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Proposal
Recommended Schedule of Standard Minimum Fees for Financial Consulting Contracts The following schedule of standard minimum fees is recommended by the Chartered Municipal Financial Consultants of the Florida Security Dealers Association and is considered to be appropriate for all bond issues except general obligation bonds, for which the recommended fee is 80010 of the standard schedule and pari passu revenue bonds for which the recommended fee is 70010 of the standard schedule. It is assumed that the issuer will pay all direct expenses in connection with the financing. Amount Of Bonds Amount O/ Fee Fee Per i1,000 For Next $100,000 Par Value Amount Of Bonds Amount Of Fee Fee Per =1,000 For Next t100,t>00 Per Value $ 500,000 $ 7,500.00 $12.500 $2,800,000 $21,837.50 $4.000 600,000 8,750.00 11.250 2,900,000 22,237.50 3.875 700,000 9,875.00 10.000 3,000,000 22,625.00 3.750 800,000 10,875.00 8.750 3,100,000 23,000.00 3.625 900,000 11,750.00 7.500 3,200,000 23,362.50 3.500 1,000,000 12,500.00 6.250 3,300,000 23,712.50 3.375 1,100,000 13,125.00 6.125 3,400,000 24,050.00 3.250 1,200,000 13,737.50 6.000 3,500,000 24,375.00 3.125 1,300,000 14,337.50 5.875 3,600,000 24,687.50 3.000 1,400,000 14,925.00 5.750 3.700,000 24,987.50 2.875 1,500,000 15,500.00 5.625 3,800,000 25,275.00 2.750 1,600,000 16,062.50 5.500 3,900,000 25,550.00 2.625 1,700,000 16,612.50 5.375 4,000,000 25,812.50 2.500 1,800,000 17,150.00 5.250 4,100,000 26,062.50 2.375 1,900,000 17,675.00 5.125 4,200,000 26,300.00 2.250 2,000,000 18,187.50 5.000 4,300,000 26,525.00 2.125 2,100,000 18,687.50 4.875 4,400,000 26,737.50 2.000 2,200,000 19,175.00 4.750 4,500,000 26,937.50 1.875 2,300,000 19,650.00 4.625 4,600,000 27,125.00 1.750 2,400,000 20,112.50 4.500 4,700,000 27,300.00 1.625 2,500,000 20,562.50 4.375 4,800,000 27,462.50 1.500 2,600,000 21,000.00 4.250 4,900,000 27,612.50 1.375 2,700,000 21,425.00 4.125 5,000,000 27,750.00 All OVef $5,OW,000 subject to negotiation. PROPOSAL BY William I Hough & Co. NOT INCORPORATED _ William R. Hough & Co. OLD PORT COVE 1212 U.S. HIGHWAY ONE P.O. BOX 14095 NORTH PALM BEACH, FLORIDA 33408 (305) 626.3911 October 12, 1977 The Honorable Mayor and Members of the County Commission County of Monroe, Florida County Courthouse Key West, FL 33040 Attention: Mr. Ralph W. White County Clerk Gentlemen: JOE B. WISE RESIDENT MANAGER RAYMOND V. CONDON In anticipation of a need by Monroe County for the services of a Financial Consultant to assist the County in the preparation of a financing plan or plans to provide funds for certain capital improvements under consideration and to assist the County in the determination of the proper source, allocation and distribution of certain revenues through a Tax Equalization Study, we respectfully request that the County engage William R. Hough & Co. to provide these services. A preliminary Tax Equalization Study may be provided by William R. Hough & Co. or, a detailed study by an outside firm of Certified Public Account- ants, depending upon the degree of complexity necessary as determined by the staff of the County and its Financial Consultant. It may well be that William R. Hough & Co. may provide sufficient information without the necessity of a separate and costly study being prepared. As evidence of our current interest in Monroe County, we are presently working with the County Clerk's office in an effort to obtain a Moody's rating on Monroe County's outstanding 1965 Limited Tax Bond issue. This is being done voluntarily by William R. Hough & Co. at no cost to the County for our preparation of the presentation to Moody's Investors Service nor the fee charged for the rating. A favorable rating on these presently non -rated bonds would greatly benefit the County in lower interest rates on future borrowing. William R. Hough & Co. enjoys a reputation, nationally, for serving more municipal governments in the State of Florida as financial consultant or underwriter than any other firm in our nation. In addition to our consultant and underwriting activity throughout the State, we are also the principal market -maker in the secondary market for Florida municipal bonds. This competitive activity, concentrated in Florida, gives us a unique ability to judge the most appropriate method of financing and marketing as well as market judgment to provide our clients with the minimum amount of capital funding at the lowest cost to the issuer. STATE, COUNTY AND MUNICIPAL BONDS William It rough & Co. The Honorable Mayor and Members of the County Commission County of Monroe, Florida October 12, 1977 Page Two Of the hundred or more clients served in a financial capacity by William R. Hough & Co. are, Dade County, City of Miami, Pinellas County, City of Tallahassee, City of Jacksonville, St. Lucie County, City of Ocala and City of Orlando, to name a few of the more well-known municipal govern- ments for which we have recently provided financing or which are under contract with us at this time. We would welcome the County contacting the officials or staff or any of these or other clients for an opinion as to the quality of our financial services to these parties. Our home office is in St. Petersburg, Florida, with branches located in Jacksonville, Orlando, Fort Pierce and North Palm Beach. Our North Palm Beach office, most conveniently located to serve the County, would have the direct responsibility for serving Monroe County under the direction of our Resident Manager, Joe B. Wise. The experience of over 40 partners and staff in our five Florida offices will be available to the County in framing any proposed financing under the direction of our managing partner, William R. Hough. As of December 31, 1976, William R. Hough & Co. was capitalized at $6,547,766. Attached to this introductory letter will be found: 1. References and qualifications of William R. Hough & Co. 2. A proposed Agreement to serve Monroe County as its Financial Consultant, including a proposed fee schedule. We look forward to the opportunity of meeting with the Commissioners and the staff to discuss this proposed Financial Consultant Agreement and to negotiate terms satisfactory.to both parties. For this purpose, we request a place on the Agenda of the October , 1977 regular meeting of the County Commission. Respectfully, WILL M R. HOUGH /& CO. J e B. Wise esident Manager JBW/js cc: Michael Cates, County Attorney 1 AGREEMENT N THIS AGREEMENT entered into this day of , 1977 between WILLIAM R. HOUGH & CO., of St. Petersburg, Jacksonville, Orlando, Fort Pierce and North Palm Beach, Florida, hereinafter called "Hough", and the COUNTY OF MONROE, Florida, hereinafter called the "County", WI THE S SE TH WHEREAS, William R. Hough & Co. is desirous of performing certain research, analyses and financial services in connection with certain capital improvement projects to be undertaken by the County; and WHEREAS, Hough has a high standing in the field of local government finance and a wide and various experience in formulating, preparing and marketing public bond issues and financing related thereto; and WHEREAS, the County contemplates the financing of certain of said capital projects under certain conditions; NOW, THEREFORE, in consideration of the premises and the mutual promises herein contained, the parties hereto agree as follows: Hough hereby agrees in connection with the financing of any capital improvement project for which it is given authority to proceed by the County. 1. Upon advice from the County, to immediately commence the develop- ment of a financing plan in coordination with the County, its staff, its attorney, its bond counsel and others designated by the County to provide funds for any such capital improvement project. All undertakings of Hough pursuant to this Agreement shall be made with the objective of developing the best possible financing plan of said project, the best appreciation possible for the security of the proposed bonds by the municipal market and the best possible interest rate for the bonds when sold, considering the short and long-term objectives of the County. 2. To make Joe B. Wise, Raymond V. Condon and other members of its staff approved by the County available for services to the County, its staff, its attorney and others designated by the County in order to create a suitable and sound financial plan commensurate with foreseeable legal and economic factors. Said services shall be rendered at all reasonable times in order that the financial program may proceed with dispatch. 3. To attend any meeting of the County or others when requested in order to assist the County on fiscal matters relating to the capital improvement project. 4. Once general agreement is reached between the County and Hough concerning a financial course of action under the capital improvement project, to prepare a detailed, sound and feasible financing plan which will provide the funds necessary for the various elements of the capital improvement project. Said financing plan shall include a complete analysis and details concerning the following: P (a) The present financial posture of the County, including an analysis of its capital fund requirements for future years and the revenues available for such requirements. (b) Analysis of the present bond resolutions and terms thereof and recommendations for modification in the form of the proposed future bond resolutions which modifications would improve the management flexibility of the County and its utilities operations. (c) The security pledged to the payment of any proposed bonds and an analysis of the strength of such security. (d) Details of the rights of prior redemption of the bonds and details with respect to the issuance of any additional bonds. (e) All other financial details of any proposed bonds to be issued, including principal amounts, maturities, interest rates, covenants and terms and conditions that will assure marketability of such bonds. (f) Information with respect to the time of offering of such bonds for sale, conditions of such notices of sale, and information with respect to the documents and information required to be provided in order to create the most favorable market for such proposed bonds. (g) Information with respect to the administrative steps required by the County to authorize and issue such proposed bonds. 4. To prepare, print and distribute to prospective bond buyers the County -approved Official Statement which will form the basis of a bond offering, which Official Statement will contain, among other things: (a) Notice of Sale, Official Bid Form, and Table of Bond Years. (b) Description of the bonds to be offered. (c) Summary and explanation of the prospective covenants in the Bond Resolution. (d) Description of the proposed project and the County, the need for and feasibility of the capital improvement, the County's operations and its relationship to other governmental units and agencies. (e) Historical records and projection of revenues pledged to the bonds, adequacy of such revenues and debt service coverage presentations. (f) Debt Service Schedule. (g) Summary of Project Cost Data. (h) Proposed Disposition of Bond Proceeds. (i) Basic governmental and economic financial data of the County of Monroe. -2- r_ (j) Formal summary financial statements of the overall operation of the County and its utilities. (k) Reproduction of the Bond Resolution. (1) Such other data as deemed advisable and customary in the preparation and distribution of an Official Statement. 6. To work with the County's attorney and bond counsel in the drafting of a Bond Resolution and to be available upon request for consultation as to all legal steps necessary to the sale of any bonds. 7. To have available Joe B. Wise, Raymond V. Condon or another member of its staff approved by the County to testify as an expert witness on any financing plan at any necessary bond validation or other legal proceedings. 8. To confer by direct personal contact with the Municipal Rating Services and Municipal Bond Insurance Association to provide these services with complete information regarding the project and the community generally in order that they may give the bonds the highest ratings possible and maximum acceptance for insurance. 9. To stimulate a wide interest in the proposed bonds among prospective institutional bond buyers through direct and personal contact. 10. To conduct information meetings in national financial centers and field trips to Monroe County as required in order to develop full market exposure and keen appreciation of the offering by the rating agencies, if deemed appropriate. 11. To advise the County as to a date of sale for the proposed bonds and to conduct the sale of the bonds for the County and perform such additional duties customarily provided for and on behalf of the County in connection with the public sale of bonds in accordance with the standards set forth in the current manual of the Florida Security Dealers Association. 12. Should the County decide to participate in any State or Federal borrowing or grant program, and elects to finance any improvements by such method, Hough will be paid a fee as mutually agreed upon in Section 15(c) of this Agreement for its work product and participation upon successful consummation of such State or Federal financing. 13. Hough also agrees: (a) To supervise the printing of the bonds. (b) To have one or more qualified members of Hough's staff present at the sale of the bonds and to lend assistance to the County in awarding the bonds to an underwriting group. (c) To supervise the delivery of the bonds. (d) To provide an Amortization Schedule to the County subsequent to the closing and assist the County in planning and coordinating the investment of construction funds with project requirements. (e) To perform such additional duties customarily required of Municipal Financial Consultants. It is the intention that this Proposal shall conform to the specifications set forth in your invitation. 14. To assist the County staff in the most advantageous investment of unencumbered County funds. 