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08-05-1924 Regular Meeting (2)y Minutes of Regular Adjourned Meeting of the City Council of the City of Clermont, held August 5th, 1924, at 3:00 o'clock, P. M. The City Council of the City of Clermont met in regular adjourned session at the usual meeting place of the Council, to -wit, at the office of the Clerk of the City of Clermont, at 3:00 o'clock P. M. on August 5th, 1924, pursuant to motion of adjournment passed at an adjourned regular meeting held on said date in said place at 2:00 o'clock P. M. Upon roll call it was found that the following named coucilmen and officers of the City of Clermont were present: H. L. House, President, H. C. Brown, Wm. Bess, J. D. Jones, D. J. Westbrook, Mayor W. N. McKinney, City Clerk Edythe M. Litarodt, City Attorney Be Wofford Wait. The minutes of the meeting of the City Council, held at 2:00 o'clock P. M. on August 5th, were read and approved. Thereupon, upon motion duly made and seconded, the following resolution was unanimously passed upon roll call vote: C 1W RESOLUTI M PROVIDING FOR AN ISSUE OF BONDS BY THE CITY OF CLERMONT IN THE SUM OF THIRTY-FIVE THOUSAND DOLLARS, THE PROCEEDS DERIVED FROM THE SALE THEROF TO BE USED TO FINANCE THE COST OF CONSTRUCTING, GRADING, PAVING AND OTHER- WISE MPROVING CERTAIN STREETS AND AVENUES WITHIN THE COR- PORATE LIMITS OF THE CITY OF CLERMONT; PRESCRIBING THE FORM AND CONDITIONS OF SAID BONDS SO TO BE ISSUED, AND PROVIDING FOR A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST OF SAID BONDS. WHEREAS, the City Council of the City of Clermont, on the 8th day of July, 1924, adopted a resolution providing for constructing, grading, paving and otherwise improving certain streets and avenues Within the corporate limits of the City of Clermont;;and WHEREAS, said resolution provided that a total expenditure of Fifty-three Thousand Nine Hundred Sixty-eight and 16/100 Dollars ($53,968.16) Was authorized to cover the cost of said improvements on said streets and avenues; and WHEREAS, the City Council sitting ­'as an equalizing board, on the 4th day of August, 1924, revised, amended and corrected said assessment roll, and on the 4th day August, 1924, finally'approved and confirmed said said assessment roll so revised, amended and corrected; and WHEREAS, it appears from said assessment roll as revised, amended and corrected, that the total estimated cost for said iprovements Will be Fifty-three Thousand Nine Hundred Sixty-eight and 16/100 Dollars ($53,968.16); and WHEREAS, on the 5th day of August, 1924, the City Council finally let and awarded the contract for constructing, grading, paving and other- wise improving said streets and avenues, in complicance with the plans and specifications for said work prepared by A. P. Gibson, on file in the office.of the Clerk of said City; and WHEREAS, it appears from the provisions of said contract that the total cost of said improvements will not exceed the estimated cost thereof, to -wit: the sum of Fifty-three Thousand Nine Hundred Sixty-eight and 16/100 Dollars ($53,968.16); and WHEREAS, the City of Clermont desires to issue bonds to the amount of seventy per cent. (70%) of the total estimated cost of the improvements on said streets and avenues, pursuant to the provisions of Section-ll, Chapter 9298, Laws of Florida, Acts of 1923; NOW, THEREFORE, BE IT RESOLVED;, That a bond issue in the sum of Thirty-five Thousand Dollars ($35,000.40) for the purpose of financing -the cost of construetJ1189 grading, paving and otherwise improving the streets and avenues specifically set forth and described in a certain resolution adopted by the City Council of the City of Clermont on the 8th day of July, 1924, be, and the same is hereby authorized; that said bonds shall be of the denomination of One Thousand Dollars ($1,000 40) each, dated July 1, 1924; bear interest at the rate of six per centum (6%) per annum, interest payable semi-annually on the first days of January and July of each year; be numbered consecutively from One-(1) to Thirty-five (35), both numbers inclusive, and to mature serially in the'following manner, to -,wit: 1 to 3, both numbers inclusive, July 1, 1925 4 to 7, both numbers inclusive, July 1, 1926 8 to 10, both numbers inclusive, Julyl, 1927 11 to 14, both numbers inclusive, July 1, 1928 15 to 17, both numbers inclusive, July 11 1929 18 to 21, both numbers inclusive, July 1, 1930 22 to 24, both numbers inclusive, July 1, 1931 25 to 28, both numbers inclusive, July 1, 1932 29 to 31, both numbers inclusive, July 1, 1933 32 to 35, bohh numbers inclusive, July 1, 1934 Both principal and,interest shall be payable at the Amercian Ex- change National Bank of New York, N. Y, , in lawful money of the United States of America, and said bonds shall be signed by the Mayor and City Clerk of the City of Clermont under the official seal of said municipality, and the interest coupons attached thereto shall be signed with the engraved or lithographed fac-simile signature of said Mayor; and the saidbonds and coupons, with the necessary variations to indicate the different numbers and different dates of maturity, shall be in substantially the following form, to -wit: No. $1,000.00 UNITED STATES OF AMERICA Aft STATE OF FLORIDA 1W COUNTY OF LAKE CITY OF CLERMONT IMPROVEMENT BOND KNOW ALL MEN BY THESE PRESENTS, That the City of Clermont, Lake C oundy, Florida, a municipal corporation duly organized and existing under the laws of the