07-25-1950 Special Meeting
IIINU7ES OF THE REGUUR ADJOmumD UgTIBG OF THE OIn- COUNOIL
HELD AT Tlm OIn- BALL, hesdny July 18th, 1960.
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Vioe president E G Winston oalled tho meeting to order 7 :30
P. M. Also pro sent , R II Oastner, Yf H lloQu1stion and 0 R
Reid oO\l11OiJmen. .MUng ~or, A Ii Johnson, Atty JIor., En&ineer
Zelazo, lire Ohief Sheldon and J B Fullwood.
lIr Olay presented II1ss Betty June Oombs, reoreation direotor
1;0 OCNl1Oil. They reported a full day, w.lth the oh11dren in
good attendanoe.
lIr Barpor and lIr Nagel representing the Ohamber ot Oamneroe
aaked Oounoil tor a substantial lNIL tor Advertising purposes.
Yayor, no roport.
Pire Ohiet qgested Oi'ty sell Fire Orash Truck (International)
and get one wbioh w.lll ocmply with tho Board ot Pire Underwriters.
Engineer report. IIr Zelalo presented ~lans tor a Subdivision
JIr Long pr'OPOl8s to start on Bloak "BB. stroot OOIDi tteo and
Engineor to consider the matter.
Adjourned Speoial meetins oalled tor July 26th, 1960 to work
on the budget.
lIr Winston oalled an exeoutive moeting.
IIoved by IIr Reid that 0 W Bruoks be given 1150.00 per month
starting July 16th. Seoonded by Jlr liOQulltiOD, motion *oarrled.
)(09'8d by lir OalJ'tner, seoonded by I4r Reid, meeting adjourn.
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Vioe president ot tho 01 V Oounoil.
'O'l~n""/
01 ty Olerk.
8>>&0161 .Adjourned Keoting ot the Oity Oounc11, July 26th, 1960.
All oounoilmen, III" Oastner, Winston, Johnson, Reid and IIoQuietion
present. EDg1noer Zelazo.
lIr Winaton opened the meeting 7 :30 P ell. Items ot the proposed
budget ....re oon81dereq, but final aaounts set.
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'WI'
A RESOLUTION AUTHORIZING THE ISSUANCE
OF $335 000 REFUNDING BONDS OF THE CITY
OF CLERhONT, FLORIDA.J..._FOR THE PURPOSE OF
REFUNDING A LIKE AMOlffl T OF VALID OUT-
STAlIDING BONDS OF SAID CITY AND PROVIDING
FOR THE MANNER OF ISSUANCE AND PAYMENT
THEREOF.
BE IT RESOLVED BY THE C:tTY COUNCIL OF THE Cln OF CLERMONT,
FLORIDA:
1. That the C1 ty Council has ascertained and determined:
A. That there have heretofore been duly issued bonds of
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said City in the amo':IDt ot $4~6,750, dated July~l, 1939 and known
as "City of Clermont, ~10rida, Re.tunding Bonds", being part ot an au""
thorized issue of 8442,150, whic~ bonds were 'V'alida~ed by a decree of
the Circu1 t Court of ,L,ake County" rendered April 18, 191+0, which decree
was affirmed by the Supreme Court ot Florida, and that 1342,500 ot
said bonds are now outstanding, consisting ot' ~ bonds, numbered 855
to 860 and 864 to 907 being in the denomination of $250, and 660 bonds
bearing the following numbers in the denomination of .500 each,(num-
bers inclusive) I 1 to 5; 9; 19 and 20; 27 to 44; 46 to 51; 53 ,to 56;
63 to 88; 91 to 121; 131 to 134; 143 to 145; 1;6 to 189; 204 to 207;
212 to 276; 278 to 305; 308 to 329; 342 to 359; 362 to 399; 401, to 426;
429 to 432; 434 to 443; lt49 to 451;,4;1.; 473 to 478; 483 to 501; 511 to
513; ;15 to 531; 5'34 to ;37; 548; ;;0 and ;51; 5;3 to ;91; ;96 to 6;0;
6;2 to 68;; 69; to 698; 702 to 769; 777 to 785; 791 to 797; 799; 801
and 802; 804 to 812; 814 to 819; 824; 826; 83; to. 8;2; 854.
B. That allot said outstanding bonds mature on JUly,l,
1969, but are redeemable at the City'S option on any interest paylnent
,date prior to maturity at par plus accrued interest, and that the rate
ot interest, payable semi-annually. on said bonds is now three per
cent (3"> per ~um, and will increase to three and one-half per cent
<3~) on July 1, 1951, to tour per ceI.1t (4~) on July 1, 19;;, to four
and one-half per cent <ltt-,1 on July 1, 1959 and to five per cent (5_>
on July 1, 1964.
