1939-02 IN THE DISTRICT COURT OF THE
UNITED STATES, IN AND FOR THE
SOUTHERN DISTRICT OF FLORIDA,
ORLANDO DIVISION.
IN THE MAT EH OF ) NO. 1.143-0-BANKRUPTCY
(
CITY OF CLERMONT, ) In Proceedings for Composition of
FLORIDA, ( Debts under Sections 81, 82, 83 and
84, of Chapter IX, of the Acts of
DEBTOR. ( 1 Congress relating to Bankruptcy.
FILED
Dec 5 - 1939
ORLANDO, FLA.
Edwin R. Williams, Clerk
INTERLOCUTORY DECREE By: Walter A. Daley
Deputy Clerk
Orl. M.B. 2 - 1057-1066
This cause coming on for further hearing upon the verified
Petition for Composition of Debts filed herein by the City of Clermont,
Florida, and upon the answers and objections of certain creditors to the
said plan of composition, and upon the motion of the petitioner for the
entry of an interlocutory decree confirming the said plan, and upon the
report of the Special Master herein, and the Court having considered this
cause, the pleadings therein, the objections of said creditors, and the
4
report of the said Special Master, and having heard counsel for petitioner
and counsel for said objecting creditors, and being fully advised in the
premises,
IT IS THEREUPON ORDERED, ADJUDGED AND DECREED AS FOLLOWS:
I.
That the Court does hereby make the following findings of fact:
(1) That the petitioner, City of Clermont, Florida, is a
municipality under and by virtue of the laws of the State of Florida,
situated in Lake County, Florida, within the territorial jurisdiction of
this Court, and that it was a duly constituted municipality at all times
during which the bond issues affected by the plan of composition involved
in this proceeding were made and issued, and that it is such a municipality
as comes within the terms and provisions of Chapter IX of the Bankruptcy
Act of the United States as amended.
\J
II
I f 1
(2) That the petitioner, City of Clermont, Florida, is a
municipality or taxing district within the meaning of said terms as used
in Chapter 15, 878, Laws of Florida, Acts of 1933, conferring upon municipal-
ities, taxing district and political subdivisions of the Stqte of Florida
power and authority to institute proceedings and accept the benefits of
any amendments to the bankruptcy laws of the United States enacted for the
relief of municipalities, taxing districts and political subdivisions.
(3) That the municipal debtor, City of Clermont, Florida, mailed
and published all notices as required by the Order of the Court entered on
the 31st day of July, 1939, and filed proper certificates thereof.
(4) That the said City of Clermont, Florida, now has and has had
for several years last past a population of approximately fifteen hundred
(1500) people, about twenty-five per cent (25%) of whom are colored people;
that the City of Clermont, Florida, has a limited amount of industry largely
confined to employment connected with the citrus industry surrounding the
city, and there has been a marked decline in business in said city; that
the assessed valuation of property within said City of Clermont as presently
constituted, subject to taxation, amounts to $1,125i813.00, the assessed
valuation for the years 1937-1938, which assessed valuation is less than
the total amount of indebtedness owing by said city.
(5) That the aggregate amount of bonded indebtedness and interest
thereon to July 1, 1939, to be affected by the plan of composition of the
City of Clermont, Florida, is the sum of 3884,300.00 principal and
4440,117.00 accrued interest thereon to July 1, 1939, whether represented
by coupons or not.
(6) That the City submitted or caused to be submitted to its
creditors for acceptance a plan of composition of its debts, to-wit:
the plan submitted in these proceedings and which plan is made a part of
the petition filed herein. That prior to the time of the commencement of
2.
this proceeding, creditors of said City affected by the said plan of
composition holding securities of said petitioner in an amount more than
fifty-one per cent (51%) of the amount of its indebtedness, accepted said
plan of composition in writing, exclusive of any securities owned, held or
controlled by the petitioner, and that said petitioner did not and does not
own, hold or control any of said securities.
That the City Council of the City of Clermont, Florida, by
resolution duly and legally passed, authorized the bringing of these
proceedings in accordance with said plan of composition, and also pursuant
to authority under and by virtue of Chapter 15,878 of the Laws of Florida
of 1933.
