HomeMy WebLinkAbout03-19-1926 Regular Meeting
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Minutes of Regular Ad~ourned Meeting of the
City Council of the City of ("lermont, Held
March 19, 1926, at two m1clock P. li.
The City Council of the City of Ulermont met in
rsgu1ax a.djourned sessi...n a'the of/iceof the Oity 0lerk of
the vi ty of Cleri:.lOnt, et two 0 I clock P. L1. on Merch 19th,
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1926, for the purpose of receiving' bids of the Ec.',le of Im-
provements Bonds of tl1e Oity of ~ler~ont, in the sum of
T~o Hundred Ten Thous~nd Dollars.
Upon roll cell it m s found. tha. t the following
nemed councilmen an& officers of the City of 0lex:0nt were
pI.' esent: H. C. Bronn, President of the Oounci1, ~nd.y aasheim,
tb:
;j.~.Bess, O. E. TBoor and lsarn. :aleckburn, Oouncilmen; W. N.
~cKinney, lla~or; B. W. Weit, City Attorney; anD. Stella Tholnp-
son, Oity Clerk.
The meeting ut,b :~resicled over by Mr. H. O. Brown,
Frcsid.ent of the Oouncil.
Thereupon, the City vlerk presented to the Oomcil
proof of publication of the slle of bonds, which, onmotion
C:tuly mal- e Fne. seconded, uae or<iered filed in the ~,rchives of
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the vi ty.
The=eupon, H. O. Brown, Presivent of theUity Oouncil,
2.nnounced the:: t the 0:. ty Council \'Joule:. re:cei ve bids of the sc.le
of Iarr:rovement Bone,s of t~leUi t~r of vle~mont, in the D,pproximate
[',mount of ~~alO,OOO.OO, pusuant to the provisions aE' Eo notice
~ublished in the vler~ont Press on Febraary 25th, March 4th,
11 th, EnG. 16 th, 1926, but that, Que to the fact thti.t the origt-
~~6~ 1Jl~ ~ecr~ ~l~~i~.n
nal esti~te of cost ha~ been reduced by virtue of certain
ch't,nges o.uthorized 'b~,' tee Council ~t its li~eeting of ::iarch 12th,
19~6, bonQs to the a~ount of Two Hunclred Thousand Dollars
('.:;200,000.00) only' COUlL, iJe sold.
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Thereu}.on, thE;re t7E s SU""..1i tteci the folloVline; bis:
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rJri2:ht,'~,arlow & 00.,
$210,000.00 Lne.. c,ccrues inteJ~est
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Thej.'eupon, u:?on motion ctuly mr,c:i.e e,ncica.rried, the
Council ~ent into executive session for the purpose of consid-
er:1ng S~ ie;, Oid#.
Thereupon, Stid Oouncil h~ng consiucre6 sE.id bid,
u\:on Clot :l.On of Cour...ciliha.n Tabor, sec_~ncied. by OO1lllcilms,n Bess,
Biu No.1, submitted by ~right,W~rlow & Com~any, of Oxland~,
Floric..:E:...., \71:,S c.:.cceptec.. to the extent of Two Huruired Tllousend
Dolle rs for tV!O hune:.reci iliQrove,nent bonds of tile Ui ty of
Vlel'i110nt, of the d.enoE.ine. tiun of. One Thousc,ncl .!Jolli: rS ea,ch"
bec:!rin6' interest e:.t the rc'-::e of ff/o ;~er annum, 9&yable semi-
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sm.1uclly, both :~rincipf'.l ~nd. intErest being pbye,b1e e,t the
;.unericf,n Exchc,n:?;e N~,ti DC..l 3vn~~ of l~ev..r York, "ne .ilE.,turing =rom
one to ten years.
Upon motion ~uly me~e end seconded., the Vity vlerk
\"JSB inst:rructed to ,:(/py into -:~ile mimiEs of thiS meetin,'S the 02.0.
of tlle successf-;.ti ""::idder, l. s follows:
Honore.b1e i~E,jOr arxi""ity Uounci1,
Oity of OlerMont, Flor~d~.
Gentlemen;
For the ~~2l0 ,000 I:ni-)rOV'ei.11ent bones of ~rour
ci ty t":'hlbch you oifer for st,le t~lis dete, SEit, bonds
bein~l QDtt:Q. Janu(-',r': 1, 1t:'26, mc;turin;.~ in su'uste,n-
tie-.lly eClual e.l.a01lllts one to ten Y~c.rs I-'fter oP,te,
i:>eCi.ring illt~::e;: t at the r[".te of a?o ~~er f.nnum, pay-
abl,e semi-annuc;lly, both :Jrinciprl 6ncJ. inttrel:.: t pt y- '
able B.t a be..nk in Net. York Oi ty, live will u'oon deli v-
ery o~ si:,ici bonds to us in Orle,n60, j,i'1oriL~', or New
Yorli: Oi ty, free of e.}cchan,.;e c..nd. co1lecti::n chB,rges
and. accom.~:c: nied b.;' the EP:,,:rovin;:; opinivn of G na tion-
'&lly kno\'l:n 00nC: c..ttorney :'J~;y you til,OOO for ~ech
~tl,OOO in ';;)onds, [.n:; o.ccrued interest.