C. That all of the outstanding bonds above described
constitute valid subsisting obligations of the City of Clermont and
represen t an extension and renewal of bonded indebtedness incurred
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prior to November 6" 1934, for the payment of which the faith and
credi t of ,the Oi ty and an ad valorem t'BX without limitation of rate
or amount are pledged.
D. That the Ci ty will be able to retire $7,5'00 of said
bonds with available runds and that,. t will be to the advantage of the
Oi ty and its taxpayers to refund "the remainder thereof, amount to
$335',000, by the issuance of refunding bonds bearing a lower rate of
interes~ than the outstanding bonds.
2. That tor the purpose 01' refunding as of, July 1, 195'0,
the bonded indebtedness described 1n Paragraph 1 hereof, there be is-
sued pursuant to the General Refunding Act of 1931,: being Chapter 132,
Florida Statutes, 1941, bonds of the City ot Clermont in the amount of
1335',000, to be designated "t:ity of Clermont, Florida, Refunding Bonds,
Issue of 1950."
Said retunding bonds shall be dated July 1, 195'0, numbered
1 to 335', inclusive, shall be in the denomination of $1,000 e~ch, shall
bear. interest at three per cent (3~) per annum, payable January 1 and
July 1, and, subject to the r~ght of prior ,redemption with respect to
the ,bonds numbered 266 tc) 335'. i~c1usi ve, maturing on and after July
1, 1967, as hereinafter provided. shall ~ature in numerical order on
July 1 in the years and amounts as fol10WSJ $15',000 in 195'2 to 1954,
inclusive; 116,000 in 195'5' and 195'6; $17,000 in 195'7 and 195'8; $18,000
in 195'9 and 1960; 119,000 in 1961-and 1962; $20,000 in 1963 to 1968,
,
inclusive; and $30,000 in 1969.
The bonds maturing in the years 1967 and 1968, being bonds
numbered 266 to 305', inclusive, shall be redeemable prior to their
stated dates of maturity, at the option of the City, as a whol:-e or in
part but in inverse numberical order if less than all. on July 1, 1960
or on any interest payment date thereafter at par" plus accrued in-
terest to the date of redemption, plus a premium of 2~ of the par
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value thereof if redeemed in any ot the years 1960 to 1965'. inclusive,
or a premium of 1~ if redeemed in any of the years 1966 to 1968 prior
to maturl ty. The bonds maturing in the year 1969, being bonds numbered
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306 to 335,inclusive, shall be redeemable pior to their stated date
ot maturity, at theopt10n ot the City, as ~ whole or in part but
in inverse numerical order it less than all", on July 1, 19;5' or on
any interest payment date thereafter at par),' plus accrued interest
to the date ot redemption, plus a premium ,ot 2~ ot tJ:.1e par value
thereof if redeemed in any ot 'the years 195'5'.to 1965', i~clusive" or l~
it redeemed. in any of the years 1966 to 1969, Inclusi'Ve, prior to
ma turi t)".
3. Said refunding bonds shall be signed by the Rayor and
attested by the City Clerk, and shall have the seal of the City
aftixed thereto. All interest coupons attached to said bonds shall
bear the fac simile signatures ot said officers.
4. Said refunding bonds shall be in substantially the
following forma
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UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF LAKE
CIn OF CLERMONT
REFUNDDG BOND, ISSUE OF 19~
No~ '1,000
The City ot Clermont, Lake County,- Florida, is justly
indebted and tor value r~cei ved, hereby prom1stls to pay to ':: bearer,
on the ,tirs~, day of July" 19 ,the principal sum ot One Thousand
Dollars ($1,000), together with interest thereon trom the date here~
ot until this bond is paid at the rate ot three per cent (3~) per
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annum, said interest ~eing payable semi-annually on January 1 and
July 1 in each year. Both principal hereot and in teres t hereon are
payable in lawful money ot the United States of America at Irving
Trust company, New, York Cit~, New York, or at Citizens Bank ot
Clermont, Clermont" Florida" at the option ot the holder, upon pre-,
sentation and surrender ot this bond and the interest coupons hereto
annexed as they severally mature.
