HomeMy WebLinkAbout05-20-1944 SS
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May 20, 1944
The City Council of the City of Ocoee, Florida, met in Special
Session on the 20th day of May, A.D. 1944, with the following mem-
bers present:
Chairman C. J. Farmer
J. T. Minor
J. E. Whitaker
S. Z. Fields
M. B. Slone
ABSENT: None
A quorum present.
The following resolution was read in full by Councilman
Whitaker, who moved its adoption and the motion was seconded by
Councilman Slone. Thereupon, the following vote was had on the
. resolution:
AYES: C. J. Farmer J. T. Minor
J. E. Whitaker S. Z. Fields
M. B. Slone
NAYS: None
AB SENT: None
NOT VOTING: None
A quorum present.
Councilman Farmer declared that said resolution had been
adopted. The resolution so adopted is in the words and figures,
to-wi t:
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A RESOLUTION APPROVING AND ADOPTING M~NDMENTS TO THE
PLAN OF COMPOSITION HERETOFORE ADOPTED BY THE CITY OF
OCOEE, FLORIDA.
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BE IT RESOLVED BY THE CITY OOUNCIL OF THE CITY OF OCOEE,
FLORIDA, IN SESSION DULY ASSEMBLED:
Section 1. The resolution heretofore adopted by the City of
Ocoee, Florida, on May 12, 1944 is hereby amended in the following
particulars:
Section 3 of that resolution is hereby amended to read as
follows:
Section 3. Refunding Bonds Exchangeable for Bond Debt. (a)
The Refunding Bonds to be issued in exchange for the bonded indebted-
ness shall be of two series, to-wi t: Series uAII and Series liB II .
The Series IIAII Refunding Bonds shall be in an amount equal to 50
percent. of the bonded indebtedness, whether such indebtedness be
matured, unmatured, or merged in judgment; and Series IIBu Refunding
Bonds shall be issued in an amount equal to the remaining 50 percent.
of the bonded indebtedness. The words IIbonded indebtednessll shall
mean the total amount of principal, interest and balance due on
judgments as of April 1, 1944.
Section 4 of that resolution is hereby amended to read as
follows:
Section 4. Refunding Bonds Exchangeable for ODen Accounts or
Judgments Rendered Thereon. Refunding Bonds for open accounts a.nd
non-bonded indebtedness shall be divided into two Series, to-wit:
Series IICII and Series "DII. Series IIC" Refunding Bonds shall be
issued in an amount equal to 50 percent. of the open account
indebtedness, whether reduced to judgment, or otherwise, and
Series IIDII Refunding Bonds shall be issued for the remaining 50
percent. of the open account indebtedness.
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Section 5. of that resolution is hereby amended to read as
follows:
Section 5. Credi tors' Participation. (a) Bondholders. It
is the intent of the Ci tyto treat every holder of bonds, or coupons,
or judgments rendered thereon exactly alike so that each creditor,
regardless of how his claim is evidenced, will receive bonds in
the same proportion as every other creditor. As stated above, the
Ci ty in tends to is sue a to tal of Serie s It A" Refunding Bonds equal
to 50 percent. of its outstanding bonded indebtedness, and a total
of Series "B" Refunding Bonds equal to the remaining 50 percent.
of the bonded indebtedness. In determining the amount of Series
"All and Series IIBII Refunding Bonds that will be deliverable to each
creditor, the total bonded debt (principal, interest and balance
due on judgments) as of April 1, 1944, will be used. (b) Open
Account Creditors. It is the intent of the City to treat every
holder of open accounts, or non-bonded debt claims, against the
City, whether or not such claims have been reduced to judgment,
just alike, that is tc say, that the holder of the balance on each
claim as of April 1, 1944, whether open account, or whether reduced
to judgment, will receive Series "c" Refunding Bonds for 50 percent.
of its claim, and Series "DIl Refunding Bonds for the balance.
Section 2. All resolutions or parts of resolutions in conflict
herewith are hereby repealed.
Section 3. This resolution shall take effect as of May 12,
1944.
PASSED AND ADOPTED this 20th day of May, A.D. 1944.
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City C erK
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