15. For the services outlined in Sections 1 through 14, Hough shall, by this Agreement, be designated as Financial Consultant to the County for all bonds or notes issued by the County, to be compensated in accordance with the following Fee Schedule for all bond issues sold: (a) $ 100,000 to $ 1,000,000 -- $10.00 per $1,000 par value $1,000,000 to $ 2,000,000 -- $ 7.50 per $1,000 par value $2,000,000 to $ 5,000,000 -- $ 5.00 per $1,000 par value $5,000,000 to $10,000,000 -- $ 2.50 per $1,000 par value Amount over $10,000,000 -- $ 1.25 per $1,000 par value (b) Hough shall be compensated at one-half (1/2) the above Fee Schedule for all note issues sold. (c) Bond or note issues financed through State or Federal Grant and/or Loan Programs shall be compensated at 80% of the above Fee Schedule, as applicable. (d) For special studies not directly leading to bond or note issues, Hough shall be compensated at the rate of $50.00 per man-hour for the services of senior consultants, and $75.00 per man-hour for the services of Mr. Hough. Out of pocket expenses of such personnel would be added thereto, such expenses not to exceed $50.00 per day, plus travel expense appropriately documented. Extraordinary services not reasonably included under such fees would be negotiated to the mutual satisfaction of both parties. 16. All expenses of the issue other than the communication expenses of William R. Hough & Co. will be paid by the District, such expenses to be paid from bond proceeds, as appropriate. 17. Mutually agreed upon changes may be made in this Agreement and attached hereto. 18. This Agreement shall be in force and effect for a period of twelve months from the date of execution hereof; provided, however, the County shall have the option, at any time, to terminate this contract in its sole discretion by giving written notice to Hough at least sixty (60) days prior to any such termination. -4- f IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written. Signed, sealed and delivered in the presence of: Signed, sealed and delivered in the presence of: Respectfully, WILLIAM R. HOUGH & CO. By : r j Resident Manager COUNTY OF MONROE FLORIDA By: - 5- William R.Hough & Co. OLD PORT COVE JOE B. WISE 1212 U.S. HIGHWAY ONE P.O. BOX 14093 NORTH PALM BEACH. FLORIDA 33408 (303) 626.3911 October 12, 1977 District Commissioners Monroe County Municipal Service District Monroe County Courthouse Key West, FL 33040 Attention: Mr. Charles Aguero, Manager Wing III Stock Island Key West, Florida Gentlemen: RESIDENT MANAGER RAYMOND V. CONDON With regard to certain capital funding under consideration by the Monroe County Municipal Service District, we respectfully request that the District entertain our Proposal to serve as Underwriter to the District and to assist the District in the preparation of a financing plan to provide said financing, as needed. Information sent to the Commissioners and staff under separate cover fully outlines the qualifications of William R. Hough & Co. as a Florida firm, expert and experienced in Florida municipal financing. Since the nature of the purpose and payment of debt service for the contem- plated financing of capital projects by the County as a whole is separate and distinct from the financing and payment thereof of any indebtedness incurred by the District, it is appropriate that the financial services differ in method and scope. It is for this reason that we recommend our serving as Underwriter to the District, at no fee, as opposed to our serving as Financial Consultant, or agent, to the County as a whole. If the County's project is to be funded by payment from ad valorem taxes, subject to referendum, or by a combination of ad valorem taxes and certain special revenues, it appears appropriate that the proposed general obligation bonds of -the County be sold at public bidding, if approved by referendum. In the case of the District, revenue studies involving the Municipal Service District Special Tax Levy and the revenues derived from franchise contracts, collection fees and other sources of revenue will need to be developed to ascertain the amount of debt which said revenues can support and retire. Projected revenues and project cost will need be verified by qualified engineers in coordination with our studies and projections. The product of these combined studies should produce a feasible financing plan for a sufficient amount of bonds to initiate the first phase, or phases, of the District's long-term program. STATE, COUNTY AND MUNICIPAL BONDS William R.Hough & Co. District Commissioners Monroe County Municipal Service District October 12, 1977 Page Two At the appropriate time, William R. Hough & Co. will make a firm Proposal to provide the financing needed, as determined by the District and its staff and consultants. The attached Agreement, made a part of this Proposal, outlines the services and expenses when contracted by the District as Underwriter in the issuance of bonds. We request the opportunity to present and explain this Proposal to the Commissioners and staff of the District at its next regular meeting. Respectfully, WILLIAM R. HOUGH & CO. Joe B. Wise JBW/js cc: Ralph W. White, County Clerk Michael Cates, District Attorney N William H. Hough & Co. OLD PORT COVE JOE B. WISE 1212 U.S. HIGHWAY ONE RESIDENT MANAGER P.O. BOX 14095 RAYMOND V. CONDON NORTH PALM BEACH, FLORIDA 33408 (305) 626.3911 October 12, 1977 AGREEMENT BETWEEN THE MONROE COUNTY MUNICIPAL SERVICE -DISTRICT AND WILLIAM R. HOUGH & CO. INTRODUCTION: This Agreement between the District and William R. Hough & Co. concerns the services and expenses of William R. Hough & Co. when contracted as Underwriter by the District for financial services involved in the issuance of bonds. A. SERVICES TO BE RENDERED BY WILLIAM R. HOUGH & CO. After thoroughly studying the legal and financial aspects of the District, applicable engineering reports, the economy, and the financial alternatives available to the District, Hough agrees to perform the following: 1) Assist the District staff and consultants in developing a feasible financing plan for the proposed capital improvement program. 2) Assist as necessary in the development of any proposed rate and user charges. 3) Assist in negotiating service contracts and inter -local agree- ments as they relate to capital facility programs. 4) Assist in the application process for State or Federal grants or loans. 5) Review all available means of long term financing for any particular capital program, detailing advantages and dis- advantages of each alternative as well as preparing detailed financing plans describing all of the terms and conditions . of the proposed alternatives. 6) Coordinate with local counsel and bond counsel in the drafting of bond resolutions. STATE, COUNTY AND MUNICIPAL BONDS wiiiiani „uugii & Co 7) Be available to testify as an expert witness at any bond vali- dation hearing. 8) Prepare and distribute a "Bond Prospectus" containing all economic, financial, engineering and legal data required for bond underwriters to bid on bonds and to create investor interest in them. 9) Consult with bond rating agencies to obtain the best possible bond ratings, and explore the feasibility of obtaining MBIA insurance. B. 1) At an appropriate time, to submit to the District a firm bid and purchase proposal for the bonds, which proposal will set forth the purchase price and the terms and conditions of the sale of the bonds. This proposal will be accompanied by a good -faith check. 2) Upon the acceptance of the purchase proposal by the District, William R. Hough & Co. will: (a) Arrange for the printing, signing and delivery of the bonds. (b) Provide the District with a final Amortization Schedule on the bonds. (c) Prepare an Annual Report and an Official Statement on the bonds, which report will be made available to the institutional holders of the bonds and other interested parties. 3) The District is under no obligation to accept the purchase proposal, which purchase proposal will be submitted by William R. Hough & Co. as principal and for its own account. The submission of a purchase proposal will provide an alternative and optional method for the District to market its bonds. If accepted, the District would not incur any charges for the work product of William R. Hough & Co. 4) If the purchase proposal is not accepted by the District, William R. Hough & Co. agrees to perform the following services for the District: (a) Prepare a definitive Official Statement, acceptable to the District on the bond issue. (b) Recommend an appropriate date of sale. (c) Arrange for the preparation and insertion of the necessary advertisements concerning the sale of the bonds in the Daily Bond Buyer. (d) Confer by direct personal contact with the Municipal Rating Services and MBIA to provide these services with complete information regarding the project and the District generally in order that they may give the bonds the highest ratings and acceptance possible. -2- 9 WHIWiu I -•;,•I U - (e) Disseminate the Official Statement to a large list of Municipal Bond Underwriters and potential institutional purchasers. (f) At the time of the sale, assist the District in the computation and calculations of the bids, and make recommendations to the issuer as to the award of the bonds. (g) Bid for the bonds unless requested by the District not to do so. (h) Arrange for the printing, signing and delivery of the bonds. (i) Provide the District with a final Amortization Schedule on the bonds. (j) Prepare an annual report on the bonds, which report will be made available to the institutional holders of the bonds and other interested parties. C. STATE OR FEDERAL AID In the alternative that we would serve as a Financial Consultant to assist the District in obtaining permanent financing under the State of Florida Bond Loan Program, General Law 70-270 and/or through Federal assistance, where applicable and eligible from various Federal agencies, alternative financing plans and programs would be formulated, but prepared within the guidelines provided by those State and Federal agencies as would be appropriate and based upon our experience in assisting other issuers in obtaining State and Federal funds. We would assist in the preparation of applications and reports, attend meetings at State and Federal level, as needed, and assist the staff in all matters relating to the financial aspects of these funds. No avenue of financial assistance would be overlooked. Since the parameters of conventional financing and those of State and Federal assistance are substantially different, this will entail the preparation of several financing plans, each tailored to the source of funds to which the plan is directed. In some cases, a combination of one, two or possibly all three of the sources of funds may be beneficial and expedient. All of these alternatives would be thoroughly discussed with the staff and Commissioners together with our recommendations and those of the other advisors to the District. D. COMPENSATION OF HOUGH 1. In the event the purchase proposal referred to in Section B-1 is accepted by the District, William R. Hough & Co. will receive no fee for its work product. 2. In the event the purchase proposal referred to in Section B-1 is not accepted by the District, William R. Hough & Co. will be retained on a contingency basis for the sale of the bonds. Compensation will be paid by the District for William R. Hough & Co.'s work product if bonds are actually sold and delivered, or if permanent financing is obtained through participation of the District in any of the State of Florida's loan or bonding programs, or any Federal loan or bonding programs. J -3- William R. Hough & Co. 3) For the services outlined in Section B-4, Hough shall, by this Agreement, be designated as Financial Consultant to the District for all bonds or notes issued by the District, to be compensated in accordance with the following Fee Schedule for all bond issues sold: (a) $ 100,000 to $ 1,000,000 -- $10.00 per $1,000 par value $1,000,000 to $ 2,000,000 -- $ 7.50 per $1,000 par value $2,000,000 to $ 5,000,000 -- $ 5.00 per $1,000 par value $5,000,000 to $10,000,000 -- $ 2.50 per $1,000 par value Amount over $10,000,000 -- $ 1.25 per $1,000 par value (b) Hough shall be compensated at one-half (1/2) the above Fee Schedule for all note issues sold. (c) Bond or note issues financed through State or Federal Grant and/or Loan Programs shall be compensated at 80% of the above Fee Schedule, as applicable. (d) For special studies not directly leading to bond or note issues, Hough shall be compensated at the rate of $50.00 per man-hour for the services of senior consultants, and $75.00 per man-hour for the services of Mr. Hough. Out of pocket expenses of such personnel would be added thereto, such expenses not to exceed $50.00 per day, plus travel expense appropriately documented. Extraordinary services not reasonably included under such fees would be negotiated to the mutual satisfaction of both parties. E. EXPENSES 1) In the event that the Proposal referred to in Section B-1 is accepted, all expenses of the issuance of bonds would be paid by William R. Hough & Co. 2) In the event that we are retained as Financial Consultant, all expenses of the issue other than the communication expenses of William R. Hough & Co. would be paid by the District. F. MODIFICATION AND AMENDMENT Mutually agreed upon changes may be made in this Agreement and attached hereto. G.' DURATION OF AGREEMENT This Agreement will remain in effect until terminated by either party upon one -hundred -twenty (120) days' prior written notice. ACCEPTED: By. Title Date Respectfully submitted, WILLI�M R. HOUGH & CO. ,Toe B. Wi se esident Manager P Attest -4- William H. Hough & Co. OLD PORT COVE JOE B. WISE 1212 U.S. HIGHWAY ONE RESIDENT MANAGER P.O. BOX 14095 RAYMOND V. CONDON NORTH PALM BEACH, FLORIDA 33408 (305) 626.3911 QUALIFICATIONS OF WILLIAM R. HOUGH Sc CO. 1. We submit as references the following names and institutions: Key West State Bank Mr. John M. Koenig, President Southeast First National Bank of Miami Mr. J.B. Shumate, President Merrill Lynch, Pierce, Fenner & Smith Mr. Frank Stock, Regional Manager, Municipal Department First National Bank in Palm Beach Mrs. Anne K. Walker, Senior Vice President & Cashier Mr. Wyckoff Myers, Executive Vice President & Trust Officer First Bank & Trust Company of Boca Raton, N.A. Mr. Edward M. Hatton, Senior Vice President & Investment Officer First Bancshares of Florida St. Petersburg Bank & Trust Company Ms. Lorraine Corridon, Vice President & Secretary Century First National Bank in St. Petersburg Mr. James R. Whitley, III, Vice President & Manager Barnett Bank of Jacksonville, N.A. Mr. G. Timothy Lane, Vice President Chase Manhattan Bank, N.A. in New York Mr. Henry F. Coble, Second Vice President Mudge, Rose, Guthrie & Alexander (Caldwell, Trimble & Mitchell) Mr. John T. Trimble Mr. Walter E. Breen Freeman, Richardson, Watson, Slade, McCarthy & Kelly Mr. Frank L. Watson Mr. Daniel Livermore Russell & Axon, Engineers Mr. Frank Osteen P STATE, COUNTY AND MUNICIPAL BONDS ;'14411I 1• .'slGyfl & 60. Municipal Bond Insurance Association Mr. Lawrence M. Miralia, Vice President Moody's Investors Service Mr. Jackson Phillips, Vice President and Director Standard & Poor's Corporation Mr. Brenton Harries, President In addition to the above list of references, please consider the chief administrative officer, the attorney or the financial officer or any board member of the public bodies listed herein as references. Please feel free to contact any of those named. 