The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-01-07
drummer Meets With County
Board; Discusses Matters
In Bond Refunding Program
Resolution Adopted Con-
forming To Procedure
To Be Followed In Re"
concentrations Made

Members of the board of coun-
tY commissioners for Monroe
county met in the office of Clerk
Ross c. Sawyer at the court
house last night to discuss the
bond situation and the progress
of the refunding program for
which the r. E. drummer Bond
Company is the fiscal agent.
Attending the meeting were
Mr.. drummer, J. Wilbur Rogers,
of the Miami office of the Crum-
mer Co., Attorney ]. Lancelot
Lester, local representative,
Chairman Bervaldi, Commission
ers Thompson, MonSalvatge and
Curry, Attorney Harris, Clerk
Sawyer, Chief Deputy Sheriff
Waite, and several interested
! citizens.
Mr.. drummer addressed the
meeting and gave a general idea
of the situation. He explained
that approximately SO per cent
of the bondholderS of Monroe
bonds had entered the refunding
program and the only reason the
others h; OF was, in his
opinion, because they could not
be located.
/ Answers Questions
The speaker answered num-
Der of relevant questions which
were all satisfactorily explained,
and suggested certain changes in
the matter of advertising for
bond offerings to the county to
be purchased by the State Board
of Administration. Covering this
phase a resolution was intro
dueed, the gist of which is:
: That the commissioners will
permit the State Board of Adj
fninistration to advertise for the
receipt of sealed offerings of
bonds and at the same time pre-
serve the right of acting in good
faith toward the holders of its re-
funding bonds who have made
possible a sterilization of the
debt structure of this county, and
that a coordination of these two
purposes is entirely possible.
That the board will purchase
no bonds of the issues admins
tered by the State Board of Ad-
ministration, except in the man
ner hereinafter set forth. That,
as to countrywide bonds dated
July /, 1886, the board will an
alyze funds available for the pur-
chase of bonds and fix by resolu-
ton a date upon which outside
offerings will be considered. Up
on receipt of copies of the resolu-
ton the Board of Administration
will advertise in the Bond Buy
er" and The Citizen using a form,
copy of which is Incorporated in
the resolution.
Regarding Offerings
That the board of county COM
missionerS request the Board of
Administration to name proper
parties in its employment to open
the offerings on the day named,
tabulate the same and transmit
them to the commissioners iden-
tifying the offerings by code let
tiers, thus avoiding the necessity
of identifying the various offer
ers by name, the State Board of
Administration being requested
to handle the offerings in this
manner if possible, without wait
ing for a meeting Of the Board OF
Administration in order that the
offerings may be before the COM
missioners at the date named in
the advertisement for considera-
ton and thus permit the COM
missioners to act and make its
recommendations to the Board Of
Administration in time for that
board to take action before the
period of the firm offering has
expired.
Upon roll call the resolution
was unanimously adopted and
the clerk instructed to send the
required number of copies to the
State Board of Administration at
Tallahassee.
Bond offerings received from
Continued on Page Six)