Fort Walton Beach Council minutes — 01-19-1957 Special — reading text

lao 11INT.JTES OF SPECIAL MEETING OF COUNCIL HELD ON A~ JAm.; 16, lq57 - 7: 20 P.}, I. PRESENT: Mayor Pro Tem Roberts, Councilmen Long, Pelh8J1l, Smith, Cahalan and Pace; City Manager, Attorney, Clerk and ~ x. Richard BrashIer. This meeting was called for, the purI? ose of discussing the financtng of the proposed water e~ tension program. BrashIer discussed financing program and presented ~ proposal for the our marketing of $ 150, 000. 00 Utility Tax Revenue Certificates to be open- end issue, and new certificates may be issued on the same schedule as set forth in previous issue~. January l6, 1957 Honorable Mayor and City ~ ouncil Fort Walton Beach, Florida. Gentlemen: For $ 150, 000. 00 legally issued Utility Tax Revenue Certificates ( to be of equal lien with those outstanding) dated March 1, 1957, and to mature in accordance with a schedule to be mutuCllly agreed. upon, we here~ agree to pay T 95% of par for bonds bearing Interest to be at such coupon rate or rates as we may designate, but such as will result in an average coupon rate to the City of not in excess of 5. 10%, and accrued interest, upon delivery of bonds to us at Montgomery, Alabama. This offer is for immediate acceptance and prompt delivery of bonds to us, and is conditioned only upon de1ive~J of tonds within 60 days from this date with the unqualified approving opinion of Chapman and Cutler. It is understood that the bonds and their coupons will te paid at par. If for any reason the bonds are not delivered within speci.fied time, it is understood. that we shall have an option on said bonds for a period of 60 Rays, longer at the same purchase price. espectful1y submitted, THORNTON, MOHR & FARISH BARCUS RED & KlNJ? COMPANY, BY: Richard J. BrashIer, Barcus, Kindred & Co. Accepted andagreed to by resolution duly passed by the City Council, Ci t~ of T alton Beach at a lawfully held meeting this the 16th day of January Fort ~'! 1957, a quorum being present and voting in the affirmative. sl O. M. Earley, ATTEST: O. K. Rodgers, City Manager. Ci t~ T Clerk. It is understood that the same formula for issuance of additional certificates aspertains to this issue will be fol10~red as that of previous issues of Utility Tax Jertificates."