Resolution 154-1981RESOLUTION NO. #lS4-1981
RESOLUTION AUTHORIZING THE CHAIRMAN OF THE BOARD
OF THE COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA,
TO EXECUTE AN AGREEMENT BETWEEN MONROE COUNTY AND
WILLIAM R. HOUGH & CO. RELATIVE TO THE ELECTION BY
MONROE COUNTY TO OFFER AT PUBLIC SALE $23,0003,000 IM-
PROVEMENT REVENUE BONDS. SERIES 1981
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, as follows:
That the Chairman of the Board County Commissioners of
Monroe County, Florida, is hereby authorized to execute an
Agreement between Monroe County and William R. Hough & Co.,
a copy of same being attached hereto, relative to the election
by Monroe County to offer at public sale $2,000,000 Improvement
Revenue Bonds, Series 1981.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting held on the 19th day
of May, A.D. 1981.
(SEAL)
Attest -- -��
J
BOARD OF COUNTY COMMISSIONERS
OF,.MONROE COUNTY, FLORIDA
-0 4-Z
By
yor airman
APPROVF0 AS TO FOP."
Rf1fD 6Cii1f, }Cdf''#�iF'r'?•J'ai;�/}
Ti
,Ftgc+rraWo Office
William R.HouQh & Co.
OLD PORT COVE JOE B. WISE
121J D U.S. Ii IGH1%A\ ONF VICE PRESIDENT
P.O. BOY 14045
RAN-MOND V. CONDON
NORTH PALM BEACH. FLORIDA 33403 VICE PRESIDENT
- (305) 626-3911
f
JUDY M.STUBECK
REPRESENTATIVE
AGREEMENT BETWEEN MONROE COUNTY AND WILLIAM R. HOUGH & CO.
RELATIVE TO THE ELECTION BY MONROE COUNTY
-41ATO OFFER AT PUBLIC SALE
$2,000,000 IMPROVEMENT REVENUE BONDS, SERIES 1981
WTTNESSETH
THIS AGREEMENT entered into this 19th day of May
1981 by and between Monroe County, Florida and William R. Hough & Co.
WHEREAS Monroe County, Florida (hereinafter referred to as "the
County") and William R. Hough & Co. (hereinafter referred to as
"Hough") have previously entered into an agreement dated the 25th
day of October, 1977 (the "Agreement") which Agreement relates to the
services to be rendered by Hough to the County with respect to the
financing of certain capital projects by the County; and
WHEREAS pursuant to the Agreement, the County has adopted a
resolution providing for the construction of capital improvements,
which improvements are more particularly described as the Marathon
Library, the Harry arris Park and the acquisition of a school board
building presently owned by the Monroe County School Board (the
"Project); and
WHEREAS the County has authorized the issuance of $2,000,000
Improvement Revenue Bonds, Series 1981 (the "Bonds") to pay for the
cost of the Project; and
WHEREAS pursuant to the terms of the Agreement, Hough has
provided, as of this date, the services required by the Agreement
relative to the financing of the Project; and
WHEREAS the County has elected, in accordance with the Agreement,
to sell the Bonds at public sale; and
WHEREAS in light of the County's election to offer the Bonds
at public sale, the parties hereto desire to set forth and describe
their rights and duties relative to the issuance of the Bonds, and
the financing of the Project.
STATE. COUNTY AND MUNICIPAL BONDS
William R. Hough & Co.
Page Two
-NOW, THEREFORE, in accordance with the foregoing and subject
to the terms and conditions hereinafter set forth, the County and
Hough do•hereby agree as follows:
1. Pursuant to the Agreement, the County elects to
sell the Bonds at public sale.
2. Hough shall perform all services customarily provided
to public bodies issuing bonds through public sale,
and shall comply with the terms of the Agreement
relative to the services to be performed by Hough
whenever the County elects to offer Bonds at
<, public sale.
3 Upon deliver and payment for the Bonds,
P Y P Y►n Hough shall
be paid a fee by the County in accordance with
Schedule "A" attached hereto and made a part hereof.
4. The County shall pay, from bond proceeds, all expenses
of issuance, including but not confined to, bond
counsel fee and expenses, local counsel fee and
expenses, validation costs, costs of preparation,
printing and distribution of the Official Statement,
bond printing costs, rating fee(s), advertising and
bid computation charges, signing and closing costs
and, if applicable, MBIA or AMBAC insurance premium.
5. Other than as set forth in this Agreement, the terms
and provisions of the Agreement shall remain in full
force and effect and shall be binding upon the
parties hereto until the Agreement is terminated or
modified.
IN WITNESS WHEREOF the parties hereto have set their hand and
seal the day and year first above written.
SIGNED, SEALED AND DELIVERED
IN THE PRESENCE OF:
ATTEST:
WILLI4RHOUGH & CO.
Joe BVice Presider
ROE COUNTY, FLORIDA
t
EXHIBIT A
Recommended Schedule of Standard
l4l 1,',' um Fees for Financial
Consulting Con.tracts
The following
schedule of standard minimum
fees
for which the recommended
fee is 80% of the
:_,issrecommended by the Chartered Municipal
standard schedule and pari passu revenue bonds for
FinaneI I Consultants of the Florida Security D
Dealers
':!»`.� tip•. ,,
0
which the recommended fee is 70 of the standard
/o
.
4ssociation and is considered to be appropriate
schedule. It is assumed that the issuer will pay all
;for all bond issues except general obligation bonds,
direct expenses in connection with the
financing.
r
' rAmount Amount
Fee Per $1,000
For Next $100,000
Amount
Amount
Fee Per $1,000
For Next $100,000
rX.,Of Bonds
Of Fee
Per Value
Of Bonds
01 Fee
Per Value
-.500 000.
$,
7 500.00
$ ,
$ 12.500
2 800 000
$ .
$ 21 837.50'
$4.000
,
8,750.00 .. -:.
• . 11.250
2.900,000
22,237.50
3.875
,600,070
y
.
9,875.00
10.000
3,000,000
22,625.00
3.750
-
-' :800too
10,875.00
8.750
3,100,000
23,000.00
3.625
.000
.:. '; 11,750.00
7.500
3,200,000
23,362.50
3.500
. s 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
,XX}jj�>L7,400,000
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
000
_. 16,062.50
5.500
3,900,000
25,550.00
2.625
�'11;7001000
16,612.50
5.375
4,000,000
25,812.50
2.500
J1,800,000
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
1000,000'-_::
__:.18,187.50
5.000
4,300,000
26,525.00
2.125
2;1,00,000
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
}za
,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
21,425.00
4.125
5,000,000
27,750.00
All over $5,0oo,000
subject to negotiation.