88-48
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form of Contract of Purchase (the "Purchase ContractU), attached hereto 85 Exhlbit IlA",
with such changes, alterations and corrections as may be approved by the Mayor-
CommIssioner and City Clerk, such approval to be presumed by their execution thereof.
The City hereby authorizes Bnd directs sald Mayor-Commissioner and City Clerk to
execute under the seal of the City the Purchase Contract and to dellver to the
Underwriter the Purchase Contractt all of the provisions of whicht when executed Bnd
delivered by the City as authorized herein and by the Underwriter, shall be deemed to be
a part of thts instrument as fully and to the same extent as if incorporated verbatlm
herein. The negotiated sale of the 1988 Bonds to the Underwriter ts hereby authorized
pursuant to Sectlon 218.385, Florida Statutes (1987). The information required to be given
under such law to the City ts attached as Exhibit B to the Purchase Contract, and the City
has not requtred the disclosure of any additlonalinformatlon.
Sectlon 3. DBSCRIPTION OF 1988 BONDS; PURPOSE OF
FINANCING. The 1988 Bonds shall be issued upon the terms and provlsions set forth tn
the Purchase Contract and the Preliminary Official Statement referred to herein. The
proceeds of the 1988 Bonds shall be apr;>lIed for the purpose of refunding the Refunded
Bonds described in the Preliminary Official Statement. The unsold principal balance of
the authorized Bonds shall remain authorized but unissued pursuant to the Ordinance.
Section 4. PRELIMINARY OFFICIAL STATBMBNT; OFPICIAL
STATEMBNT. The use in pricing the 1988 Bonds of the PreUmfnary Otflclal Statement
relating to the 1988 Bonds in the form attached hereto as Exhibit B and made a part
hereof, is hereby ratified and approved and the executfont delivery and use In marketing
the 1988 Bonds, of a final Official Statement in substantially the form of the Prelimtnary
Otficlal Statement, modIfied to reflect the terms and conditions ot thIs Resolution and
the Purchase Contract, is approved.
Sectlon 5. APPOINTMENT OF BSCROW AGBNT, REGIS'l'RAR AND
PAYING AGBNT. ' Florida National Bank, St. Petersburg, Florida, is hereby appointed to
serve as Escrow Agent, Registrar and Paying Agent for the 1988 Bonds under the
Resolution.
Section 6. EXECUTION OP 1988 BONDS AND AUTHORIZATION OF ALL
CTHBR NBCBSSARY ACTION. The proper officers of the City are hereby authorized
and directed to execute the 1988 Bonds when prepared and to dellver the same to the
Registrar for authentication and delivery to the Underwriter upon payment of the
purchase price pursuant to the condttions stated in the Purchase Contract. The Mayor-
Commissioner, City Manager, City Clerk, Finance Director, City Attorney, and Livermore
Klein &. Lott, P.A., bond counsel to the City, are each designated agents of the City in
connection with the issuance and delivery of the 1988 Bonds, and are authorized and
empowered, collectively or individually, to take all actions and steps to execute and
deliver any and all Instruments, documents or contracts on behal! of the City which are
necessary or deslrabie in connection with the execution and delivery of the 1988 Bonds
and which are not inconsistent with the terms and provisions of this resolution and other
actlons relating to the 1988 Bonds heretofore taken by the City.
Section '1. SEVERABILITY OF INVALID PROVISIONS. If anyone or
more of the covenants, agreements or provisions herein contained shall be held contrary
to any express provisions of law or contr8ry to the pollcy of express law, though not
LKL-09/28/S8-227 AA-2750
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t, , duly appointed City Clerk of the City of Clearwater,
Florida; certify the foregoing to be a true and correct copy of a resolution adopted by the
" City Commission on October 6, 1988.
Witness my hand and the seal of the City of Clearwater, Florida, this
, 1988.
day of
City Clerk
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shall he mutually agreed upon between us. 't'he Bonds shall bear
interest at the rates set forth and shall be redeemable Drior to
their stated maturities at the times ann in the amounts set forth
in Exhibit "A" hereto. J\ll capi tali zed wo rds and phrases IJsed
herein, unless defined herein, shall have the meaninq set forth in
the Ordinance. The financial disclosure statement required to be
{'rov ided to the City 9ur suant to Section 218.385, Flor ida St.llt-
utes, is attached hereto as Exhibit "BII.
The Underwriter aqrees to make a public offering of the Bonds
at the prices set forth on the cover ~ge of the Official State-
'l\ent, as hereinafter tiefined, prov ined, however, that the Unner-
writer reserve the right to make concessions to dealers and other~
ann to change such initial offer ing pr ices as the Underwr iter
shall, in their sole ~iscretion, deem necessary in connection with
the marketinq of the Bonds.