2. Professional qualifications of the firm and individuals who will be managing the account: William R. Hough & Co. is a thirteen -man partnership, licensed to do business in the State of Florida and regulated by the State of Florida, with approxi- mately $6,500,000 in capital. The principal office of William R. Hough & Co. is located in St. Petersburg; other offices are located in Jacksonville, Orlando, North Palm Beach and Fort Pierce. Current lines of credit are in excess of $50,000,000. These lines of credit are with the Chase Manhattan Bank, Century First National Bank in St. Petersburg, Sun First National Bank of Orlando, Barnett Bank of Jacksonville, N.A., Sun Bank & Trust Co. of St. Petersburg and St. Petersburg Bank & Trust Company. William R. Hough & Co. is a member of the National Association of Securities Dealers, the Security Industries Association and the Florida Security Dealers Association. 3. The experience of the firm and the individuals who will be managing the account: William R. Hough & Co. brings together in its personnel a broad experience in the field of municipal finance. As a company, we have been the dominant factor in the municipal consulting and bond marketing activities of Florida's cities, counties and other public agencies for a number of years. At the present time, we have approximately 100 local government units as clients. We carry, for our own account, a daily Florida municipal bond inventory of $25,000,000 principal amount. The firm has been in existence in its present form since 1962. The experience of Mr. Wise and Mr. Condon is as follows: Joe B. Wise Mr. Wise, Manager of the North Palm Beach office, brings to our firm a broad experience from the field of commercial and investment banking. For many years he was involved, nationally, as a principal and officer in investment banking and banking institutions and continues to be involved in the national as well as the Florida bond market. His experience includes twenty-five years on Wall Street in municipal finance consulting, bond underwriting and manage- ment activities. As a bank officer and New York representative of a major southwestern bank, Mr. Wise was active in the negotiation and issuance of J IIIIJIIi :fJYyAI if ll'. many major bond issues and in the investment of funds for clients. Mr. Wise has lived in Florida for over six years and is well acquainted with the economic and financial problems particular to Florida and the Keys. He is a frequent visitor to the Keys and, as a private pilot, is readily available for consultation in Monroe County. Ravmond V. Condon Mr. Condon, a consultant in our North Palm Beach office, was formerly with B.J. Van Ingen & Co., serving as Vice President and also served as Vice President and Manager of the Bond Department at First Wisconsin National Bank of Milwaukee. He was Chairman of the Finance Advisory Board of the Wisconsin State Building Commission, Advisor to the financing of Milwaukee City and County and a past Governor of the Investment Bankers Association. This experience, coupled with his outstanding background in utility planning, financing and refunding, makes him an important member of our team to serve Monroe County. 4. The location of the responsible person or persons who will execute the program and the availability and notice required to attend various meetings: If retained by Monroe County, Joe B. Wise, Resident Manager, and Raymond V. Condon, of our North Palm Beach office, will have central responsibility for the execution of the program and duties required of William R. Hough & Co. under the employment agreement. Messrs. Wise and Condon, as well as others in our firm, will make themselves available and will attend meetings and conferences in Monroe County upon reasonable notice by the County. Reasonable notice for our requested attendance by the County would be forty-eight (48) hours' notice, in most cases, but shorter in the event of an emergency. 5. Related background of William R. Hough & Co.: William R. Hough & Co. played a major role in the acquisition of private water and sewer companies in Brevard County, the financing of such acqui- sitions and improvements to the County Water and Sewer System, Brevard County Solid Waste Disposal System, and, at the present time, is handling the further improvements to the Brevard County Water and Sewer System. As managing underwriter of $313,275,000 Pinellas County Sewer Revenue Bonds, as well as sole underwriter of $28,595,000 Pinellas County Water Revenue Bonds, we provided Pinellas County with the successful low-cost financing necessary to keep pace with the growing utility needs of the County on a timely basis. These programs have involved and continue to involve sophisticated revenue and special assessment programs. William R. Hough's experience with the Florida State Sewer Loan Program involves many members of the firm and includes our assistance in the preparation of sewer loan applications and the approval for State financing for several projects. We were most recently the managing underwriter of $198,365,000 City of Tallahassee Electric Revenue Refunding Bonds, the largest single issuance of municipal bonds by an issuer in Florida, as well as $56,340,000 City of Jacksonville Excise Tax Refunding Bonds last month. -3- wuliam a „iji & Co. It should be of interest to the Commissioners that over the past four years, members of our organization have, by personal contacts, followed the course of economic and financial activity of several governmental agencies in Monroe County, namely, the Monroe County Municipal Services District, the Florida Keys Aqueduct Authority and the Key West Electric System. We feel that our past and continuing familiarity with the problems unique to Monroe County and the Keys will be of considerable benefit to the County if we are chosen to serve the County's capital improvement needs. WILLIAM R. HOUGH & CO. -4- 9 lUilliam R.houg11 & William R. Hough 1 Alfred C. ShepardPatrick • 924 FLORIDA FEDERAL BUILDING E.Mann P.O. DRAWER 1051 ST. PETERSBURG. FLORIDA 33731 Steve Lozanolf 813.896.5641 Charles D. Smith Katherine H. Coyle Roy R. Dickson Thomas W. Kerwin George T. Bland James R. Hawkins Edward R. Wuiborn COUNTIES SERVED BY WILLIAM R. HOUGH & CO. Doris Listen Carol Brown ALACHUA COUNTY: We were the Senior Manager of a group of Underwriters which structured and negotiated the purchase of $4,475,000 Courthouse Complex Refunding Bonds and $1,745,000 Special Refunding Revenue Bonds. CHARLOTTE COUNTY: We serve as Financial Advisor to the County, and are presently developing the financing for a proposed new County Adminis- tration and Court Facility. Previously we have purchased a $2,105,000 Race Track Revenue Issue, and, for the Charlotte County Development Authority, developed and purchased a smaller issue to finance improve-• ments at the airport. COLLIER COUNTY: As Investment Banker we marketed $5,000,000 of Race Track Revenue Bonds and are presently working with the County in the development of an issue to be secured by non -ad valorem funds or pos- sibly guaranteed entitlement monies. DADE COUNTY: We are acting as Financial Advisor in the refunding of approximately $45,995,000 Special Obligation Capital Project Bonds, Series A. ESCAMBIA COUNTY: We structured and purchased $11,000,000 Escambia County Revenue Bonds which were secured by the non -ad valorem funds of the County. INDIAN RIVER COUNTY: We are presently in the process of structuring a . solid waste disposal issue for this County. LEON COUNTY: We are under continuing contract as Underwriters and pur- chased a non -ad valorem issue in the amount of $7,470,000 for the pur- pose of financing the County's share of a joint -venture between the ;.. State of Florida, the City of Tallahassee and Leon County for the Tal- lahassee -Leon County Civic Center. MARTIN COUNTY: We are working with the County in the study of acqui- sitions of water and sewer systems.•` PASCO COUNTY: We recently completed the advisory work.on a guaranteed entitlement bond issue. William khough b Ca ' - 2 PINELLAS COUNTY: We recently competed successfully in the advance re- funding of the Pinellas County water debt through the issuance of $28,630,000 Water Revenue Refunding Bonds and $5,390,000 Special Obli- gation Refunding Certificates. We also have.been appointed Advisor by the County to assist them in the pre -refunding of a presently outstanding $31,275,000 sewer issue. ST. LUCIE COUNTY: We are under contract with St. Lucie County and have assisted them in several bond issues. SARASOTA COUNTY: We have served as Financial Advisor in developing the 10,200,000 Special Utility District financing, and subsequent to the sale of these Bonds have worked with the County to determine feasibility of acquiring several franchise water or water and sewer systems within Special Utility District`No. 1. Siesta Key Utilities Authority is a non profit corporation whose facilities will become the property of Sarasota County when the Authority's bonds have been retired. Within the past year we have refunded all of the Authority's outstanding debt through the issuance of $5,690,000 First Mortgage Revenue and Refunding Bonds, and $8,125,000 Special Obligation Bonds. We were suc- cessful in obtaining ratings on the Refunding Bonds, whereas the Authority's W previously outstanding debt was non -rated. SARASOTA-MANATEE AIRPORT AUTHORITY: In 1973 we purchased $1,000,000 of �. Authority Bond Anticipation Notes and in early 1974 served as Investment Banker in a transaction which retired the Notes, refunded the Authority's outstanding Bonds and provided funds for new construction. VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY: We have worked with the Authority and Embry -Riddle Aeronautical University in the development of a financing to retire high interest rate existing indebtedness and to pro- vide additional funds for dormitory acquisition and construction. In August, 1977, we purchased $2,600,000 of the Authority's Bonds to complete this transaction. PORT AUTHORITIES SERVED BY WILLIAM R. HOUGH & CO. CANAVERAL PORT AUTHORITY: In 1976, we completed the advance refunding of the Authority's Series 1975-A Bonds through the issuance of $1,855,000 Refunding Revenue Bonds. Also in 1976, we were the sole underwriter of the Authority's outstanding $3,150,000 Series 1975-B Revenue Bonds, which rank on a parity with its Refunding Bonds. MANATEE COUNTY: We recently completed the advance refunding of the Manatee County Port Authority's outstanding debt through the issuance of $11,250,000 Port Authority Bonds. RECENT ADVANCE REFUNDINGS STRUCTURED BY WILLIAM R. HOUGH & CO. Following this page are facsimiles of Official Statement front covers or ads on bond issues which we are or have been appointed Senior Manager, and thus are responsible for structuring and marketing the bonds. $ 4,47S,000 The Alachua County Public Facilities Authority, Alachua County, Florida Courthouse Complex Refunding Bonds, Series 1977 1,745,000 The Alachua County Public Facilities Authority, Alachua County, Florida Special Refunding Revenue Bonds, Series 1977A 1,213,000 City of Belle Glade, Florida, Water and Sewer Revenue Refunding Bonds, Series 1976 1,85S,000 Canaveral Port Authority, Brevard County, Florida, Refunding Revenue Bonds, Series 1976 4,675,000 School District of Jackson County, Florida, Refunding and Improvement --Certificates-of Indebtedness, Series 1976 55,275,000 City of Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 1977 11,250,000 Manatee County Port Authority, Florida, Port Authority Revenue Bonds of 1976 35,775,000 . Margate Utility Authority, Florida $13,175,000 Water and Sewer Refunding and Improvement Revenue Bonds, Series 1976 $20,600,000 Special Refunding Bonds. 