(7) That said City of Clermont is insolvent and unable to meet
its debts as they mature.
(8) That said bonded indebtedness of said City is the only
indebtedness of said City, as hereinbefore described, which is to be
affected by this plan of composition.
(9) That each and all of the bonds issued by the City heretofore
described and affected by the said plan of composition are general
obligations of the said City and are payable without preference out of the
funds derived from the same source, to-wit, ad valorem taxes; and no specific
property or revenues are pledged for the payment thereof, and the creditors
of said city affected by this plan of composition are all of the same class.
(10) That any judgments heretofore rendered on said bonds, or
interest coupons annexed thereto, or interest on said bonds or interest
coupons, are payable without preference out of the said sole source of
revenue, to-wit, ad valorem taxes levied by said petitioner; and no specific
property or revenue is pledged for the payment of any of said judgments,
and therefore, the whole of said indebtedness, including said judgments,
whether there are writs of mandamus by way of execution thereon or not,
3.
constitute part of the same single class of creditors, and that said
single class of creditors is the only class of creditors of the petitioner
affected by the plan of composition.
(11) That in accordance with said plan the City of Clermont is
to pay Leedy, Wheeler & Company, Fiscal Agent of the said City, two per cent
(2%) of the presently outstanding bonds which are actually exchanged for
the new refunding bonds within one year from June 8, 1939, the said two per
cent ( %) to be paid in cash at the same accrues under Section 10 of the
plan of composition. Such payment of two per cent (2%) is for the services
and expenses of the said Fiscal Agent incident to securing the consent of
the requisite percentage of bonds to enable the City to put into effect the
refunding plan contemplated, including the assembling of the bonds for
exchange and including also the cost and expense of furnishing the legal
opinion of nationally recognized bond counsel as to the legality of the
refunding bonds, and any other expenses the Fiscal Agent may incur in the
performance of its duties as such Fiscal Agent. Such payment is not to
include the expenses incident to the validating of the refunding bonds in
a court of competent jurisdiction, printing of the bonds, depositary and
exchange fees, and the costs and expense, including attorney's fees, of
proceedings under Chapter IA of the Bankruptcy Act as amended. Such
arrangement and the amount to be paid is fair and reasonable and manifestly
to the best interests of the City; and it is likewise fair and equitable
to the participating bondholders.
(12) That in accordance with the evidence, a reasonable attorney's
fee for the City to pay to George F. Westbrook, City Attorney of Clermont,
and Henry L. Jollay, of Winter Haven, Florida, as attorneys for the
petitioner, the City of Clermont, Florida, for their services in and about
the bankruptcy proceedings herein and the validating of the new refunding
bonds, is $5,000.00. That such amount is fair and reasonable and should be
paid by the said City of Clermont for such services.
(13) That the City of Clermont, Florida, municipal debtor, under
the proposed plan of composition, is to issue its refunding bonds on the
basis of fifty per cent (50%) of the principal indebtedness outstanding
of the said city as of July 1, 1939, or its refunding bonds in the sum of
$442,150.00.
The said refunding bonds are to be dated as of July 1, 1939,
shall mature July 1, 1969, and shall be callable at par, plus accrued
interest, upon any interest payment date, and shall bear interest as follows:
2% from July 1, 1939, to July 1, 1943;
2i% from July 1, 1943, to July 1, 1947;
3% from July 1, 1947, to July 1, 1951;
31% from July 1, 1951, to July 1, 1955;
4% from July 1, 1955, to July 1, 1959;
42% from July 1, 1959, to July 1, 1964;
5% from July 1, 1964, to July 1, 1969,
or to date of maturity.
Under the plan, all unpaid interest on the presently outstanding
bonds accrued up to and including July 1, 1939, whether represented by
coupons or not, are to be refunded by the issuance of delinquent tax notes
in an amount equal to the amount of interest refunded thereby. Said notes
are to be in negotiable form dated July 1, 1939, but bear no interest and
have no definite maturity date. They are to be redeemable in whole or in
part by the City, through its Fiscal Agent, at ten per cent (10A) of the
face value thereof, and may be purchased and resold by the City to Taxpayers
for use as provided in the plan of composition. Other details of the
refunding plan are set forth in the plan itself.