. We shall, before 6:uu ~.m. on nd.c~~l" ~, 1988, deliver to the
Finance Oi rector of the City (the ftl?1nance Director") or other
person designate" by the City, a check payable to the orner of the
Ci ty in the amount of $ 250.000 as secur ity for the performance by
us of our obligations to accept and pay for the Bonds at the Clos-
ing in accordance with the provisions of this Contract of Pur-
chase. Sain check shall not be cashed except under the circum-
stances set forth in the last sentence of this Section 1. If the
City does not accept this offer, or upon your failure (other than
for a reason ne~itted under this Contract of Purchase) to deliver
the Bonds at the Closinq, or if you shall be unable to satisfy the
conditions to the Underwriter's obligations contained in this
Contract of Purchase (unless waived by the Underwriter), or if
such obligations shall be terminaterl for any reason permitten by
this Contract of Purchase, or otherwise at the Closing, you shall
return the check to us. If the Underwriter fails (other than for
a reason permitted under this Contr~ct of Purchase) to accept and
pay for the Bonds at the Closing, such. check shall be cashed and
the proceeds thereof shall be retained by the City as and for full
liquidated damages for such failure and for any and all defaults
hereunder on the part of the Under;-writer, and thereupon all your
claims ann riqhts hereunder against the Underwriter shall be fUlly
released and discharqed.
2. The' Underwr i te r '9 ~urchase and acceptance of del i very of
the entire $2fi--.565~063.10 . aqqregate principal amount of the Bonds
shall 'be a eo~the Citv's obligation to sell and deliver
any Bonds to the Underwriter.
3. Prom-ptly after your acceptance hereof, the City shall
deliver, or cause to be delivered, to the Underwriter, four (4)
executed copies of the Official Statement relating to the aonds
substantially in ~~e form attached hereto ~s Exhibit C, with only
such changes, if ~ny, therein as shall have been accepted by the
2
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"Closinq" and the 1ate of. such ~eti'Jery ann f?ayrnent is herein
called the "Date of Closinq. n The Bonds wi 11 be made available at
least one'Business Day before the Date of Closing for checking and
pac:kaq lng at a location in New Yo rk, New York to he ....q reed IJl?on by
us. 'rhe Bonds shall be preT;lared, and the Bonds shall be deliv-
ere~, only in fully reqisterable form.
If the City is unable to deliver the Bonds in definitive
form, the Underwriter may in its sole discretion accept delivery
of Bonds in te~oorary for~ at Ctosinq (the "Temporary Bonds"), and
the City shall deliver, or cause to be delivered, to the Under-
wr i te r at such place as the Underwr i te r and the City aq ree, the
Bonds in definitive form, duly executed on the City's behal f (the
"Definitive Bonds"), as soon as reasonably possible after the
Closinq. The City shall reimburse the Underwr iter for the net
cost of carrying any such Temporary Bonds. At such time and on
such date, the Underwriter. will accept such ~elivery of the Defin-
itive Bonds ann deliver to t:',a City the Temporary Bonds. Such
exchange of the Definitive Bonds for the Temporary Bonds is herein
called the "Delivery." The Definitive Bonds will be delivered as
fUlly reg istered bonds and will be made available to the Unoer-
wr iter for checking and pac'kag inq n,ot less than one business day
prior to Delivery at a place designated by the Underwriter.
6. The Underwriter has entered into this Contract of Pur-
chase in reliance upon the representations, warranties, covenants
and agreements of the City contained herein, in reliance upon the
representations, ~rranties, covenants and agreements contained in
the documents and instruments to be delivered at the Closinq, and
in reliance up'on the gerformance bV the City of its Obligations
hereunder, both as of the date hereof and as of the Date of Clos-
ing. A.ccor-iingly, the Underwriter.' s obligations under this Con-
tract of Purchase to Durchase the Bonds are conditioned upon the
fol towinq cond i tion8 set fo rth in (a 1 below and the succeed inq
conditions:
(a) At or prior to the Date of Closing, the City shall
have J;lerformed all of its obligations to be performed hereunder
and under the documents and instruments to be delivered at the
Closinq; th~ representations, warranties, covenants and agreements
of the City contained herein shall be true, complete and correct
on the date' hereof and on and as of the Date of Closing, as if
mane on the Date of Closinq7
(b) At the time of the Closi n9, the Ord inance shall be
in full force and effect in I\cccrdance ~t.h its terms and shall
not have been amended, modified or supplemented, and the Official
Statement -shall not have been supplemented or amended, except in
any such case as ~ay have been aqreed to by the Underwriter.
7
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~XHIaIT A (cont.)
OPTIONAL REDEMPTION
Current Interest Bonds:
The 1988 Current Interest Bonds shall be subject to redemption prior to
their stated dates of maturity, at the option of the CitYl from funds legally
available for such purpose on and after December 1, 1998, (i) as a whole at any
time, or (11) in part on any interest payment date, at the principal amount
thereof plus accrued interest to the date of redemption plus a premium of 3~1/2%
of the par value thereof.
