: , . . . . . . -- � i' - , l�' . .. . . _ . � . . ;6 ��'Ei?iE Y,L. 'r ...:�.t.'�:.,Clfi E?�'�l: b.:ic �•�e il?VE' 1"iOl•: fl�Ii2': a;,' �.. , . - : +; � ::1T'.. 7,:.2� '�?E�t �'1�.�,7. �F''Jp Y'E .'@'�QA}"i� [:i'G�1]- 5'.:. - :til<:•�n� , ;'v2 ' �:- . . . ' � . . . � . , � � � m . _ � , . :• ... . , , ' . . . _. , � .. ��.��.�:�..� ' f.F�VE (i.�iiB. 'G..-E� cj,jr.,/E�rc• '),i �i.E" .^.:FT'ti.Pt T'E(�U'�]'E'.t� $1"t��� � 4�.-,8 ?I'B'riOtti� � � �,..._ ; � . . � .. � : . . - . . . ' . .. � � . . ' . . . , G �rec•�.reu � � �, . i` .� �r-�^�ec�r 1^n for r�e�' �nc-in.'.� t�a bondgd - f ' , �a , . � - j. , H�:` h �: �. 7r i1F�AZ'�%f� �P2'. .:fij F nTb.�7��9 .1'f . 7:8�QC' �'J• a- . . Y kj�� � .. . . ' . �, � � • . � . . . . . .. . . _ _ • . . . F���� � . . c.'..; F�_i: F �F: :Ci .FG:.. �,•�Iy'{ ..i. � i �. ..L 'l: �r . _ , - reet, ' 'ec � xr ., . . Y. ; �T� behalY' _' � . . . . . • #; • � - . .� �� �t:�?::FE1YC'� . `:'�� �F;'�C! �L.Ep, � • .. .. . . - � . . . �:� . . ' . .� . . . . � ; � , . . . .. :. ,� . . , . ' . '�'. � T:.e c��o�;er� �� �: �r t:.e �:• e�d=. �� tY.e �leaxv-ater Ci:tp -. �; - • . - • - �:. . _ _ E`'"2' 7ff.�� ..� �.Ff,:- '� � �i '.�. � . . , .,,. �:r.er�a, ;�r., c�mne"ten,t Fnu �:e have�rel.i�a- ;: .�.''•• .z� �:r. t,.�.-i'1 ur�-� F•r.~: ir.,; or�r:�tion furnieiieu by them wi'GhQut •Cc�n-• , . - -� _ eul.tiri i:na�r,en::er.t rldito.rE, '�efore Fettin�; out.`th� refundin� G • . . ;� Pl�r., n�r�;.it uF. t� rev.lek+ y.a�r ;�re.�en�t bonu contreet; to.m�ke .i .. . � ,t.. . . . . . . . � .. . . ' . � , ` ' . .. � ' r :� � �.. . . . I . ,, e�ne- conu.er.�p orr ti�e ;,ity 'fr�e� t�ie :investore vieti,point �anr1 1�.st;� �• t il`�]Se .'2� g`acit+�$t1GiI. . . . � .. �� , _ � . . . , ) J . + . .^ "�' , � .1 J � .. . • • . . � ,.. . . , �.. � � . . . . • ���;' - . �• � � ''� , - \ �� ��_� . .- .,..�. � � � -+Mwr.m�. , . � �o = _ . .. . `�' ` _ _�, _ . .. _. . � v s,. � � '� :� � � , � � ' _ - �� ' ,� �, ...� ` ... .4�,,- _ ��,, . ;�:r � '. . e�.�- . .` .. , , � ' - � So,;.t�e'���yar''arid� City Camini.&9ion. � t b�� �12�12; 1943.. . ..-'. a '�/�-�`�' - � ,�J'�� " �'�. � � - The Ci'ty of- Cle�r �ater h�� -out�.tanding, as of Qct�iber, �.. ; � , �" _� . � • 1,st �.���' �,40D,OOO.Od net, aafou�it in` x�efund�bl.e honds . ?�he b�nc?q _ : • :,:' i s �, P �.;, . : . , , ' .. � � , . 'be�r ��;� iriterest to �Iuly 1944 ancl are �rac'lually incre�,eec� .�:`� �'��-& ,+ _1, ' ' _ , , � t ma �o, 2 cna�:imum' o� ,5 0'beginninb Ju1y 1; 1954 ^nd continuiY�,��i�i,1. , � ' � : ' ' ' ' � �.Ju1,y l, 1966,� st k�icla time the bonde ma�ure, The. out�tand�,ng'boYida : Are e�.11ab3.e Qn an3�: i�nterest.. d�"te.; � z ��rovided in : the -n1Rn of re=' . - - � . ,• . , . , , , ,_ . __ ., .. � •'� ftznain� dated Aiz�uet 24, 1936, unon �ixty d�`y� not�.'ee tiefore, ixitereL?t ;., �. r.- �'�paymemt- clate. ;;The C1ty 1.e re��uired 'Co` levy a tt�x e�ch and. � every ` ,�, � : ;yeax.from nns�r:un�il 1945 thPt t.•il.l he _�2d0,b00,L0 at least;'"b�� - •. iri 1945 it ie ree;uired �Ghat �1a0,000;oa• Qaaitional�'be nroaucs�. by.' ..' _ . - ° j ' • 1�'evy of _t2xee, wriich ie �or•. 'Che, •epeei#'ic, purn4se af pravidin� io,r �� . •_ � retl're�Ente of tr.,e va'rioiz.E outet�ndi�� bonde. ' riie• cantract�'uracle�:, tvhich' tYie City i:� r�ok o�exat�.ri:���r . thereiore, in 1945 rriliT reqtzir� 9' �� : , • . �s . , �. •. ' ,. . �'' �` a 'to't�1 leVy 'a�;s�untin�, � to •,��:.00,0�0.,00 at �ast: �o r�i.e.e "the' �'Q IImi�l�Ge: �r�certly. e�leCing a3 �.pn .preaent values, m*"e� believe ivo;tzld. ' '+� . • ` ' . . _ ' , ' � � ,`�-� � � be uneconomic �e�.•i�no.e�irabl.e and eould be,: un�er Feme circumetancss,.-, .� .. . ,. � �'- � •�o�ti .c�e�'�ini�ely ii27�mPu1 io' tr.� futi�re �;rot,+th of bne City. In ,� , : word, tne t.� coylc def eat • it e own purUo �e � by �nalcin,� ,.tax?�aayer� �: .tiri�lln��t.�:elot;�aov.m the�:r r�te_of p�ymentE. Par'Clcul�rly is ,thie ;,. ' 'true on; u�,•developed�re��lm eetate. � > • � , : . •- . . : - •` In:�rieu�'oP tkiiG, V•.e ehall.prouo�e a formula for the :�,, . , . - e1i;�i.nPtion•nf ,�nl'e threat t�,�he �it�'.� tax �t�bility. �Te�be-' r.' � , '; . . . � _: " , , .. _ . . �: - . t . li�eve '�izi.� to�he one of ��i� m�jor �nuinaee� of refund�..n�. ?�re . -`�eliev� .peo�le". will be hirrhly t'ax-serieitive .pft�r,,tYie �rar. • Thu�g>. � ,�. , t•�e Y:•�ve �;,iyen'�ttent�.a�;.not, orily to ��sh�?t ex��ts �Qday', but to -the . ` � �. -��rot��bilities follow3n-� the ena .of the war. �te h�ave worked out' � Ya��tU'l�s, i'or .'Ck�e: foreca=t: �f� vroG-th in popul.atior� an ,�for the.fore . ;�; _ , - � ' . r .. . _ -cae'�1n�; bi' hi.;;ber �aluee for� l�d :�nd riet�: bulldin,,.u,�i�.ah he b�lieve i' : to: be u��ra-c.ons.e�va:�ive, . �7e ha've � E;ive�, �ul�. kr.ei�ht; Lo �the C�tY� �. S ' .�ceomriiS.�Y�me�t`s lri' pas� .years,. •The Ci:�y� s bond retir-errtents ha�ie' - m tieeri_l�r e�and cred.itaB s, t:u�. of. the ,�ec7.�,ne. in'c12bt kla.�: be�.h'' , �. � � � - t � �i �`� ' � �. � � " n �_ , sc un.�e k�i�hly'' f�,vo�;abi� to� �rle�,�a��,yex;.,' .�Cot�r� investinerita ` °' � - .r .: .. �.� y_ . . : . . . , y, . , . : . � y . . , .. . , .. _ }' - t. ,�{ ''� ,a; �r w, � . �2}�. �," �4 � .� � +{ r u: a •: . . _ 7 . ,. . - . ( J, � . . Ir .._ � A . _ • - . ���: a :; . . . : : . . � '. r� ' .. . . . . . . � � , � , . . � � , � . � �1 � . �o •ths M��*-or and City Gommission ' . � Octob�r 1•2th, 1943.; ' ; ,�• _ :� in public utilitiee have �r'ov�d,,tl�ie wisdom oP their inet�llat.lAn: ��2Yyey�Yiaye egntribut�d to t�e, gr�wth of the Ci:ty eo fa�'through -keepi-nb op�r2tin�� .t�axee `dot� •�s we]�1' as providin�; superior eervice. •for the re sidents di the ;:Gity.. Thue, •i..t cen be l said �tha t both' . taxee anct dir�ect•_charges in tne Ci�,y h2ve' ��o f2r��been held do�rn to eafe economlc 1eue1F. �nis ha;e unqu�eti�n�:hly�lnduce:d �rowth. �neee�: effecte are cumulativ.e'. tney will induCe; more �roti5th ,and �- �r ': •': , 2s �nej cto, , th'eir� contributione to tne Gity �,*iTl be �reai�r. . . ' ' Cle.arwater ei:ould:• be��in to pleri for tt+renty- years 2head " 4 , -�nd it should be�in no�v. Tize City should be> just,ly priaeYu]. o£ .� •tne re5ults so Par' obt£�in�d Ann it eh.ould .be•'confiuent' o� the " . fut�.ir.�,'. , �. - ' i - 4 . , - . ., Above we have e�id.�th�t �•�� h�ve ong �eu5��eetion to; m�ke: , thet is, the �u:�? �;ty �nd cG2ri�tity of the �uhlic ��=�te�f� eup*�ly • .;,� ' ehoulc b�e imnrou�d •pn`c enla`r_*ed'. A eoftenin-� �l:ant y:ouid. ;'' � r c�ntainly be 2<�ood inveFtm�r.t. � 9te uo �not h� ve �the delueion that �� ' 3 . . , ��x . � .' �' �� we h2ve dieaov.e'red'eometi�iin_; th2t,t eh ;City hae overlooked... 'rTe `" . ,know trat ti ie: r��F :,a€i�t'rie active, attention �f the, City for .e�ne �; . _ � . • . � tiu�e: It'i� in�roduced ner.e P.e t`:E ein�le t'r.ir_-*'thPt it not ir} . a, �ooc� c.�.�r�etitive positi�n ti,ith t�e .citie€ �n botr. the e�st and . �weet co2s.t�� with:which ;/ou are in airect competition. �� , , .. . � , :� .'', .- . � • . � � � � . �. ? - ' . . . . . . � . . . _ Y . . � . , . . . + VTe .snEll introduce a� ,ta'ble c,e.si�;ri.�ted 2s BCk�e.dule A, �• •. ��z�ich �showe Urnat� we belleve�•to be a �uide for very,conservati�tely �" •r; �..Eetirrt�tin�; taxin�, p'ov:er in tYe'.iuture. Yaur �7resent retiremen,t , t j�bility. �ie, in a brqa.d r�enner o;f' �e;neF�si.n�-., ut�iliz�d in, the� ��rial, ; _ ' � � .. . ' , ., . �bnc:F abaut irh'ic�� 4P. sna�l, k��Ve a c4tnment t�o mPke, below.: Ale:a ;�' • --;enovrn in Senedul:e A, y?u� taill f�nd the �xo�,th f�.ctor� cArri�ed - - � ' ,�i'orp�Rrti.=i�i'�ro(y' re.sei.�r� (axithmetical):ap�l:ied-to your �sGeseed - ... . .. . ' . . . _ .. �.q . . . � . • . . ' ' •, t.o reite zt at thie .' : d��.u�ation and io pc�pu�at.ion. .le_d�ei.re x � •; � ;• ' ; , ,.' . . , _ � . ; : � 't�.me that`-ke be'lieve'�ti��ee' edtimptee to��be ultr.e-conQervative:. • G` e' becau e the • do nat•:re re�ent � '• �; The i�eE.tin wg. have em�a].Qyed tk� m i-s g_ 3� . P . f . i u'! . . t re � im n t k�e bei�:eve iail.I-t�ke nlace� in the '.�uture bu a � e. p�„e �� ; , w a. re . ��? _ . _ 3• � - ) .� . '� . � �� _ _____� . - - ---- - � . _ . _. ._, .. . _ � _ ... , _ �.�. � _.�..... - —�-----. . . . . . . .., . ... .� � ,�. . . , - ; �'� � � . ° . ' �', ; � _ � . . � + `Po �Yie, idaYQr 'arid: :Oity Qomm��esloYs. , - OctOber ,1;2th, 1�43'..._ : . � � . . .. ' . � . . . ' .T , o ec•tic�ri of �th:e �ver es of ��kh�� ydu have done. ii� the pa,st : � >px� .� . . � . � • oarri.ec3 intQ .tY��: f�tture i'ar ��,r�oudh ta. co�er tY�e 11fe' b#'� the '�o�c�s ;� .. " � for securit �.'�The factbrs �a're u�ei hea hesvily Y:� ,unaer 4�i�acus.�ion� . �.> ��,ai'4� im � oz�de'rab�:�s, , errors., ��e reseions and other: unf�vora�le• n,. � p P . ,,• , ` •cirqum$taneeS,; �.Gtiially the �seaesed v�.7.u�s sha.wn in sohed:ule � . ar.-e �a basie t�iat i�t is �h�rdly c.onceivable .'ti�ey S1J.11: be ,xea�.�.zea t. �' rr trii's refur►8.:inr� gl:en with no �dn- �•� ` trira:s ,�ou e.1o�i�.d be'a17�.e., a c� Y. � l. . . - ' � . ' . . _ . . . . , . 'r,eitiu� �2.ffor`t: s �; � " � Un�;er besti conaitions ypu`v:ill probably aay y4ur entire j- � -._� : • � ,; � . . , . � - dE1�t off by 1�75, :the •�eFme� for w ich are c�lculPted by ec:h°edu7.e' , •� ��r a izn �vora'�le .coridition.s, you c�il7. have 2notXzer. � ��. �;. A�,�e }.: Un er T � �five, ye��s, gYzohn in ec�eaule, �'c,rr� on n�a5e �� � , - Sc:�edule .0 will. in m,�ny ree"�ectE;�be th� moQ.t� f.�v-orable . . � ' � .�� b } .