08-07-61bRESOLUTION
WHEREAS, the CITY OF BOYNTON BEACH, FLORIDA,
recognizes the necessity of enlarging its existing municipal sewer system
to accommodate the orderly development of the municipality and to maintain
sanitary conditions therein; and
WHEREAS, it is further recognized that it will be necessary
to obtain proper financing for such future expansion and that in said regard
it is essential that the City obtain the professional assistance of competent
fiscal agents; and
WHEREAS, the firm of F. S. SMITH_ERS & CO. of New York,
has heretofore submitted a proposal to serve in an advisory capacity to the
City in the above undertaking, as morespecifically set forth in a copy of said
proposal which is attached hereto and hereby made a part hereof,
NOW, THEREFORE, BE IT RESOLVED that the City Council
hereby approves and accepts the terms of the above proposal of F. S.
SMITHERS & CO. and hereby authorizes the Mayor to execute ~.aid document
formally eccepting same on behalf of the City.
PASSED and ADOPTED this ~_-- day of J~q,y, A. D. 1961.
(CORPORATE SEAL)
ATTEST
CITY,A~ B T~ B ~ORIDA
,.: Mayor
--'Vice Mayor
City Clerk ~
~.-.. ×~.~(~Gu~ncilman
~~'~ - : Councilman
November 17, 1960
Hon. Mayor & ~tembers City Council
City Hall
Boynton Beach, Florida
Proposal of F. S. Smithers & Co. to The City of Boynton
Beach, Florida, regarding its Sewer System Improvement
Program
Gentlemen:
The undersigned, F. S. Smither8 & Co. (herein called the 'Bankers")
being advised of the intention of the City of Boynton Beach, Florida
(herein called the uOity") to proceed with the construction of certain
improvements to the City's Sewer System and the financing of such, in
part, through the issuance of Revenue Bonds, hereby respectfUlly submits
the following proposal:
1. The Bankers agree to proceed immediately ~ith investigations,
studies and planning for the purpose of determining a sound and
feasible long-range plan for the financing of the Sewer System
improvements outlined in the City's ~taster Plan for sewers.
Such plan will be developed to permit the City to proceed with
various aspects of the se~er program in ~uch a manner that each
step and action taken to provide sewers for the three areas now
under discussion (the proposed co-op, the proposed shopping
plaza and the proposed service to one subdivision) and such por-
tions as may be developed in future years will conform to the
Master Plan and will permit the financing of future portions on
an economical and sound financial basis.
(continued)
-2-
2. Upon c~pletlon of the aforesaid iovestigations, studies
and planning, Bankers agree to submit a plan for the financing
of the proposed improvements to the s~wer system. Such plan
shall include ~
(a) Advice with respect to the portions of the financing
of the sewer improvements which should be attributed to
the benefited property owner, the general revenues of
the sewer system or such other sources as may be deemed
advisable;
(b) Advice with respect to the adequacy of engineering,
data and reports for the purpose of determining the cost
of the proposed improvements and the sufficiency of rev-
enues to support the proposed financing by the City;
(c) Advice with respect to the legal proceedings and
documents required to authorize and issues the proposed
revemue bonds of the City;
(d) Advice with respect to the details of the proposed
rever~Ae bond issues including principal amount, maturities,
call features, interest rates, reserve provisions, and
covenants and terms and conditions assuring marketability
of such bonds; and
(e) Advice with respect to the time of offering of such
bonds for the sale and with respect to the documents and
information required to be provided in order to create a
favorable market for the proposed revenue bonds.
(continued)
-3-
3. The Bankers ~ee to prepere, print and distribute to pros-
pective bond bu~er~ Official Prospectu~d~lch will fo~ the
B~ia of the ~ offferi~ a~ ~lch ~11 contain, ~ other
thl~m s
(a) off~cl~ ~t~oe of ~ sale ~d ~ resolution
(b) fo~ of proposal fo~ the bidders
(~) c~ehe~ive info--rich in respect to~
(1) hiato~ of the ~ syatem
(2) ~~ of the e~neeri~ data descrl~ing
i~rov~nts to ~ co~t~ct~ ~ ~slc oper-
at~ c~acterlatica of the syate~.
(3) eaaential eerie ~ta of ~ea serve, in-
cludl~ photo~, c~a, etc.
(~) fl~lal star--ts relating to the a~
ayatea.
(5) ~e~atl~ atatiatica, proJ~t~ operati~
~ estates of c~ital r~ire~nts for ~t~e
ye~a.
(6) ~lc fl~clal star--nra ~ ~ata ~th re-
apeet ~o the City'a general o~ratlons.
(7) ~lnistra~lve featurea of the City ~ve~nt.
(8) a ~ off the econ~lc bac~ou~ ~d
stre~th off the Co~nity.
(~) deao~ptl~ a~ pictures of ~Jor ~blic l~-
p~ve~nta In the City.
(10) a p~e~ion off pro~ble capital ne~$, other
t~ for ee~e~ lep~ove~enta for ~ture ye~s.
( oont lnued )
posed bend Issu~ among prospective ~ :'~'.i.'tu'~i;'~ ~.i b ??C ~.iyers
through d~rect cont%ct.
g~dJn.g the improvement program -'~'* the '-
that the best possible ratings m3.[f be ebtaJned for the bends.