Said bonds and delinquent tax notes are to provide for the levy
and collection of a direct annual tax set out in detail in the said plan,
and the said bonds are to have the redemption and callable privileges
specifically set out in the plan. The said City of Clermont will be able
5.
to collect such ad valorem taxes to meet all requirements for the payment
of said interest on the refunding bonds, as aforesaid, and to provide funds
for a sinking fund for the retirement thereof, as set out in said plan.
(114) That the said plan of composition treats all creditors
affected thereby fairly and equitably, and there are no other arrangements
or agreements giving any of said creditors any right or benefit other than
as specified in said plan, and said plan does not discriminate unfairly in
favor of any creditor or class of creditors, and under said plan of
composition said creditors will obtain securities and bonds upon which
they can collect interest, and said plan is for the best interest of the
creditors. It is the finding of the Court from the Special Master's report
that the said City, after paying its necessary operating expenses, cannot
at the present time make any greater or further payment to its bondholders
affected by said plan of composition than as specified in said plan.
(15) That one hundred and fourteen (1111) creditors affected by
said plan of composition have filed their claims herein, and that each
of said claims has been approved by the Special Master, as shown by his
report of the testimony taken herein, which by reference is made a part
hereof, all of which claims are in proper form in accordance with the order
of the Court made herein. That a portion of said claims were accompanied
by the bonds, and the balance of said claims were accompanied by certificates,
which complied with the Court's order concerning the same. That the holders
of securities representing more than seventy-three per cent (73%) of the
aggregate amount of claims of all classes affected by ,the plan have filed
consents to said plan in writing, and proofs of claim thereon, and petitioner
has admitted its liability on said claims in said amounts. That creditors
representing less than six per cent (6%) of the total indebtedness have filed
claims not approving the plan of composition, and creditors representing
less than three per cent (3%) of the total indebtedness have objected to the
plan of composition.
6.
(16) That said plan of composition was offered by said City of
Clermont in good faith, and that its acceptance by creditors accepting
the same is in good faith.
(17) That under the laws of the State of Florida, the City of
Clermont is authorized and empowered to take all action necessary by it
to carry out said plan of composition.
(18) That in the year 1929, A. M. Klemm & Son instituted a mandamus
action on bonds against the City of Clermont which did not terminate in a
' judgment. A second suit was instituted in 1930, but did not result in a
judgment. In the years 1932 and 1933, three other suits were instituted
by A. M. Klemm, successor to A. M. Klemm & Son. These suits resulted in
judgment on bonds which are filed as a claim in this proceeding. The bonds
carried no provision for the payment of attorney's fees by the obligor.
The testimony does not separate the actual court costs from the attorney's
fees that were obtained in the matter of these judgments.
II.
CONCLUSIONS OF LAW
That the Court does now hereby make the following conclusions of law:
(1) That the Court has jurisdiction of these proceedings; that the
petitioner is a municipality and city within the meaning of Chapter IX of
the Bankruptcy Act of the United States, as amended, and is authorized'by
the laws of the State of Florida, to-wit, Chapter 15,878, Laws of Florida,
Acts of 1933, to institute these proceedings; that petitioner was a municipal-
_ ity at all times when it issued the bonds involved in this plan of
composition, and it has the power and authority under and by virtue of the
laws of the State of Florida to take all action necessary to be taken by it
to carry out the said plan.
7.
(2) That the plan of composition and the proceedings had and
taken herein comply in all respects with the provisions and requirements
of Chapter IX of the Bankruptcy Act of the United States as amended.
(3) That all the material allegations of the petition of said
City of Clermont are sustained, and that said city is entitled to the relief
prayed for in said petition.