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Respectfully bu~mitted,
Uri~ht, Warlo~ & Co.,
By H. S. Wheeler.
ThereuDon, on ~otion Quly me,ue enu secon~ed, the
fo..)llo\'lin;;~ r€ai.~tion ri ; Ul1u'liluously p~,ssed upon roll call,
vote:
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RESOLUTI: .~~ fROVIDING FOR Al~ ISSUE OF BOl!'DS OF
THli CITY OF CLERi~Ol~T :'~.T TH.iL SU".iIl OF T'f10 HUNDRED
THOUSAND JJ ILLARf::s, Tin; FROCEE;DS DERIVW r"'ROli THE
SALE TH~Ri;Oi TO BE USED FOR FnTA~TCING TEL; OOST
OF CONSTRUCT:NG, G~DIhG, ~AYING, DRBDGING, OLEAN-
ING OUT AND OTHiRi."1IIdE :l,.:':-R:;VUJG OI.RTJi.n: STR:..!;ETS JiND
AV~rUES J.~T1) LAKES. WITHIN THE OORPOF.AT11: LIUITS OF THE
CITY OF CLER~ONT; PRESCRIBING T~ F(:R~ ~~D ~CEDI-
TIUJS OF 8,t;I:D Bmms SO TO BE ISSUED AND ~-ROVIDIl\JG
FOR A SHIKIEG FUNli FOR THr!; PAYMENT OF THE ?RIliTOIP.AL
AI~D IHTJ:REST OF S.iID B01'1JS.
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~~P~bS, th~ City Oounoil of the Uity of U~~ont,
on the 29th day of JantBry, A. D. 1926, adoi;>ted e l'esoluti'on
providing for construot ing, grc,ding, paving, dred~ing, olean-
ing out &nd otherwise im~rovin~ certain streets, avenues ~nd
l~kes witDin the oorporate limits of the 6ity of 61ermont: and
VnrE?EAS, s&ia resolution provided for a total ex-
RBno,i ture of Three Hundred Thousand Folll' Huncired Forty-one
r
~~;300,44l.00) Dollars, we,s authorized to cover the oost of
SLid. im~)rovements on s~id streets, avenues and 1G.l~es ;and the
Tf'x Assessor and lJity ulerk were instruoted to prepe.re an
assessment roll, assessing the oost of suoh i~provements
aGE! inst the a.butting yroperty: end
UHER~AS, the s~i~ City Oounci1 subsequently, to wit ,
on the 12th uey of M~rch, 1926, deemed it edvisable to omit the
dredp;ing and cleaning 'out of Lake Dot frmm the :vroposed im~)rove-
ments, e.nd to reduce the v!id.th of the pavement on certe.in
streets, &nd passed and adopted a resolution amending the
s,~io. resolution of January 29th, 1926, inthose particulars,
and mirected the City Engineer to prepare revised plans, spe-
cifioat ions and. estimLtes, of costs, c..nd direoted the Oi t Y
(:l1erk end Tax Assessor to revise ana. E_mend. the st.ici e.s6essment
roll in aocordance with the changes 80 authorize~: and
t~EREAS; the Uity Oounci1, sittin~ as an equalizinA
board, on the 12th c...ay of iiLE;.roh, 1926, finally approved and
oonfirmed the revised and amended assessment roll as vrepared
blJ the said officiels, pursuc;.nt to the provdlsions of the said
resolution oi January 29th, 1926, eS amended by tne resolution
of ~rch 12th, 1926: and
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WHER~~8, it ~~rs from said revised and amended
a.ssessment roll tha.t the total estimated cost of sLic:. improve-
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ments will ~e Two H~~dred Eighty-six Thousand Eight:' Hundred
and 67/100 ..