6,580,000 City of New Smyrna Beach, Florida, Water and Sewer Revenue General Obligation Refunding Bonds, Series 1976 3,260,000 City of New Smyrna'Beach,-Florida, Special Refunding Revenue Bonds, Series 1976A • 605,000` Utilities Commission of the City of New Smyrna Beach, Florida, Utili- ties Revenue Refunding Certificates, Series 1976 19,030,000 City of Ocala, Florida $11,180,000 Power Supply Revenue Bonds, Series 1977 $ 7,850,000 Electric Revenue Bonds, Series 1977 8,875,000 Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 1976 28,630,000 Pinellas County, Florida, Water Revenue Refunding Certificates, Issue :... of 1977 4,4900000 City of St. Cloud, Florida, Refunding and Improvement Utilities Rove- -Certificates. Series 1977 Interest Exempt, In the opinion of counsel, from all present Federal Income Taxes . KEW ISSUE OFFICIAL STATEMENT -1 $4,475,000 �- 'THE ALACHUA COUNTY PUBLIIC FACILITIES AUTHORITY ALACHUA COUNTY, FLORIDA COURTHOUSE COMPLEX REFUNDING BONDS SERIES 1977 (MBIA Insured) DATED: April 1, 1977 DUE: February 1, 1978-2004 The Bonds shall be dated April 1, 1977, shall be numbered consecutively from one upward, shall be issued in coupon form. in the denomination of $5,000 each; registerable as to principal only; shall bear interest semi-annually (February I and August I each year), payable with respect to both principal and interest at Florida First National Bank of Jacksonville. Florida, and shall mature on February 1 in the years and amounts as follows: MATURITIES, AMOUNTS, COUPON RATES ARID YIELDS Coupon Price Coupon Price C'oupun Price Year Amount Rate or Yield Year Amount Rate or Yield Year Amount Rate or Yield 1978 $120,000 5.00% 3.25% 1987 $120,000 5.00% 4.90% 1996 $210,000 5.60% 100% 1979 65,000 5.00 3.50 1988 120,000 5.00 100 1997 215.000 5.60 100 1980 70,000 5.00 3.75 1989 135,000 5.10 100 1998 230,000 5.60 100 1981 80,000 5.00 4.00 1990 145,000 5.20 100 1999 240,000 5.65 100 1982 80,000 5.00 4.20 1991 150,000 5.30 100 2000 255,000 5.65 100 1983 85,000 5.00 4.35 1992 160,000 5.40 100 2001 265,000 5.70 100 1984 95,000 5.00 4.50 1993 170,000 5.50 100 2002 280,000 5.70 100 1985 95,000 5.00 4.65 1994 185,000 5.50 100 2003 295,000 5.70 5.75 1986 105,000 5.00 4.80 1995 190,000 5.50 5.55 2004 315,000 5.70 5.75 REDEMPTION PROVISIONS The Bonds of this issue maturing in the years 1978 through 1984, both inclusive, are not redeemable prior to their respective stated dates of maturity. The Bonds of this issue maturing the year 1985 and thereafter are redeemable prior to their respective stated dates of maturity, at the option of the Authority, in whole or in part, in inverse numerical order if less than all, on February 1, �) 1984, or on any date thereafter if redeemed as a whole, or on any interest payment date thereafter if less than all, at par plus accrued interest to date of redemption, plus the following premiums, expressed as a percentage of the par value thereof. if redeemed on the following dates: Dnte Premium February 1, 1984 to and including February 1.1989 3% Thereafter to and including February 1, 1994 2% Thereafter to and including February 1, 1999 1% Without premium thereafter $1,745,000 THE ALACHUA COUNTY PUBLIC FACILITIES AUTHORITY ALACHUA COUNTY, FLORIDA SPECIAL REFUNDING REVENUE BONDS SERIES 1977A DATED: April 1, 1977 DUE: February 1 and August 1 as set forth below The Bonds shall be dated April 1. 1977, shall be numbered consecutively from one upward, shall be issued in coupon form in the denomination of S5,000 each; registerable as to principal only; shall bear interest semi-annually (February 1 and August I of each year), payable with respect to both principal and interest at Florida First National Bank of Jacksonville, Florida, and shall mature on February 1 and August I in the years and amounts as follows: MATURITIES, AMOUNTS, COUPON RATES AND YIELDS Coupon Price Coupon Price Coupon Price Due Amount Rate or Yield Due Amount Rate or Yield Due Amount Rate or Yield 8/l/77 $ 65,000 4.25% 2.75% 2/l/80 $130,000 4.25% 3.70% 811/82 S125,000 4.25% 4.10% 2/ 1/ 78 140,000 4.25 ' 3.15 8/ 1/ 80 135,000 4.25 3.70 2/ 1/ 83 120.000 •4.25 100 8/1/78 140,000 4.25 3.15 2/1/81 130,000 4.25 3.90 8/l/83 115.000 4.25 100 2/1/79 140,000 4.25 3.50 8/1/81 125,000 4.25 3.90 2/i/84 120.000 4.35 100 . 811179 135,000 4.25 3.50 2/ 1/ 82 125,000 4.25 4.10 REDEMPTION PROVISIONS The Bonds of this issue are not redeemable prior to their respective stated dates of maturity. AUTHORITY AND VALIDATION Both series of Bonds are issued pursuant to the Constitution and Laws of the State of Florida, including particularly Chapter . 73401, Laws of Florida, Special Acts of 1973 and other applicable provisions of law. Both series of Bonds werq validated.::n March P. 1977 by judgment of the Circuit Court for Alachua County. nst. -4! 12n A. writ 1.a n...........n......: 1... ,1.....-.n.,nl;r7 A nn....nu,nn nn,,.,n„ en fn 11, 0 In 14" nr Frnsman Rtnh:,rdcnn_ o cMAL S7AM EN CITY OF BELLE C FLOPil (PALM BEACH COUNTY), JULY 1976' NOT INC. ST.*PETERSBURG • ORLANDO JACKSONVILLE • NORTH PALM BEACH • FT. PIERCE FLORIDA William 11-11®u h& C, . NOT INC. ST.•PETERSBURG • ORLANDO JACKSONVILLE 0 NORTH PALM BEACH • FT, PIERCE FLORIDA a+ 1 I ' i OFFICIAL STATEMENT 1 T� SCXOOL DISTRIC T O JACKSON COUNTY9 FLORIDA $4,675,000 cw REFUNDING AND IMPROVEMENT CERTIFICATES OF INDEBTEDNESS SERIES 1976 ? 1 t I 1 t - . 14 � Iti 1 ` I/� 1 ' 1 t • 5�jj,• .', it h� {,� may, X � • � i','"h ,� :%�'�,Iq� .. �'� ,tl�} t , �I •I, ' ,1 ^� ' 1'�I �� �11 �` n l' \rN � }� h. ra Ift1! S Li i�%� �•U�.�. �� • y I�����r • -. " V'1 '�}I'v�'�� y�'"y���r.R•'�.F..�tTjry' �..}.% ' lei ,(,`,.f 1�' :.y,}, � j r ., 4�A'�� '. • /rJ "�: f�� ti��.:,;�, 1, ty�, Its �, � "' ""'t' � :},� ♦�..� , , ?rr"'�`,x�.'�� t t�,�. •:� �, J to ' _,��� ` 1 �ii:N •.n JI •J. ��(11i1L.541,{ 1 � •1�'1 !, '- 1. 2 _�s �. t a.�x � rf .1l 1} t F "'.•-f at r.k.� }N�ji�Ytl�,�r11,1: LVill; L`a7a y � {--1,•��,,H..la�+;aTy �t �, u�r{ S ! �:A�{ 71 f!j r•M � , . ,5,. w„{. � 1 , °,i�`iyj � t t t ' L� /t { ,CQZ --••r;••.J�.:. 1 I �'r!!^� 'ral s l LI.i �,�A sl} t s 1 r� s f " t: `1 1 .. , - _ _ " .c r'L » N.,+.w•/. �i,.,J�y;l 1 :4 1 1 '. { Y. .{5 ♦ 9 'I {i '{ Cl'� G ! � r .Ir k7 I - �� ��. � � r t 1 `17, /. ); 1 _•• j !I.re+,;N+[.:.i•C'17'' 1 'f,�! { R 177 1 f µ t �� ( .,(M.tP , �. �1 '� t-r. `` 1 i ! i r' �_• , }.. '* A . " �. }} ! .;I �,; Y �11 .'t14m��W1•' jl F, S 'A {l, ', � ' � r .a �, ' R r. � ���} } J1 • A 1 10-%1 NEW ISSUE 1 Ratings Moody'&: Al Standard & Poor's: A In the opinion of Bond Counsel, the interest on the Refunding Donds is, under existing laws, regulations and judicial decisions, exempt from all Federal income taxation and the Refur ling Bonds and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. ^®9 cifyo�PC��'�`VL`�no �.9 EXCISE TAXES REVENUE REF UND,NG BONDS, SE -PIES 1977 Dated: September 1, 1977 Due: October 1, as shown below The Refunding Bonds will be issued as coupon bonds in the denomination of $5,000 only, or as to both principal interest; and each, registrable as to principal shall bear interest payable initially . on April 1, 1978 and after on each October 1 and April 1, semi-annually there- payable with respect to both principal and interest at The Chase Manhattan Bank, N.A., New York, New York and shall mature on October 1 in the years and amounts as follows: Yam, Coupon _ Amount =� Price Year Coupon 1988 $1,900,000 �'--� ---- Amount Rate Price 1989 1,990,000 4.80 100 1997 1990 2,085,000 100 1998 $3,020,000 6 10000 3,190,000 5.55 1991 2,190,000 1 100 1999 1992 5.10 100 2000 2,430,000 6.20 100 3,370,000 5.60 3,565,000 5.60 100 1993 100 2001 2,565,000 5.30 100 2002 1994 2,705,000 100 4,005,000 5.65 100 4.00 6.66 6.35 100 2003 1996 INN 2,705,000 5.40 100 2004 —0-100 0— 2,855,000 5.45 100 2006 —0 14,400,000 5.66 100 (Plus Accrued Interest) The Refunding Bonds are subject to redemption prior to maturity as more fully described herein. The Refunding Bonds are being issued for the purpose of refundin Bonds, Series 1970 in order to effect a reduction in net debt service g $49,300,000 outstanding Excise Taxes Revenue cured by a lien upon and pledge of the proceeds of certain utilities serviesntaxes, occupationals of the Cit.e liiccensedtaxess and income received from the investment of funds in an .Investment Account, Sinking Fund and Reserve Account, subject to certain conditions and limitations more fully described herein. The Refunding Bonds do not constitute general obligations or in- debtedness of the City within the meaning of any constitutional or statutory provision or limitation. The ad valorem taxing power of the City is not pledged for the payment of such Bonds. The Refunding Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified approval of legality by Freeman, Richardson, Watson, Slade, McCarthy & Kelly, P.A., Jacksonville, Florida, Bond Counsel to the City and certain other conditions. Certain legal matters will be passed upon for the Underwriters by Mudge Rose Guthrie & Alexander, New York, New York. The Refunding Bonds in definitive form are expected to be delivered to the Underwriters in New York, New York, on or about September 27, 1977. William R. Hough & Co. Goldman, Sachs &. Co. Reynolds Securities I.._ September 13, 1977 Uhman B ©_hears IncOrporatted Arch W. Roberts &. Co. +L4-W In the opinion &I Bond Canso:, the interest on there Bonds is, under existing laws, regnlatlona and judicial decisions, exempt Jrom ail Federni Income Taxation. NEW ISSUE Moody'n Rating: Al Standard h Panes Ratings A $5673-101000 CiLy Of Ja.Cksoriville, Florida Excise Taxes Revenue Re:unding Bonds, Series 1977 Dated: September 1, 1977 1)ue: October 1, as shown below Principal and semi-annual interest (October 1 and April 1), first coupon April 1, 1978, representing interest from October 1, 1977, payable at The Chase Manhattan Bank, N.A., New York , New York. These Refunding Bonds Will be issued in coupon form, is the denominatiori of $5,000, registrable as to both principal and interest. i ear Amount Coupon Rate Yowr Amount Coupon Rate 1988 $1,900,000 4.80% 1996 $ 2,855,000 5.450/6 1989 1,990,000 4.90 1997 3,020,000 5.50 1990 2,085,000 5.00 1998 3,190,000 5.55 1991 2,190,000 5.10 1999 3,370,000 5.60. 1992 2,305,000 5.20 2000 3,565,000 5.60 1993 2,430,000 5.30 2001 3,765,000 5.65 1994 2,565,000 5.35 2002 4,005,000 5.65 1995 2,705,000. 5A0 2005 14,400,000 6.65 Price 100°!o (Plus Accrued Interest) The Refunding Bonds are subject to redemption prior to maturity as more fully described in the Official Statement. The Refunding Bonds are being issued for the purpose of refunding $49,300,000 outstanding Excise Taxes Revenue Bonds, Series 1970 in order to effect a reduction in net debt service payments of the City. The Refunding Bonds are secured by a lien upon and pledge of the proceeds of certain utilities services taxes, occupational license taxes and income received from the investment of funds in an Investment Account, Sinking Fund and Reserve Account, subject to certain conditions and limitations more fully described in the Official Statement. The Refunding Bonds do not constitute general obligations or indebtedness of the City within the meaning of any constitutional or statutory provision or limitation. The ad valorem taxing power of the City is not pledged for the payment of such Bonds. The Refunding Bonds are ojJered when, as and if issued and received by the Underwriters, subject to the unquaU ied approval o/ legality by Freeman, Richardson, Watson, Slade, McCarthy &Kelly, P.A., Jacksonville, Florida. Bond Counsel to the City and certain other corulitions. Certain legal .natters will be passed upon for the Underwriters by Mudge Rose Guthrie &Alexander, New Yorke New York. The Offering it made only by the OfJlciol SaetemenI copies of which may be obi tamed /rom such of the wtdarsigned w may legally o fler these Secttrfties. William Re Hough & Co. Goldman, Sachs & Co. Lehman Brothers Incorporated Reynolds Securities Inc. Arch W. Roberts & Co. Bache Halsey Stuart Shields Bear, Stearns & Co. A. G. Becker Blyth Eastman Dillon & Co. Incorponted AtuniClpat BeeurtUos Ineorporatad Incorporated J. C. Bradford & Co. Alex. Brown & Sons Dillon, Read & Co. Inc. Donaldson, Lufkin & Jenrette Drexel Burnham Lambert The First Boston Corporation eecerlllee Corporation Fischer, Johnson, Allen & Burke Incorporated Ilornblower, Weeks, Noyes & Trask R. K. Johnson & Co. Inc. Incorporated Incorporated Kidder, Peabody & Co. Kuhn Loeb & Co. Lazard Frares & Co. The Leedy Corporation Incorporated Incorporated Leedy, Wheeler & Alleman Loeb Rhoades & Co. Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated W. H. Morton & Co. Incorporated John Nuyeen & Co. Paine, Webber, Jackson & Curtis (Div. of American Express Ce.) The Pierce, Wulbern, Murphey Incorporated Incorporated R. W. Pressprich & Co. L. F. Rothschild, Unterberg, Towbin Corporation Incorporated Salomon Brothers Shearson Hayden Stone Inc. Smith Barney, Harris Upham & Co. Strahsmeier Securities Co. Incorporated Thomson McKinnon Securities Inc. Weeden & Co. Wertheim & Co., Inc. - IncorporatedWhite, Weld &Coe Dean Witter & Co. September 16,1977 Incorporated, Incorporated ,' Ililllil�5: Moody's "Baa 1 to 2 Qt( Standard and Poor's "BBB" MANATLh COUNTY vuRT AUTHORITY MANATEE COUNTY, FLORIDA Port Authority Revenue Bonds of 1976 Principal and semi-annual interest (April 1 and October 1) payable at St. Petersburg Bank & Trust Co., St. Petersburg, Florida. Coupon bonds; denomations $5,000. First coupon payable April 1, 1977. Registrable as to principal only or as to both principal and interest at St. Petersburg Bank & Trust Co., St. Petersburg, Florida. Dated: October 1, 1976 Due: October 1, 1977.2006 MATURITIES, AMOUNTS, RATES & YIELDS Yield Yield Oct. 1 Amount Coupon or Price Oct. 1 Amount Coupon or Price 1977 $120,000 7.50% 3.75% 1992 $330,000 6.70% 100 1978 125,000 7.50% 4.25% 1993 355,000 6.75% 100 1979 135,000 7.50% 4.50% 1994 380,000 6.75% 100 1980 145,000 7.50% 4.75% 1995 405,000 6.75% 100 1981 160,000 7.50% 5.00% 1996 430,000 6.80% 100 1982 170,000 7.50% 5.25% 1997 460,000 6.80% 100 1983 180,000 7.50% . 