No preview available
1939-02 IN THE DISTRICT COURT OF THE UNITED STATES, IN AND FOR THE SOUTHERN DISTRICT OF FLORIDA, ORLANDO DIVISION. IN THE MAT EH OF ) NO. 1.143-0-BANKRUPTCY ( CITY OF CLERMONT, ) In Proceedings for Composition of FLORIDA, ( Debts under Sections 81, 82, 83 and 84, of Chapter IX, of the Acts of DEBTOR. ( 1 Congress relating to Bankruptcy. FILED Dec 5 - 1939 ORLANDO, FLA. Edwin R. Williams, Clerk INTERLOCUTORY DECREE By: Walter A. Daley Deputy Clerk Orl. M.B. 2 - 1057-1066 This cause coming on for further hearing upon the verified Petition for Composition of Debts filed herein by the City of Clermont, Florida, and upon the answers and objections of certain creditors to the said plan of composition, and upon the motion of the petitioner for the entry of an interlocutory decree confirming the said plan, and upon the report of the Special Master herein, and the Court having considered this cause, the pleadings therein, the objections of said creditors, and the 4 report of the said Special Master, and having heard counsel for petitioner and counsel for said objecting creditors, and being fully advised in the premises, IT IS THEREUPON ORDERED, ADJUDGED AND DECREED AS FOLLOWS: I. That the Court does hereby make the following findings of fact: (1) That the petitioner, City of Clermont, Florida, is a municipality under and by virtue of the laws of the State of Florida, situated in Lake County, Florida, within the territorial jurisdiction of this Court, and that it was a duly constituted municipality at all times during which the bond issues affected by the plan of composition involved in this proceeding were made and issued, and that it is such a municipality as comes within the terms and provisions of Chapter IX of the Bankruptcy Act of the United States as amended. \J II I f 1 (2) That the petitioner, City of Clermont, Florida, is a municipality or taxing district within the meaning of said terms as used in Chapter 15, 878, Laws of Florida, Acts of 1933, conferring upon municipal- ities, taxing district and political subdivisions of the Stqte of Florida power and authority to institute proceedings and accept the benefits of any amendments to the bankruptcy laws of the United States enacted for the relief of municipalities, taxing districts and political subdivisions. (3) That the municipal debtor, City of Clermont, Florida, mailed and published all notices as required by the Order of the Court entered on the 31st day of July, 1939, and filed proper certificates thereof. (4) That the said City of Clermont, Florida, now has and has had for several years last past a population of approximately fifteen hundred (1500) people, about twenty-five per cent (25%) of whom are colored people; that the City of Clermont, Florida, has a limited amount of industry largely confined to employment connected with the citrus industry surrounding the city, and there has been a marked decline in business in said city; that the assessed valuation of property within said City of Clermont as presently constituted, subject to taxation, amounts to $1,125i813.00, the assessed valuation for the years 1937-1938, which assessed valuation is less than the total amount of indebtedness owing by said city. (5) That the aggregate amount of bonded indebtedness and interest thereon to July 1, 1939, to be affected by the plan of composition of the City of Clermont, Florida, is the sum of 3884,300.00 principal and 4440,117.00 accrued interest thereon to July 1, 1939, whether represented by coupons or not. (6) That the City submitted or caused to be submitted to its creditors for acceptance a plan of composition of its debts, to-wit: the plan submitted in these proceedings and which plan is made a part of the petition filed herein. That prior to the time of the commencement of 2. this proceeding, creditors of said City affected by the said plan of composition holding securities of said petitioner in an amount more than fifty-one per cent (51%) of the amount of its indebtedness, accepted said plan of composition in writing, exclusive of any securities owned, held or controlled by the petitioner, and that said petitioner did not and does not own, hold or control any of said securities. That the City Council of the City of Clermont, Florida, by resolution duly and legally passed, authorized the bringing of these proceedings in accordance with said plan of composition, and also pursuant to authority under and by virtue of Chapter 15,878 of the Laws of Florida of 1933. (7) That said City of Clermont is insolvent and unable to meet its debts as they mature. (8) That said bonded indebtedness of said City is the