HomeMy WebLinkAbout06-06-1925 Regular Meeting
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Minutes 'of Re~arAdjourQed Meeting of theOity Council
of the City of Olermont, held June 6th, 1925, at two
ol~lock P. M.
The City Uouncil of theOity of Ulerioont met ia regular
adjourned session at the office of theOity Clerk of theCity of
Olermon t , at two 0 I clo ck P. 1i., on June.:. 6:.t;h 1925, pursuant
to motion of adjournment passed <.: t a regular adj ourned me eting
held on June 5th, 1925, ior the purpose of receiving bids of. the
sale of IfDl':)rovament Bon6.s of theOi ty of vler;~lont, in thesum of
Two Hundred Twenty-two Thousand Dollars.
Upon roll call is WaS found that the fOllowing nam~d
cuncilmen and officers of the City ofuler;~'.ont werE. present;
H. C. Brown, President of the.Oouncil, Andy Aasheim, W. .; BESS,
C. E. Tabor and Isam ':Blackb ..rn; W. N. McKiI:mey, Mayor; B. W.
Wait, Oity Attorney; and Stella fhomp~on, City vlerk.
The meeting was presided over by Mr. H. C. Bro~n,
President of the vouncil.
Thereupon, the Uity Olerk presented to the Council
proof of publication of the s~le of bonQs, which, on ;~otion duly
made and seco~ ed, w~s ordered filed in the archives of the Oity.
.u.
Thereupon H. O. Brown, President of the Oity Oouncil
announced that the City Council would receive bids of the sale
of Improvement Bonds of theUity ot vIE.l'.G1,":nt, in the approximate
amount of .222,000.00, pursuant to the provisions of anotice pub-
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lished in the lerclont Press, May 14th, 21st, 28th and June 4th,
1925, and pursuant to the further provisions of a notice published
in the DailY Bond Buyer, a financial newspaper published in the
City of New Ysrk, on May 2Sth, 30th, and June 1st, 1925.
Thereupon, there were submitted, the following bids:
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Ryan, Sutherland & 00.
Ha.nchett Bond Co.
$222,200, ani accrued interest
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222,065,
222,040,
222,012,
222,006,
222,000,
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Steiner Eros.
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Thompson, Kent & Grace,
Walter, Woody & Heimerdinger,
Wright, Warlow & Co.
OalJvell & 00.
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99-7/8~ on the dollar.
Thereupon, upon motion du~y made and carried, the Council
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wamt into executive session for the purpose of consi~ering said
bids.
ThereupdD>> B6.:.d Council having considEred saidbids, upon
moticn of Counoilman BlakkbuEn, Seconded by Oouncilman Aasheim,
Bid NO.1, submitted byptya.p:;'t~utb.er18;nd &oCompanyof Toledo, Ohio,
was a.ccepted for tw::> hundred twenty-two improvement bonds of
the Oity of Clermont, of the denomination of One Thousand Dollars
each, bearing interest c~ the rate of e% per annum pa,aple semi-
annually, both principal end iIterest being payable at the Amer-
ican Exchange National Bank of New Yark, and maturing from one
t u ten years.
Upon motion duly lriade and seconded, the OityOlerk w~s
instructed to copy into the minutes of this meeting the bid of
the sucoessful..-bidcier, as followa:
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Thereupon, upon motion duly ma6.e and. carried, all other
bids submitted were rejected by the City Oouncil, and. the City
Olerk w~s instructed to return to ~ch of the unsuccessful bid-
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ciers their certified checks attached to their res}6ctive bids.
Thereupon, up.on mot ion cluly mac.e Sld seconded, the follow-
resolution w;"s unanimously passed Uj)on roll call vote:
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PSOLUTION PROVm::NG F~ AN ISSUE OF BONDS BY THE
CITY GF CLERMONT IN THE SUIiI OF TWO HUNDRED T'vVENTY-
TWO THOUSIND DOLLARS, THE PROCEEDS DERIVED FROM
THE SALE THEREOF TO BE USED FOR FINANCING THE COST
COST OF CONSmRUCTING, GRADING, PAVING AND CTHERWISE
IMPRCVING CERTAlli STRE~TS AND AVENUES W::THIN THE COR-
PORATE LIMITS OF THE CITY ()1t' CLEffi,:':NT: PRESCRIBING
THE FORM AND CONDIT: :.US OF S.AID BCl\TJ)S SO TO BE ISSUED
AND PROVIDING FOR A FINKING FUND FeR THE PAYMENT OF
THE PRINOIPAL ANDINTER.1!:ST CF SAID :5: lIDS.