This Bond is issued under the authority ot and in tuJ.l com-
pliance with the constitution and statutes C?t the State of Florida;
including the General Refunding Act of 1931, ~e1ng Chapter 1;,772;
General Laws of Florida ot 1931, (Chapter 132, Florida Statutes,
1941) and the Charter of the City of Clermont, Florida, and pur-
suant to a resolution passed by the City Council of said City for
the purpose of ~etunding valid subsisting bonded indebtedness of
said City incurred prior to Bo~ember 6, 1934.
(The following paragraph is to be inserted in
the bonds maturing in the years 1967 and 1968.
numbered 266 to 30;, Inc1usi ve. )
The City of Clermont reserves the right to redeem this bond
~ on July 1, 1960, or on any interest payment date thereafter, prior to
~ maturity at par, plus accrued interest to the date of redemption,
plus a premium of 2_ of the par value thereof if redeemed in any of
the years 1960 to 196;, inclu~ive, or a ~remium of 1~ it redeemed in
any of the years 1966 to 1968, inclusive, prior to maturity. In the
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event th~t thi~ bond Is called tor redemptlon~ notice thereof shall
be published at leas~ onc~ ~ot less than thirty days before the date
fixed for redemption in a newspaper published in Lake County, Florida,
and in a financial newspaper published in the City of New York. If
this bond shall not be presented for payment on the date so fixed for
redemption it shall cease to bear interest from and after said date.
(The foregoing paragraph is'to be inserted also in
the bonds ma tuJ;-1ng in 1969, numbered 306 to 33" tin""
elusive, except that in the two places where the year
1960 is mentioned the year 19" shall be stated.)
It i~ hereby certified and reciteti~~at all acts, eon-
d1 tloJls and things required to happen, exist and be performed
precedent to and in the issuance of, this bond,' have happened, exist
and have been performed in due time, form and manner, as required
by the' Constitution and Laws of the State ot Florida and the Charter
of the Ci ~y ot Clermont~ Florida; that the total indebtedness of
said City, ineluding this bond and the issue of which 1 t forms a
part, does notexeeed and that the total indebtedness of said City-:
at the creation ot the indebtedness hereby refunded, inclUding sai4.
indebtedness, did ~ot then exeeed any Constitutional or statuto%'y
limi tation the%'eon, and for tJ:1e prompt and full payment ot this
bond and the interest thereon, the tull fa! th and credit of said
City are hereby pledged.
The City ot Clermont, Florida, covenants' with the holder
ot this bond that for the payment of the principal and interest
hereof it will levy taxes in an amount Sufficient to provide there-
for upon all property wi thin the terri tori'al l1mi ts ot said Oi ty,
excepting that property which was exempt from munieipaltaxation
by the Constitution of Florida as it wa's in force and effect
immediately prior to 'November 6, 1934. The Oi ty further eovenants
tha t all taxes levied for the payment of the Jrincipal and in teres t
~ on this bond, including taxes upon homesteads, will be collected in
~ cash at the same time and in the same manner as 01S ra ting and gov-
ermental ad valorem taxes levied by said City, and the righ~s and
remedies for the enforcement ot the indebtedness hereby refunded
shall appertain to this bond and the taxes securing the same
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independen tly ot any res trictions or 11m1 t$ tions thereon enacted
by the Leg1s1a ture of the S ta te of Florida.
IN WITNESS ~REOF, said City of Clermont, Lake County,
Florida t has caused this bond to be signed by its Mayor and at-
tested by i~s City Clerk, under its corporate seal, and the inter-
est coupons hereto attached to be executed with the facsimile
signa tures of said Mayor and Ci ty Clerk,' all as of the 1st day of
July, 195'0.
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Hayor
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ATDS!r.
h"~~
' :'. '--arty C 'erk .
(VALIDATION CERTIFICATE)
Validated and contirmed by decree ot the Circuit Court
of the Pifth Judicial Circuit of the State ,of Florida, in and
for' :Lake county, rendered . ,,_, 19.5S.
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Clerk' of said Circuit Court.
(FORM OF COUPOlf) .
No. . .,
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On the first day ot . t 19_* the C1 ty of Clermont,
Florida, will pay to the bearer the sum ot '15'.00, lawtul money
ot the United States ot America, at Irving 'TrUst Company, New York
City, Mew York, or at Citizens Bank ot Clermont, Clermont, Florida,
at bearer's option. being ~ix months' 1n~erest then due on its Re-
funding Bond Issue at 195'0, dated July 1; 195'0, 10. .
