Res 41-69 RESOLUTION NO. 41-69.
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA, AUTHOR-
IZING AND INSTRUCTING THE FISCAL AGENTS
TO PROCEED WITH FINANCING FOR CAPITAL
IMPROVEMENT PROJECTS IN AN AMOUNT OF
$4,000,000.00 TO BE FINANCED BY GENERAL
OBLIGATION BONDS.
WHEREAS, the City Council of the City of Delray
Beach, Florida, deems it in the best interests of the
citizens of this City to enter into an agreement with
Goodbody & Co., and Reynolds & Co., employing said compa-
nies to act as fiscal agents for the City relative to
financing for certain capital improvement projects.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. Goodbody & Co., and Reynolds & Co.,
as fiscal agents for this City, are hereby authorized
and instructed to proceed with the financing of certain
contemplated capital improvement projects in an amount
of $4,000,000.00 to be financed by General Obligation
Bonds.
Section 2. The Mayor is hereby authorized to
execute a proposal agreement with said fiscal agents a
copy of which is attached hereto and made a part hereof.
PASSED AND ADOPTED by the City Council of the City
of Delray Beach, Florida, on this the 22nd day of
September , 1969.
+~/M~ YOR ~ ......
ATTEST:
City Cle~_~:~/~'
AGREEMENT
This Agreement, made and entered into this 23rd day of September , 1969,
by and between the CITY OF DELI{AY BEACH, FLORIDA, a municipal corporation of the
State of Florida, (hereinafter referred to as the "City") and GOODBODY & CO., and
REYNOLDS & CO., partnerships having their principal offices in New York, New York,
(hereinafter together referred to as the Financial Consultants),
Witnesseth:
Whereas, the City is a body politic and corporate created under the laws of the
State of Florida and is emp~owered to make and enter into contractual arrangements;
and
Whereas, the City has determined that it is necessary to retain the services of
the Financial Consultants in connection with the authorization, issuance, sale and
delivery of the City's General Obligation Bonds for financing capital improvements
at an estimated cost of FOUR MILLION DOLLARS ($4,000,000).
Now, therefore, the parties hereto do hereby agree as follows:
,1. SERVICES TO BE PERFORMED: During the term of this Agreement, the Financial
Consultants, using their own staff and facilities, will perform all services and
duties customarily and usualy performed by financial consultants retained by comparable
municipal corporations. The Financial Consultants will prepare and pay.for the .
Proposal Form, Notice of Sale and Official Statement, bond sale advertising charges,
bond printing costs, and their own out of pocket expenses. All other costs and
expenses relating to the authorization, issuance and sale and delivery of the Bonds
will be the responsibility of and paid for by the City.
2. FEES AND EXPENSES: The City shall pay to the Financial Consultants for
their services with respect to this financing a fee of TWENTY THOUSAND DOLLARS
($20,000) for FOUR MILLION ($4,000,000) voted ad valorem tax bonds. Such compensation
to be payable only when, as and if the Bonds are sold and delivered. In the event
that less than $4,000,000 o3 bonds are approved by the City's freeholders, the fee
shall be reduced to an amount mutually acceptable to the City and th~ Financial
Consultants.
3. DURATION OF AGREEMENT: The term of this Agreement shall commence on the
date of this Agreement and shall remain in effect for a period of one year frQm the
date thereof; provided, however, that if the Financial Consultants have incurred
expenses and rendered substantial services during such one year period and if the
proposed bond issue has not been sold within such one year period, this Agreement
shall be extended by mutual consent for a period of time sufficient to complete the
financing herein contemplated.
4. ADDITIONAL SERVICES BY THE FINANCIAL CONSULTANTS: During the term of this
Agreement, the Financial Consultants, if so requested by the City, may act, but
shall not be required to act, to'place obligations of the City privately with pur-
chasers for an additional fee to be mutually agreeable between the City and the
Financial Consultants.
The Financial Consultants may bid at the public sale of such bonds to be held
in the manner provided by law.
This Agreement shall not be construed in any event to prevent the Financial
Consultants from purchasing or selling obligations of the City after any primary ~
offering or sale of such obligations has been made, in the ordinary course of the
Financial Consultants' business as investment bankers.
5. LIMITATION OF LIABILITY: The Financial Consultants will exercise their
best judgment in all matters concerning the subjects of this Agreement, but shall
not be liable to the City or to others., directly or indirectly, for any action or
advice rendered by them in good faith. This Agreement is made solely for the benefit
of the City and the Financial Consultants and shall constitute the sole Agreement
between them in this regard.
-2-
~. RELATIONSHIP: The duties, obligations and responsibilities of the parties
hereto shall be those expressed in this Agreement and this Agreement ,shall in no way
impair the Financial Consultants' right to act on behalf of any other party or parties.
In Witness Whereof, the parties hereto have executed this Agreement as of the
date heretofore designated.
GOODBODY & CO.
REYNOLDS & CO.
CITY OF DELRAY BEACH, FLORIDA
By /s/ J. L. Saunders '
Mayo r
ATTEST: (With Seal)
/s/ R. D. ~o~thin9
City Clerk
APPROVED:
/s/ G. Robert Fellows City Attorney