R-50-029
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RESOLUTION OF TITE CITY OF CLEi;'¡ONT IN ~J<E COU¡~~Y I
FLORIDA AUTI-IOIUZn:G THE REFUì_IDHJG O~. THE ~ITY I ~
OUTSTAÌ":Dn~G BŒJDED INDEBTED:fESS AS REPRESEl'!TE~ !JY
CUFŒŒHT REFUNDING BCNDS DATED TûLY I, 1939 I A~D DUE
JULY I, 1969, BY THE ISSUANCE OF ;;340,000.00 DEFìJJJD-
1] lG DOUDS DATED JAi RJAHY 1, 1951.
\!HEHEAS, the City of Clermont, a rlurÉCirial corDoration in
Lake County, Florida, has an outstanding valid bonded indebtedness
of ap'Jroximately $342,000.00 as re9resented by refunding bonds
dated July 1, 1939, with ~rinci9al due July I, 1969, callable upon
30 days notice on any interest payment date at par and interest,
bearing interest at the rate of 3c/ to July I, 19':11, an,; then
nov! /0
31/°" to July I, 1955, a ncJ then 4::;.; to July I, 1959, and then 4' ',' to
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July I, 1964, and then 5% to July I, 1969; and,
~~EREAS, after due consideration by the city council of the
City of Clermont it has becn determined that said bonds will shortly
"'tlles
bear interest", æt i:iìie: above rates the City in its present Ì'ì'ìIoved
condition is entitled to; and,
F:HEREAS, after careful study and consideration of a proposed
plan of refunding the present valid bonded indebtedness of the City
of Cle:rmont as presented to this Cauncl by !.;r. E. C. Hodge for and
in behalf of B. J. Van Ine'en Comnany Inc. 2nd F.irst Securities Com-
pany of Kansas, Inc., it is detc~mined that the present outstanding
bonded indebtedness of said city em be refunded as of January I,
1951, by the issuance of refunding bonds Eách in the :)rinci~)al arlOl1nt
of $1000.00 bearing a constant rate of interest at 3;S per annum r;ay-
able semi-annually; and, that by the refunding of said bonds at said
constant interest rate a considera ;Jle overall saving \Jould be effected
V/hich wOIlId be most favorable and beneficial to the City of Clermont
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and its taxpayers; and,
~EErEAS, after due consideration it is now deternined that it
would be to the best'interests of the City of Clermont and its tax-
payers that the refunding plan as represented by the agreement presented
to this Ci ty by the sa id LIr. E. C. J-Iodge, a copy of sa id a qreement being
found irrrnediately follovJing this resolution and nlé) e a ;)ê1rt hereof as
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fully an.d at large set forth herein, should be inTnediately entered
into by the said City of Clermont and the B. J. Van Ingen Company
Inc. and First Securities Company of Kansas, Inc.; therefore,
;:;1: IT :iESOLVED by the City Couhcil of the City of C.lermont
that the a9reement as presented to the City by ~r. E. C. Hodge for
2nd in behalf of B. J. Van Ingen Coml')any, Inc. anci First Securities
Compa ny of Ka nsa s, Inc. I a copy of 1¡lhich irnr:led ia tel y f olloVJs th ese
:!1inu t es I be f orthwi th a ncJ irnrnedia tel y executed by the I,;ayor of the
City of Clermont and attested to })y the City Clerk 2nd thùt the J1ayor,
City Clerk, City Attorney and this City Council do in accordance vIi th
said agreement perform each and every act that may be found necessary
in orc1e:c to complete and put into effect the refundino as out15.ned
in said agreement.
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PASSED by the C:t ty Council at its reguJ;"r rneeting held in
the City Hall on the 6tr lay of June, A.D., 1950.
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C':y Clerk
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