(Ii) That said plan of composition is fair and equitable and for
the best interests of the creditors, and does not discriminate unfairly
in favor of any creditor, or class of creditors, and complies with the
provisions of Chapter IX of the Bankruptcy Act of the United States, as
amended, and has been accepted and approved in writing by and on behalf
of the creditors holding at least two-thirds of the aggregate amount of
claims of all classes affected by said plan of composition, exclusive of
any claims owned, held or controlled by said petitioner; and that all,
amounts to be paid by petitioner for services or expenses incident to said
plan of composition have been fully disclosed.
(5) That the offer of said plan of composition by the City, and
its acceptance by said creditors, are in good faith.
(6) That all objections, motions and pleas filed on behalf of
certain dissenting creditors to the plan of composition are not, well founded,
and should be overruled, except that the representatives of A. M. Klemm
should be paid their actual court costs in suits instituted by them upon
submission of statements showing actual court costs independent of attorney's
fees. These costs should be paid by the City of Clermont as a part of the
costs of the proceeding.
(7) That no creditor who has asserted herein a vested right by
virtue of having heretofore procured a final judgment, or alternative writ
of mandamus, or peremptory writ of mandamus, has any such vested rights as
8.
preclude the operation of the bankruptcy power of Congress thereon, and
therefore, such claimants are not to be placed in any other or different
class than creditors generally who do not have judgments, alternative writs
of mandamus, or peremptory writs of mandamus; and all creditors, whether
merely the holders of bonds-or coupons, or whether they have obtained ,
judgments, alternative writs-of mandamus, or peremptory writs of mandamus,
are of one single class, payable from one and the same source, to-wit,
ad valorem taxes levied by the petitioning City of Clermont, without
priority or preference.
(8) That a reasonable attorney's fee to be allowed George F.
Westbrook and Henry L. Jolley, attorneys for the petitioner, for their
services in this proceeding and in validating the refunding bonds, is
$5,000.00.
(9) That in accordance with Section 10 of the Refunding Plan
of the City of Clermont, the said city should pay costs incident to carrying
into effect the provisions of the refunding plan, in the following order:
(a) The cost of validating the:b®nds in a court
of competent jurisdiction;
(b) The printing of the bonds;
(c) Depositary and exchange fees;
(d) Costs and expenses, including the Special Master's
compensation and costs, and the attorney's fees of
the attorneys representing the petitioner;
(e) The compensation of the Fiscal Agent;
such costs and fees to be paid by the City of Clermont as soon as the same
shall have been collected, as is provided in t he refunding plan.
9.
III.
THE COURT DOES NOW, THEREFORE, HEREBY ORDER, ADJUDGE AND DECREE
AS FOLLOWS:
(1) That the plan of composition filed herein by petitioner
for composition of its debts under Chapter II of the Bankruptcy Act of
the United States as amended, be and the same is hereby in all respects'
confirmed and approved.
(2) That said plan of composition is fair, equitable, and for the
best interests of the creditors, and does not discriminate unfairly in favor
of any creditor, or class of creditors.
(3) That said plan 'of composition has been accepted and approved,
as required by the provisions of Subdivision (d) of Section 83, of Chapter
I%, of the Bankruptcy Act of the United States, as amended, by having been
accepted in writing by or on behalf of creditors holding at least two-thirds
(2/3) of the aggregate amount of claims of all classes affected by said
plan and which have been admitted by petitioner.
(i. ) That the offer of said plan of composition, and its acceptance,
are in good faith.
(5) That the petitioner is authorized by law to take all action
necessary to be taken by it to carry out the said plan.
(6) That each and every, the objections to said plan of
composition be and the same are hereby overruled.
(7) That each and every, the claims of vested rights heretofore
filed herein on behalf of certain dissenting creditors be and the same are
hereby severally disapproved and disallowed; and no creditor has any vested
right by virtue of having heretofore procured a final judgment or alternative
writ of mandamus, or peremptory writ of mandamus, based upon any of the
10.
securities affected by the plan of composition, and all creditors of said
City holding securities affected by said plan, regardless of whether said
securities are evidenced by judgments, or whether said creditors have
procured alternative writs of mandamus, or peremptory writs of mandamus,
to enforce said judgments or said securities, be and they are hereby decreed
to belong to one and the same class, payable without preference out of funds
derived from the single and sole source of ad valorem taxes levied by the
petitioning City.