Mayor
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' 'cty~
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!). That for the payment of the principal of aild interest
on all of the refunding bonds which may be issued pursuant to this
resolution the faith, credit and taxing power of theei ty of Clermont,
Florida,- are hereby irrevocably pledged to the same exteq~ and with
like force and effect as the same were pledged for the payment Qf
the indebtedness refunded by said bonds, and the City Council of
said City, hereby covenants and agrees with the holders of said re-
funding bonds that the City will make prompt payment of the same when
due.
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6. T.hat tor the purpose of adequately providing for 'the
payment ot the in teres t on and principal of the refunding bonds here-
in authorized to be issued, the City agrees that there shall be levied
, annually a tax sufficient to pay the interest on said bonds as it falls
due semi-annually and the principal thereof at maturity, which tax
shall not be less than S2!),OOO JIDtlually so long as any of said refunding
bonds are outstanding, or until sufficient .tunds .have been prOVided and
set aside for the payment of the principal and in teres t thereof. The
Ci ty further agrees with the holders of tl)e refunding bonds issued
under the authority of this resolution that it will levy taxes at
such times and at such rates as to assure the collection of the amount
necessary to produce the tunds herein provided for the payment of the
principal ot and interest on said bonds, and that the determination
of such amount shall be based upon the experience of collectibility
of ad valorem taxes for the three preceding years.
The City further agrees that it will diligently enforce
collection of all delinquent taxes and that it will not accept pay-
ment of any tax or part thereof levied against any parcel or property
tor operating or governing the City, unless all ad valorem taxes levied
against the same parcel of property for the payment of the principal
and interest of the refunding bonds authorized hereby are paid at the
same t~me.
The City fl,lrther agrees that in order to create and maintain
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a reserve tund to insure the prompt payment of the prinqipal and in-
terest ot said refunding as they respectively become due there shall
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be levied an ad valorem tax in aadi tion to the taxes required by this
paragraph, ,sut~icient to produce.- not 1ater'than July 1, 19,2, the
~ sum of $10,000, which sum shall be used only 'for the purpose 01' paying
~ the principal of and interest on the refunding bonds herein authorized
in the event ot a deficiencY in the other revenues herein provided tor
that' purpose. Whenever such fund 01' a part thereot shall be u'sed tor
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the purpose herein authorized sufficient ad valorem taxes shall be
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included in the next' ensuing tax levy to restore to said fund the
amoun t so used. Satd reserve fund shall be 'kept as a special fund
and used solely for the purpose herein author1zedj'provided, however,
that the maneys in said fund may be invested in United States' govern~
l11en t bonds.
7. That allot the refunding bonds here1n authorized to be
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issued which shall at any time be outstanding are hereby declared to
have'the same security and source ot payment ~s the indebtedness' re-
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funded therebY' and said retunding bonds shall constitute a continua-
tion, extension, merger and rene\otal 01' the indebtedness refunded, and
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only such property as 'was exempt trom taxation under the laws 'in torce
at the time the original indebtedness was incurred shall be exempt trom
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taxation to pay the interest upon and principal 01' said retunding bonds.
The City reserves the right to levy such taXes as may lawfUlly be im-
posed tor the payment ot such refunding borids upon all property wi thin
the boundarie, of'the City as they existed at the time ot the incurring
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o~ the indebtedness refunded, which is riot within the existing terri-
torial limits of the City. All rights and remedies which were available
tor the support and enforcement ot the bonded indebtedness refunded by
the bonds authorized by this resolution shall be a'vai1ab1e for the
support and enforcement ot said refunding bonds.
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8. That the City Attorney be anti he' hereby is authorized
, and directed to institute appropriate pr~ceedings in the Circuit Court
ot the rirth Judicial Cireui t of Florida, in and fo:r Lake County, for
the validation of' sai4 refunding bonds and the Mayor is hereby author-
iz ed to verity any pleading in such proceedings.
9. The t it any error ha.s been made in the numbers or de-
nominations of' the outstanding refunding bonds as set forth in Para-
graph 1. A of this resolution, such error shall be immaterial, pro-
vided the bon4s refunded by the~funding bonds herein authorized
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are p~t of the is~ue, of bonds described in said paragraph an~ the
amount of the refunding bonds issued unde~,:the authority of :tbis
resolu~ion does not exceed the emount ot, o~tstand~ng bonds rece~ved
in e~change therefor" or retired,with th~ pfoceeds thereot.,
10. Tha tatter said retvncUng bonds have been validated they
sh$ll be executed as hereinbefore provided and shall be depo~ited
wi th the Irving Trust Company of New York, C~ ty or such other bank
or trust company as Dl$Y hereafter be des~gnated by the City Council,
wi th instructions to exchange them for the bonds and evidence 01:
interest accruals ther~on described 1n pa~agra~h 1 hereof and authorized
to be ref'mded, on the basis ot par tor par. and to cancel all out-
standing bonds and coupons received in exchange for the refunding bonds
and return them to the City Clerk with a r~port indicating the par-
t1c~ar retunding bonds, delivered in e~c~ge th~retQr, provided,
howe~er, that any of ,~aid ref'mding bonds which are not exchanged tor
outs tanding bonds may be sold in the ~er provided, by law and the
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prQc;eeds used tor the redemption and payment of said outstanding bonds.
