1971-05
INCORPORATED
Leedy Wheeler & Alleman
Investrnent Bankers
ESTABLISHED 1924
M. STEWART HARTMAN
VICE PRESIDENT
FOURTEENTH FLOOR. TELEPHONE 305 422 5161
CITIZENS NATIONAL BANK BUILDING
Orlando,Florida 32802
March 25, 1971
Honorable Mayor and.
Members of City Council
City of Clermont, Florida
Gentlemen:
In accordance with the terms of the agreement between the City
and Leedy, Wheeler & Alleman, Inc.,. entered into on March 28,1966,
wherein Leedy, Wheeler & Alleman, Inc., agrees to serve the City as
investment banker, we are pleased to submit this offer to purchase
$1,700,000 City of Clermont, Florida, Water and Sewer Revenue Bonds,
dated November 1, 1970, and more fully described in the ordinance
adopted on January 12, 1971, authorizing issuance of the bonds.
For all but not less than all of said bonds, bearing interest
at the rate of 6% per annum for bonds maturing 1975 to 1984, both
inclusive; 6 3/4% per annum for bonds maturing 1985 to 1994, inclusive;
and 7% per annum for bonds maturing 1995 to 2003, both inclusive; we
agree to pay $1,632,000 plus accrued interest from November 1, 1970,
to date of delivery.
Bonds maturing 1975 through 1984 shall be noncallable prior to
maturity. Bonds maturing 1985 and thereafter shall be callable by
the City for prior payment commencing May 1, 1985, and on any interest
payment date thereafter at a price of par, plus a premium of 3%, in
their inverse numerical order.
The unqualified legal approving opinion of Bryant, Freeman,
Richardson & Watson of Jacksonville, Florida, together with normal
closing certificates; such as, Treasurer's Receipt, Signature Guarantee,
No Litigation Certificate, etc., are to be delivered to us simultane-
ously with our payment for and acceptance of the bonds. We agree to
pay the legal fees of Bryant, Freeman, Richardson & Watson and the
legal fee of the attorney for the City for their respective services
in connection with authorization, issuance, and delivery of these
bonds. We also agree to pay for the printing of the forms of bond
and coupons.
It is agreed that Citizens National Bank of Orlando, Orlando,
Florida, shall be designated as paying agent by the City in connection
with these bonds.
The City agrees to make delivery of said bonds, either in the
City of Clermont, Florida
2.
city of Orlando, Florida, or in the city of New York, New York, at
a time and place to be mutually agreed upon, except that the date
of delivery shall be no later than forty-five (45) days following
the date of this proposal unless this period shall be extended by
mutual written agreement of the City and Leedy, Wheeler & Alleman,
Inc.
Attached hereto is our good faith check in the amount of
$ 17,000.00 representing full and liquidated damages, to be cashed
by the City only in the event we fail to accept delivery and pay for
said bonds in accordance with this offer. Said check is to be held
uncashed by you pending our acceptance and payment in full for the
bonds, at which time the check shall be returned to Leedy, Wheeler
& Alleman, Inc.
Respectfully submitted,
M. Stewart Hartman
MSH:ke
The foregoing offer to purchase $1,700,000 City of Clermont,
Florida, Water and Sewer Revenue Bonds is accepted by resolution
of City Council at a special meeting held
CITY OF CLERMONT, FLORIDA
ATTEST:
Mayor
Accepted and Necessary Resolution adopted
at Meeting of March 26, 1971.
----------------
Good Faith Check given to Richard H. Langley
to return to above mentioned at time of Closing.
April 23, 1971