(8) That all persons, firms or corporations having or holding
judgments, writs of mandamus, or decrees of any nature or kind against
petitioner, and the respective attorneys, agents, servants, employes and/or
successors in interest of such persons, firms or corporations, be and they
are hereby severally and separately enjoined from continuing against the
City of Clermont, Florida, any suit whatsoever heretofore instituted by them,
or any of them, or from instituting any suit, action or proceeding against
petitioner, City of Clermont, in any manner involving any securities or
judgments, or execution thereon, embraced within the said plan of composition,
or embraced within any of their respective claims of vested rights, or to
enforce any lien, or to enforce the levy of taxes or assessments for the
payment of obligations under any such securities or judgments, or execution
thereon, or any suit or process to levy upon or enforce against any property
acquired by petitioner through foreclosure of any tax or special assessment
lien, and from instituting, taking or continuing any proceeding of any kind,
including contempt proceedings under or to enforce any peremptory'writ of
mandamus pr proceeding brought to obtain such writ; and petitioner and its
officials are each hereby relieved of the necessity or duty of complying
with any such peremptory writ of mandamus; and said creditors holding '
judgments, writs of mandamus, executions, liens or other process, are hereby
decreed to be in the same class with all other creditors holding any securi-
ties
affected by said plan of composition, and upon final decree herein,
11.
shall be bound thereby in the same manner as all other creditors affected
by said plan of composition.
(9) That the Citizens Bank of Clermont, Clermont, Florida,
be and it is hereby named the Exchange Agent and Escrow Agent, to perform
all duties appertaining to such agencies in connection with the said plan
of composition.
(10) That the petitioner, City of Clermont, be and it is hereby
authorized and directed forthwith to begin and carry through to a conclusion
within six months from the date hereof, or within such further time as the
Cpurt may allow, all acts to be performed by it in connection with the
consummation of said plan of composition, and to take such further steps
and do such further acts as shall be necessary and appropriate to carry
out in good faith the said plan of composition embodied in these proceedings.
(11) That pending the delivery of the new securities under the
plan of composition, and under this order, and pending the entry of a final
decree herein, all persons, firms and corporations be and they are hereby
enjoined from collecting and enforcing, or attempting to collect or enforce,
any claim or claims against said City of Clermont on account of any of the
securities affected by the plan of composition, including judgments thereon,
and that they be and are hereby further enjoined from prosecuting any suit
or suits at law or in equity, based upon such bonds or coupons, including
judgments thereon, or interest thereon, and from commencing any suits by
way of mandamus, or otherwise, against the City of Clermont on account of
any such securities or judgments thereon.
(12) That each and every, the known creditors of the City of
Clermont, as disclosed by the proceedings thus far, have been duly and
properly notified, in compliance with prior order of this Court entered
herein on July 31, 1939, as shown by affidavit of the City Clerk of the
12.
City of Clermont; and the form, manner and method of giving such notice
having been heretofore approved by order of this Court entered October 16,
1939, the said notice, and the form, manner, method and validity thereof,
are hereby approved and confirmed.
(13) That the petitioner pay the Fiscal Agent, Leedy, Wheeler &
Company, as compensation for its services in and about formulating the
refunding plan, securing the consent of the requisite percentage of bonds
to enable the City to put the refunding plan into effect, and including
the assembling of the bonds for exchange, and including the cost and expense
of furnishing the legal opinion of nationally recognized bond counsel as to
the legality of the refunding bonds, and any other expense the Fiscal Agent
may incur in the performance of its duties, a sum equal to two per cent of
the outstanding bonds to be refunded which are actually exchanged for new
refunding bonds within one year from June 8, 1939, the said two per cent (2%)
to be paid in cash as the same shall accrue from the proceeds arising from
the cash payment of five per cent (5%) of the special assessment liens and
the 1930 and prior taxes, together with the sum of five dollars ($5.00)
from each one hundred dollars ($100.00) face value of delinquent tax notes,
which said sums shall be retained by the Fiscal Agent in a special fund for
said purposes and for the purpose of paying the costs and expenses of the
petitioner incident to carrying into effect the provisions of the refunding
program for the following purposes, to-wit:
(a) Validating the bonds in a court of competent jurisdiction;
(b) Printing the bonds;
(c) Depositary and exchange fees;
(d) Costs and expenses, including the City's attorney's
fees, of these proceedings.