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WHEREAS, the City ~ounc1l of the City of' Clermont, on
12th d~ of.U8y, &925, adopted a resolution providing for con-
structing, grading, :9'-. ing and otherwise. improving certain
streets and pxxHg: avenues .wi thin the corporate limits of the
City of 0lermont: and
WHER.h;AS, seid res,::lution provided for a total expendi-
t'bU'e of Three Hundr'ed Seventeen' Thous~;.nd, Nine Hundred E1ghty-
three and 73/100 Dollars (':517.983.73) waS authoriz ed to cover
t\te cost of sa.id impraements on Bhid streets and avenues; and the
T ax Assessor and Oi ty vlerk were instructed to prepare an assess-
ment roll, assessin:~;; the cost.f such ir.lprovements B...c'ainst the
abutting .,:roperty: o.nc
;.iliEREAS, the City ~ouncil, sitting as an Equalizing
~oard, on the 26th d~of May, 1925, finally approved and con-
firmed said assessment roll DS mac.e and filed by s aid officers:
ana.
roll
VIImAS, it pp';;ears :from said 'assessmen!Jthat the total
estimated cost of said improVeli1€nts \'iill be Three Hundred Seven-
twwn ThouSad, Nine Hundred Eighty-three and 73/100 Dollars
<$317,983.73): and
WHEREAS, on the 5thd~. of June, 1925, the City Council
f1il.ally let amd awarded the contract for constructing, grading,
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pa ving and otherwibe improving said E,treeta and [. venues, in com-
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pliance with the pl&ns and specifications for s2id work prepaed
by A. P. Gibson, on file in the office of the Qerk of the said
City: and
Whereas, it appears from the provisions of said contract
tha.t the totc.,l cost of sub. improvements will not exceed the es-
timated cost thereof, to-wit: the S~l of Three Hundred Seven-
teen mhod4and, Nine Hundred Eighty-three and 73/100 Dollars
f.31 7 , 983 . 73): and
WHEPEAS, the City pf
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lermont desires to issue bonda
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to the amount of seventh per cent. (70S) of the total estimated
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cost of the improvements onsaic1 streets e.nd avenu&,~,pureuant
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to the provbsions of Secti8n 11, hap~er 9298, Lows of Florida~
Acts of 1923:
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NOW, THEREFORE, BE IT RESOLVED, That a bond issue in the
sum of Two Hundred Twenty-two Thousand Dollars ($222,000.00)
for the purpose of financing the cost of constructing, grading,
paving, anc. otherwise improving the streets and avenues spe-
cificatlly set forth an described in a certain resolution adopted
by the Oity 6c5uncil of the Uity of "'16r:.10!1t, on the 12th day'
of May, 1925, be, and the same isherLby ahthorized; that the
said bnnds shall 'be of the (! enomina ti n of One Thousa:d Dollars
($1,000.00) eEch, dated 4pril 1, 1925, shall bear interest at
the rate of six per centum (6%) per ann~m, fayable semi-annually
on the first de.ys of Oorobe::. ano.,.J\p+.il of ee..ch yec.r, shall be
numbered consecutively from one (1) to two hundred twenty-two
(222), both numbers ini:lmsive, aM. to mature serially in the
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following'manne~, to wit:
1 tD 22, both numbers indusive, April 1, 1926;
23 tio 44, both numcers inclusive, April 1, le27;
45 to 66, both numbers inclusive, April 1, 1928;
67 to 88, both ~umbers inclusive, April 1, 1929;
89 to 110,bojh humbers inclusive,~ril 1, 1930;
111 to 132,both numbers inclusive,Ap~il 1, 1931;
133 to 154, both numbers inclusillv, 'rApril 1,1932;
155 to 176,both numbers inclusive,April 1, 1933;
177 to 198,both numbers inclusive,April 1, 1934;
199 to 22~both numbers inclusive,April 1, 1935;
Both principal and interest shall be paya:)le at the
American Exchange Ne.tional Bank of New York, New York, in lawful
money of the Umited States of America, and said bonds shall be
signed by the Ma.J9"x andOity Olerk of the City of Oh'mont under
the offioial seal of s~id municipality, and the tntereEt coupons
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attached the~eto shall be si~ed w,th the engrave<< or lithographed
fac-simile si6~atures of said Mayor; and the s~id bonds and cou-
pons, with th8 nece~&rJ variations to indicate the different
numbers and different da.tes of matlilrity, sha.ll be in substantially
the following form, to-wit:
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NO.
$1,000.00
UNITED STATES OF AMERIOA
STkTE OF FLORIDA
COUNTY OF LAKE
OITY OF OLER~CNT
IMPROVEMENT BOND.
KNOW ALL 1~N BY THESE PRESENTS, That theOity ~f Clermont,
Lake Oounty, Florida, a munici~al corporation duly organized and
existing under the laws of theSte.te of Florid.a, for vi-"lue received,
acknowledges i$self indeb~ed and promises to ~ay to the oearer
hereof the SUl!1 of OneThousv.nd Dolle.i"s ($1,000.00) in lawful money
of the United States of knerica, on the first d~y of April, 19__J
with interest therEon at the' rate of six per centum (a%) per an-
num, PlFbLe semi-m1nually on the first day of October and April
of each year, on presentation c;-..nd surrender of the interest
coupons hereto annexed, as t_:.e}tseverally become due, principal
and-interest being payable at .rthe American Exchange Nrtional
Bank in theUity of New York, State of New York.
This bond is one of a series of two hundred twentytwo
bonds, aggregc..t ing Two Hundred Twenty-two Thousc nd Dollars,
($222,000.00) of like date and tenor, except as to mat~ity,
issued by the City 0:':: 0Ier::.:mt for Etreet in:provement purposes
in strict conformity with theConsti tution C::.nv lav:sxt" the
Stute of ~~oriQa, including a~U1ong others Ohapter 9298, General
Laws of Floric~, 1923.