ll. That it any clause, section or provision ot this ~esolu-
tion or ot the refunding bonds hereby authorized shall be judicially
declared to be unenforcible by any court of tinal jurisdiction, such
declaration shall not affect or invalidate the remainder thereot and
if any of the refunding bonds ~ereby authorized be adjudged illegal
or unentorcible the holders thereof shall be entitled to be subrogated
to the rights ot the holders of the bonds provided by this resolution
to be refunded, and as such enforce their claims tor payment.
12. This resolution shall take effect immediately upon its
adc;>>ption.
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I HEREBY CERTIFY that the foregoing Resolution was passed by the
City Council of the City of Clermont at its adjourned Regular Meeting
of JUly ~ 1950, held in the City Hall in the City of Clermont, Florida.
DA~ED this July 6, 1950. ' .
?n :J~~
City Clerk, Clermont,F1orida
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Bills 'to be a:pp:rove9-. July, 5, 1950 meeting of,
Ci'ty Cou-9-ci,l ."
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p,.
,JB FUllwood.
Joe, Austin
,G VI cadwe II ':
J .A Adams
John, JJi,.,i1g~e
R 11 Uo:rris
r~IackHe'nry liilliaIlls
R B stanley -
Stephen L Ze1azo
M H Barnes
R F And~rsori
Lee L LeViner
J B Fullwood
Joe .dustin
G VI Cadwell
'J A Adama '
R B Sianley
John Dingle
R M Morris
Hack Henry Williams
John Cunningham
Hunnicutt & Associates
Geo Dykes'
J B :FUllwood
Joe Austin
G VI Cadwell
J A Adams
R B staniey
John Dingle
R M'1!orris
~,,~ack Henr'y ';'li11iams
Mack Henry 'Hilliamf:1
J B Fullwood
Joe Aust'in
G W Cadwell'
J ,A ,Adams
R B Stanley
John Dingle,
R 11: Mor ris
.Abraham iogan
J D Aker .
John, Cunningham
Stephen 1.. Zwlazo
III H Barnes
R F Anders on
:Lee L LeViner
C VI Brooks.
F S Bliven
Wm H Mctci,uistion
A Sheldon
I F fu."Crse
Retha Amerson
South Lake Memorial
Jean Combs
AChoro..' s Garage
Bishop rffice Sup
Brantley Elec
. Cash
Clermont Fire Dept
Clermont Hdwe "
Clermont Press
W S Darley &: Co
F1a Pov/er Corp
Fla Te 1, Corp
Finley's, M~n Sup
Hill Top Book.Noon
Hughes Sup Inc.
Bob Johnson.Uniform
Judy's Serv Station
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,8156
7 '
8'
9
6i60
1
i6
3
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.5
6
7
8
,9
8170
1
,2
3,
4,
'5
6
. 7
8
',9
8180
,1
2
,3
4,
5
6
7
8198
9
, 8200
1
2
3
4
5
6
7
8188
9
8190
1
2
.3
4
'5
6
,7
8208
9
8210
1
2
3
4,
5
6
7
8
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8220
1
2
3'
4
, 42 .00
. 39 ;70
32.'55
..38 .25
33.75
33 .75
33.75
3'2 ~b5
11B.60
8'9 .10
93.75
82~80
, 42.00
39.70
'32.55
, , 38.25
32.55
'33.75
33 .75 '
33.75
48.00
1000.00
" 1.80
42.00
39.70
32.55
38.25 .
32.,55
33~75
33 .75
, " :,33.75'
'33 .7 6 .
42.00
39.,70
32 .55
38.25 .
32.,55
33.75
33 .75
'24.(;0
6.09
30.00
, 118 .60 '
89110
93.75
'93.50 '
39.28
25.00
25.00
,25.~0
,50.00
10.00
500~OO
62.50
.78
3.43
~.67
19.23 .
34.00
17.75.
. 53.-21
2~59.
533.21
29'.37
39.45
4.10
247.19
4.25 '
7.19
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