Nin~DolJ.B,rs (~2e6, 809.67): e.nd
WHEi'R.t1AS, on the 2nd day of Mcirch, 1926, the Uity
COWlcil finally let l:tnO awar::.ed the contract for constructing,
gr~~d,ing, paving, dredginf;;, clee,n.ing out b.nd otherwis e improve-
ing s~id streets, avenues and lakes, in compliance with plans
and specifications for said work ~rep6red by A. P. Gibson on
file in the office of the (;lerk 0 f the saici Oi ty: e.nd
WHBR~S, it appears from the provisions of said con-
trt',ct thE.,t the tote:..l cost of sc:,id ir.1:')rovements will not exceed
the estimated cost thereof, to wit: the Sum of Two Hundred
~i3nty-six Thousand, Eight Hundred Nine and 67/100 Dollars
(0286~809.67): and
~HEREAS, the City of Ulermont desired to issue bonds
to the amount of seventy per cent (70%) of the tota.l estimated
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cost of the improvements on said streets and avenues,and lakes,
pursue.nt to the provisions of Chs.pter 9298, Laws of Florida"
Acts of 1923, and an Act to ~mend Sections 5, 6, 11, 20, 21,
24 and 48 and 60 of Uhe,pter 8926, Laws of li'lorio.a, Acts of 1921,
l(Jntitled: "An gct to Abolish the Present Municipality of the
Town of vler~ont, County of Lake, State of Florida, an~ to create
E...nd '""sts.blish a ~unicipal Corpor~tL;n to oe Known f,S theO:ity of
Cl~rjJont, County of LE:.:,ce, Stc;,te of !i'lorida; to Prescribe the
Territoric::.1 Limits ThelI'eof; to Prescribe the Form of '*overnment;
to Provide for its Jurisdiction, Fowers en~ Privileges; to
Confer certain :Jowers u}.on ;.:e,id I1Iunicipctli ty E;.nd. the Officers
Thereof, B.nd. to Provide for the Carrying into Effect of the
:t:rovisions of this ,Act; to Validate, confirm ~'nd. Legalize
Certc:in .ooruls Heretofore Jiuthorized by the Town of Ulermont",
anc to :,:;rovide >>'uI'ther c..nd .rt6.clitio.1E,l r0'!.1ers for sf.,id. i~uni-
ci'Oc,li ty (Laws o:~ li"lorid.a, Qpecial ./tots of 1925):
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~, THEREFORE, BE IT RESOLV~D, That a bond issue
in the sum of Two Hun~red Thous~nd ~ollars (~200,OOO.00) for
the purpose of financi.ag the cost of constructing, gra.ding,
paving, dredging, clee,ning out and otherwise i.::.proving the streets
Lno. vvenues and le,kes specifically set forth c.,n6. described in
a certBin resoluticn cdopted by 'the vity Uouncil of the Uity of
"'lerillont, on 1he 29th day of Jenuery, 1926, as c:.mend.eci by that
cel.t~,in other resolution adopted by the vity uanncil of the City
of OlErmont on the 12th ~ey of Uarc~~ 1926,be and the same is
hereb yauthorized; that ehe said bondsahall be of the d.enomin-
e.tion of One Thous<:nd Dollars (~h ,000 .00) each, ,~c::,ted January
1st, 1926, shell bear interest at the rate of six ger centum
(~) per annum, payable semi-annually on the first ~ays of
July end January of e~ch year, shall be numbered.consecutively
fro;.; one (1) to Two hundre~ (200), both numcers inclusive, and
shall mature serially in the follov.in~~ D'le.,nner, to wit:
1 to 20,
21 to 40,
41 to 60,
61 to 80,
81 to 100,
101 to 120,
121 to 140,
141 to 160,
161 to 180,
181 to 200,
both numbers inclusive,
poth munbers inclusive,
Doth numoers' inclusive,
both munbers inclusive,
both aunbers inclusive,
~oth nWfloers inclusive,
both numbers inclusive,
both numbers inclusive,
both numbers inclusive,
both numbers inclusive,
JanUE..ry 1st,
January lE:t,
January 1st,
Jamlary 1st,
Janu~ry 1st,
January 1st,
Je.nuary 1st,
Je,nuary 1st,
Januc.ry 1st,
JE.,nyary 1st,
1927;
1928;
1~29;
1930;
1931;
1932;
1933;
1934 ;
1935;
1936.
Both principal ...nc interest shall be peya,ole t:..t the
i1merice-n l1ixchanr:e NE:. t ion~l Bank of New York, New York, in law-
ful money of the UniteQ 6ta~es 01 J~erica, and~id oo~s shall
be s igneo.. OJ the Mayor anti. ui ty ulerk of t:i.1e Oi ty of lJlermont
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under the official seal of said municipality, and the interest
coupons attached thereto shall be si~ed with the engra,ved
or lithogr~phed fe.c-simi~e signEture of sa~~ Mayor; and the
s~id bonds o.nd coupons, with the ne cessa,ry varie.t ions to in-
ciicE.te the different numbers an6 cfifferent dates of maturity,
shall 0e in substantially the following form, to wit:
No.
81,000.00
UNITED STATES OF A~IOA
STATE OF FLORIDJ1
OOUNTY ~F LAKE
OITY O"? CLER1~ONT
IMrROVEUENT BOND.
