CCMtg07-31-69(SP)~'~~
Special Session July 31, 1969
The Longwood City Council znet in special session Duly 31
at 5:00 p.m.
Present : ~.,E. ;~illia~ason, H.~. Scott, Eugene ,J'aques,
~.H. Ferrell, James ~,. Browrs, S. JaseFh Davis, t~ttorney.
absent: Mayor Kenneth H. ~ro~~n, Jr.
Meeting c~.lled to order by Chairman ~. ~`. ~~illis.mson caho
announced that this meeting was called for the purpose of
discussing the proposed loan with the South Seminole dank.
on borrowing $ 125,000 to extend the water system. NIr.
Larry varroll from the ,f iron. of hunter, PattillQ, Sowell, &
Carroll, and Mr., ~erbun Jones from the Znstallbr!ent Loan
dept, of the South Seminole Bank was present regs;rding the
.7iatter. ..
Counci lmari Js.mes ~. gown stated th=.„ t he was opposed to
pledging any of the City's revenues from ether funds, other
than the revenue frs~m the dater a~everaue to re-pay the loan.
He stated that the revenue from the water fund was sufficient
to pay the loam. without pledging other funds, and that there
were Bax~.ks that caould go along in this manner, .and perhaps the
City should. approach them. ~~rr, Carroll stated that other sources
of revenue.~7ould only be pledged as a buck-up to be used in
cs.se of a def i ci ency in ,the water re~zenue.. r
The psy~nents would amount to ~ 4,2$5.71 Y 5~/a interest on a
quarter~~y basis.
Moved by T~~. Ferrell seconded by I~r. Scott to pledge the Utility
Tex from. the water bills, or deposit ~ 10,000 ir? the ~ar~C
on sn interest bearing s.cco',~nt to be used ~.s a secondary pledge.
Roll Call Vote; tinaminous, ~'loti o'%'i carried,..
Loved by r~€r. Jaques seconded by Mr. ~rc~~,n that zn the event the
~N~~ }
Bank accepts either ane of th.e above proposals, the City
~ttarney proceed k=ith the necessary legal rec~uire~ents to
perfect.the loan. in accord with the laws governing...the City
of Z,ongwood,
Roll Ca11 Vote:..LJnaminous, ~~otion carried.
Moved by ~~r, Jaques seconded by Mr. Ferrell to adjourn the
meeting. Motion carried..
~~ ~
i'r~esident l,ong~aood pity Council
Attest:
/~"
City C1~rk