��..._ . . . . . - . . � . o'r`� tY.e �Ci �' and t'e un :��ne�: 2cc�un�. ub���ever, t7#e. �ch�t�t�le f . �Y ,k� �" . �,.• C�.ty of#'iciaZE �rie '�.n -the beFt .,o��ti.on to._ decide kr�at t::ey;_ ur�nt • `'' _ �' ,��y�, -Z�;ie tie�ievea t�-iat your C�.�y ,facee € lon� perion of •` . '�. '�,r�V.tii i'n' botYi popul�tion �na �nyFi.cFl ,ar�� lth. .�;e are canfiden� � , ' '. , .. .- e_ , . . . ' . ..; �.;' ' .; th�:t-after-war ;ye�.r�. yii11' prave t:ia t. tcle ft ctor u�ed to �aro,�,ect � ��Gfe�F��' vP�:,�Ption� Yand; na�u2�sian Fre �sg c��nFerv�tive �Yi�t �i�i'E � refuncii s ro �Ga.l:'.may be` t�xe� ir� ite s�ri�e t••�.'t'ri rio Pffart ana . � .P . , t,°�.�1 .�aroviae' tY:e b�ee �or. `ariy capit�l ir.;�rovemen�s requi�i�„ the • • iEGuaz�ce o� :�dcti�ionpl b�n�G in t:�e,future. . "7e %ia��� rFte�.,,�i�;hly Gle€-•r4rater! � ai`��rp, its nhYsical� , �, � , ; .. : . . : . :�, . ,' ��r��ar�nce;,..a � l.ity�oi �ooul�tlon e.aci; ite l'ocFtlon 1n t'rie c�nter _ . _ _ a� . ' � � �: ��� ' a� V this o t, c��f t�'x�ci��sur�oundln-1•cjuniry: I;ti �r�<,/ c�e ob,.er ed at �} �I? � , , . . �th�t �rseople �re`�fir.st :aztrpc�e� ru .eitie� ar co�^^�ur�iti,ee i�y thei,r.�� • ' 4 � ' . .. . . . � � , ', � r om G� tie u•e ,oi' Che. ���pe2xan.ce, _but tn.e,�.�tey. anu tapy l.dt� 2nr� ,_ e� C�, � �� , � ,. 't�ur�.�'ty � o�' �nariul�ti�on, . bee�uee• ti�Ev h�ve,determinecl sounEi �.1.oa21 . , , s+ b u t e balieve` in th:e .tt��are ?�ri��ne�'ta ,.' ;, . . �od.ernment exi"e�E �nd :.ee� ee . h Y . . ; � .. . : , -;' "� . : ; ; - - : . : : �. of �.e'ity. i`heref.ore; ;'we c�n'not e�caae co�iir�.c�fon ���.� :CJ.eQrwa�ter � ;' c n d�i��.11 su ',ort �� material7. �•l�r er ooul�tion' � .'�.n PI� � . � , � � . � � . �.. f r � �n f � r ' - � t =� a• _ ��' � ` _ �s x%�� �� , � �-� � ��� 6 ` - , �r ,, : �i.k���. �. : . . � . - '. �. . , ... . .. . . _,�._,� � �. _ �.....� :.��__ __...._..,,,,. .. . . . _ : ._. _ . . � .--_ � �--a...�. . . --- , � • / '� : � � - � ; . , . . . .. ;,� , u . _ . � � . �,,� .. � • I� . ll � - , . .. � , To'�he Ma�ar and City Comm3esion, : , . " . `- Octd�ber l�th, 1943. , _ . . ;. ' . � . , . � , ' . A distinguished �irm of nationa.11g kno�m tra �'ie ` .� 4 Ren�ineers made a stud of the t , Y, r.affid '�low �,n Pinellas� ..aunty .. � /� . 3.n 1941, which_ innicate,d, aman� othe�'thin�s; 'thet the �aogulatio '�� i- • , . � . �. � ; • . � o�` the G.ount,y woul:; come close to'Being �double 1940 cenaus � / Pi:`uree, iri .tne e r �5 � � ' .. G y a 1 �J. It is tir.ue tl�at the �sar mzy ,freeze . . ,� . . . � � � . , ..ome . oi' • t'rie c2lcul�.tions -an d the opin9:on iaa e'ba s�@ u�on. ; the . �' . . � . o�eniri�' o.� Route 19 �nd a. free- ou;,Pl.ok of 'tYie traYYic fr.om' th� � . k'inell�s CQunty trafP t�ottlen-eck but th t V.=hi Q` .� , a ch ie held bacl�_ b' ,. _ y tiie ���er u�il,l arobPbi �be realized b _ Y' Y zn increae . . �empo � follo.v,Ln� the �nd �f t3�e t,�ar. . . • . , • Leet it be th3u�Yit th2.t tri� •iF �o�ethi:ng xhat ��plies •,�-' �( _ - eolel to Pineli� a . . , . Y �.F G�unty, Y.�kever, iae m��t e:ay th��t tne renort H _ . � �-�•rent � on to a h _ . ,�tPte t__�t tY�,i� conditio.'n i� taein� brau�ht abq�ut b a` � `�.' ° - _ ' • � ,; � r�aF� ;ni�r�ti�n from tne r{i:-•}i�-¢os't' 2.re�e i�n�re ta�ces 'are 1Zi�;her, liv.irl_ .e . en e � � - - „� � xP s E.�re Y�.i�;n�r, incomee teriu to be mare fixed, .anxi j �'�` � firielly, t�ie .co�^.Ftant decline ��' tii� ' urcr. �ir ti� - "�� P ae �, � ver of, tYie .,} ,''�"'. � : � - �ol1Er. ihie r.e�eeE,�tPte� �ction b;� the"recioient of a fixed � �:_ . , l� - , ,� � �income. Tr.�t ���hF, to ^ut tne caFe Fi;an1,�, ,that r.e �mu�t �ove . ta l.ex� or - + • ' ' e F�ori;.,�., ,,ne �tkro chieP benefieiariee of 'thiF move-1} • . . . �J m.siiz �f ��pulati�r. becFu�e in tiiaee n12ceF t�e t.px�e are r.ot :Iti�h. 'vr� �r.E eontrary, tney��.-+re c�parPtivel- 1�7w sinc the � , , Y 8 . ,`�; � State hsF r.o ir.cxue tar;• ..a�t ��o�le l�viM_� ofl,. a fi�;ed �income � , . . • ,, h2ye �i.u�:l�r �ot t;, ex-s�+n� tizeix �urchasint;, p�u•er., n�t� by ea�n= - �+ ir�� more czoll?r4 but b� �et�tin� r.Lore ior ? do�lP.r, •T'nie can � _ be •done in FJari�a :��re �ptiFf�•ctorily t::�n in any GxPte, in- _ • . . . , clix�in� Texae, in'��e "ni�er �LPteF. It .1� '�ecauee o.� x'.�iP' ..theL v,�e h�ve`V�ith t�k,e ,�re��.eet ��f�'ic+�1t� refrair�ad from c�Pki�� � • \ . . e` �� c ' i r .Y�. . ... - . , . � . , . ' . . I .pro�eeti3n, .b� ,ed .z.,-�n v,.�t u�e believe .u'il.l be ex�erie:tced .i . . . . ,rather tn�-n . tk:e Pqrc:ulF- a�ov e'� e�cp�a,lne�'.: - Tr.e citiee w::1cY, nut their bonded debt into.� final . , � - d , � - � • form and .ae;eure the p�oepeo�•i�e reei�ent a,nd �buyer. of real� . • . � _ � ; , • _ ec�ta'Ce. oi' E reaeonab�.e:'.tEx ].e�vy hi11 surely be in tne beet� '� ���, . . � .. . . . . . . •.. .. '. • , . . . � . . � . , . ���' • ' y - . �: � ' } - . �y . � � �� .. . . _ ... . _ . . . .. ...�� � .. . . . ., � .. �.... . . .. . . . . .�;�a�'�r..:r, A -a � � � . �. ;�. ��� ;� � - ����. . _ . "�',4.. �. , • � ' t K - �.. , • '� To .th�' b.��!9r; and-:Citiy Gomwi,ssion. • = : . . '-0e'�ober la'GYi,. 1943. . � � _ a.� . / . � ' .. . . . :.ositiong-'and�' hauld at ail time�s malee fa�ter:-pra-�' Compe�i�tiVe ,p �@ ::'ress'th�n °tkioE� o���.es ies's�'alert:` � , � . J � _ �� -tit�e��� �f.eel � coniident �� that tl�,e � �ity � of ,�Gl�ear�r�.�t�ex ��t9;1J. be .,-,� •.� ,,�iion the� citie� of Lh� state 'showing 'mq$t 'xapid gs!�o�+ttYt, in .the : , � g ne�t �t�aenty ye�;r�: - ' _ .', • • � � . ... '� ,_ . _. _ : � � . . . . " 4. , xI. _ - - PROPOSEII REFiTNDING PLAN � ' ¢ There are outetanding, as of Au� � et 4t,h, 1-943y � � ,':: . • .. • �, ' bond8 ziow c.ar .Y. �. : ; � ' _ ,�. , .. }. _ ... ;�,4.,548',040;�0 City o-i Glearwater 'bonde:; ,, e , . � .' � � a ..couuon `ra�e oP 2;�, , urhich changeF .to 3�� .SuT� : 1, 1�44•; , �rom - p . � :1,9.4f� when it � b2c'omes ,a; 4 �; �goupQn, . it �con'Cinues �as' eucla until. ', .; 1853`� �roi� 1953- 196G the'bonds .be� 5 0. The C3.iy'haE, beert_' _ '. � : � `' lev :inr Por` bond interes�"(ana making'�ertaii�.prinoiRal Teti,r.e- . Y 6 . ; . , _ �� ,' .�,i�,. -" ments Prom eurolusage�. �.n the iollow�ri� years, the'se ainounts. •"_ ;,��,,�, 4;�' - - . . . ' � � ��; ` . ' . at ' .F1�ca1 ysar 1�41-2 , � 2{�7; 772,g2 •%, . , . ,g / _ 1942-3 215,380.3 "/' • . � . � 1943-4 ' =215,992,56 / • . / ..'fl_. . . � � ' a . . ( ' ..ncler � tne prese�t boncl contrz�t ;yau are requixecl. to : - .: "levy �2Q0;000.!JO under the ter�re of •Sect"ion �lfl of 'the A�xee� : � � ment �of A�i��:st 24,. 1936 -a� �. miriimum.' � In �the f��cal Y�ar 1945, -.:, � , .• , aeoa �te `rid eneci2l tax naufii= yau .kilJ� b-e •, eq ired to �levy .a .. x'e e �. �, . . ^ cier�t' to'nroduce-1n each oP euch,` fiee�3.� "qear�: the , eum of not � `-� ,' le.�p than �100,'O�J;OQ. "� '�'hue in 194� •a total ta,x rate, oi �` ` � ��3�4;(100.fl0 wi11 :b�� recuired from �th�t. dat.¢ 'thraugYi the, fiEaal - , - . , t; , . , �'�'• . year' 1966, ` at i�nich 'time your', preeen� bonds' �i�'tur�; = Elthaugh .;' �1 a , � thYs muat' not.be a.an•fueed v�J.th their :beiri���safd off. ..• �;�� � 5�. � '�e have .concluc�ed af ter carefuT study of the � Oity n� ��� - C3.ea�.t�rater'1 s;conditian that for ,the:,�tiu�e beiri� .and for appxoxi; -. <,.- . � ,., •mately five 3�e�.r•s herea�'ter it �rould be..unwise'�to: antleipate:a • • • �', • . - .. , � l+; . 4 i � �:.-.�-.� � � . . , � � (��3• ..� � (6-), ,, Y , , .� , �F-� ' �. . .. � � _ ._ , .. . _ ��f � . .. ' ` _�. �,. �)�{ . .� � � ; � nY . . � . � I - Y » r' - . _ . . . � . . . -'. � � � - _ � -� , � � '��s To�'th� Tdayor and City �Commi�aiori. ' ,. : Oe;�obe� 12th, 1943. •• _ ' . i . . . . .. . . . . • ' i.�•'4 `^, • . . 1 . Y . . . . . � . . . . .. �.�. /. � . � . � 1 ' . .•�4 -. �1.evy,• lar�er� 3.n a�moun�t �Gh n �•th : - . i�a• �. at no�•. tieing maile: I#' -,thi� i�� � . � � txue �' , � � . �' '� � �e or.�.,ane eet of tables, it�� is �traze �nr �" . , ancsth'er• set � iP "they � .: ; , sre��, t��, �e � k ��� . � - . . �� �, . , ept� on.�exaG�tly��'Q ua1 �b�eis�� o��� ��m ' . . . . 4 . co par.i�on.. There�g�''e' F � in�te.�d of �e•sxz' in7; : - ` � .. �, m b th�t_ y,ou c.otzl�' �aa�zxr.e 'your bQn�1�F �un.der , �`+�` . • > • ' -. _ �,;.,: •,. your�:pr�'s@nt;. eontr�ct 1-n 1966 � . , . (wl�.en .they le�aI.'ly� �m u�e) , .,wg�' q �• �:.; � . . . � . -� "� have provid�d t�ieir xetiirement� on th ' •`� ' , ,�• . :.: : : . . e same ;baQi�Q, as our; �che�iu.�.e�s..: fo'r ,comparativ� purposee. Therefore .��' . ou. wi Q� � . Y ..- li .��,ay .o�f :Your •" .borids . u.ncier flu� re en ' , Y p, s t cqntr�ct anar ex�tend �he• bo���':nnp�;id in;� �.966 tb��1975 •: �•,. .: . . �. . . ( compars wi--tY� , our eeHee�ule., B, p�ge 1) ., th� _ . . - .:� �= intiereet coet of �ulfillinr-=.- ou . � Y' r �ontract iri �cnppari�ctn w1t�'� <, h seheciule �,.�,,-p��e 1_•will save the eity ��, 461 622,.50� bee u{ . . . . ,, ..,, a se � �-on � cam�Qrat�v� basl:e you r7�ula v o�� ;� ~ ; . .5`. ; y , �.y t�ika�h . the ste�-up .pririci�al,of in�e,re.et exi�xin.= . in ' .our � '- � '• ` _ ; . , . . . . � • y �iresent: GontrP-�t . . ' ' - . ` _ .,Y . `" •.4 i "� �'��, 3�CS, 200,00: ,; Under our _ la� 's tot 1:. in '`': � . i' �.; , P a ,'�e�e_t ,�o�t .�pula be � , k .i� ;` �p2 .g28 _577.5Q: .. • . . , .. ,. , .,., ., If your pre�e�t contr�et ha�e ta;',be exte'nded.:to (� , , a �'eriod �� E �.o � . • n. '„ ' '�, F z�� •8s that•..