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KNOW ALL ~EN BY THESE FRES~S, That the vity of
Ulermont, Le.ke Oounty, Florida, Eo municipal corpora ti n dul y
orgE,nized e,nd existing under the le,ws of the State of Florida,
for value received, acknowledges itself indebted and promises
to pay to the bearer hereof the sum of One Thousc~ Dollars
($1,000.00) in lawful ~oney of the United ~t~tesof America,
on the first day of Jan~ry, 19--J with interest thereon at the
rateof six per centum (afu) per annum, paya.ble semi-annually
on the first day of July anc Jsuary of each year, on presen-
tatiln anc sur~en~er of the interest coupons hereto annexed,
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f s they severally bec')me due, y>rincipe.l !'nd interest being
at
payabl~the American Exchange National Bank of tl~e Oijy of
New York, State of New York.
This bon~ is one of a series of two hundred ten
bonds, &.,gregating Two Hundred Ten Thousc;nd Dollars ($210,000.00)
of like d~te and tenor, except es to maturity, issued by the
Oityof 01::rmoIit for street improvement purposes in strict
conformity with the Oonstitution e.ne:. la,ws of the 6ta.te of
Fioricc;.. including: among' others Oha.nter 9298. General Laws of
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Florida., 1923.
IT IS HER~BY CERTIFIED, RECITED ~ND DECLARED, That
all acts, conditions a,nci things required bY la.w to axis t,
happen and be performed preced~ to and in the issuance of this
bond. h€we existed, have happened and have been performed in
reguler and ~ue time, form an~ manner as re~ired by law, and
thct the amount of this bond, together with all other indebt-
edneaa of the Uity of ~lermont does not exceed any limit pre-
scribed by the Constitution and 5ta,tt.b3s of the State of F10r-
ida; c,nd tret before the issuance of thE bond, provision ho.s
been me,d.e by resolution of the City Council .to tssess annually
a tax upon ~ll taxable property within the corpor~te limits
of the Oity of Oler::~ont to rd;1,lize a sum sufficient to pay the
mmreot upon this bo~l as it may become due and to create a
sinking fund for the payment of the principal hereof at the
lnaturity of Same.
And for the peyment of the principal and int~re~t of
this bond, the full faith End credit of the City of Clermont
is hereby irrevocably pledged.
IN ~ITl~ESS ~rnEREOF, The Ci t~f of Clermont he.s caused
tDis bond to be signed by its ~yor, &ttested by its City Clerk
end its corporate seal to be hereunto affixed, and has further
caused the intere~t coupons hereto a.ttached to bear the Ii tho-
grH:9hed fac-siil1ile sign..ture of the stid ltlayor c.nd this bond
to be ucted the 1st day of January, 1926.
CITY CF CLiC..l1:~Oi\~!.
Attest:S~ ~
ity lerk.
:Mayor.
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:b-UR1'~ OF ::XT~REST COUPON'
Coupon No.
330 .00
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On the 1st day of July, 1926, the City of Olermont,
Lake County) Florida, will pe.y to bearer the sum of Thirty
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Dollars ($30,OO) in law=u1 money of the United States of
America, at the Ji.i'6rican Excha.nge Na.t iona1 Bank of the City
and State of Ne~ York, being semi-annual interest then cue on
its Improvement Bond No.
dated January 1st, 1926.
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Ci-ty lerk.
Mayor
BE IT FURTH:~R RESOLVED: That any B.nd all special
e,ssessments levied and impoIJed by the Oi ty of ~lermont, Flor-
ida upon the property benefit ted by the street iilprovements
constructed out of the proceeds of the bonds authorized by
this resolution, shell, u~on their collDtio~, be immediately
::,Jut into the sinkin;; func. and pledged solely for the pe.yment
of the principa.l and interest of t:i.1e bonds hereby G.uthorized
to be issued; (:l,nd in the event the proceeds of st,id special
E;,ssessment shall be insufficient to provide for the pe,yment
of the principal and. interest of s,~ id bonds as the sa.me beomme
C.ue c nc. payable, the Oi t of Olermont, F1oric',e, h(~reby covenants
end Egrees with the ho1&er or holders of s~id bonds, or any of
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them, to levy annually upon all the te.xeble property of sC,id
City E.. tLX sufficient to meet seid deficiency, it being the
intention of s, ie. ci t~. to provide for the :9a~7i1ent of the prin-
cipal a,nd intcrE:E.t of Ef-,iC:. ~onds primaril] out of the proceed.:
of s~id special asses~ments; butte full faith &nd cre~it of
t::'le se,id i..ri ty of Clermont are ~le reey irrevocably pl;.~dged for
their payment, End there shall be levied annually upon the
taxable property of arid city while t~e Donds outstan~ing
remain unpaid., a te.x sufficient for the payment of the prin-
cipa.l tlnc. interest t:i:creof at l~,turity: anG.