only indebtedness of said City, as hereinbefore described, which is to be affected by this plan of composition. (9) That each and all of the bonds issued by the City heretofore described and affected by the said plan of composition are general obligations of the said City and are payable without preference out of the funds derived from the same source, to-wit, ad valorem taxes; and no specific property or revenues are pledged for the payment thereof, and the creditors of said city affected by this plan of composition are all of the same class. (10) That any judgments heretofore rendered on said bonds, or interest coupons annexed thereto, or interest on said bonds or interest coupons, are payable without preference out of the said sole source of revenue, to-wit, ad valorem taxes levied by said petitioner; and no specific property or revenue is pledged for the payment of any of said judgments, and therefore, the whole of said indebtedness, including said judgments, whether there are writs of mandamus by way of execution thereon or not, 3. constitute part of the same single class of creditors, and that said single class of creditors is the only class of creditors of the petitioner affected by the plan of composition. (11) That in accordance with said plan the City of Clermont is to pay Leedy, Wheeler & Company, Fiscal Agent of the said City, two per cent (2%) of the presently outstanding bonds which are actually exchanged for the new refunding bonds within one year from June 8, 1939, the said two per cent ( %) to be paid in cash at the same accrues under Section 10 of the plan of composition. Such payment of two per cent (2%) is for the services and expenses of the said Fiscal Agent incident to securing the consent of the requisite percentage of bonds to enable the City to put into effect the refunding plan contemplated, including the assembling of the bonds for exchange and including also the cost and expense of furnishing the legal opinion of nationally recognized bond counsel as to the legality of the refunding bonds, and any other expenses the Fiscal Agent may incur in the performance of its duties as such Fiscal Agent. Such payment is not to include the expenses incident to the validating of the refunding bonds in a court of competent jurisdiction, printing of the bonds, depositary and exchange fees, and the costs and expense, including attorney's fees, of proceedings under Chapter IA of the Bankruptcy Act as amended. Such arrangement and the amount to be paid is fair and reasonable and manifestly to the best interests of the City; and it is likewise fair and equitable to the participating bondholders. (12) That in accordance with the evidence, a reasonable attorney's fee for the City to pay to George F. Westbrook, City Attorney of Clermont, and Henry L. Jollay, of Winter Haven, Florida, as attorneys for the petitioner, the City of Clermont, Florida, for their services in and about the bankruptcy proceedings herein and the validating of the new refunding bonds, is $5,000.00. That such amount is fair and reasonable and should be paid by the said City of Clermont for such services. (13) That the City of Clermont, Florida, municipal debtor, under the proposed plan of composition, is to issue its refunding bonds on the basis of fifty per cent (50%) of the principal indebtedness outstanding of the said city as of July 1, 1939, or its refunding bonds in the sum of $442,150.00. The said refunding bonds are to be dated as of July 1, 1939, shall mature July 1, 1969, and shall be callable at par, plus accrued interest, upon any interest payment date, and shall bear interest as follows: 2% from July 1, 1939, to July 1, 1943; 2i% from July 1, 1943, to July 1, 1947; 3% from July 1, 1947, to July 1, 1951; 31% from July 1, 1951, to July 1, 1955; 4% from July 1, 1955, to July 1, 1959; 42% from July 1, 1959, to July 1, 1964; 5% from July 1, 1964, to July 1, 1969, or to date of maturity. Under the plan, all unpaid interest on the presently outstanding bonds accrued up to and including July 1, 1939, whether represented by coupons or not, are to be refunded by the issuance of delinquent tax notes in an amount equal to the amount of interest refunded thereby. Said notes are to be in negotiable form dated July 1, 1939, but bear no interest and have no definite maturity date. They are to be redeemable in whole or in part by the City, through its Fiscal Agent, at ten per cent (10A) of the face value thereof, and may be purchased and resold by the City to Taxpayers for use as provided in the plan of composition. Other details of the refunding plan are set forth in the plan itself. Said bonds and