02-09-1928 Regular Meeting
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Minutes regular adjourned meeting held at City Hall I
FEB. 9, L928.
Meeting called to order at eight o'clock by President
Maves. Present were councilmen, Simms, MillS, Tabor &
Westbrook, Mayor, McKinney, Attorney Bad. F. Westbrook
and Clerk Kindred.
After some discussion regarding rinances Councilman
Simms offered the rollowing resolution
R!,:::)t~VTTI0r PROVIDIEG :'0a 'IrB ~S,\~J1i.r:CE
A:':D SAI.E CF S~:lEl:TY..FIVE :::"'HOUS.t'~!:D })CLLAaS
C:l~pr.d.L ",mND ~CFDS C,j' ':l'~!~ CIS:Y OF CL:~RI,;:ONT;
P~lOVIDIHG 1]:EB FCIn,: OF SUCH DC:K::JS A::n TEEIR
D.t~'l~:;" ;~j:~::J :.~S::'U..UTI:.iS; r:~O\TI~n:(} FOR THE
">-:;VY OF A TA~~ SlTFFICIENT TO rA~! .2!E PItD;-
C IPAL A::n n!T~REST Cl" SUcr: n ."'~':DS.
VreZn:8AS, t~0 LeGislature of the St",:l;E; of Florida
durin::::; the reSl.i.lar session held in th_ year 1927 dul:r passed
an Act entitlcn:
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"Al'l .Act to Authori~e t:'lO City of Cle:'mont in Lake
County to i::::sue ".Jonds in an DI'lOl;_nt l'lot exceeC::i.nr;
T:':.rc.:; H"X'ldr~d Tho.....:SL:C.lO' polL.:.rs (~300,OOO.OO) fo.....
the p',J.rpose of crea tin.::; 0. C~iJi tal l<UJ.:cl to be used
for '::'L:u.l.ncin[:; c.r...ci re-fin~:cj.n.::; Loc~l Ihi.prOVemcnts
t~'lorein anQ to -crovlde; for the Pa"tTj,'.:.ent of the
Pri:1cipo.l end Iilt(;rest on such Bonds",
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',"Tllic:h S3.:i u Act ",vas ay'provecl by the Governor of tho State of
:I?lorida -.n Hay 13th 1927, and filed in t:te off~.ce of the
SccreL.:.'Y of' state as required by lau, and
"::r:.i!.'1KlS, the C1 ty Council ot the Cit:,T of Clermont is
authori:..;ecl b:r tho provisions of such Act t:~ issue and sell
"Jonc.s of the said City in an aLlo'.mt ~o t; in e}::.cess 0 f Three
Hundre~ Thous~nd Dollars for the purpose of c~eut~nG a Cap-
i. till Fu.r..u to '00 "~lsod for financin[; and re-financ inC local
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improverr..ents in the s~id Cit~r, for ilhich asscss~ents u.::;ainet
pl'opertj" b.:..nefittecl ";:;~T suc:: lmprovements h!:l'~e been confirmed
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'oy the Clty Council; and
':rH:iHEAS, the City Council has heretofore caused to 'Je
issued c..11Q. sold ~il:::;5, 000.00 of such C~pi tc..l Fund Bonds, and
it is nor! cJ.uo:'11ed ad.visable m d necessary by the sal d City
Council that bonds of the said City of Clurmont in the sum
of 075,000.00 b3 issued pursuant to authority given by the
~foresaid Act, t~erefore
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3E IT RESOLVED by the City Council of the City of
Clermont that there shall be issue~ seventy-five bonds of the
City of Clermont of the denomination of One Thousand Dollars
each, to be l.:no\"m s.nd desienated as "Capital Fund Bonds, Series
2", and that such bonds shall be numb red consecutively from
One to Seventy-five, both num~c~s inclusive, and that each of
such bonds shall be dated April 1, 1928, and shall mature
serially as follows:
Bonds
Bonds
Bonds
Bonds
Bor.:.ds
Bonds
19'36;
Bonds nunlbered Tuenty-five to Tuenty-eicht, inclusive, on April
1, 19~7;
Bonds n~~ber~~ Twenty-nine to Thirty-two inclusive, on April I,
1938;
Bonds nwubered Thirty-three to Thirty-six, inclusive, on April
1, 1939;
Bonds numo0red Thirty-seven to, Forty inclusive, on April 1,1940;
lBonds nwnber(;d Forty-one to Forty-five, inclusive, on April 1,
1941;
Bonds numbered Forty-six to Fifty inclusive, on April 1, 1942;
Bonds nunwored Fifty-one to Fifty-five inclusive" on April 1,
1943;
Bonds
Bonds
Bonds
30nds
1947.