5.50% 1998 490,000 6.80% 100 1984 195,000 7.50% 5.75% 1999 525,000 6.85% 100 1985 210,000 7.50% 5.90% 2000 560,000 6.85% 100 1986 225,000 7.50% 6.00% 2001 600,000 6.85% 100 1987 245,000 6.15 % 100 2002 640,000 6.85% 100 1988 260,000 6.30% 100 2003 685,000 6.85% 100 1989 275,000 6.45 % 100 2004 730,000 6.80% 6.85% 1990 290,000 6.60% 100 2005 780,000 6.80% 6.85% 1991 310,000 6.70% 100 2006 835,000 6.80% 6.85% The Bonds (herein referred to as "the 1976 Bonds") are being issued pursuant to a resolution of the Port Authority, dated July 2, 1974 as amended. The 1976 Bonds are secured by a lien on and a pledge of the gross revenues derived from the operation of the Port Facilities of the Manatee County Port Authority and the Race Track Funds received by Manatee County from the State of Florida, subject to the prior lien thereon of $8,305,000 Outstanding Bonds. As described in this Official Statement under the caption "Refund- ing of Outstanding Bonds", part of the proceeds derived from the sale of the 1976 Bonds will be deposited in an Outstanding Bond Redemption Fund and invested in direct obligations of the United States of America, the principal of which together with the interest received on such obligations, will be sufficient to pay all ' principal and interest maturing and becoming due on the Outstanding Bonds to and including their first call- able date and to redeem all Outstanding Bonds maturing after said first callable date on such first callable date. The 1976 Bonds are subject to redemption prior to maturity as described herein under the caption "Redemption Provisions". • The 1976 Bonds are offered when, as and if issued and received by us subject to the ' approval of legality by Messrs. Mudge Rose Guthrie & Alexander, Attorneys, New York; N. Y. November 11,1976 William H-Hough & Co. NOT INC. 924 FLORIDA FEDERAL BUILDING ST. PETERSBURG, FLORIDA 33731 813/896.5641 NEW ISSUE In the opinion of Bond Counsel, interest on the Series 1976 Bonds being offered by this Official Ylatement is exempt from Federal income taxation under existing laws. 613,17 59000 Margate Utility Authority, Inc. Margate, Florida (A Florida Not -For Profit Corporation) Water and Sewer refunding and Improvement Revenue Bonds, Series 1976 Dated: June 1, 1976 Due: December 1, as shown below The Series 1976 Bonds are issuable as coupon bonds, registrable as to principal only, and as to both principal and interest, in the denomination of $5,000, as provided in the Indenture. Interest is payable December 1, 1976, and semi-annually thereafter at the principal office of Central Bank of Birmingham, Birmingham, Alabama, Trustee under the Indenture. In addition to the $13,175,000 in principal amount of Series 1976 Bonds being offered by this Official Statement, the Authority is depositing $4,970,000 in principal amount of Series 1976 Bonds in escrow for future delivery under certain con- ditions described herein under the heading "The Authority -Background". The Series 1976 Bonds offered by this Official Statement are subject to redemption as herein described (see "The Series 1976 Bonds -Redemption Provisions"). The Series 1976 Bonds are general obligations of Margate Utility Authority, Inc., Margate, Florida, a Florida not for profit corporation, secured by a pledge of the Gross Revenues of the Authority and by a first mortgage lien on the Water and Sewer System of the Authority, as set forth in the Indenture. Under certain circumstances, the City of Margate, Florida may acquire the Water and Sewer System and assume the liabilities of the Authority. In this event, and subject to certain conditions, the first mortgage lien will terminate and the Series 1976 Bonds will thereafter be secured by a pledge of the Gross Revenues of the municipally -owned Water and Sewer System. Neither the State of Florida nor any political subdivision or body corporate and politic thereof shall in any event be liable for the payment of the principal of, premium, if any, or interest on the Series 1976 Bonds, or for the performance of any pledge, obligation or agreement of any kind whatsoever of the Authority (except in the case of the City of Margate, Florida, if it shall acquire the Water and Sewer System and assume the liabilities of the Authority), which is a not for profit corporation and has no taxing power. MATURITIES, AMOUNTS, COUPON RATES, AND PRICES OR YIELDS Due Coupon Price or Due Coupon Price or December 1 Amount Rate Yield December I Amount Rate Yield 1977 $110.000 71/2% 4.25% 1993 $350,000 71/4% 6.90% 1978 120,000, 714 4.50 1994 375,000 71/4 7.00 1979 130,000 71/2 4.75 1995 400,000 71/4 7.00 1980 140,000 71/2 5.00 1996 430,000 71/4 7.00 1981 150.000 71/s 5.25 1997 460,000 71/4 7.00 1982 160.000' 71/4 5.50 1998 495,000 71/4 7.00 1983 175,000 •71/4 5.75 1999 530,000 71/4 7.05 1984 185,000 71/4 6.00 2000 570,000 71/4 7.05 1985 200,000. 71/4 6.25 2001 610,000 71/4 7.05 1986 215,000 71/4 6.50 2002 655,000 71/4 7.05 1987 230,000 71/4 6.60 2003 705,000 71/4 7.05 1988 245.000 71/4 6.70 2004 755,000 71/4 7.10 1989 265.000 71/4 6.70 2005 810,000 71/4 7.10 1990 285,000 71/4 6.80 2006 865,000 71/4 7.10 1991 305,000 71/4 6.80 2007 930,000 71/4 7.10 1992 325,000 71/4 6.90 2008 995.000 71/4 7.10 (Add Accrued Interest from June 1, 1976) The Series 1976 Bonds are offered when, as and if issued and received by the Underwriters, subject to prior sale, to with- drawal or modification of the offer without notice, and to the approval of legality by Mudge Rose Guthrie & Alexander, New York, New York, Bond Counsel. Certain other legal matters will be passed upon for Margate Utility Authority, Inc. by Graham, Hodge, Swan & Larson, P.A., Fort Lauderdale, Florida, Counsel to the Authority, for the City of Margate by B. Paul Petrie, Jr., Esq., Pompano Beach, Florida, City Attorney, and for the Underwriters by their counsel, Borge and Pitt, Chicag6, Illinois, and by Haynes & Miller, Washington, D.C., Special Counsel. Subject to prevailing market conditions, the Underwriters intend, but are not obligated, to make a market in the Series 1976 Bonds being offered by this Official Statement. It is not anticipated that any other secondary market will develop for such Series 1976 Bonds. For details of Underwriters' compensation see "Underwriting" herein. William R. Hough Ziegler William G. Ceas H. I. Henann & Company Securities, ync. & Company &. Company, Inc. �• (Not Incorporated) Statements herein, while not paranteed, are based upon information which the Underwriters• believe to be reliable. . October 28, 1976 NEW ISSUE Cy&8- P- Young-Q sago / 320 S. JolieT-sort Stpoet / 312 34G-1100 / 10-15-76 !n the opinion o/ Bond Counsel, interest on the Special Refunding Bonds is exempt from FeJeral Irlirome tasuwm existing laws. ,wroes ,f'� ((''��jj Y~®��!®yV©® Margate Utility Authority, Inc. Margate, F16rida (A Florida Not For Profit Corporation) Special Reoundinry Bonds Dated: June 1, 1976 Due: December 1 and June 1, as shown below The Special Refunding Bonds are issuable as coupon bonds, registrable as to principal Orly, or as to both principal and interest, in the denomination $5,000, of as provided in the Security Agreement and indenture dated as of June I, 1976 (the "Security Agreement"). Principal and interest will be December payable on 1, 1976 and semi-annually thereafter on each June I and December 1 at the principal office of Central Bank of Birmingham, Birmingham. Alabama, trustee under the Security Agreement, or at the option of the holder, at the principal office of St. Petersburg Bank and -i'runt Company, St. Petersburg, Florida. The Special Refunding Bonds are not subject to redemption prior to maturity. The Special Refunding Bonds are issued pursuant to and secured by the Security Agreement, and are payable, except to the extent paid from bond proceeds, from (i) moneys received under the Security Agreement derived from a deposit of obligations of the United States of America with Central Bank of Birmingham, Birmingham, Alabama, as Escrow Holder under a separate Escrow Deposit Agreement, and (ii) certain surplus revenues of the Authority, as is more fully de."cr&ed in the Security Agreement. Neither the State of Florida nor any political subdivision or body corporaie and politic thereof shall in any event be liable for the payment of the principal of or interest on the Special Refunding Bonds or for the performance of any pledge, abligation or agreement o/ any kind whatsoever of the Authority, which is u not for profit corporation and has no luring power, MATURi'1'IES, AMOUMVS, COUPON RATzs, AND PRICES OR YIELDS Price Prue Maturity Amount Coupon or Yield '• Maturity Amount Coupon or Yield 12/l/1976 $ 50.000 6.00io 2.90% 6/1/1993 $390,000 5. It1U% 6/1/1977 280,000 6.00 3.15 12/1/1993 385,000 5.50 100 12/1/1977 265,000 6.00 3.15 6/1/1994 375.000 5.60 100 w, 6/1/1978 295,000 6.00 3.40 12/1/1994 370.000 5.60 100 12/1/1978 280,000 6.00 3.40 6/1/1995 360.000 5.70 100 6/1/1979 310,000 6.00 3.60 12/1/1995 360,000 5.70 100 12/1/1979 300,000 6.00 3.60 6/1/1996 340,000 5.75 100 6/1/1980 330.000 6.00 3.80 12/1/1996 345.000 5.75 100 12/1/1980 340,000 6.00 3.80 6/1/1997 325,000 5.80 100 6/1/1981 355,000 6.00 4.00 12/1/1997 330.000 5.80 100 12/1/1981 360,000 6.00 4.00 6/1/1998 305.000 5.80 100 6/1/1982 375,000 6.00 4.15 12/1/1998 310.000 5.80 100 12/1/1982 385,000 6.00 4.15 6/1/1999 290.000 5.85 100 6/1/1983 395,000 6.00 4.30 12/1/1999 290,000 5.85 100 12/1/1983 405.000. 6.00 4.30 6/1/2000 275.000 5.85 100 6/1/1984 420,000 5.50 4.45 12/1/2000 270.000 5.85 100 12/1/1984 430,000 5.50 4.45 6/1/2001 250.000 5.90 100 6/1/1985 445,000 5.50 4.60 ' 12/1/2001 250.000 5.90 100 12/1/1985 455.000 5.50 4.60 '6/l/2002 230.000 5.90 100 6/1/1986 470000 5.50 4.75 12/1/2002 230.000 5.90 100 12/1/1986 475:000 5.50 4.75 6/1/2003 205.000 5.95 100 6/1/1987 465,000 4.90.. 4.90 12/1/2003 210.000 5.95 100 12/1/1987 465.000 4.90 100 6/l/2004 180,000 5.95 100 6/1/1988 455,000 5.00 100 12/1/2004 180.000 5.95 100 12/1/1988 455,000 5.00 100 6/1/2005 160.000 i (� 100 6/l/1989 440,000 5.10 100 I2/1/2005 155.000 6.00 100 12/1/1989 440000 5.10 100 6/1/2006 130.OW 6.00 100 6/1/1990 430:000 5.20 100 12/1/2006 130.000 6.00 100 12/1/1990 425,000 5.20 100 6/l/2007 '100.000 6.00 100 6/1/1991 415.000 5.30 100 12/1/2007 100.000 6.00 300 12/1/1991 415.000 5.30 100 6/1/2008 70.000 6.00 ]00 6/l/199'_ 405.000 5.40 100 12/1/2008 70,000 6.00 i 100 12/1/1992 400,000 5.40 100 (Add accrued interest from June 1, 1976) The Special Refunding Bonds are oeered when, as and if issued and received by the Underwriters, subject to prior sate, to withdrawal or modification of the offer n•ithout notice, legality ' and to the approval of by ,kludge Rose Guthrie & Alexander, New York, New York, Bernd Counsel. Certain other Ic,al matters will be passed upon far Margare Utilitv Authority, Inc. by Gruhuru. Hodge. Swart & Larson, P.A., Fort Lauderdale, Florida, Counsel to the Authority, for 1/10 City of Margate by B. Purtl Perric, Esq., Pompano Beach, Florida, City Attorney, and for the Underwriters by their Barge counsel, and Pill, Chicago, Illinois, and by Haynes & Miller, Waslringlon, D.C., Special Counsel. Subject to prevailin;, market conditions, the Underwriters intend, but are riot obligated, to make a market in the Special Refunding Bonds. It is not anticipated that any other secondury market will develop for the Special Refunding Bonds. For details "Under of Underwriters' compensation see -writing" herein. William Re Hough Ziegler William Go Ceas H. I. Henann & Company ' Securities, Inc. & Company & Company Inc. (Not Incorporated) OFFICIAL STATEMENTS RELATING TO W SMYRNA BEACH, FLORIDA k) AW) CF--\Af, r? P V MHM GENERAL OBLIGATION REFUNMNG BONDS SERIES 1976 CITY OF MEW SMYRNA BEACH, FLORIDA SPECIAL REFUNDING REVENUE BONDS SERIES 1976A .UTILITIES COMMISSION OF THE CITY OF NEW SMYRNA BEACH, FLORIDA UTINL!TIES REVENUE REFUNDING CERTIFICATES SERIES 1976 DECEMBER 1976 O. FICIAL STAT.MENT ' ORLANDO, VELA. 8,375,000 WATER AND CLECrRiC REVENUE REFUNDING BONDS s::1ES 1976 DATE: NOVEMDER 1976 " �W ti:^. •°..+4 � . r � �, .,�+� r � � y v � y��,''r.,�� ' 11'1�,�'S '.... Y ti.".'wy�„v^'v,..,. t!'11•r� �^�,'�111Yw:�....� �"� �t ,. w ••tom. r a ..0 �/"n.fir• I ' • 'l+r MM r ' i "r,r yY`'.,a r � , • rl.'�'.t�, `r�q,..r,,.q.,•..... r'-'^'••�!"w. �• ��.,,r.....i., �,. .�*r �A^"t�`i,t, �'�.�°,,Y,1,;`ttit nrw t,��, r,�„ � � K•�s�. e,r�, �/,... • r ,►i ^ � Ys }�„ � �'� ,71r � yM •✓} •frd.Iw Y�• •ly.� �_,- .r• .., .�,.... r.«� z ` r -- A~ r""' �`r`v""" ,.r4 ' • FYI 0 b q u V v9 t ":,.'�'r~--,7'-,=•!';.�� t..;;+�r�`~�` • •'J1��'�..Y•Y•" .:::• �y�'fYI�:J.` fJ1a11oi�I+, I�C�-ter.• ���_ .i tl.. �+�• .'q r A w•r...• ....•'!'S''�.r�'�:!Z+..'..,.Y : .4..1�+ t� �Ro; . �Iw a { vw 1 • y Aw 1.4 CAM /• •' - +A�r Al .. : fj'f('-�� �i. Y �'_ ,-"l,•. `'�" ♦ ,,. r l �`� ry.!y ,y� ♦::���j{', r++r..w v� 1• j •►"r"xu""'A �1'� `�^Y' _ i. �,� i."1� "•.r 40 .. Jc...r'--JLA—, 't`?I'- 1 , In. -rs. .....r .. , .. i : Q jW���rrrs"'t• .�.j /00,'��., fj [CC777�'���.`..`^���^^^►117�7� r I �ww.�!..�.���. �•"�'ts*w-f1^rYt-t•.F:7^.:^'r•}. � William R.1loulill & Co_ NOT INC. 'a ST. PETERSBURG • ORLANDO 7 JACKSONVILLE • NORTH PALM BEACHFT. PIERCE zg� ''rf+ FLORIDA . . 4., la In the opinion of Bond Counsel, the interest on the Series 1977 Bonds is, under existing laws, regulations and judicial decisions, exempt from all Federal income taxation and the Series 1977 Bonds and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. NEW ISSUE,' 99��©9©®� CITY OF VOCALA9 LORFDA Dated: August 1, 1977 Due: As shown below The Series 1977 Bonds will be issued in coupon form, in the denomination of $6,000, registrable as to principal only or as to both principal and interest. Principal and semi-annual interest (April 1 and October 1), first coupon April 1, 1978, representing interest from August 1, 1977, will be payable at the Chemical Bank, New York, New York. Ratings: Standard & Poor'&: AA Moody'&:• Aa 311,180,000' POWER SUP?LY REV.ENTUE BONDS, SERMS'1977 Principal Amount Due Oct.1 Interest Rate Price or Principal Yield Due Interest Price or Amount Oct.1 Rate Yield $365,000 1986 4.60% 100 $540,000 1996 6. 