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BE IT FURTIiLR RESOL VEX, T he t ~.s soon f..S s~.id bonds
sha.l1 be printed the se>me shall be duly executed by sr,ia
Mayo):' rnd saia. city 0lerk in the ~ornl c:,nd manrer hereinabove
set forth, and snid bon~s when so executed shall be forthwith
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delivered to the City Oouncil for the delivery in due course
to the purchasers thereof.
Adopted by the City Council of the City of Cla'mont,
this~~ (ley of Lkrc!?', .ti. D. 1926.
AtteBt: ~.~
ity Clerk
Me. yor .
The vote,uponrol1 ca1~,resu1ted as follows:
Ayes, Councilmen Brown, Aasheim, Bess, Blackburn
erui Tsbor.
Nayes: l'lone .
Thereupon, upon rtlotion duly :l1E,de an.d. secon6.ed, and
unanimous1i carried, the First State Bank ofCler...ont, FJ.ori~a.,
we,s ~esignClted as the depository for Two Hundred Ten Thousand
Dol1azrs C!210,OOO.OQ) to be c:erived. from the sale of the
bonds 0= the City of CJaot1ont, the issuance whereof w S c).illy
authorized by resolutioi'l passed e,nd :.;dopted by the City Oouncil
Fnd reeeived a,nc.. approved ~')y the I~e.:'or this 19th cc:y of March,
J..., D. 1926.
On moti;n ~uly mace and seconded, the meeting a6.journed
to meet aeain~ ~pon the colI of the president.
.AtteBtl.~~
City lark.
Approved:
President, City UOUDnil
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L1inut~s of Regu1r,r iidjourned Iaeetingof the
Omty uouncil of the City ofUlermont, Held
lIa.rch 19th, 1926, et two jb.clock ::. Li.
The City Oouncil of the 0i t'j ofOlerillont Met in
regular c:,d~ourneci session e.t the of:'i ce of the vi t,~' Clerk
of the City 01Clerwont, .t two o.clock P. M. on M&rch 19th,
1926, for the purpcse of receiving bids of the s~le of
improvements bondeof the vi~' of Ulermont, in the smA of
,:'ne Hund::.'ed Forty-six ThOUSand Dollars.
Upon roll call itws found. thr,t the followin~
ae.meci councilmen c:n6, officers of the Oi ty of (ller..lont were
present; H. C. Brown, President of t~e vouncil, ~ndy AEshelm,
w. U:~ess, C. E. Tabor and Isam Bl~ckbuxn, Councilmen; W. N.
B. r!.
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Weit, Vityattorney; and Ote1la homp-
McKinney, llayor;
son, Oi ty iJlerk.
The meeting w:s ~resided over by Mr. H. C. Brown,
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President of the Council.
Thereupon, the City '1.erk presented to the Oouncil
proof of publication of the sale of bonds, which, on motion' du1~\.
made a.nd. seconded, t:'e,s orc.;ered filed j.n the archives of the
city.
Thereu~on, H. C. Brown, President of the City Council,
announced tha.t the City 00uncil would receive bids of the sale
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of Im~)rovement BonG.s of theCi ty of Olel' Ulont, ~:.nthe e.pproximate
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&mGnt of $146,000.00, pursuant tothe provisions of a notice
published in the Vler:l.ont Press on Feburary 25th, March 4th,
~_l th c,ncl 18th, 1926.
Thereu,~)on, there was. subci tted the fo1lowi:lg bid: :
1.
Wright,Wcrlow & Co.,
$a4S,000.00 and accrued
interest.
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THEREUPCN, on motion <iuly ril2.de. Conci ca.rried, the
Council went into executive session ~~r the purpose of
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considering srid bid.
Thereupon, s~id Oouncil having considered s~iQ bid,
upon moti on of Uounci1man ,Blakkburn, seco.td eO. by Councilman
.Ae sheim, Bid No.1, eubmotteo. by 'IVright, Warlo\'V' & Company, of
Orlando, Florida, waS accepted for One hu~red forty-six im-
nrovement bonds of the Uity of Ulermont, of the denomination
of One ThousLnd. .uollE.rs each, bear in,); interest lit the rate of
f!I/o per annum, paYf'ble sertli-annuc;,lly, both r>rincipal Q,nQ inter-
est being P€..Y6,'l.:lle at the .t1[I~eriC6n }!;xchs:,nge N6tioIlc:l Bank of
liew YO:Ek, cn6. mat'.lrinp; from one to ten years.
Upon motion duly made end seconded, the City Clerk
w[s instructed to CO'Oy into the minutes of tlli,s Meetinp: the
aid of the successful biccLer, F,.S follows:
"HonoBe ble ilayar and ui ty Council,
6ity of ~ler~ont, Florida.
