Certificate of the City Clerk - Purchase Agreement - 04-30-1956CITY OF EDGEWATER
VOLUSIA COUNTY, FLORIDA
CERTIFICATE OF THE CITY CLERK
I, FRANK F. DIPPERY, City Clerk of the City of Edgewater,
Florida, hereby certify that the following is a true copy of
an excerpt from the minutes of a special meeting of the City
Council of the City of Edgewater, Florida, duly called and
held on the "z day ofz /' i 1956 after due notice to each
Councilman and at which all of the Councilmen were in attend-
ance and voted throughout.
"There was presented to the meeting and examined
by the Councillors, a form of Purchase Agreement dated
April 25, 1956 providing for the issuance of $350,000
City of Edgewater Florida, Water Revenue Bonds to be
dated June 1, 1959, and for the sale of said Bonds
when issued to T. R. Alcock & Co., Boston, Massachu-
setts. The said Purchase Agreement describes the
bonds to be issued, the project to be financed with
their proceeds, the conditions of their issuance and
sale, and the obligations to be undertaken by the City
in connection therewith. Also presented and examined
by the Councillors was a report of Briley Wild & Asso-
ciates, Engineers, entitled "Water Supply, Treatment
and Distribution, Edgewater, Florida" to which report
reference is made in the above Purchase Agreement.
"After d scuss n, and upon motion duly made by
Councilman,.a seconded by Council-
man the following votes were
unanimously adopted:
"VOTED: That the City of Edgewater enter into
an agreement with T. R. Alcock & Co.,
Boston, Massachusetts, providing for
the issuance and sale of $350,000 City
of Edgewater Water Revenue Bonds to be
dated June 1, 1956, all as more fully
set forth in a "Purchase Agreement"
dated April 25, 1956 (a copy of which
Agreement together with the report of
Briley Wild & Associates, Engineers, to
which reference is therein made being
filed with the records following the
minutes of this meeting),and the Mayor
is hereby authorized and directed, in
the name and on behalf of the City, to
execute and deliver the said Purchase
Agreement.
"FURTHER VOTED: That the foregoing vote shall
supersede the vote of the Councillors
adopted April 18, 1956."
I further certify that the foregoing votes were adopted
by roll call vote, each Councilman and the Mayor voting "Yes";
that said votes have not been rescinded or amended and are
still in full force and effect; and that the Purchase Agree-
ment and the report of Briley Wild & Associates, Engineers,
to which this certificate is appended, are exact counterparts
of the Purchase Agreement and the report of said Engineers to
which reference is made in the foregoing vote.
WITNESS my hand and the seal of said City this o 'Li_ day
of < , 1956.
Frank F. Dip
Very
City Clerk as aforesaid
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(TO BE ON LETTERHEAD OF BAILEY WILD & ASSOCIATES, ENGINEERS)
T. R. Alcock & Co.
80 Federal Street
Boston, Massachusetts
Gentlemen:
We have examined the provisions of a Purchase Agree-
ment dated April 25, 1956 between you and the City of
Edgewater, Florida, covering your proposal to purchase
$350,000 City of Edgewater, Florida, Water Revenue Bonds
to be dated June 1, 1956, and to be issued for the purpose
of financing the construction of a water supply, treatment
and distribution system for that City, which system is more
fully described in our Report to the City, a signed copy
of which we send you herewith. . Our said Report includes
tables setting forth the amortization of said bonds and the
estimated revenues from the said system. As shown in said
Report, such estimated revenues
(1) will be sufficient each year during which
the proposed bonds are outstanding to meet
all expenses of the said system including
debt service and reserves for the said
bonds as contemplated by the said Purchase
Agreement,
(ii) will produce net income sufficient to
cover the average annual debt service
for said bonds by at least 135%, and
(iii) will produce net income plus pledged
utilities service taxes as contemplated
in the said Purchase Agreement sufficient
to cover the average annual debt service
for said bonds by at least 200%.
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In our opinion, the construction of the said water
supply, treatment and distribution system for the City of
Edgewater, Florida, as recommended in our Report, and its
financing by the issuance of the $350,000 Water Revenue
Bonds of said City, as proposed in said Purchase Agreement,
are economically feasible to provide an adequate water util-
ity system for the City of Edgewater, Florida.
Yours very truly,