13.
(14) The Court finds and decrees that said arrangment with
regard to payment of the costs, expenses and fees of the Fiscal Agent
is fair, equitable and reasonable, and the Fiscal Agent is authorized to
create and disburse said special fund from the sources and for the purposes
hereinabove enumerated; and if any money shall remain in said special fund
after all costs, fees and expenses of both the City and the Fiscal Agent
shall have been paid, and after ten dollars ($10.00) of each fifteen dollars
($15.00) received in cash for said delinquent tax notes shall have been paid
to the owners thereof, as provided in paragraph 15 hereof, such moneys shall
be deposited in and become a part of the sinking fund for the benefit of- the
refunding bonds.
(15) That the Fiscal Agent shall also deposit in the special fund
described in paragraph 14 hereof the proceeds arising from the sale of
delinquent tax notes to taxpayers at the price of fifteen dollars ($15.00)
for each one hundred dollars ($100.00) face value of said notes, and shall
remit to the respective owners of said delinquent tax notes ten dollars
($10.00) of said fifteen dollars ($15.00), as provided in the plan of
composition, the remaining five dollars ($5.00) to be used as in
paragraph 14 hereof provided.
(16) That by the terms of the refunding plan, the attorneys
for the petitioner, George F. Westbrook and Henry L. Jolley, are to be paid by
the petitioner, City of Clermont, and that said attorneys shall be paid for
their services in formulating the plan of refunding and working out the legal
details thereof, and for the institution and prosecution of the bankruptcy
proceedings and the validation of the bonds to be issued under this decree,
the total sum of $5,000.00, of which amount $4,000.00 shall be apportioned
to work done and services rendered in connection with the refunding plan and
in the bankruptcy proceedings, and $1,000.00 to services rendered in
connection with the validation of the refunding bonds.
114.
}
That the Honorable Allen E. Walker, Special Master heretofore
appointed herein, be and he is hereby allowed the sum of $1,750.00
as reasonable compensation for his services and expenses incurred in and
about his duties as such Special Master, which said sum shall be paid by
the City within 120 days from the date hereof.
That the petitioner pay to Touchton & Crittenden, Attorneys of
Winter Haven, Florida, for and-on behalf of the objecting creditors,
A. R. Klemm, Gertrude K. Hall and Elsie Klemm Brakmann, the sum of $99.05
being the actual court costs incurred and paid by the said objecting
creditors in those certain causes of action lately pending in the Circuit
Court in and for Lake County, Florida, on behalf of the predecessors of<the
said bbjecting creditors and against the said City of Clermont, as set out
and described in the Answer and Objections of the said objecting creditors
heretofore filed herein. That the claim of the said objecting creditors
for attorney's fees incurred in and about the said suits be and the same
is hereby denied.
(17) That this Court expressly retains jurisdiction herein to
supervise the consummation of said plan of composition, including, among
other things, the delivery of the new refunding bonds and delinquent tax
notes, and the distribution thereof by the depositary, and for the purpose
of entering a final decree herein, together with such injunctional orders
as may be necessary to make said plan of composition fully effective when
consummated.
DONE AND ORDERED
this 5th day of December, A. D. 1939.
I certl fors int; to b. a true
and correct copy of the original.
Julian A. Blake, Clerk /s/ ALEXANDER AKER.MAN
United Sias District Court JUDGE, UNITED STATES DISTRICT COURT
Southern D� 3,et of Florida FOR THE SOUTHERN DISTRICT OF FLORIDA.
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Jud. Lien BOOKfACE513 IN THE DISTRICT COURT OF THE
UNITED STATES, IN AND FOR THE
SOUTHERN DISTRICT OF FLORIDA,
TAMPA DIVISION
NO. 143-Orl. Bkpt.