delinquent tax notes are to provide for the levy and collection of a direct annual tax set out in detail in the said plan, and the said bonds are to have the redemption and callable privileges specifically set out in the plan. The said City of Clermont will be able 5. to collect such ad valorem taxes to meet all requirements for the payment of said interest on the refunding bonds, as aforesaid, and to provide funds for a sinking fund for the retirement thereof, as set out in said plan. (114) That the said plan of composition treats all creditors affected thereby fairly and equitably, and there are no other arrangements or agreements giving any of said creditors any right or benefit other than as specified in said plan, and said plan does not discriminate unfairly in favor of any creditor or class of creditors, and under said plan of composition said creditors will obtain securities and bonds upon which they can collect interest, and said plan is for the best interest of the creditors. It is the finding of the Court from the Special Master's report that the said City, after paying its necessary operating expenses, cannot at the present time make any greater or further payment to its bondholders affected by said plan of composition than as specified in said plan. (15) That one hundred and fourteen (1111) creditors affected by said plan of composition have filed their claims herein, and that each of said claims has been approved by the Special Master, as shown by his report of the testimony taken herein, which by reference is made a part hereof, all of which claims are in proper form in accordance with the order of the Court made herein. That a portion of said claims were accompanied by the bonds, and the balance of said claims were accompanied by certificates, which complied with the Court's order concerning the same. That the holders of securities representing more than seventy-three per cent (73%) of the aggregate amount of claims of all classes affected by ,the plan have filed consents to said plan in writing, and proofs of claim thereon, and petitioner has admitted its liability on said claims in said amounts. That creditors representing less than six per cent (6%) of the total indebtedness have filed claims not approving the plan of composition, and creditors representing less than three per cent (3%) of the total indebtedness have objected to the plan of composition. 6. (16) That said plan of composition was offered by said City of Clermont in good faith, and that its acceptance by creditors accepting the same is in good faith. (17) That under the laws of the State of Florida, the City of Clermont is authorized and empowered to take all action necessary by it to carry out said plan of composition. (18) That in the year 1929, A. M. Klemm & Son instituted a mandamus action on bonds against the City of Clermont which did not terminate in a ' judgment. A second suit was instituted in 1930, but did not result in a judgment. In the years 1932 and 1933, three other suits were instituted by A. M. Klemm, successor to A. M. Klemm & Son. These suits resulted in judgment on bonds which are filed as a claim in this proceeding. The bonds carried no provision for the payment of attorney's fees by the obligor. The testimony does not separate the actual court costs from the attorney's fees that were obtained in the matter of these judgments. II. CONCLUSIONS OF LAW That the Court does now hereby make the following conclusions of law: (1) That the Court has jurisdiction of these proceedings; that the petitioner is a municipality and city within the meaning of Chapter IX of the Bankruptcy Act of the United States, as amended, and is authorized'by the laws of the State of Florida, to-wit, Chapter 15,878, Laws of Florida, Acts of 1933, to institute these proceedings; that petitioner was a municipal- _ ity at all times when it issued the bonds involved in this plan of composition, and it has the power and authority under and by virtue of the laws of the State of Florida to take all action necessary to be taken by it to carry out the said plan. 7. (2) That the plan of composition and the proceedings had and taken herein comply in all respects with the provisions and requirements of Chapter IX of the Bankruptcy Act of the United States as amended. (3) That all the material allegations of the petition of said City of Clermont are sustained, and that said city is entitled to the relief prayed for in said petition. (Ii) That said plan of composition is fair and equitable and for the best interests of the creditors, and does not discriminate unfairly in favor of any creditor, or class of creditors, and