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03-01-1932 Regular Meeting ~ -., I I ~ ,., Minutes regular meeting Clermont City Council h&ld at the city hall March 1, 1932 Meeting called to order at 7;30 by President Winston. Councilmen present Short, Perry, Kern, Frendh Mayor Ware and Attornay Westbrook. Minutes of previous meeting read and approved. Mayor Ware reports $45.00 in fines collected. Treasurer Settle then submitted the following report ; Fund 'Bal. 2/1/32 General $39.31 Water 280.73 Klemml Estate 414.09 Assessment 25.65 Checks $81.41 563.04 Bal. 2/29/32 $216.91 469.36 433.26 25.61 Deposits $199.01 751.67 19.17 Total balance on deposib Citizens Bank Clermont $1145.18 The report wa s accepted as read. The following bills were approved and ordered paid. From General Fun d , Geo. Westbrook $25.00........... Carl Kin~red 150.00", Florida Te1ephou.e Corporation):1,' 3.75 ~ Florida Public Service Co 1.50~ Citizens Bank IBox rent) 3.00~ Southern Office Equipment Co 7.57-- From Street Fund Florida public Service Co ~166.00v Dock Jones ' 1.75 ."..., / From Fire Fund . ~~30,OOv' John Achord Fire calls; J.W. Hinson,R.R Rogers,Albie Sheldon, and L. Kindred @$4.00 each 2 calls 16.00/' ~ From Police Florida elephone Corp. Petty Cash W. Union C.C. Lee Dock Jones FUnd ' $10. 00 :;;, 3 . 06 ..P' 100.00 ....... 1.00.,...,.... From Wa tel' Fund Petly Cash; Oil $2116 Xpress Florida public Service Co W.S. Darley & Co $3.28 ~ 98.70 -/" 2.00 H.L. Johnson, by a motion which was seconded and carried, was g~ven permission to build a bmathouse at the foot , of Seminole Street. After some disc~ssion regarding the bond situation in Clermont Mr. French intruduced the following resolution. WHBBEAS; There are outstanding bonds of the City of Clemont, with interest thereon, in excess of one million dollars, many of which are in default, and little or no prospect of the collection of taxes or special assessments with which to retire such bonds, on account of the excessive rate of taxation made necessary by the hmlders of such bonds; and WHEfI.EAS, the City Council is willing to co-operate in any rea sonable plan of settlement with the bondholders, and is willing to put in effect any plan which will enable the citizens of tke City to be protected from an excessive tax lev7, therefore BE IT RESOINED by the City Council of the City of Clermont that t~e City Clerk and the City Attorney are authorized to carr~ on negotiations with the holders of bonds of the city, with a view towards settling the matter in substantially the following malmer; I\Iinutes regular meeting March 1, 1932 Sheet No. 2 All outstanding bonds and interest coupons to be surrendered and exchanged for new bonds to be issued as follows: Thirty per cent of such new bonds to be the general obligations of the City, payable in thirty yeera with interest at five per cent payable semi-annually after the first year, and to be callable on any interest date at 102 and accrued interest; seventy per cent of such new bonds to be denominated Class B bonds, to be para.le only from the proceeds of special assessments, delinquent taxes prior to 1931, and the proceeds ot sale at any real estate taken by foreclosure proceedings for the non- ~- ment at such~.-~4_ assessments or taxes; such Class B bonds to mature in 30 years, and bear interest at the!~te of five per cent per annum, but such interest to be payable only from the special tunds named above. !" Eaell holder of present out.tanding bo1tC1s 'to ex.