06-08-1939 Special Meeting
~fr~A' t)!h( .
CITY OF CLERiIONT -- .r(.:, [I. ....r:;J'..
Minutes of a special meeting of the City COW1Cil.-'~~':';' ~n ' ~.<
the office of the City Attorney Geo. Westbrook, Thursday, ,
June 8, 1939.
The meeting was called to order by President O.R.Keene,
other Councilmen present being A. M. Johnson, F.B. Roe, mnd
R. W. Stackhouse. City Attorney Geo. F. Westbrook, and City
Clerk R.F.House were also present.
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Mr. Westbrook staed that a new contract had been drawn
up with Leedy Wheele r Co. of Orlando as Fis cs1 Agent in the
City's debt settlement, ,which extended the time and clarified
a few items of the on gina1 con~ct.
Mr. Roe made a motion that the contract with Beedy
Vfuee1er Co. be extended one year. The motion was seconded by
Mr. Johnson, and when put to a vote, carried unanimously.
Mr. Stackhouse made a motion that the changes be approved
and that the Mayor and the Ci ty Clerk be authorized to sign
the ne w con trac t with Leedy VJhee1er Co. The mot ion was
secondrl by Mr. Roe, amd when put to a vote, carried.
A resolution proposing a plan for 1he readjustment and
refunding of the indebtedne ss of the City of C1e nnont was
thm introduced, a copy of sam e be ing file d with the se
minutes.
:Mr. Ro(.} made a mot ion, seconded by Mr. Johnson, which
carried, that the Street Committee look into the matter of
shutting ~ff the street light during the summer.
Mr. Roe trade a motion that the Street and water crew
be under the direct supervision of Mr. R.M.Stackhouse.
The motion was seconded by ~r. Johnson, and when put to a vote,
the motion carrie d.
There being no further business, the Council adjourodd,
to meet at the call of the President.
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The foll wing resolution was introduced at a Special Session
of the City Council of the City of Cle:nnont held on the 8th day of
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I: June, A. D. 1939. Upon being read in full, its adoption was moved,
seconded, and the ~ollow1ng vote reoorded:
AYES
NAYS
ABSENT
TrOT VOTING
Johnson
None
Lassiter
None
Keene
Hoe
StackhousE'
RESOLUTION PROPOSING A PLAN FOR
THE READJUSTMENT AnD REFUNDING OF THE
INDEBTEDNESS OF THE CITY OF CL~OHT.
WHEREAS, under date of June 8, 1939, the City of Clermont
entered into an agreement with Leedy, Wheeler &: Company, a l'lorlda
corporation, as Fiscal .Agent, for refunding the City's outstanding
indebtedness ,and it is deemed advisable to pr.pare a proposal to
be submitted to the creditors of tbe City, based upon .aid agree-
ment:
!rOW, THEREFORE, BE IT RESOLVED BYTBE CITY COIDl'CIL OF THE
CITY OF CLERMOnT I THAT THE fOWJWING PROPOSAL BE SUBMITTED TO ALL
CREDITORS OF THE CITY FOn ACCEPTANCEs
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::;,CTIO!l 1. ':be lndebtednena of the cttv of Gl('X'nont, 1"1')%'10.,
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t. b<: affected b~' tho pl"'ov181ona 0 ~ thia plan oontpr1...
(a) All outstanding honded 1ndebtedlw.. ot the
CIty'
t b) All :tntoreat aQcrued to the; date of the
reruncUnf bon~ on the bond. pro posed to be re-
funded, whether evidenced by matu.red InteI-f;st
coupons, ot' otherw1.e.
( 0) Sonde and coupona ll\Clw:1ed 1n the bon4a
to 'e ro!'u: :d04 upon wh1 ob Judgaen tI have been 01>-
ta1n()d aGainst the C1t~.. ~ the &aII:Ie 8sthout;h suCth
judf!'i'!:enta hed not been obtalnod.
The said lndebtodneae 1s more part1cularly do.cr1b~d aa follows &
~ r1n.ter..t acorued
I PrIncipal AmOw1t I to July 1. 19.30
I o~... jwhethor ev1denced
I,.t\i ~ . . f*d I 'b~ QOuDplW or. I\i~
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I l)ate of'
I Isaue
na:..1C o! I..u.