State of Florida, for value received, acknowledges itself indebted and promises to pay to the bearer hereof the sum of One Thousand Dollars ($1.9000.00) in lawful money of the United States of America, on the first day of July, 19 _, with interest theron at the rate of shx per centum (6%) per annum, payable semi-annually on the first days of January and July of each year, on presentation and surrender of the interest coupons hereto - annexed, as they severally become due, principal and interest being payable at the American Exchange National Bank in the State if New York, City of New York. This bond is one of a series of thrity-five (35) bonds, aggregating Thrity-five Thousand Dollars ($35,000.00), of like date and tenor, except as to maturity, issued by the City of Clermont for street improvement pur- poses in strict conformity with the Constitution and laws of the State of Florida, including among others Chapter 9298, General Laws of Florida, 19 23- IT IS HEREBY CERTIFIED, RECITED AND DECLARED, THAT ALL ACTS, conditions and things required by law to exist, happen and be performed preo6dent to and in the issuance of this bond have existed, have happened and have been performed in regular and due time, form and manner as re- quired by law; and that the amount of this bond, together with all other. indebtedness of the City of Clermont, does not exceed any limit prescribed _ by the Constitution and Statutes of the State of Florida; and that before W the issuance of this bond, provision has been made by resolution of the City Council to assess annually a tax upon all taxable property within the corporate limits of the City of Clermont, to realize a sum sufficient to pay a mr the interest upon this bond as it may become due and to create a sinking fund for the payment of the principal hereof at the maturing of same. AND for the payment of the principal and interest of this bond, the full faith and credit of the City of Clermont is hereby irrevocably pledged. IN WITNESS WHEREOF, The City of Clermont has caused this bond to be signed by its Mayor, attested by its City Clerk and its corporate seal to be hereto affixed, and has further caused the interest coupons hereto attached ti bear the lithogtaphed fac-simile signatures of said Mayor and City Clerk, and this bond to be dated the lot day of July, 1924. Attest: Coupon No. Ci$y Clerk. CITY OF CLERMONT Mayor FORM OF INTEREST C OUP CN $30.00 On the lot day of January, 1925, the City of Clermont, Lake County, Florida, will pay to the bearer the sum of Thirty Dollars ($30.00) in lawful money of the United States of America, at the American Exchange National Bank in the City and State of Flew "ork, being semi-annual interest then due on its Improvement Bond No. dated July 1, 1924. May or City Clerk BE IT FURTHER RESOLVED, That any and all special assessments levied and imposed by the City of Clermont, Florida, upon the property benefited by the street improvements constructed out of the proceeds of the bonds authorized by this resolution, shall upon their collection, be immediately put into the sinking fund and pledged solely 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 shall be indufficient to provide for the payment of the principal and interest of said bonds as the same become due and payable, ® 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 property of said city a tax sufficient to meet said deficiency, it•being the intention of said city to provide for the payment of the principal and int- terest of said bonds primarily out of the proceeds of said special assessments; but the full faith and ctedit of the said City of Clermont are hereby irrevocably pledged for their payment, and there saall 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 RESOLVED, 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 herinabove set forth, and said bonds when so executed shall be forthwith delivered to the City Council for the delivery in due course to the purchasers thereof. Adopted by the City Council of the City of Clermont, this day of August, A. D. 19249 Attest: City Clerk. mayor The vote upon roll call resulted as follows: Ayes: Councilmen House, Brown, Bess, Jones and Westbrook. Nayes: None. The resignation of Mr. F. L. Nettleton as Tax Collector for the City of Clermont was presented and the Council, upon motion duly made and seconded, accepted the same. Upon motion duly made and seconded, the election of a Tax Collector for the unexpired term was deferred until the nett regular monthly meeting. Councilman Brown, Chairman of the Finance Committee, then presented to the Council the list of current bills which had been audited and approved for payment by this committee. After hearing said bills read, upon motion duly made and seconded the same were ordered paid. Attention of the Council was called to the bill rendered by C. C. Lee, for services as deputy marshal. After considerable discussion, upon motion duly made and seconded, this bill was laid on the table for further consideration at a later meeting. Thereupon, upon motion duly made and seconded, the Council adjourned to meet upon the call of the President for the purpose of examining and ap- proving the minutes of the City Council upon the following dates: June 13th, July 8th, July 21st, August 5th, ;924. Attest: Approved this day of August, A. D. 1924. C1 y C er Pres en , CITY- Counc ! I 1 . f��,k .1 Ask t _ (to 0-1 bo c K;ll I.Ct 1L+ 0-4 rip,* U,- vil xt a4 �4u /q14, e)L