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10-11-1924 Regular Meetingl/ Min*tes of Regular Adjourned Meeting of the City uounoil of the City of Clermonts held October lls 1924s at 2.:00 P. M. The City Council of the Uity of Clermont *et in regular adjourned session at the office of theCity dlerk of the City of Clermont, at 2:00 o'clock P. M. on October 11ths 1924s pursuant to motion of adjournment passed at a rebil.ar adjourned meeting held on the loth day of October, 1924, for the purpose of receiving bids for the sale of Improvement Bonds of the City of Clermonts in the sun of Forty,• Thousand Dollars ($40,000.00). Upon roll call it was found that the following named councilmen and officers of the City of Clermont were present: H. L. Houses president of the Council; H. C. Browns D. J. Westbrook Wm. Bess and Isam Blackburn, Councilmen; W. N.MoKinneys Mayors B. Wofford Waits City Attorneys and Edythe M. Litzrodt, City Clerk. The meeting was presided over by H. L. Hots es president of the Council.. Thereupon, Mr. H. L. Houses President of the City'Councils announced that the City Council would receive bids for the sale of the Improvement Bonds of the City of Clermont in the approximate amount of Forty Thousand Dollars ($40s000.00)# purse ant to the provisionsof a notice published in the Clermont Press, on Sep- tember 18th, 25#h, 6otober 2nd and 9th, 1924s respectively. Thereupons there were submitted the following bids: 1. Walters Woody & Heimerdingers $38024.51 and accrued interest 2. Wrights Warlow & Company, $38s425.00 and accrued interest hereupons upon motion duly made and carrieds the Council went into executive session for the purpose of considering said bids. Thereupon# said Council having considered said bidss upon motion of Councilman Bess, seconded by Councilman Browns Bid No. 2s submitted by Wright, Warlow and Company., of Orlandos Florida, was accepted for forty improvement bonds of the City of Clermonts of the denomination cf One Thousand Dollars ($1s000.00) each, bearing interest at the rate of 6% p er.arnum, payable semi-annually# both principal and interest being payable at the American Eichange Naticnal Bank of New York, e,d maturing from one to ten years. Upon motion duly made and carried, the City Clerk'was instructedtp copy into the minutes of this meeting the bids of the successful bidders as follows: WEIGHT, WAFLOW do CO. Orlando, Florida. Honorable Mayor and City Councils Clermont, Florida. Gentlemen: Oct. 11, 1924. For the $40-000.00 legally issued 6% Improvement Bonds, dated July 1, 1924, maturing $4000 annually.1925 to 1934 inclusive in d enominations of $1000 eaoh, both principal and semi-annual interest payable at American Ex- change National Bank and in all other details complying with the attached notice of*sale, whit h'notice is hereby incorporated into and made a part of this bid; bonds to be Aeliirered to us in Orlando free of exchange or collection charges, we will, upon delivery to us accompanied by the approving opinion of Caldwell and Raymondj, pay you; $38425.00 plus accrued ' i,ntbrest from date of bonds to date of delivery to us. We attach hereto our certified check No. 635 on the State Bank of Orlando & Trust Co. in the smount of $2500 as required by your notice of sale. This check is to be held fou uncashed and unnegitiated as an evidence of tho good faith of this proposal if our bid is accepted; it is to be returned to us prompt- ly, however, in case our bid is rejected or if the above attorneys refu3e to approve this issue. Prior to, or simultaneously with delivery of the bands we are to be furnished with a certified transcript of proceedings had in connection with this issue as well as with the above specified opinion. We agree to pay for the bonds in current funds immediately upon delivery to us as above provided and you agree to make delivery on the above terms without undue or unnecessary delay. This bid is for immediate acceptance only. Respectfully submitted, WBIGHT.. WARL06F do COMPANY, By L. C. LEEDY The above bid is hereby accepted this 11 daycf October, 1924, by order of Clermont City 8ouncil& Attest: Edythe M. Litzrodt, Clerk. W. N. McKinney, Mayor Thereupon, upon motion duly made and carried all other bids sub- mitted were rejected by the City council, and the City Ulerk was instructed to return to each of the unsuccessful bidders their certified checks attached to their respective bids, ereupo upon tion dgma�e� d s%oonde�he &ZIowin\& r� so�ion was un imous adop d: for the payment of the principal and interest of the bonds hereby authorized to be issued; and in the event the proceeds of said special assessments shal 1 be insufficient to provide for the payment of the principal and in- terest of said bonds as the same becoue due end payybble., the City of Clermont, Florida, hereby covenants and agrees with the holder or holders of said bonds, or any of them, to levy annually upon all the taxable prop- erty of said city a tax sufficient to meet said deficiency, it being the intention of said City tS provide for the payment of the principal and in- terest of said bonds primarily out of the proceeds of said special assess- ments; but the full faith and credit of the said City of Clermont are hereby irrevocably pledged for their payment, and there shall be levied annually upon the taxable property of said City while the bonds outstanding remain unpaid, a tax sufficient for the payment of the principal and interest there- of at maturity; and BE IT FURTHER R3SOLVED, That as soon as said bonds shall be printed, the same shall be duly executed by said Mayor and said City Clerk. in the form And manner hereinabove set forth, and said bonds zrrhen so exe- crited shall be forthwith delivered to the City douncil for the delivery in due ',sll& course to the purchaaers thereof. Adopted by the 6ity bouncil of the City of.ftermont, this llth day of October, A. D• 1924. Attest: 7W P Thereupon, upcn motion duly made and seconded, and unanimuus- ly carried, the First State Bank of Clermont, Florida, was designated as the depository for Twenty-five Thousand Dollars ($25,000.00) .... tDbe derived from the sale of the bondsof the City of Clermont, -- aggregating $40,000.00, and the First National Bank of Clermont, Florida was designated as the depository for the remaining Fifteen Thouand Dollars($15,000.00) to be derUed from the sale of bonds of the City of Clermont, aggregating $409000.00, the issuance whereof was duly authoriized by a resolution passed and adopted by the City Council, and received and approved by the Mayor, on the llth day of October, A .D • 1924. There being no further business, on moton duly mode and seconded, the meeting adjourned to meet upon the call of the President. Attest: CITY CLERK. Approved: President, City Council.