�ontemplated in our eCiieduie4:Ss p,�tg'e ^y, f 'i •�� •,t . : � : ' F. •y � 'ynuryt�ta� iritereet cost�u.nc�er preFent bond,con�ract �*�u�d be �f '�5;55�,110.00; wn.er�:�e oure :for, the F$�te length oi' ye�,rE w�uld ",�•.be �3,116,Q�7,-50. In thi� ca�e an .eg�regate �savir� to �the City ' �: � , of .�'2;�'tk3,022.00 woul� be �chieued: To i�ny_one .�,�ho;hae �tudied _ �� 8zpart�.zat o� tabl:e'�, it will be .clear. tnat pYter the firet t .:. , . . � = . . e1� ' �•year.e debt be�ins tp �e re�ired ragidly and intere'�t goes do,�r1 �, t as, retir.�ements ��o up..nn �e'rial ttaturitisq. 'It� ` ., �'" .,,: .., . ; � . �-e xr�� , , ,gh thi s +, '; '.• . aimpI.e me.'Chaci, th�:t �:+e are enabTed, to .Etate-'�o you tha� `Ur� tail� � ... . .• . :. . " save ibr. tne taa�payera �1; 461, 622.00 �rarou�h th�e ado�tiort of � .••th�� propo�al ratr;er .tr.an carr3�in� out y.our preeent cont�r�c� ' • '_ . ,, . . , ;. - . t`b r��:'Gurity. It-Fr.ould b� carefu�lXy noted`�hat L'nie �mount.� ' is ap�roxitia.teiy "33i of the �;�oFe debt.; Another W io° ut'� . , �Ji'� .P 1'�, . "' -• - i;e tri2� t�_i.e , i e like vTit iY��; dcjwh th'e nrinci�al of th� debt �to �� ` . .. .a . . � . F , '�i6 a,. ,of � the nar, value, �Q f ar ae �he number oE d 11 r - _- ' . . , o � s the t�x- '_ , . � ere muet. .ield to t � . . • - a. -: � � y . he ,,ity, t� l�.qu�date thelr. rincl :�1' d: . � �' . . ` P . _ , � �. ''in'C�r�:st obli�a.`tione. . �. . , {: , .. _ , , . . , . . . . _ ry . , , . ..- , , , �+11 R { p . . il , 4 '. . . - , . . . . .� � . . . . . .. . �: . :. u. . .. _: . .: , �. . n , � _. � : . ' . : . . . . -:. j{ . . , � , . . . ' �.l . V. _ � 1 . .t , � f; • ��" �. l ,� � ��� �� � � . �. �.�.�.-4:..�. _ � � 7� . I'� . ' . . .�� _ � ' - :r �,�� x '�V , - r `1 � C � � " + 1 ! �' . ' �j . • To '�he P'layPY' � 8.nd ,City �Ommig eior�. .,: • ; U � 3 Octolser �.2tYi, �:943. • . . . > . . . . - � ' , . , . . . :. . r ' Y . . '. . , . �. �, , . �-� it :is �prop4sed` that the ;Ci�y. agree �hat ,an: a fair• . `� �,... :a..�ees&ed v&].uation b,eing preeerr�lx.'4appx'oxima�ely 60�' of��`� , s�e�L oY� ca:sh va]:ue, (I.the �reeent: bas3.e for �ssessment), there;' .ghallr;.be' l.evi�d >� mill.ag�� averaging 16; 5 Qn °the tt1xe� taacing ' ... ':�� y: . ,�d�stric'�s S�ri'tYifirY the C�ty .known as "thQ o3d •terr�tary; tY�e4first . - : �w ;addi�tion a��,�i$e°, secoric�, •add�:ti. on"•, in each :and. every �+e�� and a �'� , � . . •1 ed . ,, ' �' : •'^�hat:'�h� n��:i, rePund'ing bonde of }.943 sh�ll be: fiil'ljr s�rv c 1 f,. � '�tkiere�ratn .�n e�oli �nc� ev�ry ye&r while tih� aaA4e sYiell b�:` orit= � r � �'Candin�. ; 'Ip ,the.'8v�nt it ;shal:l. be the: Ci`ty�!�� c�e�ex�mina'tiDn , . , '^. - •h' •�. � �/ ,b. '� , ' V ,l u ti0 .the:: e''s`se . ,e a r� �'.` ; . ' A�t . o e bime 9,n �he future '�to xgi�se �as d .•�..:.• � ei'GYi�r o.��n�irig -tk�e• ba��s .for asae�Eine�nt or in orc�er to consol= . r � ` K' �� �dat�;; the� sy�tem : em;oloyed by�, ��ate end. County wi'th. tha�. Qf the� , , . :, . : ` . • . . ';Ci'�y;� it eriall'be '�xps+esslj ttnde'retood� b�t��Jeen the �bona7;2olders • €�. a . : ..�� . . .. t .. : ._ - • �',. ' an� the City:Trhatr a ratio' �s11a11 iie emptayed tv1z3;�h� w111`.preserve �J` `� � . � 't�.e ex�eti etatu� of, tY{e fix�d millage set;ou� above It �is �t1,�o '� Q . % :- . ,_ . • s , - � < a 1under�tgoa� tha�G' a�lovraneeas •s1i�E11 be mR&e, aa ;tie h�ve set'nut 'i;n � .� � 1 � �� �. , .. ' � . .�: � - ..• . .. • _ . �- � . �: � • -•• �.� ::' - { '. , 9,'. < our ge�iec�uies, fo��•ihe cd�:�e�eii'an of on�.y 89.5� of `the.'tax levy 1: ;, #,. _ _ . r "� in- • . ' �n_:�acn_.ye�x�: • !Ehese g�ov3:Eiena �e' set oizt; � in � tlz�: f3 s - . ".� , • �. :; h't " .-; . . - .� � .. . • ' - o ' . e'tance. �or �eserv ri�- tk�e Gity e�reeent�metk�pd of. �s�se.�eme _ :; , P �- �.. . ,-`. - o: r� , her • af do 7. .'e <<nich iaiY1 be r u�.r.ed ' �;rh31e �raviding� ,f r :the um 7, �x' �q .' .. : . to s'erv�ge the debt��se:'� .out, in. Sci��dule A: �. � ; . . 1• • �B�t, re,a7�i21n� that� a cki�:�lge o�: ane.�i?od. oY. asses�ment ' � 4 . _ �:. � ..� �� � _ . . . mt�Y �ae �ies3,ra.ble a� m�y� be '�eves�arY, u�e� h�v.e �r`ovi�.ec� tha�� , ,... ... . - . . -; . p, , � the .same 'end recui�ta,-�i�Y be obta�ned 'through tcie' Employmen$ o�' b . �' �. , o . . �a't�.oa �',.It eh�17. he ,mutually unc'i:erstood.by tk�e Cl�ty arici tb,B :• �'`boridlzol�.er.� th�ti i� �Cti'e, ,re�ir�mPnts o�..�e�-,a,^n�. �erl.al•;�Sond�.. . i�:' as �et fort� in. the scY�.edu]:e adopted�rl• put i.ri �ie pesolut9,on ' J.. . ! t •`,: ' �e � secur�.n�'-�kle borids-haw� b"een.. a�•tained;- and if �.n �ny �y�g� � �k t , _ t� z: ..• a,��e��e� v�J,.uat9:on�,��eha�.1 �e��e�d.'1�5� 'o� thoaa s�t i'�orth in� ,���'_��hed�l� A. �er;e'to a�tach�d., : �the-; �ax le.dy� ta2�. �e �educ�d iri �tieh � �. •. ,<-� _ '-�-�� ;�A��y p�':. � ' T •- '�.s.,�.,. . � . , . ;'. ,�mou;nt ,oP �`the civlls�::�.evy .�is �ril�. �e �qu�.v�1:0211'i ..t�. Al��,� ,16. , � _�; . �� �'- 7 �� , � .. (. � : ;� mi.�.�g �•rou3:�praduce .on t't�eY. �i�.si.a °;a�f .l� �� �`, th� ��viea': a�t ota �. � �.. ,x - �. �.' -a - � " .� ,�� y$/��� 9 Q1 0• . ',ti, �:SF L� �""I S � � � . . ,: , : , , . . ,, f .. . . . . ' . . .�� . 4 0 �� `��� � , . . . . . , � � � �.. � . t . � . . • � . ., � �c . . . ... . . . , . . _ . .. _ ,. . . � ,.. .. � . .:. .,. .,.� . - . . . . . � - .�.. .. �. �� .T�O t116 M& OI' 8it t, . Y. d Ci Y. Cominiselan. . . � C c'� ob.Er 12tii, ' 1943. ` �. . - . . . , � ' . ,. i.n echedule .A for any year•, A+ac�i.condition a11 ri - n - s1�, a ae. If' this Condition ehould ariee acceller�ted �e�i�ement of te m b �� . ,_ x, oncta will ensue." Accordi'r� ` ' '` r;ly, it wlll �e 'Aresvided th�t t»hen':�11• �,erm bqnds h�ve beBri xetired tre reauired l�v sh 11 b�o �. r _ . Y Q, e r�l:y• the reouirement ; for tk��'t eervice,, eufYicierit in atnount �o , _ pay princinsl and intex- . . ��- . , -esL� eaek� and ever e�r _ ri .� . Y y , a.th nrud.ent a�lou,2r c for deliriQuen�y . .. . . . . . . � .'Qll . '= '}. taken into account be�oxe- the levy i,� put :on the booke: � . . . - � . . � • ' . . . ' . • . . . . . .. , r' � • It kilY be:ob.eerv�d in chedu . . . s lee A; B,. E 2nd D, hereto, • -2ttac.'r,ed tr;et tn T '4 r , e a..,oy�nt o£�refund�ble.bonde fi�;ured i'or retire- �.� o " - • - � m�nt ie �^ . . . ,'y;, _,,0,�00..00, �,r�eres�_ k}e :�aVe ealc above in".this ��udy �=- • that or� r,u�ue"t =�tri yo.ur u,ebt w2� ,5 A43 p�Q.00. "Tliie ie c.ue to . . ,- , •our navirA�; �iven "�ffect .t� bonqa 'o��y•� ed.by .yarious city sinisi{'� s • ' \ . . , i�U� . `'r funcie and t� our c� ir _ " . _ �s e. to, nre•€ent tr.e acneauleF in .r�und number �•� rT 1. _ ,� . , - . TreFE Ec,�eaules in2;�,be.a7.t.ered� tiy mut�21 cori�ent .�t �n�y'• � � . � . . t3t�.,e nrior to •t:ie ��o�tior. of ,tr�e refur�cinr, reeolution b '�' . , Y tpe � . �. � �� "ity Cocr: iQ�iori. - , .�=: .. . I . �� � . .�. ; �ter �careful �tuc,y *,�,e n�ve �c��e t� tne coricluEion � � . . ' .p: . t_:at it iF to tr.e '�eGt intereFt°of' tie CiLv tj �:ave 33 �_^5 0 �, � . � � . . ., � _ Q�J. o,` itP bor.ue re;reeer:tec ir. �eri�l forrr;,. mFturin,� from one to tY:i,rty y=arr � t variou� intereFt r�tes Fi.oVn �n ��:��.�u1eE B�nd - �, �?.:ici: a•re eu; ;:.itted for t'r.e City' F select�on, ;,and t� h�ve • �. :��5,^�J� JV O1 �:.8 hond:� i �- fl T . ,�:,' • _ , . . Fuec F thirt.: one ..yePr term bonae, - , � , beFrir.�- intere.�� �t �ne rztea ret out'in �cnedule B arid C for � -�'. ,- � � . � . . t'r.e Cit✓ A ee..ection..- .r.e- terr� ��na� may �e.e�.�lled �,i'ter.two ' �, . . . ye��re by lot for Fl:,air.� iun� Account Pt �.-r ,v�lue r.Tu� aCcrued , i :' ,, . . � . , ' ; : , . • intereet. �i1Fo t�.e Y.or.ae �.,��y '�� csl7.ecz in '�r,eir. entire'ty, u _on • -; :•I ', - : . _ P ' tr.e f r,:ent oi' • call-intere �t� �;' � P Y •, V'••ich, w1i1 a�Aoiznt to .b,� if .called ; _� � , , .�it .in f u ,= • �. h c 1 e ye<^:.ra fror.. t_�e d��te� o£ i�Fue; 4,, for ths. Fucceedirir � • • � -- �`iv� yebre; 3� f�r Lrie next t�n ye�re �nd ��:ter the tv:entieth-. to �'* ^ . '. ye.a.r s,.urity;-bflnde; m<� be cs}.1�b7.e'u on.��Chir�y days notice � - P . _ .� . . pxiar to any interest dat'e at t:eir pgr va:lue. � . � � . � . . . . . . . . . a � . • � • , . ' d� � . � _ . ,. ' � . � . • _'�� _ . ' . � ' . � ,•j y�.. . . . . .. . . . . . . €F � .. �, . .. . . . . +�,.� . . . � . :�-� . • - _, : .. � . � 9� . J �S ._ . �, : . . . , � . - ;� :1� i� , a I . � , � 1 � . �� � . ' .� . �. _ . • � 'To the �Fayor ,anc: City.Gommiseion. . . :� . . � Gotober 12th, .19'7�. � • ti • , , ' I. � , , , `��C:iElliJZE. C � • . .� , • ', �. � ';hile taia.'Qche�ule FY.�k:� �hFi over.the'.life of the , bond� the intereG coFt•�r�nul� be eome„�78,0�� QD hi�her than .' o _ „ - _ pomparable Eeri.e� B �c'r.edulee, ii would. from Rome :�oin�� Qf .��� ' . . . .. �� , . • v.3ew be better. for the exc:�ar�re �Cent�� t1�2�n t3�e •two''�arte pet' . e . �- . . out under ;soYredule .�. It �orovideF for � the hi�,ii �;ntere��' in . . . _ • . . . , . � � . . ' . . � . . . . � A the early m2,tu�itiee r:hich wi�� be �uiekly p�id aff, leavir� < ` the lor�e�t intereEt •c�u*�onF?to run to the lon�, m�turitie�. • Ae �' , presenbed� Fbove, ire i��ve ehq�ti� the� scne,dule Lhe �,orst �t�y � ' '�, � : 8cnedule N �roviaee ior lese seri�l bonGs, „3,2,65,0O�.�Q'in . i� � ac:ount, contr�et�eq uith-��3,425',C00,�0 � ride�1 echedule $,.flnd � ' " ' �. ' - • likewieE haE rai�sed;t�ie term �.e�ue a�olint: to'.�1,135,OOQ.OJr� • . � . a 'your ecc,ecu2e ,C, �.