9/1/1920
7/1/1922
7/1/1994
7/1/1924
10/1/1924
1/1/1925
1/1/1985
4/1/1995
'7/1/1926
1/1/1026
1/1/l9Q 6
6/1/1026
(;-30 ,000 $14,100
elO.OOO 05,000 1~9t.OO
47,300 23.~
15,000 6,040
19~OOO 9.595
25.000 11, ? 60
11~OOO 6,780
lSM,OOO 56,?&;
10,000 20,000 18,640
lD2,000 60,800
96,000 41..640
56 ,000 2b.040
120,000 62,480
30,000 29,000 ~G,475
,16.000 ~71l7~
t,a9,000 ~55~300 C.44<? ,117.00
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\Q. tor Gonda
GeneNl !30ndz.:
General t:onda
t
!r:lprovnmont :Gonda
I:'lprOVer!lCnt P-onilil
Tr.lprovement BondD
:C"provelll~nt Bonds
It1pI'Over.-~nt l10nda
Gone:ra' Donds
tnprover::ent 30nda
Irlprovement Donds
Irr:prov€Il1ent Bonds
Gnp1 tul 1,'tl:1c11ng Bon~
Se riea 1
~/1/1987
4/l1l02S
Cap1tal7ul"1d1ng Bonda
'~ 1"1.e8 2
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Ho,Cu, dine Bonds t
;161'101 l..
7/1/1920
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n!CTIOH I. The G1 ty will l..ue n.. r~8runcu.nG Bonu.s 1n .ouch
c1onom1natlon and amount.. ahall be n.ce8aar~ to refu~;d ~.. the ex-
ohangf1' method the princ1pal amQlltt:~t of the CltY'8 now outatandlnt;
bonds, on tho bwJ10 or 50%. thC,lreof. SaldReturd1ne; BondD ahall be
dat~ Ju11 1, 19~9, shall matur~ July 1, 1980, ahall be callable at
per plua accru~ interest, upon &U:1.y tnte:reat .?4Y'nont aat~, and ahall
boar 1ntePGat I pa7able aetn1lb'mual17, at the rolli~.ln6 rates, to-Wit:
~ tor . year. b.l~lnnlng Jul7 1, loa9, or to July 1. 1043
a~ tor the next ~lcceetUng 4 )"e8.1'e, or to July 1, 19.7
~ rot' the next aucceod1ne; 4 )'*IN, or to Jul:,' 1, 1951
3~ tor tho next eucoMd1q " years, or to Ju1;," 1, 10M
4% tor the next 8ucceed1ft8 5 Y4NU"8, or' to July 1 1061
15:( tor the next IJUcoeed1,0f: 5 ~t.ar., or tc matUr1~:r,.
oaidbonda to be i!oneral ob11satlon bonda or tl~ Clt:, o~. Clormont,
pledr',lng tl~f' !'\111 fa! tlJj crcd1 t And tax111{; power to the eartlf; .xttnt
iL8 t);{ eame were pleclged toJ.' ';1'le p&)1n8nt of the banda be1nf; refunded
theri!'>b:r.
SECTIon ~. All unpaid intere8t on the pr(;eent~ C1utatand1ng
bon(~s accrued up to an(l aue July 1. 1930, whether repre8ented by
coupna or not, ahall :. re!'u dad ~.r tho 1ssuance of de11nQ':1entkJ(.
notes 1n W1 &mouT"t oQUo.l to the nmowlt of intereat refunded thereby.
~a1d notea aball be in necotiablo torm. dated Mil 1, 1939, but shall
b()Ul~ no lnt4treat and hIlve no definite maturity date. Thc:t shall be
r(t~e~bl. in whole or in P&rt by the City, thl"O\1fJl 1ts Piscal Agent,
at 'ticy\ par cent (10;~) 0,;:- the taoe value ttle na 0:' , and n&7 be pweohaacd
and r'sold b:.i the Cltj' to tax.pli.j'era tor U8e aa hereinafter ;;;-;;;~
"or t;:~e p&jJlJ8nt or pure}... of .ald Delinquent Tax ttotmll, thcJ'O 1.