100 360,000 1987 4.70 100 670,000 1997 6.66 100 360,000 1988 4.80 100 605,000 1998 6.60 100 380,000 1989 4.90 100 '640,000 1999 6.65 100 395,000 1990 5.00 100 675,000 2000 5.65 100 416,000 1991 6.10 100 715,000 2001 6.70 100 435,000 1992 5.20 100 750,000 2002 6.70 100 460,000 1993 6.30 100 795,000 2003 6.76 100 485,000 1994 5.40 100 840,000 2004 6.75 100 516.000 1995 5.45 100 890,000 2005 5.75 100 Ratings: Standard & Poor'&: A+ $7,8509000 EY.L, CTY'MC �,�.EVENTUE BONDS, SERIES 1977 Moody'&: A Principal Amount Due Oct.1 Interest Rate Price or Principal Yield Due Interest Price or Amount Oct.1 Rate Yield $620,000 1978 3.30% 100 4 925,000 1 883 4.45% 100 t 665,000 �`• 1979 3.60 100 965,000 1984 4.60 100 745,000 1980 3.90 100 1,010,000 1985 4.70 100 850,000 1981 4.10 100 690,000 1986 4.80 100 886,000 1982 4.30 100 495,000 1987 4.90 100 (Plus Accrued Interest) The "1977 Power Bonds" hold a superior position to the "1977 Electric Bonds" since the charges to the Electric System for power and energy rank as a cost of operation and maintenance of the Electric System prior to the bond service requirements of the Electric System. The Power Supply Revenue Bonds, Series 1977 are payable solely from and secured by a prior lien upon and pledge of the net revenues derived by the City from the operation of its bulk power system in the manner provided in the Resolution authorizing said Bonds. The Electric Revenue Bonds, Series 1977 are payable solely from and secured by a prior lien upon and pledge of the net revenues derived by the City from the operation of its electric system in the manner provided in the Resolution authorizing said Bonds. The Series 1977 Bonds are being issued by the City of Ocala, Florida to provide a portion of the funds required to refund the entire amount of the City's outstanding Electric Revenue Certificates and Power Supply Revenue Bonds. A portion of the additional moneys required to effect the refunding will be provided from the proceeds of the sale of the City's $10, 990, 000 Special Obligation Bonds, Series 1977A, comprising a separate issue being offered simultaneously with the Series 1977 Bonds as described in a separate Official Statement. The Power Supply Revenue Bonds, Series 1977 are subject to redemption prior to maturity as more fully described herein. The Electric Revenue Bonds, Series 1977 are not redeemable prior to maturity, The Series 1977 Bonds are offered when, as, and if issued and received by the Underwriters subject to the unqualified legal opinion of Freeman, Richardson, Watson, Slade, McCarthy & Kelly, P.A., Jacksonville, Florida, Bond Counsel to the City and certain other conditions. Certain matters will be passed upon for the Underwriters by Bryant, Dickens, Franson and Miller, Tallahassee, Florida. The Series 1977 Bonds and the Series 1977 A Bonds are expected to be ready for delivery in New York, New York on or about August 4, 1977. �' '�� R. Hough & Co. IE. F. Hutton & Company, Inc. In the opinion of bond counsel, interest on the 1977 Certificates is exempt from Federal income taxation under existing statutes, regulations and rulings. NEW ISSUE PINELLAS CGUNrnr, FLORIDA IDA 'Pater Revenue Refunding Certificates, Issue of 1977 Dated: April 1, 1977 Due: October 1, as shown below The proceeds of the Water Revenue Refunding Certificates, Issue of 1977 (the "1977 Certificates") are to be applied to pay for the costs of improvements and extensions to the Water System (the "System") , to provide a portion of the funds required to refund $9,840,000 outstanding Water Revenue Certificates, Issue of 1975 (the "Refunded Certificates") and to refund $5,000,000 General Obligation Tax Anticipation Notes heretofore issued for Water System purposes (the "Refunded Notes") . The balance of the funds required for the refunding of the Refunded Certificates will be provided from all of the net proceeds of Special Obligation Refunding Certificates, Issue of 1977A (the "1977A Certificates") which are to be issued simultaneously with the 1977 Certificates. Security for the 1977 Certificates is derived from a first lien on and pledge of the net revenues of the System on a parity with $25,773,000 principal amount of Water Revenue Certificates, various issues, which will be outstanding upon the refunding of the Refunded Certificates. Neither the 1977 Certificates nor the 1977A certificates shall constitute a general indebtedness of the State of Florida, or the County of Pinellas (the "County") or of any political subdivision thereof. The 1977A Certificates are payable solely from escrow deposit income to be derived from direct obligations of the United States of America (the "Federal Securities") to be held by an Escrow Holder under an Escrow Deposit Agreement as detailed in a separate Official Statement describing the 1977A Certificates. Principal and semi-annual interest (April 1 and October 1, first interest on October 1, 1977) pay- able at the principal office of Citibank, N.A., New York, New York. The 1977 Certificates shall be coupon obligations in the denomination of $5,000, registrable as to principal only. The 1977 Certificates maturing on and after October 1, 1988 shall be. subject to redemption prior to maturity on and after October 1., 1987 as set forth herein. MATUItT3'iiES, AMOUN jt'S, COUPONS AND PRICES Year Due Principal Amount Coupon Rate - Year Due Principal Amount Coupon 1977 $965,000 3.00% _Price _ 100% 1992 _ $ 785,000 Rate 5.40% Price 100% 1978 1979 415.000 420,000 3.15 3.50 100 100 1993 845,000 5.50 100 1980 • 440,000 3.85 100 1994 1995 855,000 930,000 5.60 5.70 100 100 1981 1982 475,000 485,000 4.10 4.30 100 100 1996 1997 950,000 5.75 100 1983 515,000 4.50 100 1998 1,030,000 1,060,000 5.80 5.80 100 100 1984 1985 555,000 595,000 4.60 4.70 100 100 1999 2000 1,155,000 5.85 100 198,000 4.80 100 2001 1,215,000 1,260,000 5.85 5.90 1D0 100 198 1988 7 6,000 62530 4.90 5.00 100 100 2002 1,320,000 5.90 , 100 19 70,000 ,000 5.10 100 2003 2004 1,700,000 3,245,000 5.95 5.95 100 1990 1991 72525,000 775,000 5.20 5.30 100 100 2005 3,405.000 5.95 100 100 to The 1977 Certificates are offered when, as and if issued and received by the Underwriters, subject prioer sale, to withdrawal or modification of the offer without notice, and to the approval of legality by Freman, Richardson, Watson, Slade, McCarthy & Kelly, P.A., Jacksonville, Florida, Bond Counsel. Wilhan, R.110 ush. Statements herein, while not guaranteed, are based upon information which is believed to be reliable. Dated June 1, 1977 OFFICIAL STA-01 EMENT. 0.�19 L9 �1� Jtl. CLOUD, F"GNaJn $4,A90"oo 0 UTILITIES R.IEMMUE- C E 2,71 Fl CAYES SE-ERZI-FE-3 1977 At, JULY 1977,- w St. PETERSBURG 0 ORLANDO JACKSONVILLE 9 NORTH PALM BEACH 9 FT. PIERCE FLnRIDA ,i OFFICIAL STATEMENT CITY OF SIT. CLOUD, FLGRZD� SPE�/IAL ®B�rGA�Y®Y �f Y`i YY��i✓ i/ �Y1i �fi Ci1�Y1►�Y ���~�✓ SERIES 1 9 77A NOT INC. ST. PETERSBURG • ORLANDO JACKSONVILLE • NORTH PALM BEACH • FT. PIERCE ri mina i Ratings: Moody's: Baa S & P's: BBB NEW ISSUE It is the opinion of bond counsel that interest on the Bonds Use ng•orterea will be excludible from the gross income of the recipients thereof for Federal income tax purposes. $5,690,000 SIESTA KEY UTILITIES AUTHORITY, INC. (SARASOTA COUNTY, FLORIDA) FIRST MORTGAGE REVENUE AND REFUNDING BONDS Dated: September 1, 1976 Due: July 1, 1978/2006. The Bonds are issuable as Coupon Bonds, registrable as to principal only, and as to both principal and interest, in the denomination of $5,000 payable at the Ellis Sarasota Bank & Trust Company, Sarasota, Florida, Trustee under the Indenture. Maturing Maturing July 1 Amount Rate Yield July 1 Amount Rate Yield 1978 70,000 6.20 1992 170,000 6.60 1979 80,000 6.20 1993 180,000 6.70 1980 85,000 6.20 1994 190,000 6.75 1981 90,000 6.20 1995 205,000 6.75 1982 95,000 5.25 1996 220,000 6.80 1983 100,000 5.50 1997 235,000 6.80 •' 1984 105,000 5.75 1998 250,000 6.80 1985 110,000 5.90 1999 265,000 6.80 1986 115,000 6.10 2000 280,000 6.80 1987 125,000 6.10 2001 300,000 6.80 1988 130,000 6.20 2002 320,000 6.90 1989 140,000 6.30 2003 345,000 6.90 1990 150,000 6.40 2004 365,000 6.90 1991 160,000 6.50 2005 390,000 6.90 2006 420,000 6.90 Bonds are redeemable at any time as fully provided in Section 4.01 of the Trust Indenture which is reproduced on the inside front cover. • The Bonds are General Obligations of the Siesta Key Utilities Authority, Inc., a not -for -profit Corporation, secured by a pledge of the gross revenues of the Authority's Water and Sewer System and by a first mortgage on its assets, as set forth in the Indenture. Neither the State of Florida nor any political subdivision or body corporate and politic thereof shall in any event be liable for the payment of the principal, premium or interest on the Bonds. . The Bonds are offered when, as and if issued, subject to prior sale and to the approval of legality by Freeman, Richardson, Watson, Slade, McCarthy and Kelly, Jacksonville, Florida, Bond Counsel. Certain other legal matters will.be passed upon by Haynes and Miller, Washington, D.C., Special Counsel and Burket•, Smith • and Bowman, Counsel to the Authority. William Miou 11 & Co. NOT INC. 924 FLORIDA FEDERAL BUILDING ST. PETERSBURG, FLORIDA 33731 813/896-5641 Statements herein, while not guaranteed, are based upon information bel1eved to be reliable. `' NEW ISSUE Ratings Moody's: Al Staiidard & Poor's: AA In the opinion of Bond Counsel, the interest on the 1977 Bonds is, under existing laws, regulations and judicial decisions, exempt from all Federal income taxation and the 1977 Bonds and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes,• on interest, income or profits, on debt obligations owned by corporations. CIl y ® r A. ALLulLYc4����9 x rurida Electric Reve Auc Bouds, Se:ies 1977 Dated: March 1, 1977 Due: October 1, as shown below Principal and semi-annual interest (April 1 and October 1), first coupon October 1, 1977 representing interest from March 1, 1977, will be payable at the Chemical Bank, New York, New York. The 1977 Bonds will be issued in coupon form, in the denomination of $5,000, registrable as to principal only or as to both principal and interest. Principal Interest Maturity Principal Interest Maturity Amount Rate Oct.I Price Amount Rate Oct.I Price $2,190,000 3.15% 1978 100% $4,820,000 4.90% 1986 10090 3,490,000 3.55 1979 100 4,265,000 5 1987 100 3,700,000 3.85 1980 100 4,490,000 5.15 1988 100 3,860,000 4.15 1981 100 4,720,000 5.30 1989 100 4,005,000 4.35 1982 100 4,970,000 5.40 1990 100 4,210,000 4�i 1983 100 5,235,000 5uri 1991 100 4,395,000 4.65 1984 100 5,525,000 5.60 1992 100 4,600,000 4.80 1985 100 $25,565,000 5.80% Term Boads Due October 1,1997 Price 99V2% $44,205,000 6.10% Tern Bonds Due October 1, 2006 Price 100% (Plus Accrued Interest) The 1977 Bonds maturing after October 1, 1987 are subject to redemption prior to maturity as more fully described herein. The 1977 Bonds are being issued by the City of Tallahassee, Florida to provide a portion of the funds required to refund the entire amount of the City's outstanding Municipal Electric Revenue Bonds, Power Supply Revenue Bonds and Power Supply Revenue Completion Bonds and to pay the cost of additions, extensions and improvements to its combined electric and power supply system. The 1977 Bonds will be payable solely from and secured by a prior lien upon and pledge of the net revenues derived by the City from the electric system in the manner provided in the Resolution authorizing the 1977 Bonds. A portion of the additional moneys required to effect the refunding will be provided from the proceeds of the sale of the City's $64,120,000 Special Obligation Bonds, ,Series 1977A, which are a separate issue being offered simultaneously with the 1977 Bonds and are described in a separate official statement. The 1977A Bonds will be separately secured from the 1977 Bonds. The 1977 Bonds are offered when, as and if issued and received by the Underwriters, .subject to the unqualified approval of legality of the 1977 Bonds by Freeman, Richardson, Watson, Slade, McCarthy & Kelly, P.A., Jacksonville, Florida, Bond Counsel to the City and certain other conditions. Certain legal matters will be passed upon for the Under- writers by Bryant, Dickens, Franson and Miller, Tallahassee, Florida. The 1977 Bonds in definitive form are expected to be delivered to the Underwriters in New York, New York, on or about March 30, 1977. William R. Hough & Co. MerrM ]Lynch, P erce, Fender & Smith Incorporated • Smith Barney, HarrisUpham& Co. Incorporated Bache Halsey Stuart Inc., ' The date of this Mcial Statement is lurch 17,1977. i NEW ISSUE Ratings Moody's: Con. (Aaa) Standard & Poor's: AAA (Prov.) In the opinion of Bond Counsel, the interest on the 1977A Bonds is, under existing laws, regulations and judicial decisions, exempt from all Federal income taxation and the 1977A Bonds and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220. Florida Statutes, on interest, income or profits on debt obligations owned by corporations. City of Tz111.aAaSSCe9 .1710rida Special Obligatiwl B©acls, Series 1977ADated: March 1, 1977 Due: April 1 and October 1, as shown below Principal and interest (April 1 and October 1), first coupon October 1, 1977 representing interest from March 1, 1977, will be payable at the Chemical Bank, New York, New York. The 1977A Bonds will be issued in coupon form, in the denomination of $5,000, registrable as to principal only or as to both principal and interest. Principal Interest Principal Interest Amount Rate Maturity Price Amount Rate Maturity Price $ 275,000 3.109o' October 1, 1978 100% $470,000 43/4 % October 1, 1987 100% 4,575,000 3.40 April 1, 1979 100 360,000 4.80 April 1, 1988 100 4,540,000 3.55 October 1, 1979 100 345,000 4.80 . October 1, 1988 - 100 4,410,000 33/4 April 1, 1980 100 330,000 4.85 April 1, 1989 100 4,375,000 3.85 October 1, 1980 100 335,000 4.85 October 1, 1989 100 4,230,000 4 April 1, 1981 100 325,000 4.90 April 1, 1990 100 4,195,000 4.10 October 1, 1981 100 335,000 4.90 October 1, 1990 100 4,050,000 4.20 April 1, 1982 100 185,000 5 April 1, 1991 100 4,015,000 4.30 October 1, 1982 100 190,000 5 October 1, 1991 100 3,855,000 4.35 April 1, 1983 100 175,000 5.10 April 1, 1992 100 3,820,000 4.40 October 1, 1983 100 180,000 5.10 October 1, 1992 100 3,655,000 4.45 April 1, 1984 100 165,000 5.20 April 1, 1993 100 3,615,000 41/z October 1, 1984 100 25,000 5.20 October 1, 1993 100 3,435,000 4.55 April 1, 1985 100 30,000 5.20 April 1, 1994 100 2,150,0110 4,10 October 1, 1985 100 25,000 5.20 October 1, 1994 100 2,485,000 4.65 April 1, 1986 100 10,000 5.20 April 1, 1995 100 1,490,000 4.70 October 1, 1986 100 10,000 5.20 October 1, 1995 100 955,000 4Y4 April 1, 1987 100 (Plus Accrued Interest) The 1977A Bonds are not subject to redemption prior to maturity. The 1977A Bonds are being issued by the City of Tallahassee, Florida to provide a portion of the funds required to refund the entire amount of the City's outstanding Municipal Electric Revenue Bonds, Power Supply Revenue Bonds and Power Supply Revenue Completion Bonds. The 1977A Bonds will be issued pursuant to and secured by a separate Bond Resolution of the • City and will be payable solely from moneys received thereunder representing the interest income on direct and general obliga. tions of the United States of America and receipts of principal in excess of the amount required to pay the refunded bonds described above, all pursuant to an Escrow Deposit Agreement to be dated March 30, 1977 between the City and the Chemical Bank, New York, New York. A portion of the additional moneys required to effect the refunding will be provided from the proceeds of the sale of the City's $134,245,000 Electric Revenue Bonds, Series 1977, which are a separate issue being offered simultaneously with the 1977A Bonds and are described in a separate official statement. The 1977 Bonds will be separately secured from the 1977A Bonds. The 1977A Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified approval of legality of the 1977A Bonds by Freeman, Richardson, Watson, Slade, McCarthy & Kelly, P.A., Jacksonville, Florida, Bond Counsel to the City, and certain other conditions. Certain legal matters will be passed upon for the Under- writers by Bryant, Dickens, Franson and Miller, Tallahassee, Florida. The 1977A Bonds in definitive form are expected to be delivered to the Underwriters in New York, New York, on or about March 30, 1977. William R. bough & Co. Merrill Lynch, Pierce, Fenner & Smith Incorporated Smith Barney, Hl"rris Upham & Co. .,• • >,; incorporated Bache Halsey Stuart Inc. �,� The date of thl8 0PScial Statement is March 17,1977;, c In the erlwlew e/ Rend f4wnarl.IM InteteM am thee. N••nd. I., umlrr rsl eNns lm, e, rrpdnNum nnrl jndirl.l deeldtura, ear.rgrr /rev .II fmIe►et i.