�, co.nt.ra•sted kith '�975,,03�;G�` under ecnedule �• ,� •B. Tnue it ��11� be •�een 'tnat if ohly �a fe�. term bonds �are , � . , , -, _ • � retii-ed 'eFr]:ier t:�n c�lied for by the ecnedule•; tY:e interee� � �r.�` . . , • esvin�,�;k�i21 drop e'ri�raly ;uncer` tno�e Fet out in ec'r�edu�e B; � ��` . .' � • , �. • ' '� _ .. Si-nce. ti,e, re�a_te 2r.e to •be cleter�iried by fu�ure,�,evente; �ve. � cannot �efinitely �redict retirQme:�t� �� ter� boria�.� jt=� believe, �,. l ,� � r.os��ever,, i#' � tr_e Cit�}r „i e �e F-to �d�pt ec �ed�sle C a e-the prir�cipal -• . , ., . s� to �••ork�out, tnat �.e �,.;u1�� mPke' 21-ter�tion "of tY:e .�erip3 Qnd'• . • ter�. •rond=: eui'ficiently- ;�re�t Ln amount to more tY:an oompenRat'e � 'for .t: e net in�erest coFt� of ,7R,000.'_10 exi'etin� between the „ `� tk=o .nr�po:ealG �nd i•.e. belleve tr;at,it i� not um•��rrented •to .Ray : _ �f � � . ,.j`. ',. k�iere tn2t ti.iF propofal k•oult� �`e c�are t��•the `G�lty' � ir.teresi �� � E:well �s tre .exchan�e �Q�;er.te �ecau�e it tii�l eneble t•he � k :. , . . _ �. � • � . • � y Y. . . refuncS,n� to � o forwHrd �t a moret'�Y�F���a p�ce; . . �it��ce tt.e tax. lev�, r�:� tieen :��ae ior tr,e. fi�cPl year •; . _ I� .: • 19�3-Y,: x�e' i:r•ve n�t"su�„ eeted .Pny cr.�n;;e •in tre. Fum 1e41ed, . � �21�,99�,.00. . , '_ : .. ii.e Ci�y nes on hAna. not.r, �tinic:� we under�taz�a to. ;be' . 'in einki�iW fu.nci t�ceount, �1:.�;O�J:uO :�eries '"s" Joverriuient �ox�a�, ;; .l ''r7e h�ve. eotz -nt tne n;iini,on of dis'Gin •-uf Fheci municin�l `coun�el' �`� � � .. p '�' ' � . . . .. . . . . . . . . . . . � . � . . �� ' � 4 . .. . � - ,� . . �_ Y . . • VY � • �("10:), v 0 6 , f� . . r ' : , „ ,� . �.. � ,� To the Meyc�r t�nd, C.ity,Comini�&�on. �' Oc$aber 12th,< 194«. � � I ,. • ' _ a` . and we� believe�•that�vre�,cen RQy that .there wil�„•be �o 1eg21. � � •.� ob��etion to �Ghe Git m�in • �r . Y t�ipin;, this inveetiaent. �s a f�red . einkin� Pur1d th'rou�h the 13fe of ihe aerlal bonds and-k*e reoom- . mend th�t the,�s borids-or tYieir equivalent be carried to� •�ha.�t i . . � ': . dat�e urilese th�y �re required pr.ior to that dat� to compens�,tie.' r . . �or un�voi�dab�e t�x f211.ures t . . .. . . � • a eome fu,ture time• and �Yiat tYte ' : � , . ,-- csa�d bonds be'uEed in�the year 1974 to � retire tne outstanding • bonde .in equal amoun'C ;�1.50,p�0.00}� �,�hich wou�ld..necessitate r � a� Yor � �that . . � ye�r a ievy of. :�5,; 250„00 P�r .int eet arily; which. �ou1d .. .be , ceria�nly p2:r,tially of-feet by• t e • int � . ' ' ' _ , . �? e est received.' ,� , � l , . � ?�e su��;eetw that .the�e �on::s` �hould he.c.arri.ed in g. � , '£u - M c� tti:.l , ori WOU . . �Q . . . . . . . be �kn o . cvn . 2s tr.e Debt. Service Reserve Fund; ' . . �� �..:. � . . .. , . . . , .. . �rr.icr i:�i:.l repre�ent �11 surolu� ,fun3e. accum�l,ated Prom levies. ,o'.. � .fQr'b�nd �erviee pccumulated �nnu?li -for meetl . � - � , '�, Y n�r nrincipal or , , � , intere�et., or both�. , ' � , .t' .� r ;� . `•Jitn r . i � - _ .eapect to Zhe..nlSp,QpO_00 5eries °��� bond� af • , I f, �, the Fe�•erel sovernment ire'. % . '� � ,; � _ • e�allz.e tha� tnte '�mount i�' sub ject . to �•v�riovs� uie��nointe and k�e are eubmi,ttin� �a .ec�a �� � �� , ;�aule�aeFi�n�a � � . to enab�e tY�e City\��to u� � . . .„ � its deecription in the emnloyment o£. LL � �' the fundfi ia__icYi gs� be re . ! , J alized �'rom the sale of the' ;�150,OOO.QO� ': 5eries "�'� boncie Fnri c•te ere trerePore us�.n� a City� debt� of : w`�, �50, 0�0. G0 in LY: .'* .' _ D , . .� ecneaule: - I�t .kill be reaaily, uiicierstood, � 'tnat 'Gni� pxincipal .may be e �l• � . � atr oYed to t�ie City c bene�it �:n'the �� usef of either ecnec�ule B or C. In other words, if a sctPfic.i'e�rit �mount o£ banccs ��rere bou��t to e�clz,�u�s`t Y3150,.00O.t?0 in ,caslit the �, r.eiundable de.bt of .4'r.e City would be lo� er�d '�y t��t exaa't a�ount;.- { _ � wnich woula be deduc��ed from ic.e �.out Etandin�;��era; bonde Yur ti��,ch, . `; t'r.e' �overnmenti-boncie r��ere uFed in �ur sahedulee ` _ , : only in ouY� �'��r�� �. : , t�:o �cr�edulee tr.e v.pv�r.nme�i-� bonde r�n tiiro�x:.�;h �`inaY maturtt,y.af , e � Ci.ty_ c� ' v1,eQrvr�ter r�fundin� �bondg�. ' Tl�li:Q will m��ter.iAll alter ';� ` ' . .,, . : . � ' •- � ' _ . :� y i,he net intereet coFt: of any �ehe�%tle to i•�k;ieh 'i'� '���j:��`�, �g.rice '. ,' ; your eavin�e hould b�. �;reater wi�h the. money ��mp].�yed �:�n .y0u�: owrt '. . , . A � � . � . � -. . . � . �� bon`dP th�r� � in thoee of tkse :FederPl �ouernment, � > a .. . � �u� • . 4 _ � /. .. �1 . . . . . . . . . � � . ' . . ... . � . .. ���. � � ;(1�.) . � � � - ' v . � .� . �:; , . - k« , ,q . . .,F�u. ,�, � . . . ' � n . .� . . � � k� - � _ 3, xo xhe M�yo.r &nd Ci�y,Commgseion, . Oc'�obex 1���,. 19��.. � � ' � p � , . �. �-::1 . , , , . • � ,. � . �: ' , : ,� � �� ���h� s�.r�king funcl proViaion t�rill be altek�ed to enabie' � th�' .Cit L ite dis.cret�.on- to'•�em. lo, �aeh ��f�ands 'ccumuls'Ge Y a . .. p Y ;� a d for �� . , • . �. th'� � thirty: ye�r �Cerm , bonds to be in e sted i:n� the Ci ty.' s a�rah -re- a �. �� ' fundin�, boni�.s cvithout �:dverti�i�� .or �ri�thou'� � y other` stated. - . : , r., . , . . - , . ' � - .�� :.:. .: requirements exCept-,tho:s� narmal prucienc 'i�hen. an'amount eq�lal � ; ing�;�25yQQ0;Q0 has B.GCWIIU�.E1.'t@d. If an am,•unt. equa].�ng `�p50;000.00 - . . � . � . , ,_. . � � . ,: `eY�oul.a be �a•1lowed• to accumu�.a'Ge, the City must .retire� a�fici.eii� banda t�s exf'iaust'the�i'�nd by callirij t',he thirty �y�ear term bonc�s . . ,. fS .. . . . . _ . . ;. ' . . . . . . . . � .. � �. . :•.� � �. �` as, $hall'be �irovi'dec7. for. in tYie reeolutign. e�ecuri.ng the' bonde, .;.o,r. • th� bond� m�y b�., pur.chA.�ed..i�n ,the' o�en,�market if�. they �h�!�1• fie: av�.11�ble at'�belqw =Gheir �?, ' • 4 M par dalue; . bu � thi� sh911 .�bt 'be'.taken Y ;. r�_ . � , � ;, � t.o..m��in that the City .at, �ny time; e�cept for emergen y na�iner��e - ;:. � 'ox�. �rineipal ox intereet or �oth, shal"�: e�ll� it� inye.�tment in': • � • . - , ��� , � • . o rn � e n 'o v me t ,b n�s z3�ich Sfi b2in�. held as .� re�,erv� f�znc7, '�f� the:C.ity� . � a.� . . ., : . _ ,; : elect:s to carry� ine oond's ��nc� einking ,ft�nd �e''a r�e:serve.: Howevex�,�f •�"�. a � r• *,' ,, ; .,.,� �� if, t�ii.� item• Ss not set up �as a r.e;eerve, • but us.ed. tfl re�Gi�e ,bond$� . • . . ?� ,a,�-, • before+:xefundin�.'occura, the .above sent�► � sha11 •riav�{no, a�plia�t�or�; , aj � ('. � i . �he-•ReYundin�-bonda e��all be 3esi�nated CLEARY��ATF.,E� �•- '. ;� , R�E`�32J'AIN� .BGAIDB OF 1943. ,.The bonds shall l�e ��datefl July' �, 1943` .. , ' '�a,nc� interest s'r4al�. lie pPyable Qenj.=anntt�ll:y,. �maturing��.anuary l�t ��nd ��ul.y •.1at of the gears af . t�ie taonde l�f e. The principal � a�?d �,, „ . .. � izi'teree'� eh�.7.l,�e•payable �n:lair�uT mo e of .t ', , rl y. r.e United •St� �s of '. ';.�, t'�meric at eome bar.k ar t � rus't. companY_ in•�the City af New Y: rk 8,nd�� �sha11 li�ve tne . unoualified anprovirig opiniori �oF . Fome na�i' na�y, ��ox�ri •br�na ,e'�t'orney P� to tr.e le�Pli: ty df �.the , bonde.• 2'l�,e bqnds . �, . +° erial.l `be n�.�otiable inFtrumen � ts. �na sti� ll: provid.e Pqr :tli�� convex� _ ,,. . �, io�t �:tn � � . " . .. . ` ' ,.. _ ' : � .' r e ' caupon,form aiter r.e�i�tra'��.on at the, e�tp.en�� aP- the bond • , �� holc�er •�o xeoue�tin�,�: 3'he bonda ehall. t�e valirla�ed, �e Ea�on a� � ''" � • ; pr�et,i,c�ble af�5�� the priricibale. �i�n -the a reemerit nrov� : � . f3 . , , 11flfr1g :� f or xe�und�.r� tae debt of' zYte : City-; • ' - ' �. �,' o , ; A '� � t r � ~ h� , +' ' n i. �' .� ' �(• � y '1:". � 'Y :\ �. � �� ,q. � ��� � � i, _- - ` , r . _ .�.� _ . . �A �,v � ���t, :`y{ .. � . '. , . [.:, �� S � . ;i � ' . . . � . � � . . ' ' .. • `�% . . . . �. . . ����: . . . -., .. .. �fb� \ ' .�1 � � . . '� • .��,, 'tlie '�iayor a�a : City . Commi:s.sion. . �?�ober 12th;- 1943. �` • _ � . . , : . ; . ; . . , , . , . , , . . ' •, . • . � ' • TI T'. � _ . ";: ` • • '•.��: . . �. � . . � . ` . .x.... . .: � ...� � � .'.r � Ti�e pro}�o�ed ��lan ,for refiziidin�„ Vinen e�:�ecuted and �, put, into efPec-t,, w.il.l: �ent�rely• p�y_ o�f the City:' � debt b. 1978.. • ' ,� .. . � Y �t v;ill save kl,4f1,622.00 for the City ori �the, rr,ini�num baei'�1or • �y2,443,022.,OQ rr.ar_imum. ,The �C�ty Vrill not be,�eouired to ab11-� , ,,�_ � ". ,gate itseiY for�ey,�,e�EE� 2F theee'w�.11•be �orn by�tli� Ref.tincllrir- ' A�;er.t, � Tne City n�i11 have to: levy iY� each �^na e'ver u _ , . _ Y YePr � . g3�e2t1'v ' �F� �durixis t,`F �if_e of tne �oridR �i��n unc'er �.*e p.re�ent ' contr^ct, :�e can �e more e-,�ecif�'e�l_ly Enot;-n.by com»2rin? th�"tt�*o ` � , �' . , _ - ' sc.leua . - -�F to__i ch �,i .� r - . 11 �1�.ot. .,n o � ., - � e c Et �,in �e.t� il � ander' eaeh . eor�traet; - 1�� + . _ •. ,. `.�o� ou�stanuin�= �ar��F �ecure by �'c:i ect ple�d:�e of .�:.� , . ,(� � _ utility re,verueF 2re r•.ot cnll.��].e lf: our� infarm�tion i� y � . , correct. , ti�.nca tney cco not 'invalve th .. '��� • e tQxin� po�:er; ,iJ�. i� coneiaereci ; •�+:�' � ' . � � . � bey�nc tne Ncooe ,�f'our. present� s�rvice .'to c.om�en� .u�on� them. . � � � . . -4 . :'� ' �''Hou=�der, it�. �,ier.t be ueeir•able , to eay �E ..tni:F ,n�int' �Cii�t the• • I': ' � . �. u d'ebt �e�V3.ce :uti��.Tfbl;e. i4 so �4eau� te '�E:at ti,�e co not• b�lieve .tn�t } � � . . '' " - tY�ese 4:i11 trou�iE .�ti-.e.City caithi�r; ;ttie' futux�e,; ' . . + '.. . - . , . ' . . . . � q � . .. .. . .�.TV. � .. � � � � . �rQ. . � � � , � . , /. . . . . .. . • '. . - ' . � .� . , . _ . Tn ar.aer ;;, imuleuier.t tr:e �^efuncin- p�o�oeal �.s ab�xv:� ,outlinea Qnei in. ;o±�c_er t.o *�rovice �t2-.e� b��i� for � c�mpl�te unde�- ` - �` gtanciin� betur.eer, •the �ity �nn L::e �Refundizit; Ag�nts �anc1 ta, de�ine , - .in brinciple, �� we�l �e'in; � � �. . , eoine dzteil,• tY:e� dtitieF, .ri�hts and : ' o�li,�atibne bf»e�cr., k�e �are e'u?�mitt n ' - ,� , � �' 2:ri•�a�reement ihat i$; ' atit2ched '��- thi_�,r,ra;���P3- �F� ;n�3e,. a �Prt thereo��_.y,t'1�.CY1 k�i?1 � � � � 'become a vnlia, .�inc;inx Fnn. exciiieive �greerr,ent;bett,�een tlie n2rt�.s�• � G'::.E'T: 2^C^ }t?� F.�_'t?Pd,.:P,.riCi. �i'CCBU�C'L� i','i2 PEIR@ + ,. . , . � . ` .. : �. , ; ' . V . . � � , . .. _ :l . , �r . ` A�tt�cYe� n46 tnie� oro'o•'p? 8rid �►nade - . • t . P� . a��pF,r.t .:hereof a�e a � °; eerlee o�' -t�b . � .." . r leE�, eQch �rith, fl di�tin�;ul�hin.* •��tter; Ehnlr�.1'� pro- { ) � . � _ . ,,,ect�iQ.�,e 'aria �tr�e aret�il� �o�� t�io nl�r��e-.: ., � i ` �� . . � � , . . '} , 'C . A ' . � .. .. ' . ' -0 Y.. �` '. ' , . � ' . � . . `, ��. � ' `� �. `(.1��' • � � �_` e - . . . ` � . . t.l . �' , '1' � � � R �'� �. t:: , x. � ! ` a,+ � . , . � , . , :. , .: � . , . . � . � . ..: , .' . '- , . .� . . . . ..J . . . �.. . f . . .b^ , > . . , .. ._� .. -.. . _ : .�, ..� . � .:: . . . ' ' .. . . . �� • `'.� �'� �' �` � . „ -"�o �tbs,•Nla9���,Qnd"C9;ty Commiaeiqn. " . _ ;; �' , • �Oc�Gotier 1�'th,� ;194•?,. " � . " �� •,-, �' � : T�i�se; 'Gablea •�re. set-up �n the fqllowin� p�em9.ae�:;:. ;'.� ' - ' •'(�) �Th�'tx,�k�.e 't�x•�rate ti�e ret�inecl �at it� pxesent lavel - an . �l _ . _.,' ' ..... '... ..��� . l � ' : � . . . � �._ � •'- .��v�ra�e:of anproxY.ma:tely 16�6 mills.(.eubjeet to recl.ucti'an'i.f'^� � • enti�ipatiori� ,are sul�st�n,tia].ly bettered)`. � ,; .' ; _ � � , _r� �2.�' : Tha�,'tne>as�essecl valua'tiori _inerease at• tYie r�.'�e of i" � , � �':•,, : of`�xhe ,. xes�n� valuatio7� durin '. the fis�al ' ears� 19�4=45 and ,� 1� � . , � 3:�45,4�;' tran t thx�ou��i the ne.x'� : ei�rit,: �i, ec�1;' y�ars ,19�6=194`7� Yi s. �Yira�zoh.�3.953-5.4 i�'i�cre�ses at'. tiie rate of� 2�a "�f ,tl�e pr.e��n� � ':j valuation ant�.-t3�a�G �herea�ter it .a�;a�.n irrcrea�e ,a� the; ra'te' �` : ; . .•. e . . . A of onl�r �1 �. . - �' . - � j ,��; �� y_(3) That the �presen� t��`ra'Ge repx�.eaen�s '�he,�aT�ac't�ic�.7. ma.�i. r � � - •: = . � � •,: . � �` ' � �.. . �:;. ' • mum ih�•t �he: City of�. CZeart,�a�er c�ri..levy arithout .undue; h�r�ehip . � �.u� cm. tY�e .ta' :ayes� anc� �,�,i��mou't:�ataa� e, to _#�he' future .�^rowth and.: ". '`v . � xP ;� �h � � i + 1� � ` �x�i��eri�y of'.��kte��Gommuifity, �nd �h�"�� the amount� rsce�.ved :i'rom � ' p: ,-'; a the l.ev�'• dn • su��i�Jb�sis ���oulc��rei�reseri� e,e.�nzch.��.s coul�; x�eas4ri= .�.` � � - � e ^�;: a�1y .be' expected ta be uc�3e av&1�,�bl.e everi i� .�he rr�e��rit . de'bt ..', - � •, : • . . .:, . , � '� . •a�reement �y*sre' con'Ginned" iri e�"�ec�, : � d. � "` - ' � . � . '�'k'hat �q�.lecti�ons �inelud3ri.� r�cover5.e"�of _de 3n �uenci•ee � . E: � , ,�. a z q e, ��r - w�:7:1� ��e���e.��hrott�liout �k�� er�tire� perio�.. ��a��tX'pxi:ma'te1y. SJ. 5i3 of ;' � �� � ^ � _ ti,e` � e�� �y .7. ev�. ;�`Y�,e'p].sn tie;.� ao•' �et u�a th�t eome�5*h't mor.e th�ii �� a;o� '�`�� ,.. , YS � ' , • � - ; ��n� entir� _debt ie� in term �orm; I.�, >,i�,.ai�r ,b�i�.e� t�i�t the` i.a� .!' F .�Y���seg��:v�1u�'tione v�:i11 �3ia,�' arits; �hs re�Gireinen� .0�'�11• the � e.F.'t .. .. .. , „ . .. . . . , - - �� , s ex�V .� - "�'� - �_ . , _ . - � . Q � . 'b.c�nd ,�t:: or befare -th.� fln�l' �t��uri'h�jr a�. t�ie• eeria7. 'bnnde� in°.19'7:�, �� � ; '�..I'or �Cc�^�';�� h�� ��'comnli£�ied �n 3,ner.e:aae in�.��ie tn2ximus► a�rival. _ �. ' 3,'�ri'y.�over �. ,...erfo�,of 31 �ar.e::.�i� a�nrn�i` t .' ,. P . Y ma e,lY. ��Y, OJb {��' xai�.2 ,' . � _ ,� ' - � . -be re uir�c� 'n�ee ' .�:�t t�. .. ' G. . ,�� , s,.., ee �. n., an exn�xse9�on in a.Ee:ee..ed've�uP'��:or�s �� • .a�inrovimet/ y - "G ebove .tihe. �urrent b��e'., In.-.,�k�e �aen�C tIint , ; ` ," , , � e� ,� . . .. E� E `�1 � ' . s �� 11�a on•e' ao not incxe�f� :P�. r�ra c�l�t as _eQtim�t�d, tk�'�:. _ . •. . � � � �. := texm �aond(� .rieed.•�na� b� r.� t�:s�ec�. until `'-itqme�;i ��. � a�t�r P�.1 ' f t,";. : �' �' _ ,� � .� o �e . �, � E �, . , , y �.. t� . - p� .� f i 1 �'� 'il ' iw a,[• � � , ' _ ` �4 z+ - �.� � �. � � �� - r• a • `f'. .t � .„ ,� S � . . . . •i . -.. .. . . ���� __ ....._. . . ��� . .,. . , �. : o . - , � , - . . . � . . e . e. • . . , . „ . r}. . �� �, , i �` � �• � , .To � the 1�Fa�;or and 'Ci� Commt "s�.on:'; . � � Qctob:er`: 2th y� $ �. , 1,9�3. �. - ser,ia3. bonds h�ve ,been.-retired• •i � • - _.,. � �3hi:ch c�,:e;e an increase i,n , ' valu�tions,'of about 20, wou-l.d be Galled Por:and ih . • . . . _at only in 20 ' year:s, It w�.11 be noted that iP the City tiirou h+d � . • . , g �. _vs.rse seqn8mic . .. `eircuma'Gances ie unable to re.tire any .oP the term�bt�nds. dnrir�g,:thQ .� � l;iPe of �he ,.�eriel .boridp, it �,�ill �neverthelee� be_ maintairiln . 'gn ' � . . . - g appxoximAte leve.�. tax '1ev,y, be 2ble to retire the rem2ining .te�m � . botlde. �,*ithin fa . � - -- � ,., ur ye�re after the ;Pin21 ma'turity af aerial bond �For thiF reason �*e 1 � � p en to rjTece the mQturity�o3 the`term.bonds � '<`,:�'� ' in� 1979 • : -�� ` � ' - - ' �. bur eGtimate tY:at as.se�q � - _ , s.ed va�:u�t�.bne 'Vri�l increase �ru�xe .rapidly.:t�an normallY in the fiscal e2r ' -: ''` - . . Y . s 1946-47 th�ou�h �.953-5� - ig '��eed direc�lv .�: . � � . . .� e.ctual ea�Eriene8 of the' gerivci "fo3.lo�;ri.n � �,the"�firet . �rlorld '4Jar. Durin>r. �: ; • „ tha;G period• 'valuations '�hrou ho t` , , . � ��.. . � . ` � the �country increased �t � much.mpre ra�id r&tia�ri t� . . - , a�3 �a:t which . . , . . � . , we t x�ve enrilo , ea �' Y I� i � . , our - belief tliat s`fmil.ar re�sults wi11 be '� at�:Fi-ned follov�in�� tY�e ;G , p. .' . . ' ;.A . �, pre_ent war, .in t,hi�Caee the indebtedne�� _ � _. � : o#' t2�e Ci:ty tnrot� h call of term bonde Gnd eventu�ll o. � �, ' n• Y i seri�l . � bonde mPy be retir.ed a.t sn �cceler�tea r2.t� H*i.th � ' ., ' a coneec�uent � � ,. aadin� in �nte-refit coFt to the Cit�.. � .. - _ �; - _ . ,� "� ReenectPully ,Pubmitted, � �, : ' SFiIELDB & C0. . �' 44 tr7a11 Street ; ; r . - • • ' New York;. I3. .Y�. � • � - • - _ `8y ' - _ . io . . • r tiiem:aelve� and - ��'.• =::�` , . " : •Asecsc�.a`tes. .` - . .. . . . . .r. .. :�,. ' . . � . - � �' - . . .. . ` . .. . .. ' � . . �. . - '� , , . . . � _ . , � . -� C __ , � " � .'-�----`�"�'--�-' � ��� ' ``{ r � ti + •, " � .p `. � - ,� F .. Y � '' ��, y' � a .� � �.. � Y� _ � I.�. � ' ,,. . ;�: `y �, :;� i . „ , , , , . � . � - - 1 : � 0 H'8� I� U �Y� F� � ' , A�'. . � - :�h$�-. . a`b�.a' °�hqxet � . _ �,,. CaZur�n le :: Tk�e i'irat vvlu�t 3s,.R �pxoj� �iqn�;of t�ss�ac�c�•ro;�lu���,a'na. `£hose � ; , ` , ," hsve j�eeri 3aq.r�aeacl n� 1ia .annur►�ix durinS tlie �a�Q.m�, ,ys�re': ' . 19�4•�4� und ��45-48; $TllI;L1�h �I746 :70.6Xti; 6� ,txsQ�� .y�ars' ,(�9�fr4? to. 2953-�4�y .1�Fi,e ixisreasa�heo been: ��.guz�8d nt,2 0�, � ,:, . � .. � thrnu�Ti �he a�,turi�y date .�xam i1858�5� t�ic> rEite o'£L;;�is��esa+D . �.: •. . . , : ,. ��: � h�s;beon aga�.n iedtfoed to.; Ye'?f. -,'lh3s 3s ullsra.�oons+�'�t���v�� i ` 2� IIs3:n�, .�nbu�°',gre�eni„�v�.taa ifate t�e- �s�p� tausea asee�qdci are•p�ojeatedM ..� ° _� `3r �.�- BSS9(I �.�,Li�0Y1 .8PQT9�9F�.� P011' �iY1�.YtY :Y8A3`E3 0#' �..2�oPulata,on-��uvvth,r ;�ie � - ha`ir�' �"voY�d ou.� pio,�eoted, avaregee.'., �k3s; ;setimQ�e is � , : '"r ba13:eQed`�o. be oonsQrv�Ctive,, �'lso.� , ae.,''�hin eoXumf► �ho�rs the idbll�k^ raeu' l�Q sxunxa2].y •of e� �oliecs'���ba �- • ', of 'i39.� o#'. �he. aurt�nt,;te.,•ra11+r �"� ' , � , ,5': f' 7'hia •�:s ixitez`estr �tp 2��Z�°�.�nxrit��:ly �rbm you� GoQes�ya�nt B9�as i � ` - in . Sinld.z�g. ;I4�ud. `: i �'' �. 6:'' Thi� a.e�,umn aho�pa,: �he t�ol"lr�r resul'�s fro4R sir�l�.e�txozi cf 89�,t � � � �nc1 'Go7ea�mant �a�� �nterQ�x. � �; �� _ ` ., � - 1� � � 4 5� S (� �'�s�ima�e�'' Est.` Levy �l,Ppz'oar i ,. s': ri��� Calloot�o� � Gxod3.� fri��s ' Avez1� 'i`Qr Gi:,a-..,' . .;eh:.ia tr.,t:_ �ic_a'ktaty� f..e...� : .a,,:»:ir�.�..,. ,.>r,;t.�..«.._. �e.�r. .:,..i�..se._..�:ia:._a'.� t,�:-�.''ch,..r.: �� , , ;. .. . ; � . •: • _ - ; � �,�>- z �' '�Q� �l�*023,300 '. �215,992 _ . 11�Oaq �193r5Qd •.,y $�39b , : , 13�153,5'3'u : 2I8A15� . 11r�00 ;�.9���43 ,' 1946 13j283,766 '.Z2b�312 =� •�.1'i�OQ ; 197�v70 1547 � i3y 54a�032 . ` 2�4�,�3Z �:�,r5D0 �AI;24 1��1& , ' .. ',X3,�804;?r98 ^, 228,9b2 . � j.2;20A � ; 20G�I1�? 3�� _. -' 1�,Ofi4rb64 ,,233y2.71 $2�,;60CT '2p8�980 19s�0' - `1,�R5�4r83j0 • ..`. 2S7i5�� � 12i8p0 . �ZY���$Q 195i. � , i.4�5�5,U9£ 241,9�:1� � �l�sl���. :�7.6z�F20 195�.. T4,845;362 ' 2�6 j231 "�,�,�#00 220,(,59 .19 15j 1�D5,628 ' 250,��v1 i�,70D •. 22�,46. ' 1� . 15;,56��834 � 254.,871 . ' 1ds006 :278�$� � �.� � , I5,4�G�7.�7 ' 269,Q30, �. 1hi30U . ' :2ubtl6. 1956 - �.5��26,$6p ` 259�7,9i� l�r'60(x „ . � 2�2,U0 � i�J�? ' . 15�'X54,59$ >'.'Lfa1�36.fl . .,, a,nt$Op " .- 2�u3j8v, ` $�8 :': � . 1.5�686,�25 . ' -' Z6�,b�D . 1��;2d0 � : ` � 2&�r.&7 . 2959_ :� : i6:,Ui?;Q5.9 265,��b , .1�3,504 °,'.. , 237,50 �a96Q ` �6„7.�4?,29Z •, 26?„@�U 1.5�8qQ 239,8�# , 1961:' ' 16,•277�525 ' •". `�&9��98 � ��,1Q�S` ' ` . '24�►17, � �crg2 ..:_' 16x�Q7;75� • - • 272,7:b0 1G dOQ . .:' : r . 2�S 0. = .i 63 " 1&<53� 9�X . : : 27 �l ` .%Bt708 � ,� . r . . i . _, . 4,, _ `," ,, r . ; 24�,8�5 :^ x9�4 `' �6 "S66 `�2� ' .. . 276' �7� '- � ' •17 (! b - .- ' � t .,, � ;� 0 :,�246y88 Q ,. - �$ " 8` 5" ?8 5? `2 7. • 1 9 G�'E1 . ., r� . 78, . 17s�00 ;,24ff,51, �.s�s ,:= . , i *s2af�s� . : is4,��o .`� i7 �00 �� • ' , � � r.S I96'�`� _ .x7's058,�9�$ , . • . Z$2y �3GD '. .17�`�DO.' _ � : 252, X6. � i96$ �' -37�a89,1�6 ,. '�85o�,OJ. � �,g�aQR -, y � '�54'�02 1���9 = '�1"7�319�sS89 ,,2�7�269 . 7.8',�5Q0 . �� �55t8£.� `.-1-97Q`•, : . � ,17•s�43X622 �:; 2�9,ai9 "' 16,�DQ � � ',257afi$. ` .�.9.71 :� . }7s5'79t$56` ; � '',y2��y589 . .�.9t1bQ � . ,; �>�89�;¢? 197.2',' , �.7�?lt3�if�� 293�7�g • 7.$r�!0� _ 261;3 . 73' 3 :� 1$ .. �L7�8413, 2�. • -�295,9p9 ' ].9;74a ��•'�:�63y19` '. J.97�. ` , : ],7.970�554 .. 298j069 20'�.Q(3� . . 2Gfi,03 - � - ., , . _ . . , ... o .. �. : . - � . . . � a %" , ' + - � -+. . , k,._� _ *$J.50�OQ0.'�stitnatad'�o.oa�z� 2 I� �, ,, � n4 _ f ' Y �! . � . . '.I� :i � , �! . �� 1 ' r __ •..� '* � . � " „ '� , S 9 y f. �.. � � " A : ,.J�' f �r �� ti'i � .. • . � .. A � � ' \ � `�I` � . �'+� #� w:� �Y .� � . t= �\ �' ��.,��-, t,''� +'•' �.4+" , •'}" . .*�. • . � �"�` f.. , :.� � �� Y� � . -�. . L�, 77 . J� �,: �. a �'��� r , ."� ,'*����'#,�'�� k„ "� n.- ... +i ��:., �w `��� _ .. d ��..� � � Z48r595 a �!� � 2so,�y � :> �� -2b2��285- � - `' '25�kr '�(%t�` : 5 �' 2�5�;��35: 0 'h 2b7`r77Q - 5 �°� .; ��9;� OS . � ,. � 26,1�i�Q t � `�' .'263�275'": Bp � it . �.66y �10 :' �r � • �86�J45 � ^ �B8r78� > �, "� 2°/'ff i Y '' � 0 Y• '��t .. .'� . . . ... a4`. '.. :. x . � �` . � � ., . � � . 1��� v �'�� � .. , �� N� � "'�il . ' . � i . , � , r� . " .e w tlV. . , �- , � . .. . � � g t. � - . � . . . � F�i,: _ � *. % . S. R'$' E D. U Y, � �a , ,'d" . '� x . Tk�.s goheflirle � io a ro oa p p a,l:� �o be opnBidered one .metihod:oP . ' �ro�nd�.ng �he Gity's debt... . Pago one,.eho�s a21 the bond � .. - �Se3,ng. r8tire.d by: 1975> This may he oa�.lod.:the max;ttouin levy. . 2Y this ie realize�i, estrings va311 be �iuch �reateg (ses ex:, • " Ianaticn in th - � P e propoeal) e Pa a t�ro: the 'mi - � _, nimuin� le ,�Y' a � .� ' . - s hgdule is set out. �hia pays off the'•dQbt by'1879 ancl '- _ , produoea the lovrest savings ($1,4618622..Sp). � . . . - � •: . :l , .:a ' . . � . . .. . . . .� . � � - . . . .' . " �d. - ' �1 _ . . , $4,404,OQ0 - , . . " cITY o:� r.LEAI�'r�ASER, FiDItiDA � . • _ Reflzrtdin�_Bnrda r , . -�� . . ., � Est. Available: ' TERh�� � Totql Debt : ��(aty 'far Debt Servioe Ihbezest . 2' 1 2s 3s. 3 i 4s. � 3 1 Zs 3 1 2s Servics 1944 . � �"197,250• "�148 000 �t45�f . � ;..$4j�( ; $��9?',000. .;i D 1��5 _i99y185 • 246,735" ' 60 3' 199.,735 . 1946. � 20��`120 - � 14�i,380 . , � . 5Q. . ;6 20Ty3L0 .. 194'7 "204s990 ' 143II920' S5� . -. . . 6 204,32p �. � �1548 •�-:" 208:�860 142„�,335� . • �.v� 60� � 6 2. �� "; � l 0$�335 " 1949 :•-` 2�.2�730 140'325 66 � ]2. , 212y325 � ,� �950 Z16,fi00 . � 138;105 � 65• : . 7,3 , . 216+10:5 Q�� �i 1861- 220a470 135,700 qp .y- ; � _. YS •� 220s70U 1952 224,340 . T33;07.5 . 70 2� 224�075 � ` `1953- .:• .228 2.1p . , s. 130 ,�240 . �b' .23 � �� 228'240 195� 232,080 '12'l,185. �80� - � 2,5 ' 32/a8fi �I355 233,°15 . .. T23,9Z0 �f �� 85 `� '25` •� 233D710 '�1956 - 233,750 • 120,072050 - 90 �26 . , 23&,.Q72e50 I957 . 23?0585 �116,237',50. 100 21 ' . ' 237,2�7.5D � •."�95� - 2390420 I12,252,a50 " 100: Z7 239,2, 2,�p ' 195�' 2:4Z,255 i08,057.50 110 . 23 24I,0 .5Q'� -'� I960 • ;' 243yU9D _ 103D&77e5D ' � . 115 25' � 243a .7e50 . 1.96Y ' 244b825• " 98g065 � 120 . 26 24 65 �' ;E62 246;760.' • 94m255 � ��125jd . 27 2g6p255 .+1963 ,-E48',585 � 8Bp9S5 . ' g�6 � 30 ' 248,935 • 1J64 250,�430 83�;335 ''4 135 32 '. 250,3$5 � :9 ' 19&5 • 252,265 72�490 . • ; . • 140 35 25�n4aD . 1986 254�100 � 7ie36,� , 145 �8 •. "254,3F5 . 1957 ':,'2b5'�'35 - 64,Qf�0 - 150` 47, ' 2b5 9.60 196$•� : �257 ?70 ' S8 275 , . • _ ,. f • T6$ 44.. �5?D275 Y969. ' 259�,60.5� • 51D310 . . IGO. 48� '� 2rv9.y310 , , .,�970 � . E:B�s440 . , °- • .44,030 .. . , J.fzS 5�. , ' 261,+�3Q ],971 2���27$ � �36,435, ` • - 17p 57:` 263D4�5 �.,�, �� �a972 : , 2_65,110 28,490 � , • ' 7,75 ' 62 i 265i!�9b " 19�� � 266,945 2qd.,i+95 • _ 185 62', 267'195 : 19.?� '.�268a780 11R550 �_ ' �� :19� 14U 3�1.55d :.a • • �Lsas A liaation�of Resezbe�--�----^----= 150 0007 . . ' . ' � ` 2D0 �. 40Q ` . '800 "�2. �025� �; ` 97. 9 , ;, ; : . . , � � � - � S 5�!!. ` . 1 1p5bQ •Total nterest Cost •�& 9.44'727.50 . - . 'i .:.; :. � a, s -. . � • ` ` ; . T.�as . j - 116,2b0.00, . oa-rrtin�;s of Reset�ire Fund' , � - ' - , ; ' ' ntQt inter.est .Cost �2 Z8,4n?q50" " � ,, - _ , .� , � _ ' � • ' . '. _ . _ d � . . . � . . . . . . . � - . " ../• . . . • _ .... . `,.�. . _ d a� ' `� t ��^S ..� 'tM.. ..�,� Y�p�y�H � •,Rt w �°. � � a� � � � . !�� 1 ' � p 4,y a �y. . � �. � . _ ��P ��. ` .'+?' ; » � .+� �` . � � `� "+ . �j �.� "�� �+!N ' �w'�4 r . - . .. r v , . . � m .. � e . t . �y` . g�' 'yy � , ��. � < " -- _ ,� _. . as � � 1i � Y • t q ���' � � 6 :�. "�� ' � '�;` .� ��£ � S�d.���`D U:•$. � .d� / � y, . . Q .� . - _ i .e Q _ a8 �le ia �o e. t . 6clriQidouoid z� �� o' � o� • . ; ; ; ": shiQ aoh. u _. , A. �_�..� o t� , .� h d � ;, � . . : � ; 'ra�lznd$ng �tho City� a dia'��;, ` ��o o' ; �hot�e , aJl�,_ �ho boi�do ., - ; � b4� P rot4red'-by 19�G, i%9;'a mhy b� o oaliea �hv szsxAmu�ri $e a� . � �'` . TP �h3n ia, ra,ii23��`odD'i�av��;.o �ji�1-'tio mir'oh: gr4�etor.�Reo.;q�c�, .• p7lc�asxt�:on•in.tho p;ogdpal� ,.., £$go .t^o, �ha-mAnietuta �i�vy . ;:ao�9dule,,9,a riet .'out.: ;�his pa a•of'� th� clabt.by� l�'F9 .� - p�aduobo �ti� locroo� aavS.agn -(�ls'n�G�As�°L�.SQ). � ^ 1 - �' • . . ; b`� v4y�00,000 - OIT.Y OF �CT�ARS"dATI;R� F24?RiDA „ , , , - ` � '- ,' , � , ' ; � �.- ,. . Raiixndizi� #�artds- :. ' � Est.. Avmi abla _ �E� 'To�,al 3)ebt . Piat ��'or _Dobt S ro��cm "Inta� ot `• 2 1 2o SQ� : S;1 4d.. •� ' 2ac. S X 2� .:.S��rv9,c�b _ . . . , , ^ � ,: � is�4 � �i9�.250 `.; , `` i�i�e,000. ' � : ��5J� . . _ , v�� : :i���7#qoo � ; 1945 � 199RIB5:: - ,'146e7u;5 - 6Q � . '. .. . : ' • , � Y , $ , ': ! .ti .;.1J9�735. ; ' � - Y94�' $01.i2.0'.. . Ih5,I3�0 ' fi0 .. � '� ° G ' 2Qx.38�. x V,'; � 7�94.T 20�i9HD 1�$y�20 . 5b ' . �;.• _ 6.' `2Q4��fiSEy` � 19�8 Z�fly860 . -_ I42;S8F � v 60�� � �a 6 � � ,• 2Q8�S5B R • 1��9 . . 212,730 ., ; . _ 140,32b ' - . , 6Q " . t2 , . �' �12{�$6 y, �� 1864 216, 600 : . �38`10� . . . � _ 6�a,�` .: *� �13' . ' 2.�6,�6., �+ . .,', ,19frI " . 220,470 , • 155,70d , 70 i6-: 22Qr700�, , . : � �' ` •. '� . .. ;. . _ .- - . 1952 22�,540 , ' .133,0'F5 , . 70 21 . `. `: `,224�075 :� �.953. , 228,210� �SOsZAO', . 7�i ' �2� ; :•. a28��40.;r ' ':i. x9�4 ."� 232�d8(T ' 1Z7�SSb -`�60j� :' 2S - 232�i�fi/ i` 29.56 _ -2���91'S . ;.. 12$s�IO. ' �35 2G= '�. � 2$Sy7i_ .. 1956 ' .25.5,?b0. 1208�7Z.50 , :'`•�3D • 2�-:`: „•286'0 7 i� ' .` , .,►?�� :'�9b? 237,58b' • 116,257.fiQ:' _;� � lOD �1 • , . • . 25? i2°�?:b0. � • 19b6 239�n20 , ' . 11Z,E62��' �,00 � . 2'i � �239�2,54�6p iq69:. ' 24i,256 IOS� OS7,ba .: �' l'10 '. ZS 241�db7.S0 �" 2960 ��Si090. 108 677e&0 ': •, li6 �& ; �`�4S �6T7*50 i961 . - 2<14,g26 � S9a 6.5 ' . 120 ..26. . "'�4520B6` - 1 9,962:` ,. 2�B,�P60 . . Qe}�. 5.y . . , `�1&Sj� �; 27 �46`�i256 i �196�,: Eh$.595 . ,8fl� Sb ' .. �c�0. ' , SQ : ' ,3$S*�36, s ' " � � 1864 260,48(1 � - : 8Sy8 5 1S6 ...32 . ' 2�p;,� • 1$6&.. 2b2e26S' - TI�4'$0 _ �.4D' : '�u6 :� 'ty 2��9Q. . . �,a66'. .' 25R,10Q ' 71��65 ' 1�b � ' $e .' .: �b�rs68:. ` i�J6?' _ 2b5.,9fi5 ��6+� 96fJ. . � •. � � 160 - . ��;. < `�b5�'�80;, . 196$: ' 2�?�T70 .` Sd�275 - _ • 1b� : +,�". �''L87��75; `- . �9�8' �69s605 � S�s$�Q ' �.60 - 4$- ' ' 25��81(�. , i$7Q 261��40 ': �44 036 � ' r � - , . ' , . �8b.. . .E2 , 261y03q. ` j,97I.. '.:263a2T5 ;� " 36a435• ' • , • : i.7,0 . �! � � . i 268�4ru55' „ _ 1�372.� � 2fi6,71�.t1. 28y4.90' : 12&'. . 6� � . `LG5;49,b. �, i4�7S `� • 266.$�5 . 2gF�98 ;; •i�S fi2 ; � '• :Z67,�i96; 19,i� : . 286�Tg0• . 1��56Q n;�. , : - .190. _ 14Q .' "$41�5�0}, , •Leti�-!l� l�o�.t£on -c'sf R,��iarve-- --- - --�. , �,50 OOG - . � ° - - 20� ' v i0D • �80a = , r�Z ,.Q25 ' �975� � - ;'S& " • ;. , , .. • . .'�� e � 9'� _ ', �t91, ,Q ,� To€eil' InYAroot Coot '3,��4., 27.&0 ; t..., . -. � -' i�cs°a` . ., 136,25�.00,; m�rtiin�ti taP•�iagorve�'��'urid ' n. �i!iit Intor�pt Cortt u2s9d6snpl7e�0 ' � � ' � ' . .. , . . � .. . . . . :. , . ._ .. .. � .: ,. .� ,. . � .� � . . . .. . . . . , . + e. . . .� .. � • , � ' � � . ' . • � . � � , -'... . , , . . .. ., ! �. . . Y !j p. 1 .qp �`s '�----� �--�`�'�y, ,.---M/-`? -+-- ,i"'�"'- }��.�----���-.---- .�-w�.�+M---._.�s L` qre ... �q a _ 1 s ,.,.+a »y r, �; ��� �p `^ ; � � � � , , - , .. - , � . ' p •. , » ' \ . . � , . - � �'i, . . � I .i � �. . _ �'! , i i .�_� .� . .. . . . . � ks . .. . y Mlt' �� � . - . - - qF,.: :� a. \ � ►�� � a rv � � „�', c - � .,- '� . . . . . . . a *� . . . - � . . . ... . . .... .�� p . '. � } �i . . � � � ,� � ,''�. �• . p . . �, .. . I . . I�.. 't' . . . . . . - . 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" $.�� R �,' .: p�3 : �2�8sb72�5� -. . n . . �i ' _ ��75 I55 . � ' '_ 35' - . . �''250;275 . 1965 25.2�255 : � , ?4�750 "� • lnp = ' � 3g ; ' 2�2,?`50 196G ,254a1OD 58�965 �. 1�� '�Q .253y965 " �967'� . ' - 255y935 - n . �. '", • �, 62,952'.�0 150 = 4.3' I968. :. . _ . . • � ..2�7.,7TQ, n • .' 255s852»50 �. n _ . 5�a68D ��55: '. -�6 • " 257�t6g0� �3,9G9 ' _ . 25g;fi05 .� : 5b,],a7.5U.:.