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Genitlemen:
, For tl:le $146,000 Ir.aproveli1ent Bon6,s of
your city which you offer for s~le this Q&te, sr.id
,'j,jonds 'beine; uC'ted. JanUl:lry 1, 1926, ma.turing in
sUQstanti&lly equal amounts one'to ten_ie~rs ~fter
date, bearin~ interest et the rate of a.Yo per annum,
payable se:ni-an~..u8lly, both ;oiincipal anc~ interest
payable at a Dank in New York Oity, we ~ill ufon
deli''l ,!, y of saia. bona.s to us in Orlan<io, liloricia,
or New York City, free of exchange and collection
cha.r~:es s.ud accompcnied by the E.p~Jrovinr:,' opinion
of a natioM;.lly ..tn01't'n uonCl attorney pey you
$1,000.00 for each $1,000.00 in bonG,s, and accrued
i:-lterest.
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Respectfully submitted,
Wright, Warlow ~ Co.,
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By H. S. Wheeler.
Thereupon, on motion duly m~Qe ~nd secon~ed, the
followinf'; resolut ion wa.s una..nilr:ous1y pc:,ssed and as.opted on roll
call vot e :
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RESOLUTION PROVIDING FOR ~E IBSUE OF BOlrns OF THE
CITY CF CLEFL~v~T, IN THE SUM OF ONE HUl~D FORTY-
SIX THOUS.JiD DOLLARS, THE .;.-ROCEEDS BERIVED ',iROii THE
S..iLE TH:J.:REOF TO BE US:ID FOR BIN~NCING TH~ COST OF
COi~6TR.UCT:',irG, GRA:ur:~G, FaVING.liND OTH:c3.V,IBji; IM-
'HOVING C~R~s~N STREETS .liND AVENU~~ ~~THI~ THE COR-
PORATli. LnaTS OF THli. OITY OF CL~R,CHT: PRESCRIBDrG
THE FOFlli: AK:0 CONIHT I'::~ OF S~HD BONDS SO TO BE
ISSUED iillD FRCVltING FOR A SINKING FUND FO~ THE
P.A"IlIJJ~;T ~F THE FR"i}!CIPAL .tun) INTEP.i.ST OF S.r,ID Bo~ms.
WHER~AS, the City Oouncil of the City of ulermont,
on the 29th cay cf Jr..nuary, A. D. 1926, e,dopted G'.. resolution
providmng for constructing, grading, paving and otherwise
improving certain streets G.nd avenues wi thin the corporate
1imi ts of th e Oi ty ofuler;:l1ont: and
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seic resolution provided for a total expen-
ciitw:e of Two Hundred Nine Thousand FOT"ty-nin/:ll nn"s:lrl:l
($ 209.049.00 )
was authorized to cover the cost of seid i~provements on seid
streets a.nci ~venues; (,nO the TEx aSEessor c,nd Uity vlerk were
i~ructed to prepare an asessment roll, assessing the cost
of such i~provements ageinst the aQutting property: and
'~ir...li..AS, The vi ty Oouncil, s it t ing G.S an Equaliz ing
Botrd on the 12th 6.e.y of 1.:arch, 1926, finally
WHEP~AS, it appea,rs fJ'D"il sc-id. assessment ribl1 that
the total estimeted cost of s~id ispmovements will be Two Hun-
dred Nine Thousand Fort v-nine DnllB, T'A
($ 209,049.00
) :and
WHEREAS, on the 2nd day of ~frch, 1926, the Oity
Cancil finally let and Fwarded the contract for constructing,
grading, paving and otherwise i~proving s~id streets and ave-
nues, in cOUlp1iance with The plans anc:, specifications for said.
~ork prepared by A. P. Gioson, on file in the office of the
Clerk of the s~id Oity: and
WHEEEAS, it app"ars f:r:m the provisions of sl..id con-
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tr&ct that the total cost of 4&id improvements will not exceed
the estime,ted cost thereof, to wit: the sum of lwo Hundred
Nine '.L'houS2.nd Fortv-nine Dollars
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($209.049.00
): and
'~.U' '-"'j'AS
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THE City of vlermont desire8 to issue bonds
to the amount of seventy per cent. (70%) of the total estimated
cost of the improvements on scid streets end evenup, pursu~nt
to the provisions of Section 11, Vhapter 9298, Lc~s of Florida,
Acts of 1923:
NO':.i, T:Efi;R:E;FO;=lE, BE IT RESOLVED, TRat a. bond. issue in
the s~ of One Hundred Forty-six Thousmd Dollars ($146,000.00)
for the purpose of financin~ the cost of constructing, grading,
paving and other~ise improving the streets ~ndwenues speci-
fically set forti;.. v..nd described in E., certain resolution Adopted
by the' Oi ty Oouncil of tlleui tv of Ulerrnon t, on the 29th ciay of
January, 1926, be, and the seme is heeeby authorized; that the
sc'i<i bo1is shell be of the denomination of One Thoustnd Dollars
U~l,OOO.OO) eC'ch, ci;.ted J&nue.ry 1st, 1926, shall bear interest
~t the rate of six per centum (6%) per annum, payuble semi-
annut1,lly on the first d.E,YS of July end. .a-anuary of .erch ~1!8ar,
shall be numbered consecutively from one (1) to one hundred
forty-six (146), both :lu.rBPers inclusive, End shall mature
'serially in the following menner, to wit:
..