~ hIs 'onds on the basis herein mentioned. That upon the report of the City Clerk add City Attorney that suoa a method of refinancing is agreed to by a ,ut- fic1ent number of the holders of outstanding bonds to warrant the belief that the plan can be put in effect, the Council agrees that it will pass all necessary resolutions and do all thinls necessary to P\\~ the.same in effeot without delay, it being Wl4erstood that the Ci 'by has no funds with which to pay the cost of such pro- " oealings, but that if the plan is successfully put in effect that the City will pay. the reasonable costs to be incuned 'wben funds are available, no suoh costs to be inourred exoept as autho~1'ed by the Council. Upon rm11 call the vote was as follows; Ayes; Short, Perry, French, Kern, Winston Nayes; None 'l'here being no further bus1ness t~~~ President 4~ 'IJ;J. er. , TRIAL BALANCE FEB'~ 1932. GENEiiAL Flnil'D. ~ Cash Klennn Estate 1931 Taxes Receivable 1930" " 1929" " 1928" " 1928" " 1928" " 1927" " 1927 " " 1927'" " 1926 "& Prin " Due from other funds Notes Receivable Expense Streets and Sidewalks City Properties Appropriations Fines and Forfeitures Licenses. Miscellaneous Receipts Penalty Delinquent Taxes Del. Taxes due Sirucing Due KleMm Estate from 1930 Bond Interest Payable Due Assessment Fund Bonds Rayable Deficit Taxes I R.E. Personal Certificate l{. E. Personal Certificate T' .' U -: WATER FUND. I Cash Accounts Receivable Expense Stores, tools and truck Permanent Properties ' Water Revenues Due to users Due to other funds Miscellaneous Receipts Meter Deposits Notes Payable Bonds Payable Surplus invested in fixed assets ~ ~ Assessment Fund same as before. Sinking Fund same as before. Dr. $ 21G.91 433.26 438,971.58 16,385.57 14,031.54 1,162.69 182.05 7,942.37 100.75 74.10 6,107.00 4,166.59 985.31 446.40 1,544.41 50,000.00 86,325.00 2,544.32 $ 631,619.85 ~ 469.36 1,099.67 608.24 1,521.72 54,864.86 $ 58,563.85 Cr. 438,971.58 76.00 116.50 38.20 21.50 7,411.74 3,,958.31 4,419.00 29,307.01 147,300.00 $ 631,619.85 ~ 3,303.79 455.81 985.31 12.42 580.00 3,500.00 36,000.00 13,726.52 $ 58,563.85 Trial Balance Jan. 31, 1932 General Fund. Dr. Cr. Cash: General 39.31 Klemm Estate 414.09 ~31 Taxes Receivable 438,971.58 1930 II II 16,475.05 1929 " II 14,031.54 1928 ,II II Real .l!;state 1,162.69 ""~ 1928 " II Personal 182.05 'S:, ,.,.,.... 1928 " II Certificates 7,942.37 1927 II II Real Estate 100.75 1927 " fI Personal 74.10 1927 II II Certificates 6,107.00 1926 & Prior II II 4,166.59 Due from other fUnds 1,458.35 Notes Receivable 446.40 Expense 1,049.96 streets and Sidewalk 5Q,000.00 Other Permanent Properties 86,325.00 Appropriations 438,971.58 Fines and Forfeitures 31.00 Licenses 51.00 Miscellaneous Receipts 20.00 Pena1ty,De1inquent Taxes 21.51 Delinquent Taxes Due Sinking 7,411.74 Due Klemm Estate from 1930 Taxes 3,958.31 Bomd Interest Payable 4,419.00 Due Assessment Fund 29,307.01 Bonds Payable 14'1-,300.00 Deficit 2,544.32 $631,491.15 $631,491.15 Dr. Cr. Water ,It'und Cash Water Rents Receivable Expense Stores, tools and truck Permanent Properties Water Revenues Due to Users Due to Other Funds Miscellaneous Heceipts Meter Deposits Notes Payable Bonds Payable Surplus invested in l,t'ixed Assets 280.73 1,041.16 518.24 1,521.72 54,864.86 2,501.53 455.81 1,458.05 4.50 580.00 3,500.00 36,000.00 13,726.52 $58,226.71 $ 58,226.71 ,~ ....~~~ -,' 1: