Fort Walton Beach Council minutes — 06-04-1951 Special — reading text

275 l1I} ITJTES OF SPECIAL ETING OF NIi'; TETE TmIN COUNCIL HELD HOJ\'DAY : TLGHT, JUNE 4, 195 PRESENT O. M. Earley, W. C. Walker, S. E. Lindsey, Theo Pass, C. W. Pratt I ABSENT VISITORS,: w. J. ROnerts, Jr., W. B. Warner Watkins of Watkin5 Morrow & Co., Harneson J. Mills Thornton Jr., of Thornton Nohr & ' Company, Roy W. Knight of "qroduax and Ki Knight, Wm. R. Thompson, A. R. Simmons, Clyde Nicholson, Lawyer<Hendrix, L. ' W. ' Reeves, Jolh~ Beasley, Jame5 ~ liller, Donald Neal, Ralph Lundt. Meeting called to ' order at e: 45- p. M. Neeting, ' havmng been called for public auction of Community Center Bond Issue of $ 92, 000. 00 Revenue Certificates, 14ayor Earley turned the floor over to Roy W. Knight, Agent of Brodnax and Knight, who are under contract with the Town to handle the Bond Sale. l~. Knight immediately turned the floor over to Mr. Warner Watkins of Watkins ~ furrow & Co., Mr. Watkins advised that the three Bond Houses represented at this sale have joined to- gether and would make the Town only one proposal or offer for the issue. OFF ER That they will bUY the Bond Issue at 95% of Par value for Bonds . nearing 4% interest or 100% of par value for Bonds nearing 4t% interest. I I The Council immediately advised that the Town had actually expected to receive Par value for the Bonds at a 3t%interest rate. Mr. Watkins advised the Bond Narket was not too strong at this time, therefor, this was the best offer they would make. He went on to. state that other Cities '<' fer and "., ould have to pay a greater interest rate than expected. After long and tho1llough discussion, the Council asked Bond Agents if they would permit the Town 15 days time in which to accept XkE one of' the abo" e offers, explaining that as of. this date, - the Town does not have permit 1"rom National Production Authority, ' permitting constr- uction of Communicy Center facilities, therefor, they need , the additi- onal time for~ he Town to find out for certain that permit will " e granted. < If permit cannot ~ e issued now, the Town will be forced to set off sale of -qonds until such time a5 they can " uild the facilities. Bond agents agreed to give the Town this extension,( of time. Notion was then made by Theo Bass, seconded by C. W. Pratt, 1: That the Town tentatively accept the offer of par value for the ' Ronds " earing a 4-i% interest rate. This tentative acceptance being to final sUbject acceptance OI""rejection on or before Nune 19, 1951. 2: That the Hayor and Clerk be authorized and directed to execute said tentative acceptance for and in behalf of the Town of Fort Walton, Florida; it I being thoroughly understood that if the Town does not receive positive assurance that ance agreement will "'e cancelled and sale of Bonds permit vlill 1,e granted or the Town receives the permit during tlme extension the accept- set aside. Vote aye W. C. Walker, Theo Bass, S. E. Lindsey, C.\ v. Pratt, O. M. Earley. Vote nay none ' Heeting then adjourned. ATTEST CLERK APPROVED A- mAl!. I ' · MAYOR U//~ t(~