IN THE MATTER OF )
CITY OF CLERMONT, ) In Proceedings for Composition
FLORIDA, ) of Debts under Sections 81, 82,
83 and 811, Chapter IR, Acts of
DEBTOR. ) Congress Relating to Bankruptcy.
FILED
Sep 6 - 19110
_ -FINAL DECREE - - -- ORLANDO; FLA.
Edwin R. Williams, Clerk
Orl. M. B. 3 - 150 By: Walter A. Daley
Deputy Clerk
This cause coming on upon motion of petitioner herein for
the entry of a final decree, and it appearing from said motion
and the record in this cause that the money and securities to
be exchanged for the outstanding bonds of the City of Clermont
under the plan of composition confirmed in the interlocutory
decree heretofore entered herein have been made available to
the creditors of said city, and that the Exchange and Escrow
Agent appointed by the Court in said interlocutory decree has
carried out, so far as possible, the exchange of said refunding
bonds and delinquent tax notes for said outstanding bonds and
interest thereon of the City of Clermont, but that there
remains to be exchanged of said new refunding bonds the par
value of $76,1100.00, as well as delinquent tax notes in the
face amount of $79,521.66; and it appearing that the Exchange
and Escrow Agent is willing to continue with the exchange of
refunding bonds and delinquent tax notes of said City of
Clermont for said presently outstanding bonds and evidences of
accrued interest under the direction of the proper officials of
the said City of Clermont until all of the said bonds and
delinquent tax notes have been exchanged; and it further
appearing that this cause is ripe for the entry of final
decree; and the Court being advised in the premises,
IT IS ORDERED, ADJUDGED AND DECREED
(1) That the interlocutory decree entered herein under
date of December 5, 1939, be and the same is hereby in all
respects ratified, approved and confirmed.
I ,
.
Jud. Lien BOOS 5 PAGE514
(2) That petitioner has made available to its
creditors the money and securities provided for in the plan
of composition, and the Exchange and Escrow Agent heretofore
appointed herein has exchanged for outstanding bonds of the
City of Clermont new refunding bonds of the total par value
of $365,750.00, and that there remains in its hands unex-
changed of said refunding bonds a total par value of $76,400.00;
and the Exchange and Escrow Agent has exchanged delinquent tax
notes of the total par value of $360,595.34, but there remains
in its hands unexchanged of said delinquent tax notes a total
par value of $79,521.66.
(3) That the said Exchange and Escrow Agent be and it
is hereby authorized and directed to continue to exchange
refunding bonds and delinquent tax notes of said City of
Clermont for presently outstanding bonds and evidences of
accrued interest, in accordance with said plan of composition,
under the direction of the proper officials of the City of
Clermont, from time to time until all of the said refunding
bonds and evidences of accrued interest shall be presented
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to it. :2,,, .....,,, -, , ,
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(4) That all outstanding bonds and evidences of ,rte; �.r
a
accrued interest thereon heretofore or hereafter to be V ,- .-i n[
°E i. it exchanged bb immediately canceled be said Exchange and Escrow *, -•. `..p c,`.•
: n Agent. / 'tr)nn�\,,\C'
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(5) That the petitioner be and it is hereby discharged
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✓ h from all debts and liabilities dealt with in the plan of
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composition heretofore confirmed in the interlocutory decree
oentered herein, except as provided in said plan and in the
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t a 1 v decree, and that the said plan is binding upon all creditors .- 0-* -1 '
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_ w v affected by it, whether or not their claims have been filed .',, F `' o , , ,..v,
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€o e n or evidenced, and if filed or evidenced, whether or not °h`; - __
Y JN allowed, including those creditors who have not, as well as - . r, a r " ,; ;
ww w those who have, accepted it. " 0 , : .
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-1. (f):. DONE AND ORDERED in Chambers at Tampa, Florida, on 1 k a cy !
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t this, the 5th day of September, A. D., 1940.
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/s/ WILLIAM J. BARKER 'i 0 al
AS JUDGE OF SAID COURT
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