1 to 14,
'15 to 29,
30 to 43,
44 to 58,
. 59 to 72,
73 to 87,
88 to 101,
102 to 116,
117 to131,
132 to 146,
both numbers inclusive,
both numbers, inclusive,
both numbers inclusive,
both numbers inclusive,
both numbers inclusive,
both numbers inclusive,
both n.wmbers inclusive,
both numbers inclusive,
both numbers inclusive,
both numbers inclusive,
JaP-uary 1, 1927;
January 1st, 1928;
Jan~ary 1st, 1929j
Janurry 1st, 1930;
January 1st, 1931;
January 1st, 1932;
Jsu.:ry 1st, 1933;
Jan "oJ.a.ry 1st, 1934,;
Jauary 1st, 1935,;
Ja.nuary lst,1936.
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Bpth prir:.cipa1 and interest shall be payable at the
A~rican Exchange National Bank of New York, N. ~., in lawful
money of the United Stc;;tes r::L .america, c,nd sc,id bonds shall
be signed by the MaJor ana. Oi t y (;lerk of the Oi ty of vleI'Jaont
under the official seal of said municipality, and the interest
coupons attached thereto sh~ll be signed w~th the engraved or
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, lithographed fac-simiJe sigm:,ture of said Mayor; c:.nd the
se,i6. bonds end coupons, with the IIecessary vari2.tio~1s to in-
ciicate the different numbers End different dc-,tes of maturity,
shell ~ in substantially the following form, to wit:
NO.
$1,000.00
UliITEB STaTES OF JU!ERIOA
S':?.ATE OF FLORIDA
COUNTY OF Li~KE
CITY 01 CLERliCNT
IMFROV~EI~T BOND.
KNOW .ALL llE~'1 BY THESE ::'-:RE5E1TTc" That the Vity of
Olen:lOnt, Le.ke County,' FJ.orid~, e: municipal corpaEtion duly
org!"nized End existL~lg unO-er 1he lE'III,.S of the State of .i1'1orida,
for vCllue received,' acknowJfdges itself in~'ebted ancl.)romises
to p(1.y to the bearer lie:t'eof the sum of One ':'Ehouse.nd. Dollars
($1,000.00) in lc-.wful ii1one~" of the United Ste tes of America,
on the first 6.e,y of January, 19--, v:ith interest tl~er€on c.t
the rrte of six per centum (~) per annum, payable semi-an-
nually on the first ~ ay of July c..nc:. Jenue.ry o'! eech yee,r, on
presentation am: surrender of the interest coupons hereto
annexed, e.S they severally become due, principe,l ~n6. inter-
est be::.np; payaiJle E;,t theAmerican Exchange NE',tional Bank of the
Ci ty 0::: New York, S~ ate of ~rew Yorl:.
This Oond is one of a series of one hundred forty-
six bonds, aggre~eting One Hundred Forty-six Thousand ~ol~s
($146,000.00) of like dcte an~ tenor, except as to maturity,
issued "J] the City of ("ler~iloj,1.t for ~treet im: rovement purposes
in strict conformity with the Oonstituti~n and laws of the
Sta$e of Floridc., incladin~ arnon~ others Ohapter 9298, General
LawS of Flori6a, 1923.
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IT IS H::;REBY OE':1T IFIED, Rj:i;CITED h.~.:D DECLARED, That
all acts, conditions a.nd things required by l~w to exist, happen
end be performed ~re0edBnt to e.ndin the issuance cf this bond
hav~ existed, have p.e.ppened and, he,ve been performed in regula.
and Cue time, form cr..c:, manner as required by 1 aw, e.nd
that the awount o.i.' this bond., together with C',ll othe:r ino,ebt-
edness of the Oity of 0lerwont does not exceed any limit pre-
scribed by the ConstitutmGn end 5tatutes of the State ofF10r-
ida; and that Defore the issuance of this mnd, provision has
been L;'lS.C; e by resolution of the (Ji ty Oouncil to €"ssess annually
C'. tax upon e.l1 te,xable property v:ithin the corporE;,te lioi ts
of the City ofOler~ont to re~lize ~ sum aufficient to pay the
intererct upon this bone:. c'.s it mC'y become due anc2 to crE::c.te. a
sinking fund. for thepayment of the ~rincip~l hereof rt the
maturity of s~me.
Ancl for the p.:.yment of the principa.l ,-.nGA. interest of
this bone:.., the f"..lll ft.i th c.nt credit of theei ty of vleri':ont
is hereJY irrevocably pledged.