—on. ru.N... W 1ssUL5 $198,365,000 City Of Taflorhassee9 F 10171ala $134,2459000 df j( {yI '" . lam. < Electric Revenue Bonds ""' " Series 1977 Dural: Merck 1, 1977 I1ue: ocmber 1, ••.hewn Mb. Pri,.iP.l end r iannu I is m IApyrll 1 end Orl.ber 11, 61- reopen 0r,ober 1, 1977 rcprc .d.p We— I,em M•«h 1, 191T, rill Ee p.pM, •1 Ike Cheminl nm4, New Y',wk, New Y,mk. TM 1977 B..d. will be I„ued io rnul.. term. In ,hr drnominai•n of e5,000, repi•wahle •r to Prl,wip.l .nlr ern 1. bah Pr{-11W .nd Were.l. The 1977 Iknd. .111 b. par.ble Worry from end cue 4 by . prior lien upon .nd pledge of ,M non d"Nd by the Cay (role the .ler Or q•1� In IN r.a,lwr Frevldd ylba Re.oluu., ewlopf.I.$ dw 1977 Ueni, VA,475,000 Serial Bonds v._ 90,1 o 3.I5R 19M 14210.000 411v. 19H,1 1114.490.000 5.19% 19HA 314901000 3.ks 1979 .000 4.0 194 4,720,000 5.40 1989 1700me 3.H5 1960 4Mmoo 4.80 91S 4,970540 990 3.P,000 4991 4A20000 4.90 19% 5Z15— Sy, 1991 5 ,2. 4pY6AY6 4I1965000 s 1997 SA25.000 660 1992 Serial Bond Price 100% $25,565,000 5.80%Term Bonds Due October 1,1997 Price 9914% U4,205,000 6.10%Term Bonds Due October 1,2006 Price 100% 1fe 111Ty aawirurine erter October 1, 19n7 ere m,hl»t 10 red,topllee parlor 1. maurny r ran f*n7 .brd In the Olaelal smemenl. 2 $64,1207000 j Special Obligation Bonds Series 1977A O.I«1: M.reh 1, 1977 IN.: April 1 end fklnl»r I, •• .hr..• W. Pdnrip.l end inter«, (April 1 d (kW— 11, b,.t reu .ran Qlnl»r 1, 1977 r,pm oflo, iwl i I—M•mh 1, 11,77. .ill b, p.,04, .1 the Chrmir l 11.nk, d.nnminrlion of aS,fMN1. rcelNrebl. n N.. York, N.r 4nrk. The 1917A Ilend, rill h. Pm«I I„ ,nuffe. form, in H. to Prior 1p.l nnlr nr e... ..h prinrip,l end lo.rc . TI„ "I W..d, will be 9pj',ydd. .,.lelr Iron mn,mr, rrr.irrd .ePr ,1i,A ,M i.vr t Inrnm. ran dir-t and e.n.r.l nIdiwi_ of 1h. 11.11.4 11 1 of Amerire end rev 1 el PN,»lpl In .., m+ of Ih..nw.m r.I.ir.d Ie p.y Mrs r.1.nA.d Mod.. 6 275,O,M1 S.l ivy, Oe1eh.� Inl1978 a.1,615,000 4'/,% 001 1», 1. Me • 15piV) 4.7R. 0,. ,M, 1r 19'xl 1,S7SI0) 3.40 April 1, 1979 3,4.t5.409 4.55 April 1. 19SS 1h.500) 5 April 1. Ir/ll 4,.51"o" 1 3.55 0coh,r 1, 1979 2.650IMMI 4.60 0eteh.r 1. I99i t'n ✓VI 5 (ht.,h.r 1. I'Y+1 4,41n,1MM1 3',i April 1, 1990 2,4h5j0) 4.65 April I, 19A6 175,IMM1 ..p1 Awd 1, 1992 4 175,IH10 US Oetnh.r 1, 1999 1.4/0,000 4.70 October 1, 19M IM,'X)0 5.10 O,W- 1, I'M 4,2.10,0110 4 April 1. 19HI 9S5,n00 4% April 1, My 16.5"MM1 5.29 Aw 1,1 rYq 4,195"0)0 4.10 Ocl.br 1, 19111 470SMq 4!i Octnl,,, 1, 19S7 25,1M 520 Oct-,h,r 1, 1M 4,050.W0 420 April 1, 1952 36 ,(ffl 4.90 April 1, 19VA 301(m 520 Apnl 1. 1994 4.015.000 4.30 October 1, 1982 345,M0 40) October 1, 19M 25,0M 520 October 1, 1994 3,855.000 4$ April 1, 1993 3.M," 4.95 April 1. 1"9 10.0o1 52o Apr.11, 1995 3A20,000 4.40 Ort.ber 1, 19A,7 J7.S,OtA ,.RS October 1, 1999 le.00s 6]e t3ra.aw 1,1"a 3ASS,000 4.46 Apra 1, 1904 32S.0N 4.90 April 1, 1990 Price 1009: iha 1977A Bond. an net ens/cello reder�llrr pMe Maare,ay. TA., Bel& w..y d orh . •. •nd i/ 'Hurd sod r«dull Ay de Undnw.i,en, m6Jrcr m de .nqunri(,ed •pprouat o/ Irpeliy by Feem•a, sirAer&en, ar•wa, 34de, MrCaNy & Adly, P.A..1•rbonudlr, Florida, Q•nd C..n,rl to the Ci,77. •.4 enmia elho cendtrlen,. Cwmtn keel meuen eJl M pod open ter 11, Unde 6kra by U,ynnt, Ukkem, Fm,o •Ad Mdkr, Tell. Auue, RelJ.. The Bon& ie dlAoiai . /erns by Wpeed b 6r dd"er.d a Me Underwifers i New York, New yo , en o, "boa A(r fi 30, 1977, The Offertn6 4 m� O/1Ad slowm.4, *•rl•• .1 "" m•Y I..6""" /rem a1 .1 he .ndw,yewd . uqr Ara•ay ./w AU. WiWM ILHonBh & Ca )(errill Lyach, Pierce, Fenner & Smith 1. •.«we Smith Barney, Harris Upham & Co. I..w..rr Bache Halsey Stuart Inc. tBankofAmerica NT&SA tBankers Trust Company tBarnettBank ofJacksonville, N.A. Bear, Steams&Co. A.G,IIecker&Co. Blyth Eastman Dillon & Co. J.C.Bradford&Go. Alex. Brown & Sons • I M•N M I•a « . IN tThe Bank, tChemical Bank (Continental Bank Dillon, Read & C..lna Donaldson, Lufkin & Jenrette Drexel Burnham & Co. The First Boston Corporation tThe First National Bank of Chicago }First National Bank j ieGoldman, Sachs & Co. tHarris Trust and Savings Bank Horoblower Is Weeks•Ifemphill. Noyes E.F. Hutton & Company ine. Kidder, Peabody Is Co. Kuhn Loeb & Co. tLa Salle National Bank Lazard Fr1?res & Co. The Leedy Corporation Leedy, W'hrel,r & Alleman Lehman Brothers Loeb Rhons &Co�l dena tMergan Guaranty Trust Company W. If. Morton & Co. IThe Northern Trust Company John N'u,,"n & Co. Faine, Webber, Jackson & Curtis Arch W. Roberts & Co. LF. Rolhschild,Unlerberg,7owbio Salomon Brothers Shearson Hayden Stone Inc. }Southeast First National Back Thomson McKinnon Securities Inc. tTrust Company Bank }United California Bank Weeden & Co, Wertheim & Go., Ina While, Weld & Co. Dean'Wilter & Co. ,ne«•.n,e, ..«r•.nW ,....r.n,•• Allen &Company Altgelt & Company tBoneNorthwest Bart Brothers Is Co., Inc. Boettcher & Company Butcher & Singer Inn. R. E. D. Chase & Partners tThe Citizens and South,rn National Bank tCommerce Bmk of Kansas City, N,A. W. Dobbs Is Co., Inc. Ehrlich -Bober & Co., Inc. Fahnestock & Co. Faulkner, Dawkins & Sullivan, Inc. First of Michigm Corporation tFirst National Bank of Atlanta tFinl National Bank of Florida tFint Tennessee Bank, N.A. tFirat Wisconsin National Bank of Milwaukee Jesup & Lamont Municipal Securities, Inc. Kirchner, Moore & Company Matthews & Wright, Inc. McDonald & Company The Ohio Company R. W. Pressprich & Co. Rauscher Pierce Securities Corporation {Republic National Bank of Dallas The Robinson -Humphrey Company, Inc. Shields Model Roland Herbert J. Sims & Co., Inc. }The South Carolina National Bank }Union Planters National Bank tUniled Virginia Bank tWachovis Bank & Trust Company, N.A. Wmledek & Brown, Inc Wilson While, Belf, Lake, Rochlin & Co. *Adams, McEntee & Company ~ •'• tThe Atlantic National Bank of lackwoville •Banco Popular de Puerto Rico *Blunt Ellis & Simmons tCestral Bank of Birmingham *Charmer Newman Securities Company *The Cherokee Securities Company *The Chicago Corporation r....r.nl.e tThe Connecticut Bank and Trig Company *langdon P. Cook Co. OF. B. Cooper& Co., Inc. *Craigie Incorporated *Dain, Kalman & Quail *Davenport & Co. of Virginia, Inc. *Sheiby Cullom Dsvis & Co. 'A. G. Edwards A Sons, lna *Elkins, Stroud, tEquibank, N.A. *Equitable Securities Corporation •Ferris & Company *First Equity Corporation tFinl Union N.lionJ Bank •Feign. Nolan Fleming Douglas *Geo. B. Gibbons & Company, Inc. *Gradison & Company •Nattier, Sanford & Reynoir '" 1 srd, Weil, lAbouisse. Friedrichs Hutchinson, Shockey�. Erley & Co. *Jmney Mommery goScott lose R. K. Johnson & Co. lne. *Johnson, 1.-, Space, Smith & Co., inc. *Johnston, Brown, Burnett & Knighl Inc. •Legg Dfason Wood Walker *Manley, Bennett, McDonald Is Co. *C. S. McKee.& Company *Moseley, Hdlgarteo & Estabrook Inc. *Newhard, Cook & Co. *Leo Oppenheim & Company, Inc. *Oppenheimer & Co., Inc. *Wm. E. Pollock & Co., Inc. 'Prescott. Ball & Turben *'T. J. Raney & Sons. Ire. *Raynand,James & Associates, Inc.. *Roosevelt & Cross *Rotan Mosle Inc. *John J. Ryan & Co. *Scharff & Jones, Inc. *Set4ongood & Mayer tSeattle First National Bank *SoGen•Swias International Corporation Stephens Inc. *Stern Brothers & Co. *Stern, Lauer all Co. *Slifel, Nicolaus & Company *Spencer Trask & Co. USfIC. Inc. *Underwood, Neuhaus & Co. *Van Kampen Seuermon Inc. *Wood, Struthers & Winthrop Inc. *Adams, Harkness & {fill, Inc. !Advesl, Inc. *American Securities Corporation *Anderson & Strudwick 404ton, Whipple & Co. *Baker Walls & Co. *G. L Bartlett & Co., Inc *Baird, Patrick & Co., Inc. *George K. Baum & Company inc. *Bevill. Bresler & Schulman •floenning & Scattergood. Inc. *Boland, Saflin, Gordon & Ssutttr *Jon R. Briltenum & Assoc., Inc. "Colin, Hochstin Co. *Conners & Co., imo. *Coogan, Gilbert & Co. OR. W Corby & Company *Coughlin and Company, Inc. *Cowen & Co. *Crostio & Marcolte Inc. *T. U.Crumplon Is Co. "Cunningham, Schmertz & Co., Inc. *Dee & Nub Securities, Inc. *Dolphin & Bradbury "A. Webster Dougherty & Co. *Douglas & Co. Municipals, I" *Drysdale Securities Corporation *Dupree Is Company *Allen C. Ewing Is Co. *First Albany Corporation *Foster & Marshall Inc. •Fox, Retracts & Co., ire. *J. B. Hanover & Co. *Hanauer; Stern & Co. *Chester Harris & Co., Inc- *Hendrix, Mohr & Yardley, Inc. *Frank Henjes & Company, Inc. *Henry/Ktams•Bobbitt "Hess, Grant & Frasier, Inc, "J. J. B. Hilliard, W. L Lyons, Inc. 41uhn & Co., Inc. *Interstate Securities Corporation 4Jared. Mulcay & Co.. Inc. "Johnston, Lemon & Co. *Jo►ephthal & Co. "Liss, Termer & Goldberg *biabon, Nugent & Co. *A. E. Masten & Co. •McCarhey & Company. itla *W. H. Mell Inc. '4N. D. Meyer & G., It, "Miller & Schroeder Municipals, Inc. "Moore, Leonard & Lynch, *Moore & Schley, Cameron & Co.«., . *Morgan, Keegan & Company, ins *National Investco.Inc. 'Northrop Munick" Grp. "Park Rysn; Inc; ' "Parker/Hunter 'A. I- Pearson, Inc. *D. A. Pincus & Co. *Raffenspergtr, Hughes Is Co. !Samuel A. Romirtz & Con lea *Reinholdt & Gardner "Rosen Is Lemb "Reates, Wade & Company. . *Sthaffer, Necker & Cs. 45teriing. Grace Municipal *Stelae, Agee & Leach, Inc. , 4Stoever• Glass & Co. bag *Toll; ;r & Bean, Inc. 'Tripp & Co., Inc. a7ve1<a, Anthony & R. L Day, lne. 41Wheat, First Securities, Inc. *A. H. Williams Is Co.. Inc. "lwhner and Company 111 x16 u..Ln.n._........,..,....,......,W,._,..�.._.,.,__ ..,_.._.,._�.�..�.— ._ _ • Amount FLORIDA ISSUES UNDERWRITTEN BY WILLIAM R. HOUGH & CO. IN 1977 Issue $ 7,470,000 Leon County, Florida, Capital Improvement, Series 1976 Revenue Bonds 600,000 Brevard County, Florida, Solid Waste Disposal System Bond Anticipation Notes 3,000,000 City of Safety Harbor, Florida, Water and Sewer Revenue Bonds, Series 1974 2,200,000 '. The Board of County Commissioners of Alachua County, Florida,;,Capital Bonds 1,300,000. .The Alachua County Public Facilities Authority,. Florida, Courthouse Complex Completion Revenue .Bonds 1,700,000 City of Ormond Beach, Florida, Water and Sewer Revenue Bonds, Series 1976 4,475,000 . Alachua County Public Facilities Authority, Florida, Courthouse Complex Refunding Bonds Series 1977 1,745,000 --Alachua County Public Facilities Authority, Florida, Special Refunding Revenue Bonds 134,245,000 City of Tallahassee, Florida, Electric Revenue Bonds, Series 1977 64,120,000 City of Tallahassee, Florida, Special Obligation Bonds, Series 1977A 28,630,000 Pinellas County, Florida, Water Revenue Refunding . Certificates, Issue of 1977 5,390,000 Pinellas County, Florida, Special Obligation Refunding Certificates, Issue of 1977A 19,965,000 St. Petersburg, Florida, Utility Tax Refunding Bonds, Series 1977 9,115,000 St. Petersburg, Florida, Special Obligation Refunding Bonds, Series 1977A 2,500,000 Polk County, Florida, Water and Sewer Revenue Bonds, Series 1975 19,160,000 Plantation, Florida, Water and Sewer Refunding and Improvement Bonds, Series 1977 11,180,000 Ocala, Florida, Power Supply Revenue Bonds, Series 1977 7,850,000 '.Ocala, Florida, Electric Revenue Bonds, Series 1977 10,990,000 Ocala, Florida, Special Obligation Bonds, Series 7,000,000 Orange County, Florida, Gas Tax Revenue Bonds., Series 1977 5,40.0,000 Broward County, Florida, System No. 5 First Lien Water and Sewer Revenue Bonds of 1977 4,490,000 St. Cloud, Florida, Refunding and Improvement Utilities Revenue Certificates, Series 1977' 1,595,000.. St. Cloud, Florida, Special Obligation Refunding Certificates, Series 1977A WRH Role Sole Manager Sole Underwriter Sole Underwriter Senior Manager Senior Manager Sole Manager Senior Manager.' Senior Manager Senior Manager Senior Manager. Sole Manager Sole Manager Participating Underwriter Participating Underwriter Senior Manager Participating Underwriter Senior Manager Senior Manager Senior Manager Senior Manager Senior Manager Sole Underwriter Sole Underwriter 2,800,000 Halifax Hospital District, Florida, Refunding and:,.. Sole Underwriter z• Hospital Revenue Bonds ,-mil 1,100,000 The School Board of Sumter County, Florida,, �J Certificates.of Indebtedness, Series 1976 Sole Underwriter Florida Issues Underwritten by William R. Hough & Co. in 1977 (Continued) Amount Issue WRH Role $ 10,210,000 Escambia County, Florida, Capital Improvement Participating " Refunding and Revenue Bonds, Series 1977-1 Underwriter 10,000,000 Hillsborough County, Florida, General Obligation Senior Manager Bonds, Series 1977 350,000 Anastasia Sanitary District of St. Johns County, Sole Underwriter Florida, Water and Sewer Revenue Bonds, Series 1973 495,000 Riviera Beach, Florida, Public Serv.