plt(;: GO all lmpald taXOd fQr tile year 1910 and pr-lor yeara, tOi;ether
w1th tl npccial tax to bo levied tor the i.are 1981 to 10:58. both
~::;clus1vc. as ht":relna.!'tcr provided for, and together also with all
UllpQtd speo1al aa....ent l1er.La. In a~>, t'ar aa BUch taxes aoo 11ene
ma:- be losall~' pledged thoreto. Prom tiLe to tt:..e, Q8 the proceede
frorl tllXCO nod liens 1n the :una for the rcdflJlptlQu of' said not_
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shall amount 1~0 one hundrn:l ($lOO.OO)40Uara, or more, tZle ctt:: shall
immediately di8b'.1rS& ouch f\mds pro rata to the ownors or delinquent
tax notes through ita 1'1006).1 Agent. aa hereinafter ..,)t:t ~'ort:h. The
C~,t:r 10 obligated to aocept aucb do11nquent tax notGO at par value 1n
paJ1T1~nt of ?;he tax l1c:l1tJ plodtJed thereto, provided i:~"at t.he 1~3Q and
cubaeqacnttaxos Lav€ been previoualy pa1d, or are s1r.1111taneolla17 paid.
tl''CTION 4. The procee41qa authod81ng t.Le 1s8unnce ot the
Refundine Bon~ 011&11 oomply with tbe ta;f. proviaions ")f the la.~: of
Florida author121nC the 1..uanoe of re.tund1nF; oonda as shall be
approvod b~ the attorneys who pas. upon tbEil validity of the RGlund.1ng
:3onda, and .hall conta1n legall~ enfOroeablo provisIons on the part
of t!)€~ ,;.1 ty to anc In !'avor or thf.i hOldeN of thfi He f'u , ,ding nonds that
(.) In the anrraal 'budpt to b{~ ..de _d prepared
1n the jears 193o-1~!40 and each of the: auooee41n. ,five
(5) f1aoal :;ura J opoeltlo a4 ftlorem tax lev1NI shall
bo ld.de L"ld oxtended upon the !1naUy oquall..d valua-
tl0n0f all taxable propert} or the City for thE 1ntere.t
and aInkIng fund of euob Pte!und1ng Bonds, 11111 oh will ag-
8J'epte an.rma11J" not lea8 than the emour.tn shown 1n the
:oll''lwing 8c;;oaule~
?!SCU. 'YFARS
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4J.!OUBr or' g,yy
1939-1040 :j 12,000.00
lD40-1;41 14,000.00
1041-1942 14,000.00
l~a.l043 1..000.00
1943-1tH4 20,000.00
1944-1948 80,000.00
(b) For the ['1.ca.l ycar 1~lH6 and auoo.ec11l16
fll10al years 1n *101'1 AD)' of t!M n.ru 'cUng BontLB rEmain
outaUnMng, th<; CIty ,bAll levy an annual tax spec1flaaU7
allooated to thtJ 1ntertst am ainldog furrl fort ill R&tund1ng
Bonc1.o In an A1rJO\lnt autl'lel()nt to pa::f prozuptly the Int.....t
requirements .. tht:l .wae _tuft, and In aM1tlon thereto,
in an, ameunt tor the a1Dld.11i tund auttlc1eJ1' to produce a
m1n1r.1uIa ot ~ 4St the total amount ot the then outetanC11ng
netuncllng Benda. In deteft'd.n1og the rate ot taatlO11
nec....ry for ..:Ld pu. rpo"!r_ ~~ e.'It>rt.ge poromtaeo of
oo11eotabl1~ of taxes dunns ~ tlu-eo 7eartJ baed1atel,.
preceding 8 1 be de<a04 to be the pe rcentage of col1ecta-
blllt}. of taxes for the fUoal rear then bcdnc levied for.
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(c) All tax levies _de for the payment of the
principal and Intercst of the Refunding Bonds shall
constitute speelal levies for said purposes, and shall
be collected in cash at the aame time and In the same
manner as other taxes whiCh may be levied by the City.
