HomeMy WebLinkAboutLeedy Corporation, The Agreement October -1979 10 02
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THE LEEDY CORPORATION
CNA BUILDING, SUITE 1I50
255 SOUTH ORANGE AVENUE
ORLANDO, FLORIDA 32801
MUNICIPAL FINANCIERS
October 2, 1979
TELEPHONE 305/423-3464
Honorable Mayor and Members
of the City Council
City of Winter Springs
Winter Springs, Florida 32707
Gentlemen:
This agreement entered into this 2nd day of October, 1979, by and between
The Leedy Corporation (hereinafter sometimes referred to as Banker) and the City
Council of the City of Winter Springs, Florida (hereinafter sometimes referred to
as the Council).
In consideration of the mutual covenants of the parties and other further
consideration of the sums of money hereinafter mentioned, the parties agree as
follows:
1. ThE: Banker agrees to work closely with the Council, its city attorney
and Clark, Dietz & Associates - Engineers, Inc. (Engineers) in
negotiating with North Orlando Water and Sewer Corporation (NOWS)
for the purchase by the Council of the water and sewer system now
owned by NOWS and serving the City of Winter Springs. Our negotiations
at all times w(.uld be for and on behalf of the Council and at all
times subject to the prior approval of the Council of the points of
negotiation. Our primary effort would be to obtain the system at a
reasonable price based on the value of the system and one which would
permit the Council to operate the system profitably after paying debt
service and operating expenses and other required payments.
2. It is anticipated that Council would issue bonds from time to time,
based on a formula to be devised as a basis of purchase and sale
and agreeable to all parties concerned. We would expect to purchase
the bonds as issuec thereby assuring the buyer and seller of avail-
ability of funds. Attendant costs of the issuance of bonds from time
to time (including, but not limited to, legal fees of city attorney,
bond counsel, underwriters counsel, printing of bonds, printing of
official statements, bond discount and other miscellaneous expenses)
shall be taken from bond proceeds.
3. In the event the bonds are sold or placed to a party other than the
Banker, Council agrees to compensate Banker for its time and expense
the amount of one-half of one percent (~ of 1%) per $1,000 par value
bonds issued. If no bonds are issued, for whatever reason, Banker will
be due no compensation.
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City of Winter Springs
~ Winter Springs, Florida
Page 2.
4. This agreement shall be of a continuing nature and shall remain in
effect and force until notification in writing by one party to the
other of its termination.
5. Upon the acceptance by the Council of this proposal in the manner
hereinafter provided, the same shall be and become a contract betwee~
the Council and Banker in accordance with the provisions hereof.
This agreement accepted by appropriate resolution this 2nd day of October, 1979.
CITY OF WINTER SPRINGS, FLORIDA
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THE LEEDY CORPOr~TION
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Vice President J
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Cit~k
Approved as to form and correctness:
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October 3, 1979
Mary Norton:
Enclosed please find the original contract for
execution by yourself and the mayor.
Wally