< Tax Revenue Sole Underwriter Bonds, Series 1977 1,750,000 Lake Worth, Florida, Water and Electric Revenue Senior Manager Certificates, Series 1973B 772,000 Hamilton County, Florida, Hospital Refunding Senior Manager Revenue Bonds, Series 1977 1,480,000 Orlando, Florida, Public Improvement Revenue Bonds, Sole Underwriter Series 1977A 30,000,000 State of Florida, Jacksonville Expressway Bonds, Joint A;anager • Series 1977 19,795,000 Tampa Sports Authority, Florida, Refunding Revenue Participating Bonds, Series 1977 Underwriter 12,030,000., Tampa Sports Authority, Florida; Special Refunding Participating Bonds, Series 1977A Underwriter 2,600,000. Volusia County Educational Facilities Authority, Sole Manager Florida, Revenue Bonds (Embry -Riddle Aeronautical �. University Project) •' 100,000 'Town of Ocean Ridge, Florida, Franchise Tax ..Sole Underwriter Revenue Bonds, Series 1977 8,930,000 Lee County, Florida, Fort Myers Beach Sewer District Participating ' General Obligation Bonds Underwriter 53,650,000 City of St. Petersburg, Florida, Refunding Public Participating Utility Revenue Bonds, Series 1977 Underwriter 1,200,000 Leon County, Florida, Capital Improvement, Series Sole Underwriter. ..1977, Revenue Bonds Anticipation Notes • 56,340,000 City of Jacksonville, Florida, Excise Taxes Revenue Senior Manager Refunding Bonds, Series 1977 p ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31, 1976 SIAIL,C;UUNIY 924 FLORIDA FEDERAL BUILDING ST. PETERSBURG, FLORIDA 33731 813 896 5641 1212 U.S. HIGHWAY ONE NORTH PALM BEACH, FLORIDA 33408 305,626 3911 William R.HouAh & Co_ AND MUNICIPAL BONDS 23 WEST CHURCH STREET ORLANDO, FLORIDA 32802 305/841 1685 1340 ATLANTIC BANK BUILDING JACKSON V ILLE, FLORIDA 32202 904/355.6691 William H. Hough & Co. William R. Hough 924 FLORIDA FEDERAL BUILDING Alfred C. Shepard P.O. DRAWER 1051 Patrick E. Mann ST. PETERSBURG, FLORIDA 33731 Steve Lozanoff 813 - 896-5641 Charles D. Smith Katherine H. Coyle Roy R. Dickson Thomas W. Kerwin George T. Bland James R. Hawkins Edward R. Wulbern Doris Litten ' Carol Brown March 31, 1977 Dear Friend: This letter constitutes our report for the calendar year ending December 31, 1976. The firmts residual partnership income before tax increased from $1,605,943 in 1975 to $3,445,740 in 1976. Capital funds at year-end 1976 reached a new high of $6,547,766, compared to $4,094,069 at the end of 1975. We are pleased to announce the admission of James R. Hawkins of St. Petersburg and Edward R. Wulbern of Jacksonville as General Partners in the firm as of December 31, 1976. We submit herewith data which shows that in 1976 we were the leading under- writer of Florida bonds with 48 issues underwritten, for a total volume of $195,031,000. We continued to maintain our position as the leading managing underwriter and secondary market trading house with respect to Florida state, county, and municipal bonds. We appreciate the support of our bankers, friends, and customers and look forward to a continuingly successful future. Respectfully submitted, WILLIAAM R. HOUGH $ CO. 4�L'Ztr lliam . Hough STATE, COUNTY AND MUNICIPAL BONDS �� OUR UNDERWRITING POSITION IN FLORIDA BONDS 1976 RANK NUMBER OF BY ISSUES DOLLAR UNDERWRITTEN AMOUNT William R. Hough & Co. 48 1 Southeastern Municipal Bonds Inc. 22 2 The Pierce, Wulbern, Murphey Corp. 17 3 Bache Halsey Stuart Inc. 12 6 Bear, Stearns $ Co. 11 4 Reynolds Securities, Inc. 11 10 Salomon Brothers 9 5 Ziegler Securities, Inc. 7 7 Donaldson, Lufkin & Jenrette Securities Corp. 6 13 W. H. Morton $ Co. 6 14 White, Weld $ Co., Incorporated 6 15 SUMMARY OF FLORIDA BOND ISSUES SOLD IN 1976 VERSUS 1975 1976 ROLE OF NUMBER OF PERCENT OF WILLIAM R. HOUGH 4 CO. ISSUES ISSUES Manager Co -Manager Participant Total for WRH $ Co. Issues Purchased by Others Total Florida Issues ROLE OF WILLIAM R. HOUGH & CO. Manager Co -Manager Participant Total for WRH $ Co. Issues Purchased by Others Total Florida Issues 46 38.65% 2 1.67 9 7.50 57 47.90% 62 51.66 % 119 100.00% 1975 NUMBER OF PERCENT OF ISSUES ISSUES 35 39.77 % 7 7.96 6 6.82 48 54.55% 40 45.45% 88 100.00% TOTAL DOLLAR AMOUNT (000) $195,031 87,525 81,780 47,030 55,269 29,289 48,655 35,600 26,853 24,804 24,443 DOLLAR PERCENT OF VOLUME(000) DOLLAR VOLUME $264,308 20.66% 135,140 10.40 134,885 10.53 532,333 41.60% $747,260 58.36% $1,279,593 ----------- 100.00% -------- DOLLAR PERCENT OF VOLUME(000) DOLLAR VOLUME $161,740 18.29% 142,150 16.07 115,150 13.02 $419,040 47.38% $465,460 52.62% $884,500 100.00% FLORIDA ISSUES UNDERWRITTEN BY WILLIAM R. HOUGH & CO. IN 1976 Amount Issue Our Role $ 2,650,000 Orange County, Water and Sewer System Revenue Sole Underwriter Bonds of 1975 Anticipation Notes 3,210,000 The School Board of Santa Rosa County, Certi- Sole Underwriter ficates of Indebtedness, Series 1975 11,000,000 Escambia County, Judicial Building Revenue Sole Underwriter Bonds 8,800,000 State of Florida, Escambia County Road Bonds Senior Manager 8,750,000 City of Pensacola, Utility Revenue Certifi- Senior Manager cates, Issue of 1976 10,000,000 City of Ocala, Power Supply Revenue Bonds, Senior Manager Series A-1975 2,000,000 Sarasota -Manatee Airport Authority, Airport Sole Underwriter Revenue Bonds, Series A 4,000,000 State of Florida, Alachua County Road Bonds Senior Manager 12,800,000 Escambia County, Pollution Control Revenue Participating Bonds (Gulf Power Company Crist Steam Plant Underwriter Project No. 2) Series A 4,000,000 Pinellas County, Sewer Revenue Bonds Issue Sole Underwriter 1975, Bond Anticipation Notes 5,000,000 Santa Rosa County, Pollution Control Revenue Selling Group Bonds Series A (American Cyanimid Company-- Member Vendee) 100,000,000 State of Florida, State Board of Education, Joint Manager Public Education Bonds, Series A-1 985,000 Village of Royal Palm Beach, General Obliga- Sole Underwriter tion Municipal Building Bonds 1,213,000 City of Belle Glade, Water and Sewer Revenue Sole Manager Refunding Bonds, Series 1976 3,000,000 Pinellas County, Airport Revenue Bonds 1975 Sole Underwriter 550,000 Hamilton County, Hospital Revenue Bonds Senior Manager 12,500,000 Dade County Educational Facilities Authority, Participating Revenue Bonds, Series 1976 (University of Underwriter Miami Issue -Academic Facilities Project) 1,000,000 Brevard County, Recreational Facilities Sole Underwriter Revenue Bonds, Series 1976 700,000 The Citrus County Hospital Board, Hospital Sole Underwriter Revenue Bonds, Series 1976 260,000 Madeira Beach, Capital Improvement Revenue Sole Underwriter Bonds 3,900,000 City of Boynton Beach, Water and Sewer Sole Manager Revenue Bonds Series 1975B 3,625,000 Hillsborough County, Water and Sewer Revenue Sole Underwriter Bonds Issue of 1976, Anticipation Notes 22,950,000 Cape Coral, Water and Sewer General Obliga- Participating tion Refunding Bonds, Series A and Series B Underwriter 210,000 Village of North Palm Beach, Improvement Sole Underwriter Revenue Bonds, Series 1975 2,550,000 Orange County, Water and Sewer System Revenue Sole Underwriter Bonds of 1975 Anticipation Notes 4,675,000 Jackson County School Board, Refunding and Im- Sole Manager provement Certificates of Indebtedness, Series 1976 Florida Issues Underwritten by William R. Hough & Co. in 1976 (Continued) Amount Issue Our Role $ 33,140,000 State of Florida, State Board of Education, Joint Manager Capital Outlay Bonds, Series 1976-A 4,250,000 City of Ft. Myers, Public Improvement Revenue Senior Manager Certificates, Series of 1975 3,020,000 City of St. Cloud, Utilities Revenue Certifi- Sole Underwriter cates, Series 1975 36,700,000 Ocean Highway and Port Authority, Pollution Participating Control Revenue Bonds, 1974 Series (ITT Rayo- Underwriter neir Project) 1976 Installment 31,275,000 Pinellas County, Sewer Revenue Bonds, Issue Sole Manager 1975 5,000,000 City of Leesburg, Utilities Revenue Certifi- Senior Manager cates, Series 1975 5,000,000 Pinellas County, General Obligation Tax An- Sole Underwriter ticipation Notes 3,150,000 Canaveral Port Authority, Revenue Bonds Sole Manager Series 1975-B 1,870,000 Canaveral Port Authority, Refunding Bonds, Sole Manager Series 1976 1,770,000 The Board of County Commissioners of Alachua Senior Manager County, Public Improvement Revenue Bonds 8,875,000 Orlando Utilities Commission, Water and Elec- Sole Underwriter tric Refunding Revenue Bonds, Series 1976 8,125,000 Siesta Key Utilities Authority, Inc., Special Sole Manager Obligation Bonds 5,690,000 Siesta Key Utilities Authority, Inc., First Sole Underwriter Mortgage Revenue and Refunding Bonds 2,000,000 Pasco County, Improvement Revenue Bonds, Sole Underwriter Series A 16,745,000 Hillsborough County, Special Refunding Rev- Participating enue Bonds, Series 1976A Underwriter 20,000,000 Hillsborough County, Refunding Utility Rev- Participating enue Bonds, Series 1976 Underwriter 20,600,000 Margate Utility Authority, Inc., Special Senior Manager Refunding Bonds 13,175,000 Margate Utility Authority, Inc., Water and Senior Manager Sewer Refunding and Improvement Revenue Bonds, Series 1976 3,150,000 City of Tallahassee, Municipal Utility Revenue Senior Manager Bonds, Series 1970-A 26,000,000 Broward County, Gas Tax Revenue Bonds, Series A Senior Manager 4,950,000 Village of Palm Springs, Water and Sewer Refun- Participating ding Revenue Bonds, Series 1976 Underwriter 3,240,000 Village of Palm Springs, Special Refunding Rev- Participating enue Bonds, Series 1976A Underwriter 6,580,000 City of New Smyrna Beach, Water and Sewer Rev- Sole Manager enue General Obligation Refunding Bonds, Series 1976 605,000 City of New Smyrna Beach, Utilities Author- Sole Manager ity, Utilities Revenue Refunding Certifi- cates, Series 1976 3,260,000 City of New Smyrna Beach, Special Refunding Sole Manager Revenue Bonds, Series 1976A Florida Issues Underwritten by William R. Hough $ Co in 1976 (Continued) Amount Issue Our Role $ 11,250,000 Manatee County Port Authority, Port Authority Sole Manager Revenue Bonds of 1976 3,000,000 Pasco County, Guaranteed Entitlement Revenue Sole Underwriter Bonds, Series 1976 2,500,000 Village of Tequesta, Water Revenue Certificates, Sole Underwriter Series 1976A 6,700,000 Leon County, Capital Improvement Revenue Bonds Sole Underwriter Series 1976 Bond Anticipation Notes 1,600,000 The School Board of St. Lucie County, Certifi- Senior Manager cates of Indebtedness, Series 1976 8,800,000 City of Miami Beach, Public Improvement Bonds Senior Manager We submit below our Statement of Financial Condition as of December 31, 1976, as compared with December 31, 1975. STATEMENT OF FINANCIAL CONDITION UNAUDITED Assets 1976 19 55 Cash on hand and in banks $ 2,569,132 $ 2,994,693 Good faith deposits 212,500 163,700 Receivable from brokers and dealers 3,539,250 3,481,077 Receivable from customers - cash accounts 1,022,000 1,689,864 Securities Inventory State and Municipal Bonds (at market value) 35,302,529 15,850,180 Investments - Securities (at cost) 716,484 246,354 Market Value (1975 - $144,878) (1976 - $734,754) Mortgage Receivable 616 78,823 Miscellaneous Current Assets 750,069 380,987 Total Current Assets $44,112,580 $24,885,678 Office furniture and fixtures (Depreciated value) $ 33,262 $ 17,256 Prepaid expense 3,280 3,208 Total Assets $44,149,122 $24,906,142 i.iahiIitiPc Money borrowed from banks $16,424,887 $12,353,797 Bond repurchase agreements 14,278,878 5,187,670 Payable to other brokers and dealers 1,916,648 2,415,129 Payable to customers (less profit balances) 4,172,618 109,270 Other annual expenses and payables 514,675 267,450 Escrow accounts unclosed (net) 293,650 478,757 Total Liabilities $37,601,356 $20,812,073 Capital Funds and Subordinated Loans Securities loaned to firm under subordination $ 174,092 $ 95,430 agreements Partnership capital (reserved for income taxes) (2,000,000) -0- Unrestricted 4,373,674 3,998,639 Total Capital Funds $ 6,547,766 $ 4,094,069 NOTES TO STATEMENT OF FINANCIAL CONDITION I. Significant accounting policies - Securities transactions are recorded on a settlement date basis. Receivables and payables to customers and other bro- kers arise in connection with normal cash transactions. Municipal bonds are delivered or received when payment is received or made. Furniture and fix- tures are stated at cost less depreciation. State and municipal bonds are valued at market value. No provision has been made for Federal Income Taxes, as each partner is individually liable. The amount due on Partners' Income Tax subsequent to December 31 was not a material amount. 2. Money borrowed from banks and bond repurchase agreements are fully collatera- lized by marketable securities, receivables from broker -dealers and good faith deposits. 3. Borrowings subordinated to the claims of general creditors have been contri- buted under agreements requiring interest payments of 7% to 16% and expiring as follows: Expiration Date Cash Securities Total 7/1/77 $ 2,000 $21,183.50 $ 23,183.50 7/1/77 30,408.75 30,408.75 7/1/77 5,000 5,000.00 9/1/79 4,000 4,000.00 6/1/77 25,000 25,000.00 1/l/79 50,000 50000.00 9/l/79 5,000 5,000.00 8/1/77 2,000 2,,000.00 8/1/77 3,500 3,500.00 8/l/79 2,000 2,000.00 9/l/79 20,000 20000.00 8/l/79 2,000 2,000.00 8/l/79 2,000 2,000.00 122,500 $51,592.25 $174,092.25 4. Open underwriting commitments not recorded in the accounts of the company were approximately $315,000 at December 31, 1976. S. The company has established a profit-sharing plan. 6. The company leases office space in St. Petersburg, Orlando, North Palm Beach and Jacksonville. 7. The company did not have a significant number of fails to receive or fails to deliver that were outstanding for more than 30 days. 8. As a registered broker -dealer, William R. Hough $ Co. is subject to the require- ments of Rule 15c3-1 ("the net capital rule") under the Securities Exchange Act of 1934. The basic concept of the rule is liquidity, its object being to require a broker -dealer to have at all times sufficient liquid assets to cover his cur- rent indebtedness. Specifically, the rule prohibits a broker -dealer from per- mitting his "aggregate indebtedness" from exceeding 20 times his "net capital" as those terms are defined. On December 31, 1976, William R. Hough & Co.'s aggre- gate indebtedness and net capital were $1,822,761 and $4,379,605, respectively, a ratio of 1 to 2-2/5. As calculated by us, William R. Hough $ Co.'s required capital for this same date was $121,505. William R. Hough & Co. has at all times during the past year been in compliance with the net capital rule of the SEC and its ratio of aggregate indebtedness to net capital has not exceeded 1 to 1. RECONCILIATION OF CAPITAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 1976 UNAUDITED December 31, 1975 Net Increase in Value of Securities Loaned Under Subordination Agreements Net Decrease in Capital Reserved For Income Taxes Net Partnership Income For Year Other Additions To and With- drawals From Unrestricted Capital - Net December 31, 1976 Subordinated Capital $ 95,430 78,662 Capital Reserved For Income Taxes $(2,000,000) $174,092 $(2,000,000) Unrestricted Capital Total $3,998,639 $4,094,069 78,662 (2,000,000) 3,445,740 3,445,740 929,295 929,295 $8,373,674 $6,547,766