'" ~ .... the
6,.After tb~ submission of the j la: f:;'r the .._~n,~Ing of
Dropos~ se~er ~ystem improvement. 3 ;Z~ the f3ankers~ and ~
consideration thereof and appro'va) by +~'~,,.~ity, E~pkers =gr~
to ~e the City an offer to purchase all .~>f '~
commendation submitted by ~nkep5 a.a afore~aid., ~ne 3it. y shall
~ ' - offerJ
have a :reaso~ble time to cortsi~ler the .~r,.~.: ~s ng tc
~urchase the p~oposed b~nd~ a~ ~'~ ~::~ter into a .,;~t~ayt ~ '~
Cz,.~ shall determi~'ze not tc a?3,~; the cf~e? ao purc?~aae
ttTe ~nds as su~ltted '~ - ~u~.~L-=~,.~
~.~ the an~ shall re~ ~
........... ~e~t ~a. id
offerln~, the City shall then ha"~e the ~ ~sh~. ~ offer ~aid pro-
posed revere bonds at public a~.ie.
7. '~e City shall be ~lnder ~o obllgat]on to ~eil the proposed
r~venue bonds to the ~nkers ~lnder the foregoing provisions and
In the e~ent the City shall elect t'o aelt said bonds at p~Ic
sale, t~ ~nkers shall be obligated to ~>or~o_m the 4:~t~"e,~ o~
fiscal advisors for ~d on behalf ..~. the '*- ,,
with s~lch publi~,.. sale of the b~:~.~1:¥{--- '~ to. be issued by the City.
-5-
8. Whereas, the City desires first to proceed with t~e sewer
improvements and the financing thereof necessary to service
the co-op area, the shopping plaga area an-d one subdivision
area known u '~~~ //~ and whereas,
such improvements are estimated to cost not more than
$ O"~j .~.~d~, , ~., the Banke=agreea to make the City an o~fer
~o purchase the bonds required for the financing of this ini-
tial project in accordance ~ith paragraph ~ above. ~hould
the City proceed to sell this initial issue of bon~a at public
sale in accoxe/ance ~ith paragraph ~ above, the Bardeers shall,
upon ~erform~nce of all services and functions customarily
provided b~ fiscal a~visors to public bodies issuing bo~ds,
lmcludimg t~e services outlined her~in, and upon delivery of
said initial issue of bonds sold at public sale by the City,
the City shall pa~ the ~kere a fee of $~for such
services as fiae~/ advisors.
9. Whenever the City ~esirea to procee~ with the constr~ction
an~ flna~cimg of additiemA1 improvements to its sewer system,
it shall proceed in accordance with the terms of this proposal
and the ~a~.kers shall render such service and advise as herein
outlined for all definitive financing emanating from the City's
sewer improvement program. The City agrees to sell boru/s for
the financing of its sewer improvement program o~ in accordance
~ith tY~e terms of this proposal. The ~mkere agrees to make
offers, in accordance with paragraph ~6 above, to purch~e such
additional bonds as are recommende~ by them to be lssue~ from
time to time in connection with the implementation of the City's
( conttnued )
sewer improvement program. If additional bonds for sewer
~purposes are sold at public sale, the Bankers shall upon
performances of all services and fUnctions customarily pro-
vided by fiscal advisors to public bodies issuing bonds, .
includin~ the services outlined herein, and upon delivery of
such l>onds sold at p~bllc sale, the City shall pay the
Bankers fees fer such services in accordance with the follow-
lng schedule ~
Up to $~O,000 bonds issued at any one time - $5,000
$~O0,000 or more b~t less than
bomds issued at an~ one time -
1,000,000 or more but less than
2,000,000 bonds ls~Aed at any one
ti~e - $10,000
$2,000,000 or more bonds issued at
an3r one time ..... such higher fee a~ may be agreed
In addltio~ to any fees paid for services as financial advisors
in aoaordance ~ith the above provisions, the ]~mkers shall be
re~bttrsed for such travel amd other out-of-pocket expenses of
the Bankers incurred in .connection with such services a~
approved by the City prior to the lncurrenoe of such expenses
10. In the event of a p~blls sale of the proposed revenue bonds
by the City in accordam=e with the foregoir~ provisions hereof,
the Banker~ reserve the right to bid for such bonds at such
~Ablic sale Sel~arately or as a head of a group and in the event
the Bankers are the successful bidders at such public sale the
Bankers shell nevertheless be entitled to receive the compen-
sa$ion above provided for in connection with the services of
Bankers as fiscal advisors to the City.
(continued)
11. In amklr~ the investigations, studies, plans and determ-
irmtie~ leading to our ~ut~lssion of a proposal flor the pur-
~ue of th~ Proposed rever~Ae bomds to the City a~d in the
mab~lsslon of such proposal, the undersigned Bankers ~111 be
acting in their o~n behalf as principals and not as a~ents,
ea~loyeea, re~rementatives or fiduciaries of the City.
IQ. Th~ 0it~,.a~e~s..to e~loy ~ond counsel of national rec-
ognition to re~der an approving legal opinlon with respect
to the ls~ee of proposed bonds and agrees to continue in
or other competent engineers.
e~lo~ent its cormultlng engtneers J The service of such
t~or~ eo~ulel, engineers, and other ex~ermes incurred by the
City, lnoludtr~ the experme of printing the bonds shall be
bom~e by the City.
13. ~ the acceptance by the City of this proposal in the
~e~ hereinafter provided the sum shall be and ~ecome a
co~tra~t between-the C/ty amd the Banke~ in aoco~anoe ~lth
the provtstorm h~reof.
Respect fully sub, itt ed,
f~ed Clayton ~hepard ....
AcCepted and a~proved by resolution of the City of Boynton
· e&eh, Florida adopted this _ ff ~ _day of
ClT~ OF ~01qe~ON
F~R~A