- 1�Q`�.' � �9 - ' rs '. � 19qD . ='�6I, 440 • . _ „- . , - � 9�147,50 � -^ . .. . "_, e ,• 1�5 .: 53 26I,355 ;. • . �. ,.1971 � , .2�302?5 . n , , •36 255 , .. .: . .. � ' - .. - ,� s .70 170 , 5.7 - 2fis,�TO • . ',� - • 266b110 `. . - �r' ..2�9� 50 � 7 � . s 1 5 • •&2 265;892�,50 ..., . , `.: ":� • ,19T . , ," -.. 26fip945 , ; . `�1 19Q . _ ' . � , ,. ,e , s 185 . :6.], 2$?,1'$0 I974 2:68 �80 . . ���,� ' • > '.13�].95 . • �9Q '216 - �;19;�95) "�ss�s Applio�;tion, bf Reseme----�_- •.: _.__.�._.,..,. - 1�Q,OQO} " `l'of!&19I�t��re$t. 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'•!�7 . . . ,I . . . . . _�����'�qe+'s1> t. . . � . . _' .�._.....-, . .. : _- .- . . . . . . ... . .... . .. . .. . . .. . .: i 9 CH�D U LE (A� ,�!ki?�� z� ' ... ... f , �4.300s000 �ITY OF CI,�AR'�/AT�Ft. FIARIDA REFUNDING BONDB. SERI�3 i99�3 DEBT $ERVTCE SCHEDULE, SSiO'NING AS�`aE.S'STsU VALUE.��, MILLAGES iII�ID TAX LEVIES USED I` COMPIZIi�1G SCHEDII'L.T+'.,e YEAR ASSESSED MI3�LAG� TAX L�VY COLLDCTED BONll'u INTEREST INTEREST NON OPTIONAL' DPTIONAL ENI3ID VAT,IIATIOYd__(2) �) AT 909 , OUTSTANllING RATE COST BONrDS RETIRID BONnS RETIRID 7-1-19�3-Daie of Bonds • , .. ' ' Gost of Refundin� - � 86,OQ0 (�� 1944(1� �13,023;000 16:55 Mills �215;6a1 �193�978 ��8300s000 3� (5) 193�500 1945 13�153�(?00 16:55 217�,6�2 195�914 4a300p000 3� (5) 193�530 1946 13s285a000 16:55 219�867 197s8�0 4a300s000 �(5) 193'500 1947 13a418�000 16.55 220�068 199,86:1 4l300,000 3� (5) 193�500 1��8 13,5���000 16e55 224r�86 201s85Z 4y30Aa0�0 3�, 129s000 � 70t000 1949 13:688�000 16;55 226�536 203�883 4;230�000 3� 126D900 75�000 ].956 13�8�5�000 16:55 228�804 205,923 4y155�00C 39 1�4,650 �0=0W 1951 13�963'000 16�5� 231�088 207�J'T9 4,.075i000 3+{� 122�250 85'000 1:958 14a103�000 16.5�5 2a3f4C�5 210,064 38990,000 3� 119,700 90�000 1953 14,244�000 16.55 235�738 212�164 3�900�000 3� 117�000 �5�0�0 1954 14,386�000 16.55 238;088 214,2'Y9 3,805D000 3� 114�150 100,000 1955 14,a30;000 16.55 240�472 216,424 ��7A5;000 3� 111;150 105,000 1956 14�fs5T�000 16:55 242�871 218n5$4 3,6W�030 3� lO8�OQ0: 110�000 I95fi Z4,�22l000 15:55 245�304 220�773 3l490,;000 3J 104,700 115;000 1958 1489?OzQ00 16:55 247�754 222a9'i8 3�3?'5,000? 3� I01;250 120�000 1959 1'�,;1257�000 16:`55 250e236 22Bs212 3a255y000' 'S� 97�65Q 125�000 1960 I5,271�OA0 1fi:55 252'735 227'462 3�13Q�000 'e 93s900 130,000 1961 �5�424y000 16:55 255�26'� 228y740 3��OQ�000 3� 90a000 135�000 196� I5�5?5,000 16055 257,766 232t190 28865�000 3� 85a950 145�C'l00 1963 15�734;000" 16:55 26�y498 w34,358 2a720�000 3Qfo 81,600 I50�000 1964 15�891r000 16:55 252�996 236�696 2�570�000 3� 77;100 160�000 2965 16;050;d00 16:55 265;628 235;06� 2,410;000 33� ?2;30� 165;000 1966 16;2I0,000 Z6:55 266,276 241;448 2,245;D00 3� 67;350 175,000 1967 16�372�000. 16:55 2700957 243�861 20070;000 3J 62,100 180�000 1968 J.6�536�000 lfs:'55 273r671 246�304 1s89��000 3�! 560`l00 190y000 1969 16,701;000 16;�55 276,402 248,76i 1�700;000 'o � 51;000 195�'OOU 1970 16;868;000 16:'55 2'79�249 251;249 1;505i000 3� 45;150 20��000 1571 17,037;000 16:55 281;962 283;766 1;300;OOQ 3� 39�Q00 �214;000 (6) 1972 17o20?y000 lfse'55 284�776 256�298 1,08b,OG; 3� 32,580 223;000 (6� 1973 17y379,000 16:'S5 287�622 258'860 863a00C ',�, 25��90 233�000 (6) 1974 I7�553;000 16e55 290�502 261�4�2 630�OQ0 3� 18;9f30 242�t700 (6) 1975 17�729s00U 16055 293�415 26��0'i3 38f3�t�00 ', 11�640 -. 388,000 (6) ■ � TOTAL DEBT RESEr�VE SERViCE FUIdD �150;000 �Iy��500 �150,000 193a500 150,000 193a500 150,Od0 T93,500 150,000 189,OOQ 150,000 201,900 150y000 Q04�65Q 15Q,000 207,250 150,000 209,700 3a0,000 2T2,OQ0 150y000 414,150 150,Q00 216,150 150o00J ' 218;OQ0 150�000 219,700 150,000 221,.250 19J �000 223,650 150�000 223�900 150,000 225=000 15da000 230,,950 150�000 231,600 150�Q00 237,10A 150,Q00 237, 3C?0 150, 000 242,350 150,000 242,10� 150,000 246�700 150,000 246,000 150;000 250,150 150;OOQ 253,000 150,000 ? 55 , 41q 150, 000 258,690 150,000 260,670 150;000 356,380 14,433 (7) �1-. , .. ,�_ __ � � � �� � �, < �' � � 1J �,� ' � YEAifi' COLLECTED ���> . �EPI��� �,� 9 , � �� � 7 "�� �4�3=Daie of B onds ' ` 7 ' '�4 - �193;978 �' , � ^��5t 195,914 �r9'+�&.� 197 ; 880 . I�t9,�T,� I99'; 861 �' 201; 857 19 � 203�883� i950 205�9�3 19 �5I 207 ; 9�? 9 1852 2I0;064 T953 2T2,164 1954 : 214;279 1955 216a424 1956 218,584 1557 22�;773 1956 222;:97� T9 59 225;Q12 1960 22?�462 1961 229;740 1962 232� 5.90 1963 234;358 196'4 235, 696 1965 239';065 1966 241,448 1367 243�861 1968 246,304 19£�9 248;761 1970 251;849 1971 253,T66 1972 2569298 19?3 258�860 197� 261;452 1975 264,073 TOTALS � NOT��': (1) ,�e$eaeed value establi�+laed in pravioua year an whick�'taxea are collec�ted in year showna (-2) Inareased at rate of 1� per y6ar. ' � � {3) Composfte milTag� of 17 milla on OTd �erritccy uehiah ie 6Q� of total, Z6 ►nilla on F'irat _ �.ddition n►hich 3s 35y� of total� and 15 mills ori 8econ3 Addi�ior. which is .�`'�r. of totalp C4) Thi$ $So,000 onvara a fee of '2� to be paid by ths Cit;/ on all Bonde exchanged and tha dffferenas between th� (�uaranteed Bid aY 101, ori ali Bonds eold at public sale, and' . 98, the net aarou�at reaeiaed on a11 such Bonde, aPter deduating the l� premi,um received by f,he City Prom the'3� fee paid in such inatance. �" "' "' ' ( 5) Duriiig these ' four years 'all Bonda eha�l haVe attaahec� extra interest coupona in the � amount oi l� per year; which extra intere�+t has bean included in the interesi costp , abova, #'ar these yeara.; � (6) These $1,300;000 oF bunde al1 actually due in 1975 s,nd callable at pe�r (100) an July 1, 1950, or any interest paymen� datE� th9reaftero " {7) In this ye�r �135,567 of the �150�d00 Ressrve Fund is ueed �o complete the retirement o� all bonde. _ S G HEDULE SB) �4.300�,000 CITY OF CLEAFtNfATEfj,,, FIARJ...'`'DA RL.FUNDING BONISS: SERIE� 1943 PRO FORBfiA DEBT AffiORTIZAT,�Oj�,�C�DUL�E (1) BANDS Ih?T�REST IN�EF�ST NON CALLABZE FIRED TOTAL OUT8TANDING RATE C05T BONDS RETI�D AEBT SERVICE Cost of Re�unding - � 86;OOC� � �4; 30Q; 000 3°0 193;'500 y�193� 500 4;300�000 3� 193�500 193,'500 4'3t7Q'000 3� 193�Ci00 193;500 4;300�000 3� 193�500 `•.., I93�500 4•,3(Xiy�00 3R 129;000 � 7��000 199;00� 4�230 000 ACCRUED A�6T. AVAILABLE T0 CALL BONDS � ' 478 2�892 7�272 13;F33 16;490 CALLABLE BONAS CALLED AC CRUID RESERVE FUND' �150�000 150; 478 152; 89'2 157s272 163;633 166;49G , , ', 126,900 7 5,000 201'900 18,473 .•... 168;473 !�;1'55;J00 ',: 124 a 650 $�S � 000 204 i 8'50 19 � 746 �k 19 � 000 150 � 746" 4;J56�000 3� 121,680 85,000 206�680 2;045 2�OQ0 150;Oh5 3t969;000 3� i19D070 90�000 20�,670 2,039 2�Q00 150;t3�3 3,877,000 3� T16;31(J 95a�00 211,3�.0 893 None 150;�93 ' 3�782�OOQ- 3; 113'y460 1Q0;000 213;460 1,712 1,000 150,71u 3i6g1�000 3� I1�y430 1Q5�OOQ 215;430 1;7Q6 1;000 15Q;706 3,575;000 3� IU7;250 110,000 217;250 2;040 2,000 150,0419 3�46��000 3� T03;89�0 315�000 2i8;89Q- 1;9$3" 1;00� 180�923 3�34'7;000 3� 100,410 120,000 220;,410 3�491 3�OQ0 150,,�91 3;224y00a 3j 93,720 125�000 221�",720 3;983 3�000 15Q,983 3�096y000 3� 92;88G 130�000 22��880 5a565 5;OOc� 150,565 2;961;000 3f E38;a30 135�OCJQ 223;830 6;475 s,000 154,475 2�820�000 3� 84;600 1'45�000 229a609 $;U65 3�000 150,065 2p672,000 3�, 80;�160 150�000 23Q,160 4�263 4,000 150;263 2,51g,000 3°f, 75�5�0 360�000 235�,540 1#41'9 1��D00 150�419 '�a��"�y�4 3� 70�'710 I65;000 �?,�� ri� 3�774 3+000 150y?74 �:;189�OOQ 3� 65�670 I7 5�000 240;670 1�552 ].�000 150;<552 Z�023�t�00 u� 6�;390 180�000 240�390 4�023 4;000 150�023 1o825t000 3� 54D87� 190;000 244;870' �1;45? i�000 150,457 1,638;000 3; 49�I40 195y000 244,14Q 5;078 5;000 15Q;028 1;438;000 3j 43;140 205s000 248;140 3,187 ' 3�000 150;387 1;230,060 3� 36;900 36n900 217;0`53 21'��Q00 15�;053 1�013,OU0 �� 30;390 30;39q 225�961 225�000 150;96]: 788;000 3� 23,640 23�640 235�181 236;000 T�50;381 5��;000 3� 16�560 15;56'0 245,073 245;000 . i50;073 307sA00 3f 9,210 9�210 404�936 307,000 '.97,936 �3,112/400 �3�000�000 �1,3Ca,y000 . TOTAL SNTERE3T �3;112,400:00 TOTAL AMORTIZATION CC'�T OF B�NDS AS.OUT9TANDING (From Schedule C) $8a789'610;00 PT,,US RETIREMENT OF NON-CALLABLE �ONDS 3�000,000:00 TOTA�, ABdORTIZATION CO�T OF BON,DS AS'REFUNDED {As Abovej 7�412�400.OQ PLUS RETIRE�'iEN`P OF GALLABLE Bt7NDS 1,30,QJ000.00 TOTAL AMORTIZATION �O�T �p'Y�412,�OOe00 TOTAL NET SAVING TO GITY BY REFUNDING �1,377,210.00 NOTE�t (�.� FrCom SoheduTe A, inelud�,ng the amauni availa'ble Por d9bt aervice arxd amortiza�ion as ehown in �chedule A. ■ � � YEAt� EI4D�D 7-1-1944 1945 1946 1947 1948 1949 ls 50 1951 19 52 �.9 53 I9 54 1955 1956 1957 19 58 1959 1960 1961 196Z 1963 1.964 196 5� 1966 1967 19f 8 1969 1970 1971 1972 1973 1974 197 S 1976 1977 197� 1978 79 80 � ■ S C FI E D U L E (C) �4.300.000 CITY OF �_LEAf?YJATER FLORIDA REFUNDING BONDBe BERIEB' 1936 , PRO E'ORfldA DEBT AMORTIZAfiION SCHEDULE USING SAME ANNUA.L A1�OUNT3 FOR DEBT AhIORTIZATTON A8 SCF�DULE (B) HOND �`OLLECTEI? BOND� INT�REST iNTEREST REDEMPTION BONDS TOTAL DEBT ACCRUID COST OF AT 90 OUTSTANDING RATE COST PftICE RETIRED $ERVICE RESERVE FUND BOND REDEMPTION 1 �5 �90n000 (2) � 86�500 �150�500 � 85,'5Q0 $193a,978 �4,210�000 2� �105,250 96 92,000 193;57A 150;408 b8;32d T95;914 4;118;000 3� 123;540 9? 