SECTION 5. In addition to tbe callable provisions hereinbefore
set forth, provision ia made b:r said plan that at any tir'1e there shall
be in the interest and slnkinf'" :fund a balance of five thousand ($5,000.00)
dollars, or more, over and above the amount necessary to pa;r the next
succeedin: interest coupon, the Cit;}, (if the callable provi8ion of the
plan shall not l,e operative thereunder) shall exercise Its option to
purchase Refundlnf; Bonds, wI', 1 ell optlon s:hall be exercised in the fol-
lowing mannerl
The City s~all designate Q date, which shall be not Ie.. than
thirty (30) nor more than forty-rive (45) days from the time said
date 1s designated, at which ti~e it wIll receive sealed tenders of
L ~ bonds of' the refundi~'.:' issue, and act upon suCh. tenders in open 8ea-
slon. Uron determining said date, the City ahall hotify the Fiscal
Agent and any bondholders so requesting notice of the time and place
of receiving such tenders. Notice shall also be published once at
least thirty {30} days before said time, in at least two (2) new8papera
havinf ceneral oirculation 1n the locality wherein they are pUbliahed,
one of whlch newspapers shall be printed in Lake County, Florida, and
t"lEl other 1n the C1 ty of New York, Ire.. York. 'I'he entire available
:~\md for retirement o.f the [Jonds allall be used to purchase bonds of-
fered at the lowes t prices: provided, however, tr..a t if sald oft'era
are not satisfactor:r to the. City, the City shall I.18.ve the right to
reject said ofrers and thereafter, wi tr.J.n ninety (90) days, readver-
tile for offers a. hereinabove set forth. If no satisfactory ofrer.
,~ at less than par are reeeived aa a result of ~1e second advertislnE,
th~ Clt:.,. shall then reject: all offer~1 and proc.ed to call bonds as
~)erelnbelow set out. In t~e event the option of call of l\e.funding
Bonds is used, it shall be oxerclsed in the followinC manner: Bonds
shall be called on any
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interest p&;;tlcct date, llLnc ohQ],l be oalled b" lot. ::otlce of 1n-
tcntion to call shall bo f1.1~ Ht tho place of po.:;-fJent of 1,r1X101pal
and ~ntorcat at lout 81xt7 (60) day. prIor t,,, call datE'. !lotioe
9ha 11 alao bf; rubl1ehed In at lout two ncwpepeN Of general cir-
culAtion ~:1 tho locallt~," wherein they are published, one> of wl:lch
newspapers shall bv printed 1$1 Lake (;ount~, 'lorldA, and the other
in t":t c1t~t of new ~tork, :"ew York, saId notico 44PPfilrl~1b once u woek
for {'auI' coneeeutlve _~.:., t.he date O~ flrat appearance to ~e, at
l..at Glxt~. (60) (laY8 prior to the date fixed fur call.
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Antlc,~.p.a tad coll~ct1ons of delinqu.ent taxes will
not be con.31dere<1 &S re"enu('. availablo .for the payment of' prinoipal
or interest of ',he He1\1nd.tl~: Boncl8 in preparlDb tho bldi::;et ot the
':' t:; 01" 1n ::~1.x1n~ the le'l:' fo r any fl seal 7Oa~ prior to 1944-1945,
fMld t::o City .1. pl~ed to pa:r all mone:iG rooelved by it i"rom the
'101l~otl()n at de11nquent ta:.ces to thf~ PlJ.'r:poae for J:h~,ch tl:oy are
::'ovi c",;. O~' Q.r(~' pl~ed h6N'by.
,Jr"C'!'IY 7.
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The C1'y pledges it.elf to enforce d111gc'nt17 the
c.olleotlon or all taus an-:1 apoc1al Assessment. heretorore or here-
after lav.1ed, an! all sucl'. 'taxes' &.nd. speo1&l ....amenta ahall 'be
j,)u'L! in r-aahl Provi(1ed, l:!.y.,.er. that the paym<<nt 0,' del1Dquent
tllX€a f'ot' tl:c year 1030 an,: prtor year., aaCl outatand1ng opeclal
a,'il;' cna;-;',t ~lt 118ns. 8~~11 be paynbl. aa fOllon. 5;~: in caah aD:1 ~S%
in Dolinquent Tax Not os , "r coupona, or evidences ~)f unpa1d lnterE'st
acorual!) to July 1, 1930. Qr tho equlval4N1t thereof in 08.411, 1.(' all
auh~equ(lnt taxes :h.aVG b,ltlU :~:~, or are paid 811ultaneot181y.