:lumbereu
numbered
num"oered
numbered
nurn.oered.
numbered
One to Four inclusive, on A,ril 1, 1931;
Five to Eight inclusive, on April 1, 1932;
Nine to T~elve inclusive, on April 1, 1933;
Thirteen to Sixteen inclusive on April 1, 1934;
~eventeen to T~enty inclusive on April 1, 1935;
T\7en,:y-one to Twenty-four, inclusive, on April 1,
numbored
numbered.
nur.l.'ered
numbered
Fifty~six to Sixty inc~lsive, on April I, 1944;
Sixty-one to Sixty-five inclusive on A~ril 1,1915
'=>ixty-si. to Seventy inclusive on A:_ril 1, 1946;
Seventy-one to ~ev~nty-five inclusive, on April ]
that each of such 00nds shall bear interest rrom date at the
rate of siT.: per centum per anum:.., which inte. est shall 1.)8 pay-
ab10 semi-annually, on April 1st and October 1st, of each year,
and shall be evidenced by interest coupons attached to the
said bon~s; that such bonds shall be payable in Geld coin of
the Unitecl states of the present... tar..dard of \1eie;ht and flne-
:"10SS, and the intcr...;st on such bonds shall 1-e payable in law-
ful r.lOney of the Un~_ted states of America, a.~1Cl both principal
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ro1d inte~est shall be payable at Americ&n Exchan3e-Irving
Trust Company, ;n the City of New York, State of New York;
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that each of such bonds shall be signed by the Mayor of
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the City of Clermont and by the City Clerk of the City
of Clermont, a:Jd have the corporate se~LI of the City of
Clermont affixed thereto; that the semi-annual interest
coupons attached to such bonds shall bear the lithosraph-
ed facsimile signature of the City Clerk of the City of
Clermont, and such bonds shall be in substantially the
follorrin3 forn, with the necessary changes for numbers
and maturitias, to-wit:
(Form of Bond)
No.
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UNIT~D STATES OF Ai:SRICA
STATE OF FLORIDA
CCm~TY CF LAKE
CITY OF CLElmONT
CAPITAL FUND B-'ND.', S:CHIES T":m
$1,OCO.OO
IG:W'::r ALL UEN BY THESE PRESENTS: Tha t the City
of Clermont in the COl'-nty of La}:e, and State of FlOrida,
for v~lue reccivad, acknowledses itself indebted and pro-
mises to pay to the bearer the sum of One '..l'housand
(,~I,OOO.OO) Dollars in gold coin of the United States of
America) of the present standard of weight and fineness,
on the first d~y of April l~__, with interest thereon at
the rate of six per centuw (6%) per annum, payable semi-
annually on the first da:rs of April and October of each
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year on presentation and surrender of the inta~est coupons
hereto annexed, as they severally become due; principal and
interost ueins payable at the American Exchange-Irvin3 Trust
Company in the City of New York, State of Naw York.
THIS BOND is one of a series of Seventy-five (75)
:3onds of like d ate, tenor and eff Jct, except as to matur-
ity, kno~n as City of Clermont Capital Fund bonds, Series
Two, issued by the City of Clermont for the pnrpose of
creB.. tine a ca:)i tal fund to be used f or financing and re-
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financinG local improvements in the City of Glcrmont,
Lake County, It'lorida, and is issued in strict conforr.:.-
ity rrith the lau~ of the State of Florida, including
among other~ an Act 9asse~ at the 1927 Session of the
Lee;islatu.re of the State of Florida., entitled: "An
Act to authorize the City of Clermont, in L~~e County,
Florida, to issue bonds in an amount r.ot exceeding
Three Bundred Thousand(~300,OOO.00) Dollars for the
purpose of creating a capital fund to be used for financ-
ing and re-financing local improvements therein and to pro-
vide for the payment of the principal and interest of such
Bonds", and pursuant to a resolution duly adopted by the
City Council of the City of Clermont, Lake County, Florida.
IT IS HEREBY CEHT.I: FIED, RECITED AND D~CLARED that
all acts, conditions and thinGs required by lavl to exist,
ha~pen and be performed precedent to and in the issuance of
this bond, have existed, have happened and have been per-
formed in ~cgular and due time, Eorm and manner as re~~ired
by law; and that the a~mount of this bond, together ~ith
all other indebtedness of the City of Clermont, Florida,
does not exceed way limit prescribed by the Constitution
and Statutes of the State of Flcrida; and t:b...o.. t before
the issuance of this bond provision has been made by. res-
olution of the City Council to assess annually a tax upon
all taxable property in the City of Clerm~nt, Florida, to
realize a sum sufficient to pay the interest upon this ~ond
as it may become due, and to create a sinking fund for the
payment of the principal hereof at the ,ffiuturity of same.
And for the payment of the principal and interest
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of this bond the full faith ani credit of the' City of
Clermont, Florida is hereby irrevocably pledged.
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IN IITTPESS ~HEREOF, the City of Clermont, Florida,
has caused this bond to be signed by its llayor and by its
City Clerk and its corporate seal to be hereto affixed, and
has further cause~ the interest coupons hereto attached to
bear the litho~raphed fac-simile signature of tlw said
Ci ty Clerk and this bond. to be dt.. ted the first day of April
1928.
CITY OF CLERI.:lONT, FLORIDA,
Mayor
City Clerk.
Coupon No.