75�000 196,290 150;032 72;750 197'860 4i043'OOQ 3� I21829'J 98 78p000 197,73� 150,182: 76a440 199;861 3,96�,Ot�O: 3� 1180950 99 81,000 199,140 1508903 80,190 201,857 3,884,000 3� I16,5Q0 10i� 86,000 202,520 150,240 86�000 203y883 3,798�000 4� 151,920 100 529000 203,920 150,203 52,000 2Cs�/923 3�7400000 4°f, 149/840 100 56�000 205,84� 150,286 56�000 201,979 3,690,000 4� 147�600 1Q0 60,000 207,600 3.50o6S5 60,000 210,064 3,b30,000 4� 145,2Q0 100 65,000 210,200 150,529 65�000 212,164 3,565,000 4� 142�600 100 70��00 212,600 150,093s 70,000 214,279 3;495,000 5% 174,750 100 39p000 213,750 150,022 39�000 216,�424 3,456,A00 � • 172�800 100 44,000 216�800 150�246 44,OOC� 218�584 3,452,000 5� 170a600 100 48f000 218,600 150,230 48�U00 220,773 3,364�00p 5� 168,200 100 52,�0(3' 220�800 150'803 52�000 222,978 5,312,000 5J 165�600 100 58'OOn 223s600 150�181 58�OU0 22�*'21Z 3a254,000 �, 162�fi00 lOQ 62�OJ0 224�700 1500693 62'000 227,462 3y198,Q00 5�f, 164,600 100 63'000 227,�i00 Z50,555 63,000 229,fi40 3,129,00� 5� 156,450 � 100 73,000 229,450 150�845 73,000 232�19a 3'056�000 5� 152�80Q 100 80,000 232,800 150,235 80,000 23�,358 2,976�000 5� 148,800 100 85,000 233,800 150�793 85�000 236�69& 2�891s00t� 5�e 144�560 100 92a000 236�550 150y939 92�000 239,065 2�799�000 5� 139,950 100 100,000 239,950 150,058 100,A�J0 241,44� 2,699,000 5,$ �.34�95Q 100 lOo�fD00 240,950 150,556 106,000 243,861 2,593�OOA 5� 129�65Q 100 1148000 243,650 150�767 114,OOQ , 246'304 2'479�000 � 123�950 100 123900G 246e950 150i].21 223�000 248�761 2,356,000 5� 117,800 100 131s000 248,800 150,082. 13I,000 251,249 2,225,000 5� , 111�250 i00 140,Q00 251,250 150,031 140,000 253e766 2�D85�000 � 104�250 100 I49�;000 253�250 150�597 149�000 256,298 1D936,000 5� 96,800 1QQ 160a000 256,8A0 150,095 160,000 256,860 1�776aQ0A 5� 88y800 100 170�000 258,800 150,155 170,000 2b1o073 1,606�000 '', 80s300 100 181�QOd 2n1,300 150,307 181y000 264,073 1,425,000 5� 71,250- 100 193�OOU �64D250 150e130 183�,600 u66,710 1,232,000 5� 61�600 100 205�000 266,600 '150�240 205�000 269s376 1,027,000 5f 51,350 100 218,000 269,350 150,26-�: 218,�J00 272,057 809�OQ0 5� 4�J,450 100 231,000 271,450 150,873 231,0�0 274,76$ 578,000 5� 28,900 100 246s00U 274,900 150,74Z 246yC'00 275,019 332,000 5� 16gE00 100 332,OO�J 348,600 78,160 332,000 TOT.P_LDE�TSERVICECGST----a---------- --�;8�789�61pe � �tOTES ^ (1) Amount available f ar deb� service and amortiza+�ion as shown in Sc hedules �A) and (B). {2) B�nds retirad with �86a000 that would be noaessary to pay out immediately under Refunding Flana - � e � � 2 _ 1{��ached ie a description an�l outline of a�ugges�ed new i�sua oP ref�nding baade (design.atad Schedula g), a atatistiaa2 aaalyeie of your prassat deb$ amart3zation sitna':ion (designated a� Schedule C), aud a siinilar analysis oP debt a�aortization on ou..+- eu�geated re�'nnd3.n� plan (deaignated, Scshedule B) , Tha ,,resu�ts are rather star�ling in domonatratiag t�a.t by usi.�g the eame annua7, amounts Por dsbt serPice for gour bonds ea presentl�r an�atancting �.a �voulsl be n.sea ,�a�r the suggeated refunding plaa, eavings in intzreat ch�,rges can ba ef�ectad epprosims.ting �].l375,O00�OO,�vhile retir� t7,ese bonds eompletely e�ma 5 �ea.ra earlier, . Aetaii� of �he ae�a boad issne �a.�e nat baea included as theq are practical de�ails, betts� determined by mu'Gnal agresu�nt at a latQr date� A reserve fund has 3eea Provided for to asaure the availability nf an adeqnate cuehion of egcess funda in say year or ysara �hmt debt service �onies are inade- quate to meet then currant requiremea�e. Please note that thie plan Ys s besa conceived on �he theory of only a conservative gro�th in the city*s taxable valuee, aAa aoea aot aenena ror ite suc�esa on aay highly optimietic or promoticnsl expeeta�ion ae to fiho ciiyYs groivth and we�ltho If thi� eatima�e ia over-conserYative,�vhich it ver9 we11 ma.y be, proviaion hae 'been made for accollerat;ed debt ret3rement bhrough the use of r� loe� anough rate of inF�e��es� on the now bonde sa that for mr�.u:p years �o coa,a bonds ahould be availabl5 in the market £or your purchass a.t a�tractive dieoc,unts to you. If and �hen thesa bonda ehonld ao loa�er be ava2la,ble for pvrch�ae a'� par or less, the city is assured 0£ hEP3Ilg bOIlG�.B available Por xectemp�tion by the provision �rovidad in this plau iD-r �1,300,000�00 bonde to ba oallable at par by the citg, . In prepas3,ng thie ref'and3ag plaa, we have not attemp�ad to definiiely ea�abliah thia boa@ iasuc� in amonnt, bu�t rather havo uaed the iigura �49300,000�00 of bonde m�rely a� a"rula of thwnb« measure with which to determine the eavinge poasible �.a aa�an.tag�� to be incorporated in the refinanoing p1aa. �xi amount more or lese than this Piguxe �ould more probabl� be isaued, anc� can be def3nite�.y eatebli4hed aftax� discnsaion with you and considsratioa of the various Paatora 3nvolved„' It ie pertiuent to point out hare that �ithout yonr conBervative and long raage program o� dsbt xa$irement and cseh aecus;:+x7,ation of reservea, �i�at ia to be so hi�hly complSmented, auch an advantageous ead economical plan of refinan cing ee we here �ropoee would not be poasible, and lil� most Florida cibies you would be #'aced v�ith the ordinsry and nqt nearl.y so attractive procednre o�' a long and time-eonauming refin2nc3ng plan, with the elemen� af':riek as to ite completioa th9reby involvad, and �vithogt the fleg3.bilit� we have provided through the oppor- Muai�� oP repurehaee oE bonda at diseount� in addition to the right to redeem bonde at par, �7.1 izi. a�.1, thia rePunding plan has been aoundly, intelligently, and coaservativoly c.anceived, and represanta a refix�a,ncing progmmn t�a�t can 'he completad in a rala�ivel;� ehort �Eime and: save ths city an.€mount equal io approsunately one-third of ite deb�� Debt rseorves are nrovided �or, and �he entire plan ie 'baeed on tl�e. grremi.se o� Yoreatalling any future fisaal orieia iaspfar as tYee pe,gment oY thie debt by �he city is aoncerned. A Pvxther a�.vantage oP a conaerv�tic e � � 3 � debt amortiz�tion plaa sezch as �h.is, Ss that it allo^:re �he city an ample mergin of borro�ring vower at an,p time in ths futvre to take adva.n.tage o� poat-�rar oppor- tun�ties, and necesear,y eapansion ot the ci�y+s cap3tal i*nprovements when aad if popule.tion 3ncreases demsn3 and jnstify it� Fle have not prepasad an, agreeanent or fox�.l con�ract to covsr th3a refinanc3ng operation as we t�ink you vronld preYer to have auch � eontr�ct preparasi by your U�vn dt�c�rney� AccordAngly, may we sugges'� that in procesding �vith thia iinancing, yon �relg adopt a resolution approvin� �he torrys �f rePnnding as Here provided and au.thoriza your Attarney to prepare w3�h our cooneration a oontr�sst to cover the servicee to be rendar�d and t�e terms and conditione of tl�a sama� Fde thanls g�au for your consideration and ior the coope�:atiott, assistanoe and couneel of your City 0iticiale and Em�loyeess aIl o£ which ha,a ma.de it poasible for us to appraise yovr 3isc�.1 situation and o�fer thie refinancing proposal� Sinaerely, 30HF NIIpEEA & C0� ��� Bg ank C, Carr ������ C�� C, T. hicCreedy � A'�PROPr-:D AND ACCP£TID far and oa behalP of the CIiY OF CLEAR�tA�TMR, F.LOI3IDA, by resolutiou pasae� tizis . dag oP Qetober, 19�3, ,A,ttas�• .Signatu�e � er (8Flt'G) ��Eiire ayor � � ;/ 1���� � � `; , , t : __ ,., � � _ `� � - • .... �' . i:s�asissr�n iusa. � . ' Ter.r.rttoxi3: a .. .. . o.V1Ls:Ann�xlSr:F � . CL•'\TEL1L. f1300 � "\ll��li7:\ O7t10.1Ci0^ .T�H1�1�i7��E� � GO. �:KL"�TYCIPAL CO'tJ1�TTY i� . S CIi� OL S 01�`'A S CO ENYS+ Mb Re OF � CHICA a0 � � � FIntN ti � IBank q2 �tl F400w— Fie�o BuiLoiHc.Towew A�merlcen8 XcrsAwoclellon CnnUnenlilllll bN�ional9anMand7sustCo. � LnSn�LE,Aowtas6C�nw�t � IIIInolsBankarsAsfoclellon � HembTruslendSevinpi9ank . . NE\V YORK GueranlyTrvatCompeny 13$ 90i1T1I L.1 9.1LLE S1TRF.ET . GHIC�G O Ocicober 13, 1943 Honoraole �ayor and Members ' of tize City Coasu3ssion, City oi Clearw�.ter, C1eaxRsa�er, FTorida Ger.tlemen.; �Ii�h rQference �o the xeftindi.ng of your city+s 22 g� bonde, Isaua of 193&, %t is recogn3zec2 tlxe.� there are certain fundamentai adva,ntages to be a'�- tained 3n order tio juetify refinarcing and certain. objectivea to o4xiaider in the method of accampiishin� ii, as follpae; Ons - A subata�tial saving in intereat charges, '�rto - 6. conseruative ac�QuZe of bonu retirement, sound].y concaived and well wi�hin the city's abili�y to pay. �ree-. No iacrease in bond ta� rates� Four - Retention of �he: advantage you. nav enjoy of beSng able tq retire boncis at a discoun$ with exaess #tznda� Five - The provision for an adequate,proportion of callabZe boada, so tb.at they ma�r be rebired at naP in advance of maturity in th� eveat bonci priass rise eo h3gh a� some #tzture date that purchases Cax�ot be madn s,t disCovn�e, �9is -� sound7.y couaeived plau deeigxted fa� comple�ion ai the pseReat bond mas�ke� level, Seven- F�z17. -raimbtasement to the city of a11 legal, printing, publiaabion, e$ahr�xge, an.d similar reitiznd3ng expenees. Elght- A reftmding cqn�,raot providing for prompt guaranty oP completion, or rele�ae of i;h.e c3ty from a21 refin�sncing ob3igation and expenso� Nine - E�perienced refundin� agents whq ars in contaa� v+ith the holdera o� a laxgA pro�sorticn of fi,he city►s bonda. Ten -� gu.aranteed performanoe dapueit wiwh th.e Cit�r of �25,��0,00 to insux•e completion o� the �eftzndi�g, On the asewnption, �L-8orefore, that �hese requisites must be included in any sound and inte�,l3gent plan for the ref3naneing of yaux citqts bonde, vre have Pormulatet? � reflznding grrposal that repreaents the appliaai;ion of proven methode of uaw-iaeue �unicip�.I PlnanCing to your gi�uation. Thie inaurae tho rei'txnding progz�am being iavorably received by bondho].dera and investors Nhiah aesures the comp7.etion of the refinanci.ng operakion. �� �