.T':CTlc'U a. TI.;e l;.lan turtiber providea tblt tho C1ty ahall can-
-eel arl:t' und all tax 11!!v1e. !j18de for the roars 1931 to 1030. 'OOth 1n-
___ elusive,. and shllll make a apee1a.l leV7 cover1ll6 8a1<1 perlod or twelve
(1:3) m.111a,sal<l. special tax to b~ lavled at t~1C rat. ~ fcur (4) m11la
;)(ilr :tel\l' for oach or thf) years 193Q .1940 and 1$N11 and the l>1"Oce.da or
said spec~ &1
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lCilifj;a~ tocethtr wItt tLc procCled.n realIzed .from tLe settlement ot
delinquent taX€8 for t1E)! :: ~"ar 1930 and pr1crYE'Q1"S, an<'l lrom present1;-
I') tJ.lta.~d!n.C sp9c:ial asaeonment Ilona, shall he placed ir. II special t\md
[lc;C be u.gt-,d onl} for the purchase of delinquent tax notc:J or evidence.
0" ai"f'rued interest to Jul~r 1, l{J39. mien One hundred (.;0100.00) Oollara,
CP:."OI'C, :,QS accumulated in aald l'l.lnd, such notes 81"..o.ll be purchased at
tl:c i'rice 0: ten ]Jer cent. (10;0 oJ' th(\,ir fact:; value, in the ol"der in
_J.1tcI-' they shall l il V~ been depot:: itf:!d wl th t~lC 1'lsca1 . cent I prov1doc1,
'~:owev.rJ ;~l11\t an 1,(1 u11 Delinquent 'i'ax ;;Gtoa, or evidonce. of accrued
tnter"'8t to Jul':, 1, lD3'l), deposited wit:' the l'180al :\[,sot prIor to
.rul:' 1, 1939, sue!: purcl..aa..;s 8r:al1 DE:. of fj pro ratll 1ll:1.oWlt from each
(Ie )(')[-1 ltor.
T~ ( C:i. t~ s:,alll urchllu (J 1).0 lJelin<uent ~'a;', Hates except th,rough
t:..l.C . t aeu~ i;fcnt, and 1 t shall oanoel all .such d.l1nqa~t '!'ax; Notes
a.:', purc~;fiae(~ upon t'ccelpl U)~r(':of. It 1s provid.ed ;;h,at. the F1scal
) ,. cnt ahnllkN>p on deposIt. wlt1, t!i. City C]erk a su.ft1c1en,t &.mOunt
.o.;~ Delirmuent Tax jeiob>;:J, .')! evidences of' accrued lntertst. t,j meet
t:tEl 7';:i;~r{;~enttJ 0;' taxpa~""'r8 who desire to purchasE; SQNe c: or USIJ in
t~ ,'1:' :U.:....l(.~t O~.. .5~' eclal alUIf'sament 'liene and tax s.
... C~13.") t:1t'J City :sells .:;{;11nquent Tax Notes to ta..xpa~rer8, aa
p:iovidE1t} 1.:1 this 8t~ctiiJn, t' J' 'one:; l'ecel ved tht'rei'or .hall b. forth-
in :;,i ti.z'11ed over :'0 cLe.ls('....l ^-gent tor dlsburse::'11cnt to V t) owners or
~a~i,: ;~elinquent 'tax Joten.
It :; n furt;~.r 2l"Ovldcd t;",at t,.'.:. e new Refuulinc ;>onda and cO"\pOna
pr'Y~.idcd b7 ViOl plan to b., 1:J.ued a.."'u11I be aeceptable by thE' lit:" 1n
pa:;:r::umt 0,:' special aaSe8Sme!'lt; lioruJ onl;;.', a~ld not; in pa~'T:le:lt of' taxu8;
W:'H~ \T ~f.ln fmC:t new bond:. or coupons are nccepted tn pVJ'mer~t 01. .8scaement
l1enc the ea:,;e benef" ts 5118.11 accrue to the taxpa7er as If the old bond.
~'. or' CQilpOnS :~uC! been offered 1:1 paj1nent of such u.eaament l1ttna,-that 18
to s.t;/.;,' e1l7 bon' fd or coul,onll ~:':al1 satisfy an WllOU :t, Of speclfil a..e..-
lncnJ.:. Itenll equal t.; wrat would havt? boen aettlod b:: tn(t old bond3 or
c' .,,~~'Tns.
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3f:CTlon 9. It 1s prov1~ 1n the agreement between the eit,'
.___. a.nd Leedy, W!l8ole:' ~; Cotnpan;:," upon 1It11ch th1a plan of co:npoaltlon 1.
baaed t};..at the 8111d LoedJ', i\;hooler & O~7 8ball be thei-lacal"gon'
of t.he C t ty, ,,1'))8(\ dutlea anc. ooapenaat1on are as folluw ;
'l'he Fiscal sent ohall pay all coata and expenses inoident to
securinG the oonaent or the requ1alt. .percentage of' borda to enable
the Ct t::r to put into e!'t"sot the retuDding p1al hereby cent_plated, in-
cludlnt! the aaaenbl1ne Of t'1e'~onds for exohango, and inolu<1111G a1ao
tJ c. ooat an4 eXpenII8 ot !'um1sh1ng Lhe loeal op1nion of: nationall,.
rC"cognlzod bond ~\'W.l .. to tho leaall ty or the ne:tundlng Bobl1a.
and al'lj other oxpense, the :-10aa1 Agmt _'1 tncur 1n the pttrtol'rlllnoe
01 .t ts duties herWDder. POI' BUch serv1ces.. the C1ty ag~. tic) ~
to the ,"lscal l~&ent a fee equal to t.o per C<<lt. (2%) or thepreaentli'
O\..ltatancltng bonds whle} , are notuallsr exobanaed tor the new n..t"u~t DC
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, Don::!s within one :year tl,WD t.ltIJ date he~t~ the.ald t1llO per cellt. (2;&)
~ to bc pilld lr~ o oat! .. the alilrllG m8J acoNe un4.- tba yrovlalona of
~~ct1on 10 horeof.
C,ECTIO~l .10. '~'h() Clt) .hall pa:r the 1'0110111116 oo.ta inoldent to
C&rrj1'1nc into etr&ct the pl"OVi..~o_ or this rertlnd1.ng pl'Ot;J'IW, to-ld. tl
(u) .{all!1at1n[ the booc~ 1n a court of oompetwt JurisdIction.
(b} PrintIng the bondi~;
(c) DcpoaltaJ-y one. ~~C'"ben~f> tee.,
Cd) Coat ana expeMG, Inolu41~ the Clt.'. Attorne;y'o 1"....
of prooee41nsa unde r Chapt4t1' IX or tit 0 na tl onal
Bo.nkr..lp'C7 Aot as am.nd~
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:"04' the purpoae o:~ provicl1ng the Deoee_l'1 !'Uno. to pay the to..
co1"g coota And e;~penaea. and to pG;:i tJ:aa I<'ucal~S81lt's toe of two per
cent. (25:) horelnabove mentioned, tho 0IUfb ~nt of tlvf$ ~\(lr c_t.
(5J~) or the spec1al ...ss.moot 11.. ancS the 19~ and prior t....,
t013ether w1th the INb1 ot five (~:a.OO) 401lara tl'OJR GaGh one huDdNd
( $100.00) dollars, face valuo J of' Delinquent 'lIu Rotea, shall be
rctuJned b::, tbo?la-cal J~gmt in a 8~al fUrA. out or the. funds
roc<.1ved b: it tl"am the Clt;i for tho f\lI'POUG 0: redeem1l1t:: or
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tlSCTtON ~. The quo. 'ten 'of the luuan.. or tho he.tuJ1d1ng BotW.a
provided ut\der the plan of oompo.1 tlon here1aabo.-e ..t forth baa been
.'.~brn1 tted to the freeholders Of the Cl ty of Cle1"llOftt at an election
dl11y o.llt~ and heJA, 1thlQ~, el.etl(m r~lted favorably to the i..uance
ot" t.he bon.:s.
Dated at Clermont, Florl.1a. ~1. 8th Clay ot June, 19JG.
BE IT FORmER RESOLVED: That the City Clerk file with any
bank or truateompany hereaft.er appoInted aa neposi tary or Exohange
tgent for the City under the plan of refunding herein .et out, a
certlfled copy, or copies, of this Re8olution. .a mIlybe requ1re4.
PASSED in Special SessIon thta 8th day of JW18, a.. D. 1939..
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p......1a4trJ 0 youncil
ATTEST:
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APPROVED BY ME
this 8th day of
June J A. D. 1939.
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9.