Resolution 031-1968
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RESOLUTION NO.
31 -1968
WHEREAS, the Board of County Commissioners of Monroe County,
Florida has heretofore entered into a contract with Goodbody & Co. to re-
present said County as Fiscal Agent in the issuance of $2,600,000 Monroe
County Bridge Revenue Bonds, and
WHEREAS, under said contract the said Goodbody & Co. undertook
to obtain bids for said bonds at not less than their par value, which said
bonds would carry an interest rate not to exceed 5%, and
WHEREAS, in validating said bonds, the Court validated same with an
interest rate not to exceed 6%, due to a change in the laws of the State of
Florida, and
WHEREAS, under said contract with Goodbody & Co., said Board of
County Commissioners agreed to payout of the proceeds of the sale of said
bonds a fee of 5% of the par value of the amount of bonds actually is sued
and sold, for such services as Fiscal Agent, and
WHEREAS, it has been necessary to raise the vertical clearance of
the Bridge from 55' to 65', resulting in an additional construction cost,
which was not foreseeable at the time said contract was entered into, and
WHEREAS, in order to obtain the necessary funds for the additional
construction cost, it is necessary for Goodbody & Co. to reduce its Fiscal
Agent fee from 5% to 2%, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, that the contract entered into between Good-
body & Co. and the Board of County Commissioners of Monroe County,
Florida, dated September 12, 1967, be, and the same is hereby amended,
for the above reasons, as follows:
1. That the first sentence in Section 2 of said contract be amended
to read as follows:
We will use our best efforts to obtain bids for the bonds, which
will carry an interest cost not to exceed 6% as soon as may be
after plans and specifications for the construction are completed.
2. That Section 3 of said contract be amended to read as follows:
It is understood and agreed that for our services and expenses
you will pay us out of the proceeds from the sale of the bonds
to the successful purchaser a fee of 2% of the par value of the
amount of bonds actually issued and sold. It is further under-
stood that Monroe County will not be liable for any of the ex-
penses involved in this financing.
Dated
April 30th
, 1968.