complies with the provisions of Chapter IX of the Bankruptcy Act of the United States, as amended, and has been accepted and approved in writing by and on behalf of the creditors holding at least two-thirds of the aggregate amount of claims of all classes affected by said plan of composition, exclusive of any claims owned, held or controlled by said petitioner; and that all, amounts to be paid by petitioner for services or expenses incident to said plan of composition have been fully disclosed. (5) That the offer of said plan of composition by the City, and its acceptance by said creditors, are in good faith. (6) That all objections, motions and pleas filed on behalf of certain dissenting creditors to the plan of composition are not, well founded, and should be overruled, except that the representatives of A. M. Klemm should be paid their actual court costs in suits instituted by them upon submission of statements showing actual court costs independent of attorney's fees. These costs should be paid by the City of Clermont as a part of the costs of the proceeding. (7) That no creditor who has asserted herein a vested right by virtue of having heretofore procured a final judgment, or alternative writ of mandamus, or peremptory writ of mandamus, has any such vested rights as 8. preclude the operation of the bankruptcy power of Congress thereon, and therefore, such claimants are not to be placed in any other or different class than creditors generally who do not have judgments, alternative writs of mandamus, or peremptory writs of mandamus; and all creditors, whether merely the holders of bonds-or coupons, or whether they have obtained , judgments, alternative writs-of mandamus, or peremptory writs of mandamus, are of one single class, payable from one and the same source, to-wit, ad valorem taxes levied by the petitioning City of Clermont, without priority or preference. (8) That a reasonable attorney's fee to be allowed George F. Westbrook and Henry L. Jolley, attorneys for the petitioner, for their services in this proceeding and in validating the refunding bonds, is $5,000.00. (9) That in accordance with Section 10 of the Refunding Plan of the City of Clermont, the said city should pay costs incident to carrying into effect the provisions of the refunding plan, in the following order: (a) The cost of validating the:b®nds in a court of competent jurisdiction; (b) The printing of the bonds; (c) Depositary and exchange fees; (d) Costs and expenses, including the Special Master's compensation and costs, and the attorney's fees of the attorneys representing the petitioner; (e) The compensation of the Fiscal Agent; such costs and fees to be paid by the City of Clermont as soon as the same shall have been collected, as is provided in t he refunding plan. 9. III. THE COURT DOES NOW, THEREFORE, HEREBY ORDER, ADJUDGE AND DECREE AS FOLLOWS: (1) That the plan of composition filed herein by petitioner for composition of its debts under Chapter II of the Bankruptcy Act of the United States as amended, be and the same is hereby in all respects' confirmed and approved. (2) That said plan of composition is fair, equitable, and for the best interests of the creditors, and does not discriminate unfairly in favor of any creditor, or class of creditors. (3) That said plan 'of composition has been accepted and approved, as required by the provisions of Subdivision (d) of Section 83, of Chapter I%, of the Bankruptcy Act of the United States, as amended, by having been accepted in writing by or on behalf of creditors holding at least two-thirds (2/3) of the aggregate amount of claims of all classes affected by said plan and which have been admitted by petitioner. (i. ) That the offer of said plan of composition, and its acceptance, are in good faith. (5) That the petitioner is authorized by law to take all action necessary to be taken by it to carry out the said plan. (6) That each and every, the objections to said plan of composition be and the same are hereby overruled. (7) That each and every, the claims of vested rights heretofore filed herein on behalf of certain dissenting creditors be and the same are hereby severally disapproved and disallowed; and no creditor has any vested right by virtue of having heretofore procured a final judgment or alternative writ of mandamus, or peremptory writ of mandamus, based upon any of the 10. securities affected by the plan of composition, and all creditors of said City holding securities affected by said plan, regardless of whether said securities are evidenced by judgments, or whether said creditors have procured alternative writs of mandamus, or peremptory