IN ~ITN~SS WHZR~OF, The Uitj of ~lerllio~t h[s c~used
this bond to be signed by its mayor, attested by its City Clerk
antl its corporc::.te sec:1 to 'be hereunto e.ffixed, E..nC: lies further
caased the interest cou~ons hereto attachec to beer the litho-
e;rf;-he\i f&.c-simi1e sizn~'ture of the Er i;,- :':a.yor ,ne, t~2is bond
to .ce "c,tecl the l(,t (J,c.:; of Jr..nur,.ry, 1926.
CITY OF CLE;R~,~C}~T
Atte~:Shlli?h~
' Ci ty ler~
M?1or.
FORl: OF :'::,~ TEa: 8T CCU?ON.
,
Coupon No. $30.,00
,/..- On the 1st dr..y of July, 1926, the City of vlerouont,
Lr,ks C:ounty, li'lori6.E~, will ply to bearer the sum of Thirty
~
Dollars ($30.00) in lawful money of the United States of,
iuneric~, at the American Exche,n2;e Kational Benk of theOi ty
E,nc.l Sttl te of New York, being sem -e.nnual interestt then due on
its !m~rove~ent Bo~ No.
, dated January 1St, 1926.
3WL. ~
"Oi ty lerk ~
1:Ia.yor.
BE IT FURTHE,~ RESOLV~D, THet any e,nd a.ll special
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assessments levied anQ i~~ose~ by the Oity of 1er~ont, Flor-
iela, upon the _lOperty 'iJenefi tted. b:{ the street i'.Jl.:rove',nente
constructed out of the proceeds o~ the bon~s authorized by
this resolution shall, u:,o~ their col1eotion, be iWnediate1y
pUt into the sinking funC: c.ne: l1ledged solely for the pv,yment
of the principe.l Enc~ interest of the bonds hereby ~~ti:lorized
to ~:le sued, cn~ in the event the prooeeds of Sf il,.,. Sf ccic;,l
cssess~D.ent shell "ce insufficient to provide :Zor the ~~e,yment
of the prinoipal e,nd interest of' sticl bonds c s the sc,me beoome
o.ue enC: payable, the Ui ty of vlerl!:ont, F10ridf.', hereby c~venants
c: nO. aGrees with the ho1del' or hclders of se io. bor'.0 s, or any 0' f
them, to by ennua1ly u)on all of the' tc,xe.ble property of sc.,id
Oity c'. tax suffi0ient to raeet said. tefioiency, it ~ein8 the
intention of snid city to provide for the payment 0~ the prin-
cipal and intereLt of B~ic1 bonds priillarily out of the ." roceed.s
of arid special ~Bsess~ente; but the full faith an~ credit
of the s[,id vi ty ofvJ.er:ilont are hereby irrevocably pledged. for
their payment, e.m thert-: shc:ll"oe levied. e..nnua,lly upon the tax-
.
able ,roperty of st.'id city ",-,hile the bondS outstan6.illfj; remain
unpt:,icJ, a te.x sufficient for the payment 0:Z the principc:.l and
in tere.'t thereof c,t me.turi ty: fi,nd
BE IT FURTH.~R RESOLVED, Th< t e,s soon as BriO. bondS
shall ~e printed the S~ffiE shc:.ll be duly executed by srid.
Meyo..land sc.jA Oi ty Clerk i:lthe form E.nd manner hereinf.bove
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set forth, c',nd EH.',id bonds when so executed shall be forthwith
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delivered to the Oity Oouncil for the delivery in ~ue course
to the purchasers thereof.
Adop'ed by the Oity ~uncil of the City of Clermont,
tllie 19th ~.~y of lIarch, a. D. 1926.
Attest: 'S.tuL ~
"Oi ty vIer
Mayor.
The vote, u~)on roll cc:.ll, resulted as follows:
Ayes: Oounci1men Brown, i~asheim, Sess, Blackburn
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end T e.bo r .
Nc:.yes: None.
Thereupon, upon motion ft,u1y ma~e and seconded, and
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uaanimously carried, the iI'i: st St'ate Bank of Clermont, Florida,
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W6,S 0.esigne.ted as the cleposi tory for Gne Hundred Forty-six
Thous~nd DoDars (~146;OOO.OO) to be derived from the sale of
the bonds of' the Oi ty of Cler;;jont, the issua.nce whereof We S .
clu1y authorized bj res "lution :.:;assed end adopted bj' the City
Council and. received €"nd a.pprovea. 'i.:ly the l~alor tl'lis 19th day
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of Me, rch, .ri.. ~~. 1926.
On mot~on d.uly mad~ end.' "~~9Jl9._~.9:..,....!he meeting ad-
journed to f.:leet e....ain upon the cs.ll of the president.
Approvedp .Lt:;!tU:alt., C1Ly Cuu.uv11
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Attest:
ity U1erk.