HomeMy WebLinkAbout03171950SPECIAL Mm~ING ~RuH 17,1950.
Special Meeting called, by Mayor Mlddleton fer the purpose of considering and
acting upon a propoaal for the refunding of the bonded indebtedness of ~he City.
Me~lng was called to order by President Anderson.
~£~hose present weze Ma~or middleton,President' Ander son,CouncilmanSembler,Letchworth,
mllingsen and Park.Mr ¥ocelle ~ity Attorney also present·
Mr ¥ocelle outlined the program set up by Prendergast and ~ahey of New York and after
considerable discussion the following resolution was offered by uouncilman Sembler,
who moved its adoption which was seconded by Oouncilmam Fark and which said resolution
was as fol&~wa, t o-wit:
Be it resolved by teh City ~ouncil of the Oity of Sebastian,~iorida,in special meeting
assembled,that' the proposal of prendergast ~'ahey & ~o.,Inc.,dated March 15,1950,for
the refunding of $188, ,000.00 presently outstanding Olty of Sebastian,~'lorida bonds
which has been this day prewented to the ulty Council of the City of Sebastian,~'lorida
and which proposal will be spraed upon the minutes of this meeting and incorporated
therein be.and the same hereby,accepted with the following exceptions and reservations,
to -wit:
1, That the$58 ,000 .00 0f"'se~ial. bonds .. sh~ll mature $1000.00 each year 1955 to
1960 lnclusive,$~000.00 each year 1961 to 1957 incluslve,~3000.00 each year 19~8 to
19??,inclusive and ~4000.00 each year for 1978 and 1~79 and shall bear intrest at the
rate of 2 1/2 ~ per amuum.
2. All bonds shall be dated July 1,1950 and exchange shall be made as quickly~s
possible and intreat shall b~ adJu~sted from date of exchange on basis of the rates
forthin the proposal.
3. The fee to be paid Prendergast ffahey & Go., Inc., as set forth in the proposal
shall be paid in four equal installments.The first installment to be due J~ly 1,195~,
and a like sum on the same day of each succeeding three years thereafter to be
represented by non intrest bearing coup.ns as a part of the re~undlng issue·
4. Prendergast ~'ahey & 0o., inc., was to pay the Olty of Sebastian the sum of
,235.00 adjusted intrest,paid by the Oity on outstanding bonds as of January 1,1950.
which amount shall be credited upon the fee to be paid said Prendergast Fahey & 0o., Inc,
under the terms of their proposal dated march 15,1950.
Upon being put to a vote the forgoing resolution was adopted as follows.
Ayes -oouncllman Anderson " Sembler
" Let chworth
" Ellingsen
Par~.
Nays - i~one ·
There~ being no more business meeting adjourned.
ol~rk
Pres. Council