(Form of Interest Coupon)
~30.00
On tDS First day of
19____, the City
of Clermont, Florida, y;i1l pay to the bearer the sum
of Thirty ($30.00) Dollars, in lawful money of the
United stutes of America at the American-~xchange-
Irving Trust Company, in the City of New York, State
of: :New York, oeine; xemi-ar:nuul inte.,:'cst then due on
its Clermont Capital Fund Bond, Series Two, No
dated April lst, 1928.
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City Clerk.
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(Form of Validation Certificate)
Validated and confirmed by decree of the Circuit
Court of Lw:e County, Flori~a, rendereC on the day
of
, A. D., 1928.
)(
Clerk Circuit CO-lrt, Lal.:e
County, Florida.
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IP FURTHER R3S0LVED, that the ~ayor and the
City Clerk are hereby authorized and directed to have all
necessary steps taken in the issuance and sale of the
said bcn~s; and th~t said bonds shall be sold at priv~te
sale by the City Council of the City of Clermont at such
time or times and as a vmole or any part or portion of
the issue as shall be deemed advisable by the said City
Council; provid~(, however, that none of SUcll bonds
shall be sold for less than ninety-five per centum of
their par value, and accrued interest.
BE IT Frrrl~IER RESCLVED that the proceeds of said
bonds shall be 1.l.sed for the p'lrpose of creatine a capi ta.l
f~d, which shall 0G kept separate on th~ books of the
City of Clermont from all other runds; and the capital
fund hereby created shall be used only for the purpose
of financing and for refinancing the cost of local i:n-
provements in the City of Clermont for which special
assessments ~avc heretofore been levied aeainst property
benefitteC by such improvements; arL for the prupose of
maintainine; such Capital fund and repaying theruto such
sums as are expended therefrom, and to provide a fund for
the pa.yment of tne principal and interest on tl:e Capital
fund Bonds, the City Clerk of tLe City of Clermont is
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hereby directed to transfer to such fund certificates
of indcbte~ness heretofore issued by the City of
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Clermont aeainst property therein for local improvements,
and ~hich assessments have been confirmed by the City
Council, to the ext6.'l t of Ninety Thousand Doll:....rs, which
suid certtfic::...tes of indebtedness shall be held uncan-
celled in such run~ until the collection of the assess-
ments represented by the said certificates has been made;.
and the said City Clerk is hereb~.- directed to }Jay into
bllch Capital Fund all collections of principal and int-
erest o~ assessmentn levied upon the property ~gainst
'::>ich such certificates have beer. issued, and as collections
from assessments are paid into the said Capital bund the
certificates of indebteQness shall be c~celled as against
th~ particular property paid upon. There shall also be
held in such Capital Fund, uncancelled, all bonds ~
the City of Clermont whi9h shall have been retir~d by
the payment of the principal and interest t}::ereof from
the said Capital Fund, but upon tho repayment into the
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said Capital bur.d of the sums so expended in retiring
other bonds and inte.2ost, then the bonds held as security
shall b~ c~celled.
BE IT FURTHER RESOLVE;], that the City Tax Assessor
be and ~e is ~ere~l directed to levy ~l1nually ~hile any
of: the said Capital Fund Bonds are outstandins, a tax
upon all taxable property in the City of Clermont sufficient
to re~lize a sum sufficient to pay the principal of and
interest on all Capita+ Fund Bonds which shall become due
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prior to the C:LtEl of collection of the ne]et succeeding
tax levy; but the said Tax Assesscr shall first ascer-
tain the affiount of caSh available in the said Capital
Fund for tho payment of principal, and the wmount of
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cas~ ir- such fund available for the payment of interest,
and t}").e tax levy shall be dccrease::1.. by the amount of cash
\mich is in such fund and available for such purposes.
BE I1J.' FURT!lliR RESOLVED, that all such Capital Fund
Bonds issueG and sold pursuant to this resolution shall
be payable primarily from tho said Capital Fund hereby
createG; but for the full and prompt payment thereof,
both principal ~nd interest, the full faith, credit ar~
resources ~ the City of Clermont are hereby irrevocably
'Dledn-ed.
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BE IT FURTEER RESOLVED, that all Capi t:....l Fund
Bonds sold pursuant to this resolution may be sold for
cash, or in ~xcl:ange for outstandine; l~nds of the City
of Clermont; but none of such bonds shall be sold or
exchanged for less than ninety-five per cent of their
par value and accrued interest, if any.
BE IT FunT~{;!:R RESC'LV:~:D, that the Idayor and the
City Clerk of t: e City of Clermont be and they are
hereby authorized to h~ve the bonds to be issued pur-
suant to this resolution validated according to law, and
to obtb.in the approvins opinion of some \"lel1 ~:nO\1n firm
of bond attorneys, ~hich opinion shall be furnished the
p~:rchasor 01"' purchasers of sucl'l bonds at the expense
of tho City of Clermont
The foregoing resolution being duly seconded was
put to a vote, and upon roll call was unanimously adopted
the vote veing as follows.
Ayes; Counoilmen, R.W. stmms, 'J.E. Westbrook,
H.E. Mills and C.E. Tabor.
Nays; None
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Th~re being "no further business the Council adjourned
to meet at the call of the president.
iA~rk
A U.r.1~
. es ent City Council