writs of mandamus, to enforce said judgments or said securities, be and they are hereby decreed to belong to one and the same class, payable without preference out of funds derived from the single and sole source of ad valorem taxes levied by the petitioning City. (8) That all persons, firms or corporations having or holding judgments, writs of mandamus, or decrees of any nature or kind against petitioner, and the respective attorneys, agents, servants, employes and/or successors in interest of such persons, firms or corporations, be and they are hereby severally and separately enjoined from continuing against the City of Clermont, Florida, any suit whatsoever heretofore instituted by them, or any of them, or from instituting any suit, action or proceeding against petitioner, City of Clermont, in any manner involving any securities or judgments, or execution thereon, embraced within the said plan of composition, or embraced within any of their respective claims of vested rights, or to enforce any lien, or to enforce the levy of taxes or assessments for the payment of obligations under any such securities or judgments, or execution thereon, or any suit or process to levy upon or enforce against any property acquired by petitioner through foreclosure of any tax or special assessment lien, and from instituting, taking or continuing any proceeding of any kind, including contempt proceedings under or to enforce any peremptory'writ of mandamus pr proceeding brought to obtain such writ; and petitioner and its officials are each hereby relieved of the necessity or duty of complying with any such peremptory writ of mandamus; and said creditors holding ' judgments, writs of mandamus, executions, liens or other process, are hereby decreed to be in the same class with all other creditors holding any securi- ties affected by said plan of composition, and upon final decree herein, 11. shall be bound thereby in the same manner as all other creditors affected by said plan of composition. (9) That the Citizens Bank of Clermont, Clermont, Florida, be and it is hereby named the Exchange Agent and Escrow Agent, to perform all duties appertaining to such agencies in connection with the said plan of composition. (10) That the petitioner, City of Clermont, be and it is hereby authorized and directed forthwith to begin and carry through to a conclusion within six months from the date hereof, or within such further time as the Cpurt may allow, all acts to be performed by it in connection with the consummation of said plan of composition, and to take such further steps and do such further acts as shall be necessary and appropriate to carry out in good faith the said plan of composition embodied in these proceedings. (11) That pending the delivery of the new securities under the plan of composition, and under this order, and pending the entry of a final decree herein, all persons, firms and corporations be and they are hereby enjoined from collecting and enforcing, or attempting to collect or enforce, any claim or claims against said City of Clermont on account of any of the securities affected by the plan of composition, including judgments thereon, and that they be and are hereby further enjoined from prosecuting any suit or suits at law or in equity, based upon such bonds or coupons, including judgments thereon, or interest thereon, and from commencing any suits by way of mandamus, or otherwise, against the City of Clermont on account of any such securities or judgments thereon. (12) That each and every, the known creditors of the City of Clermont, as disclosed by the proceedings thus far, have been duly and properly notified, in compliance with prior order of this Court entered herein on July 31, 1939, as shown by affidavit of the City Clerk of the 12. City of Clermont; and the form, manner and method of giving such notice having been heretofore approved by order of this Court entered October 16, 1939, the said notice, and the form, manner, method and validity thereof, are hereby approved and confirmed. (13) That the petitioner pay the Fiscal Agent, Leedy, Wheeler & Company, as compensation for its services in and about formulating the refunding plan, securing the consent of the requisite percentage of bonds to enable the City to put the refunding plan into effect, and including the assembling of the bonds for exchange, and including the cost and expense of furnishing the legal opinion of nationally recognized bond counsel as to the legality of the refunding bonds, and any other expense the Fiscal Agent may incur in the performance of its duties, a sum equal to two per cent of the outstanding bonds to be refunded which are actually exchanged for new refunding bonds within one year from June 8, 1939, the said two per cent (2%) to be paid in cash as the same shall accrue from the proceeds arising from the cash payment of five per cent (5%) of the special assessment liens and the 1930 and prior taxes, together with the sum of five dollars ($5.00) from each one hundred dollars ($100.00) face value of delinquent tax notes, which said sums shall be retained by the Fiscal Agent in a special fund for said purposes and for the purpose of paying the costs and expenses of the petitioner incident to carrying into effect the provisions of the refunding program for the following purposes, to-wit: (a) Validating the bonds in a court of competent jurisdiction; (b) Printing the bonds; (c) Depositary and exchange fees; (d) Costs and expenses, including the City's attorney's fees, of these proceedings. 13. (14) The Court finds and decrees that said arrangment with regard to payment of the costs, expenses and fees of the Fiscal Agent is fair, equitable and reasonable, and the Fiscal Agent is authorized to create and disburse said special fund from the sources and for the purposes hereinabove enumerated; and if any money shall remain in said special fund after all costs, fees and expenses of both the City and the Fiscal Agent shall have been paid, and after ten dollars ($10.00) of each fifteen dollars ($15.00) received in cash for said delinquent tax notes shall have been paid to the owners thereof, as provided in paragraph 15 hereof, such moneys shall be deposited in and become a part of the sinking fund for the benefit of- the refunding bonds. (15) That the Fiscal Agent shall also deposit in the special fund described in paragraph 14 hereof the proceeds arising from the sale of delinquent tax notes to taxpayers at the price of fifteen dollars ($15.00) for each one hundred dollars ($100.00) face value of said notes, and shall remit to the respective owners of said delinquent tax notes ten dollars ($10.00) of said fifteen dollars ($15.00), as provided in the plan of composition, the remaining five dollars ($5.00) to be used as in paragraph 14 hereof provided. (16) That by the terms of the refunding plan, the attorneys for the petitioner, George F. Westbrook and Henry L. Jolley, are to be paid by the petitioner, City of Clermont, and that said attorneys shall be paid for their services in formulating the plan of refunding and working out the legal details thereof, and for the institution and prosecution of the bankruptcy proceedings and the validation of the bonds to be issued under this decree, the total sum of $5,000.00, of which amount $4,000.00 shall be apportioned to work done and services rendered in connection with the refunding plan and in the bankruptcy proceedings, and $1,000.00 to services rendered in connection with the validation of the refunding bonds. 114. } That the Honorable Allen E. Walker, Special Master heretofore appointed herein, be and he is hereby allowed the sum of $1,750.00 as reasonable compensation for his services and expenses incurred in and about his duties as such Special Master, which said sum shall be paid by the City within 120 days from the date hereof. That the petitioner pay to Touchton & Crittenden, Attorneys of Winter Haven, Florida, for and-on behalf of the objecting creditors, A. R. Klemm, Gertrude K. Hall and Elsie Klemm Brakmann, the sum of $99.05 being the actual court costs incurred and paid by the said objecting creditors in those certain causes of action lately pending in the Circuit Court in and for Lake County, Florida, on behalf of the predecessors of<the said bbjecting creditors and against the said City of Clermont, as set out and described in the Answer and Objections of the said objecting creditors heretofore filed herein. That the claim of the said objecting creditors for attorney's fees incurred in and about the said suits be and the same is hereby denied. (17) That this Court expressly retains jurisdiction herein to supervise the consummation of said plan of composition, including, among other things, the delivery of the new refunding bonds and delinquent tax notes, and the distribution thereof by the depositary, and for the purpose of entering a final decree herein, together with such injunctional orders as may be necessary to make said plan of composition fully effective when consummated. DONE AND ORDERED this 5th day of December, A. D. 1939. I certl fors int; to b. a true and correct copy of the original. Julian A. Blake, Clerk /s/ ALEXANDER AKER.MAN United Sias District Court JUDGE, UNITED STATES DISTRICT COURT Southern D� 3,et of Florida FOR THE SOUTHERN DISTRICT OF FLORIDA. ;UPPv_bg Clete e _ - a - `\ _ V ,� r Jud. Lien BOOKfACE513 IN THE DISTRICT COURT OF THE UNITED STATES, IN AND FOR THE SOUTHERN DISTRICT OF FLORIDA, TAMPA DIVISION NO. 143-Orl. Bkpt. IN THE MATTER OF ) CITY OF CLERMONT, ) In Proceedings for Composition FLORIDA, ) of Debts under Sections 81, 82, 83 and 811, Chapter IR, Acts of DEBTOR. ) Congress Relating to Bankruptcy. FILED Sep 6 - 19110 _ -FINAL DECREE - - -- ORLANDO; FLA. Edwin R. Williams, Clerk Orl. M. B. 3 - 150 By: Walter A. Daley Deputy Clerk This cause coming on upon motion of petitioner herein for the entry of a final decree, and it appearing from said motion and the record in this cause that the money and securities to be exchanged for the outstanding bonds of the City of Clermont under the plan of composition confirmed in the interlocutory decree heretofore entered herein have been made available to the creditors of said city, and that the Exchange and Escrow Agent appointed by the Court in said interlocutory decree has carried out, so far as possible, the exchange of said refunding bonds and delinquent tax notes for said outstanding bonds and interest thereon of the City of Clermont, but that there remains to be exchanged of said new refunding bonds the par value of $76,1100.00, as well as delinquent tax notes in the face amount of $79,521.66; and it appearing that the Exchange and Escrow Agent is willing to continue with the exchange of refunding bonds and delinquent tax notes of said City of Clermont for said presently outstanding bonds and evidences of accrued interest under the direction of the proper officials of the said City of Clermont until all of the said bonds and delinquent tax notes have been exchanged; and it further appearing that this cause is ripe for the entry of final decree; and the Court being advised in the premises, IT IS ORDERED, ADJUDGED AND DECREED (1) That the interlocutory decree entered herein under date of December 5, 1939, be and the same is hereby in all respects ratified, approved and confirmed. I , . Jud. Lien BOOS 5 PAGE514 (2) That petitioner has made available to its creditors the money and securities provided for in the plan of composition, and the Exchange and Escrow Agent heretofore appointed herein has exchanged for outstanding bonds of the City of Clermont new refunding bonds of the total par value of $365,750.00, and that there remains in its hands unex- changed of said refunding bonds a total par value of $76,400.00; and the Exchange and Escrow Agent has exchanged delinquent tax notes of the total par value of $360,595.34, but there remains in its hands unexchanged of said delinquent tax notes a total par value of $79,521.66. (3) That the said Exchange and Escrow Agent be and it is hereby authorized and directed to continue to exchange refunding bonds and delinquent tax notes of said City of Clermont for presently outstanding bonds and evidences of accrued interest, in accordance with said plan of composition, under the direction of the proper officials of the City of Clermont, from time to time until all of the said refunding bonds and evidences of accrued interest shall be presented t;,,v, to it. :2,,, .....,,, -, , , f i (4) That all outstanding bonds and evidences of ,rte; �.r a accrued interest thereon heretofore or hereafter to be V ,- .-i n[ °E i. it exchanged bb immediately canceled be said Exchange and Escrow *, -•. `..p c,`.• : n Agent. / 'tr)nn�\,,\C' > F• a (5) That the petitioner be and it is hereby discharged 0 v El ii ✓ h from all debts and liabilities dealt with in the plan of 1: C 3 s a ngg composition heretofore confirmed in the interlocutory decree oentered herein, except as provided in said plan and in the i 1 .LCI Sw 4. t a 1 v decree, and that the said plan is binding upon all creditors .- 0-* -1 ' =Y _ w v affected by it, whether or not their claims have been filed .',, F `' o , , ,..v, I- IIC Irl ,`, ,; cu .--i s. p - r €o e n or evidenced, and if filed or evidenced, whether or not °h`; - __ Y JN allowed, including those creditors who have not, as well as - . r, a r " ,; ; ww w those who have, accepted it. " 0 , : . Z -1. (f):. DONE AND ORDERED in Chambers at Tampa, Florida, on 1 k a cy ! c t this, the 5th day of September, A. D., 1940. v ', v, d /s/ WILLIAM J. BARKER 'i 0 al AS JUDGE OF SAID COURT T L ! 6� ,,,, A -: tA • ' 4 : ---, Nii„,.. . : — r —......0%..._ 41NY\ . .'i' 1 s ,. — r.1 1 t A V • i ` ' ) 7 ` _ `1 , J .i. — ♦ ' I"I) r ` _' *J' I , , r , r f S r i e. — r + 7 , -s ^ 1. -1 , ` 1 — -1 ,1_ r I _ - _. � r , _ , , — - , 7 ' _ c_. -- e 1 t - 4.1d � `' I , , . ., 1 I zrI , 3„ , ; s _ — - I