Resolution 031-1967A''
RESOLUTION NO. 31 -1967
WHEREAS, the Board of County Commissioners of Monroe County,
Florida desires to finance the construction of a bridge across Card Sound,
Monroe County, Florida, and to pay for same by issuing $2, 600, 000 Re-
venue Bonds, payable solely out of revenues received from the proposed
bridge, in accordance with the terms of a bond resolution to be approved
by said Board, and
WHEREAS, Goodbody and Co. has submitted a proposal agreeing
to accept delivery and pay for $'2, 600, 000 bonds at a coupon rate of 5%
and at a price of 95% of the par value, a copy of which proposal is attached
hereto and made a part hereof, and
WHEREAS, said Board desires to accept said proposal, now, there-
fore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA, that the attached proposal of Goodbody
and Co. , to accept delivery and pay for $2, 600, 000 revenue bonds to fi-
nance the construction of a bridge across Card Sound, Monroe County,
Florida, be, and the same is hereby accepted by said Board, and is here-
by considered. to constitute a contract between said Board and Goodbody
and Co. , as outlined in said attached proposal.
Dated June 27th, 1967.
GO``6DBODY: & ' CO. r
June. 26,. 1967
Honorable Chairman m4 '11embera of the Monroe County Commission.
Monroe County. Courthouse
Key West, Florida
Gentlemen t' , '
In connection with the proposal for'Monroe Countyy to issue.$ 2# 60b, 000. 60 Revenue
Bonds to finance construction. of a bridge across Card Sound,. Goodbody & Co: 'herein--
after called "Purchaser'-` offer to .enter into' the' -following agreement tiith the County -
which upon,aeceptance,by Monroe County -and Goodbody & Co. will be binding upon the
Purchaser and the.County.
The Purchaser agrees to aceppt delivery of and pay for $2,600,'000 bonds at'a coupon
rate.'of 5% and at -a price of 95%-of- par valu-6. The bonds shall be payable only -out.
of the revenues of the proposed' Bridge in accordance faith= the terms of. a bond resolu-
tion to be" -approved by the County ' anal ,•the Purchaser.
The Purchaser agrees to pay all.necessary expenses involved in the preparation, vali- -
dation,':and delivery of -the bonds.'to the Purchaser including necessary advertising and
court costs, cost and execution of -blank bonds, delivery costs and the fees of the ap-.•
provingattorneys and the,'County-'Attorney.
The. obligation of the purchaser to take delivery of.the bondd is•subject to the follow-
.ingn That upon delivery o.f the bouds:the Purchaser shall'receive the.u.nqualified ap-
proving opinion of ilixon, Mudge, Rose, Guthrie & Alexander as to the validity of'the '
bonds and all proceedings pertaining thereto and their approving opinion'shall.cdnta-in'.
a recital that the interest income from -the -bonds is exempt from all pt:esent_.Federal
income taxes.
Ir_. the eventtthat, interest rates -are higher' -it the time the bonds have beer. validated, .
the Purdhaser.reserves'the-right.to increase the coupon rate of the bonds in•the ratio
of inc ease in the Dow--Jones.Wee'kly Municipal Bond Yield Index from its_present level
of % to the weekly average in effect when validation is,acconplished. Any
change in.the rate of interest so-establi-shed'shall bd final.and binding upon the Pur-
chaser.
Goodbody & Co. agree to aesist the County. -in expediting the preparation, validation,'
delivery and payment for the bonds in order that.the project can be completed and opened
for traffic at the earliest possible date.
.Your acceptance -of this agreement by resolution duly adapted shall constitute 9-contract
between us as outlined above.
Yours very truly,..
GOODBODY & ,CO.'
Forme-04 By �sa) C. T. McCreedy
Cn, j f