IT II HEREBY D~~TIFIED, REOITED AND DEOLARED,That all
acts, conditions and things required by law to exist, happen and
be performed precedent to and in the issuance of this tond have
existed, h~~ve pappened end have been performed inregulBr and
lue c:time, folI.9, and manner as required by law, and that the a;:loUIllt
of t:cis bond, together vii th all other indebtedness of the City
of Ulermont does not exceed any limit ~scribed by the Oonstit~-
tion and Statutes of tm St~te of Flori6~; en6 that before the
issuance of this bond, provision has been ~::, 6.e by resoluti'on
of theOity uouncil to asseSs annually a tax upon all taxable
property within the corporate limite~of the Oity of uler.:.ont,
to realize a sum suliicient to pay the interest upon this bOQd .
as it may become due and to create a sinking fund for the
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payment of the principal hereof Et the maturity of SEme.
And for the payment of the principal and interest of this
bom, the full faith and credit of the City of vler~::o~1t is her~-
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b~ 1rrecovably pledged.
IN WITNESS WHEREOF, The City of uler~ont has caused this
bond to be signed by its Mayor, attested by its City Ulerk and
:its corpora,te seal to be heJ:.eunto affixed, and has further caused
the: interest coupons hereto attached to bear the lithographed
and City vlerk
fac-simile signatur63 of said MayCjJj end tbis bond to be 6.ated the
1st day of April, 1925.
CITY OF CLEHIlCNT.
Mayor.
Attest:
City Ulerk.
FORM OF ~NTEREST COUFON
Coupon.No.
-$30.00
On the 1st de,y of October, 1925, th:Pity ofOlerroont,
Lake Oounty, ~'loriaa, will pay to bearer the sum of Thirty
Dollars ($30.00) in lawful money. of the United States of America,
at the American EXchange Nat ional Bank in tnt:.Oi ty [: nd Sta"~e of
New York, being semi-annual interest then due on its Improve-
J.lent Bona. No.
dajed April 1st, 1925.
Mayor
. Oi ty Olerk.
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B,E IT FURTHER RESOLV1i;D, T,.,a.t any uniaJ.l special assess-
ments levied ~nd il~fiosed by the City of Clermont;. Floricia, upon
the property bene'fi:.t:!ted by the street improvements constructed
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out of the proceeds of the. bonds authorized by this resolution,
shall, upon their collection, 1::.e immediately put into the
sinking fU.I).d and pledged solely for the payment rf the principal
a,n6 interest of the bones her(.by a.uthorized to be issued; and
in the event the proceeds of sc.id special assessment flhall be
ins1.1:f .ficient to provide for the payment of the principal and
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interest of fOe;, id bonds as the sa.me recome due and payable, the
City of ~lerm,:nt, FloriCp, herebY'. covenants and agrees with
the holder or holders of said bonds, or any of them, to levy
annually upon ell the taxable property of stid City a tax suffi-
cient to meet said deficiency, it being the intention of said
city of provide for thaayment of the principal and interest of
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68.i(1 bon6.S primarily out of the proceeds of sui6. specia.lassess-
ments; 'but the full faith and. credit of the sc:id city of Clermont
are hereby ir~evocably pledgeQ for their payment, and there shall
levied annually upon KXX the taxable '::roperty of E.;aid city while
the bonds outste_nci.i:.1.~; remain unpaid, a tax sufficient for the pay-
ment of the principel and interest thereof ~t !~~t~rlty: and
BE IF FURTHER RESOLVED, ThL.t as soon as said bondS shall
be printed, the~ne shall be'd~lJ executed by sais Mayor and
said City Clerk in thefcrm End. manner herein,~:bove set forth, and
said bonds when so executed shall be forthwith (elivered to the
Ci ty ~owlcil for the clelivery in due course to tlJ.e purchasers
thereof.
ADopted by theUi ty vouncil of theCi ty of Vlzuont, this
day of
, A. D. 1925.
Mayor.
A~~~~
cr.ti lerk
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The vot e u:~.on roll call resulted as follows:
AYes: Oouncilmen Brown, Aasheim, Bess, Blackburn &nd
Tabor.
Nayes; None.
Thereupon, upon motion duq made c:.ncl seconded,
and una.nimously carried, the First'State Be.nk of Ulermont,
Florida, w~s designated as the depository for Two Hundred
Twenty-two Thousa.nd. Dollc::.rs ($222.000) to be cierived fr~;m
the sale o~ the bonds of the City of Ulerij,ont, th'e issuance
whereof w. s duly authorized by resolution passed c..n.Q. adopted
by the Gity Vouncil, &nd received and a~proved by the Ma)or
on this 6th day of June, A. D' 1925.
On motion duly mac,e c:nd seconded, the meet in;:;; adjourned
to meet f ,Rain u')on the cE.l1 of the president.
Ap .' roved :
PresiQent, Oity Council.
Attest: ~14t, ~ -
City lerk.
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