Res 23-67 RESOLUTION NO. 23-67.
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
$600,000.00 WHICH CAN BE FINANCED BY
UTILITY TAX REVENUE.
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 R. W. Pressprich & Company
and Goodbody & Co. employing said companies 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. R. W. Pressprich & Company and Goodbody
& 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 $600,000.00 which
can be financed by Utility Tax Revenue.
SECTION 2. The fiscal agents will pay all necessary
expenses involved in bringing the bonds to market, including
approving attorneys' fee, printing of blank bonds, cost of sign-
ing and delivery of same, preparation of the official offering
prospectus, submission to bond rating agencies, and all bond vali-
dation costs, excluding the fee of the City Attorney and Engineers.
SECTION 3. The City will pay the fiscal agents, upon
the sale and delivery of the bonds, a fee equal to Twelve Dollars
($12.00) per one thousand dollar bond issued and sold, it being
understood that the aforesaid fee is payable only if said bonds
are sold and delivered.
SECTION 4. The Mayor is hereby authorized to execute
an agreement with said fiscal agents in accordance with this
Re so lut ion.
PASSED AND ADOPTED by the City Council of the City of
Delray Beach, Florida, on this the llth day of September, 1967.
MAYO
ATTE ST:
A~REEMENT
This Agreement, made and entered into this Z ''¢ day of 7 , 1967,
by ~ud between the CIT~ OF DE4R~.Y BE~.CH, ~O~A, a m~icip~ co~oration of
State of Florida, (hcrei~fter referred to as the "City") ~d R. W. P~P~CH
~J~O~T~, a Nc~ York ~oration, ~d ~DBODY & ~., a p~tnership havin~ their
principal office in Ne~ York, I~ew York, (hereinafter to~ether referred to as the
Fin~uci~ Cons~lt~ts),
Witnesseth:
l~reas, the City is a ~ politic ar~ ~orate created ~der the la~s of the
State of Florida ~d is empowered to m~e ~d ~nter inte ~ntractu~ ~r~ements;
Whereas, the City ~s determined t~t it is n~cess~y to~ retain the services
th~ Fin~ci~ ~nsult~ts in co~ection with ~-~ authorization, issu~ce,
dc!ive~ of thz City:s Utilities T~ Revenue C~rtificate~ for fin~cins c~it~
improvcments at ~ estimated cost of not less th~
~ow, ~ercfore, the parties hereto do hereby a~ree as follows:
1. S~VXC~ ~ BE PE~O~ED: D~ins the term of this i~reem~nt, the Fin~ci~
~nsult~ts, usin~ their o~ st~f ~d facilities, will perform all services ~d
duties custom~ily ~d usu~ly performed by financi~ consult~ts retained by corn-
parole m~icipal co~porations. ~ Fin~cial ~nsult~nts will m~e ~r~sem~ts for
~ud pay the bond attorney's fee, ~nd sale a~ertisin~ c~es~ ~nd printin~ ~sts,
bond shippinG costs~ ~nd delivery costs~ offici~ statement ~d notice of
printin~ costs~ postage, ~d such other reason~le and necess~y costs incident~ to
thz proposed bond issue as ~e mutu~ly a~reed on. ~ other costs ai~
relatinD to the au%~rization, issu~ce ~d s~e ~d delivery of t~ ~nds will
th~ re~onsibility of ~d paid for ~ the City.
2. FEES ~ND EXPE~SES: The City shall pay to the Financi~l Consultants for
their services with respect to this financin~ a fee equal to $12.00 per ~1,000 bond
issued ~nd sold~ such compensation shall be payable only when, as and if the bonds
arc sold and delivered.
3. LUPJ~TiON OF A~RE~zLEi~T: The term of this Agreement shall commence on the
date of this ~sreement ~u~d shall remain in effect for a period of one year from the
date ther¢of~ provided~ however, that if the Financial Consultants have incurred
expenses and rendered substantial services durin~o such one year period and if the
proposed bond issue has not been sold within such one year period, this ~§reement
z.~l be extended by mutual consent for a period of time sufficient to complete the
financin§ herein contemplated.
~. ~JDDITiO~E~ SERVIC'ES BY THE FI~3CL~L COI~SbLTkNTS: Durin§ the term of this
A~rccment: th~ Financial Consult~nts~ if so requested by the.'City, may act: but
shall not be required to act, to place obiiDations of the City privately with
purchasers for an additional fee to be mutually asreeable between the City and the
Financial Consultants.
~¢ Financial Consultants: oz~ thciz~ ~filiates: may bid at the public sale of
such bonds to beheld in thc manner pro¥idcd by law.
T/~is ;~gree~.~ent shall not be construed in ~y event to prevent ~D.e Financial
Consultants: or their affiliated firms: from purchasin~ or sellinu oblicoations of the
City a£tcr any primary o£ferin~ or sale of such obli~eations has been made, in the
ordinary course of the Financial Consult~-~ts~, or their affiliated firms~: business
as investment
5. L/2~J[~i0~TION OF LYJ~ILI/Y: The Fin~ncial Consultants will exercise their best
judgment in all matters concernins the subjects of this Asreement, but sh~ll not be
Ii~i¢ to the City or to others, directly or indirectly, for any action or advice
rendered by thzm in sood faith. This A~reement is made solely for the benefit of the
City r~ud tk~ Financi"~l Consultants and shall constitute the sole A§reement between
rhea in this
6. REL~.?IONSHIP: The duties, obligations and responsibilities of the parties
hereto shall be those expressed in this A§recment and this A§r¢¢ment shall in no way
i;apair the Financial Consultants~ right to act on behalf of any other party or
parties.
in Witness h~nereo£, tim parties hereto ha~e executed' this tkgreement as of the
date heretofore designated.
R. W. PRESSP~CH & CO. INCORPOP4kTED
C~ODBODY & CO.
CiTY OF DELP~.Y BEACH, FLORIDA /
&2TEST: (~'~i th Seal)
f~PROVED:
J City Attorney
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