Capital Apprec1st10n Bonds:
The 1988 Capital Appreciation Bonds shall be subject to redemption prior
to their stated dates of"maturity, at the option of the City, from funds legally
available for such purpose on and after December I, 1998, (i) as a whole on any
date, or (ii) in part on December 1, 1998, or on any June 1 and December 1
thereafter, at the redemption prices (expressed as per~entages of the Accreted
Value) set forth below:
Period During Which Redeemed
(Bath Dates Inclusive)
December 1, 1998 to November 30, 1999
December 1, 1999 to November 30, 2000
December 1, 2000 to November 30, 2001
December 1, 2001 and thereafter
Redempt10n
~
105%
104-1/2
104
103-1/2
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EXHIBIT B
DISCLOSURE LETTER
City Commissioners
City of Clearwater, Florida
RE: $26.565.063.10City of Clearwater, Florida Water ,and Sewer
Revenue Bonds, Series 1988
Ladies and Gentlemen:
pursuant to Chapter 218.385, Florida Statutes, and' in y~fer-
ence to the issuance of the above-referenced bonds (the IIBon'ds II )
William R. Hough & Co. (the IIUnderwriterll) having entered into the,
Contract of purchase, dated October 6 , 1988 (the IIBond purchase
Agreement II) between the Underwriter and the City of Clearwater,
F~orida (the IICityll), make the following disclosures to the City. .
The Underwriter is acting a8 Underwriter to the City for the
public offering or sale of the Bonds.
(a) Expenses estimated to be incurred by the Underwriter in
connection with the issuance of the Bonds:
$..1:.QZ per $1,000 or $81.554. 74( see attached itemization).
(b) Names, addresses and estimated amounts of compensation of
any person. who is not regularly employed by, or not a partner or
,officer of, an underwriter, bank, banker, or financial consultant
or advisor and who enters i.nto an understanding with either the
City or the Underwriter, or both, for any paid or promised compen-
sation or valuable consideration, directly, expressly or
impliedly, to,act solely as an intermediary between the City and
the'Underwriter for the purpose of influencing any transaction in
the purchase.. of the Bond. I
none
(e) ThG:.~uuount of underwriting spread expected to be real-
i zed I _. .
Undorwriting
$ 20.62 per $1,000 or $547.771.60
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(d) Management fee charged by the Underwriters
$...2..J20. per $1,000 or, $ ~3 I l!ln '!l
Any other fee, bonus and other compensation estimated to be paid
by the Underwriter in oonnection with the Bonds to any person not
regularly employed or retained by the Underwriters
none
(f) The name and address of the Underwriter connected with
the Bondss
"
WILLIAM R. HOUGH & CO.
100 SECOND AVENUE, SOUTH
ST. PE~ERSBURG, FLORIDA 33701
Very truly yours,
.
. WILLIAM R. . HOUGH & CO.
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UNDERWRITER'S EXPENSES
EXDenses
S/S1.000
.25
.21
1.00
1.25
, .25
.a..11
3.07
Iml
$ 6,641.26
5,578.66
26,565.06
33,206.34
6,641.26
2.922.16
581,554.74
.,'
. Clearance
MSRB/PSA
Unde~riter's Counsel
Computer
Federal Funds
Travel, Out~of-Pocket
TOTAL
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EXHIBIT 0
SUPPLEMENTAL OPINION OF BOND COUNSEL
[Date of Closing}
William R. Hough & Co.
St. Petersburg, Florida
Ladies and Gentlemenl
We have acted as Bond Counsel to the City of Clearwater,
Florida (the "Cityll) in connection with the iSl!Iuance and sale by
the City of its $ aggregate principal amount of Water and
Sewer Revenue Bonds, Series 1980 (the "Bonds"), and we have parti-
cipated in various proceedings relating thereto. All terms not
otherwise defined herein shall have the meanings ascribed thereto
in the Contract of purchase dated October ,1988, (the "Purchase
Contract") by and between th~ City and yoU: In such capacity we
bave examined the followingl (i) the Official Statement dated
October 6, 1988, relating to the Bonds, (ii) the purchase Con-
tract, (iii) the Ordinance, (iv) the Escrow Deposit Agreement, (v)
the original Ordinance, and (vi) such otber documents, certifi-
cates and proceeding. as we have considered. necessary to render
this opinion. All capitalized undefined terms used herein shall
have the meaning set forth in the Purchase Contract.
We are of the opinion that.
(a) the Purchase Contract and the Escrow Deposit Agreement
constitute legal, valid and binding obligations of the City,
C!Jxcept as the enforce.ent thereof lftay be 1imi ted by bankruptcy,
inaolvency, moratorium or other laws affecting creditors I rights
generally. -
(b) the Bon.da are not subject to the registration require-
ments of the Securities Act of 1933, as amended: and the Ordinance
is exompt froll qualification under the Trust Indenture Act of
1939, . as amended.
(c) the Official Statement has been authorized, executed and
dolivered by the City, and the City has consented to the use
t~ereof by the Underwriter.
,
"
"
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