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Accepting Proposal - Leedy, Wheeler & Company - 10-23-1946 . \....;- ,.,., -....I ... ~- RESOLUTION WHEREAS, The Town of Edgewater has received a proposal from Leedy, Wheeler and Company, Orlando, Florida, which reads as follows: Leedy, Wneeler & Co. Investment Bankers Orlando, Florida October 18th 19 46 Honorable Mayor and Town Council Edgewater, Florida Gen tl,em en: It is our understanding that the TOllllIl of Edgewater is d~sirous of acquiring its own electric distri- bution system. Accordingly, we propose that we be employed by the TOY\1Il of Edgewater to act as its Fiscal Agents, and in such capacity we will render the following services: 1. We 'will employ, at our own expense, Ii qualified electrical engineer to apprai.se the electric distribution systrnu now located within the town limits of Edgewater, said appraisal to include the present depreciated value ot: the existing system, the cost ot: reproduction new, and a statement ot: estimated annual revenues and expenses. 2. We will, in behalt: at: the Town, negotiate with the City ot: New Smyrna Beach to the end that the distribution system now existing in Edgewater may be acquired by you at a price mutuallysatist:actory to you and the City ot: New Smyrna Beach. 3. If you and the City ot: New SmYrna Beach are una15le to COOle to a satist:actory agreement and you pret:.er not to acquirethe existing distribution system by condemnation, we will at your request have our engineer prepare plans and specit:ications cover- ing the construction ot: an adequate electric distri- bution system, it being understood that you vdll be responsible t:or the payment ot: the cost,-ot: any de- ,/ ~ '-' ....., tailed plans and specifications prepared, but the cost of this service to be predetermined and mutually satisfactory. ' --" 4. It is agreed that the cost of acquiring an electric distribution system, togeth,er with ,engin- eering f,ees, financing expenses, etc., will be paid through the issuance of 4% Electric Revenue Bonds maturing annually over a pe~iod of not to exceed fifteen or tw'enty years from date. As soon as the amount of such bonds is determined, we will employ nationally kno'~ bond attorneys who ~dll a~sist in the preparation of all proceedings incident to the issuance of the desired Electric Revenue Bonds. It is mutually understood that you will execute all instruments necessary tn the proper validation and issuance of these securities. 5. \Vhen these bonds have been duly author- ized and validated, we agree to buy and you agree to sell bonds issued hereunder at a urice of 96 and accrued interest, our purchase being conditional only upon the delivery to us of e~proving opinion by nationally known bond attorneys, our receiving ade- quate assurance that the proceeds will be used for the acquisition of the distribution system. Like- wise that adequate provision will be made for the operation of the system and the establishment of electric rates sufficient to pay, when due, interest and principal on bonds issued hereunder and all sinking fund and reserve requirements as provided in the resolution authorizing the issuance of 'the bonds. Respectfully submitted, LEEDY, WHEELER &: COMPANY BY L. C. Leedy The above proposal is hereby accepted by duly adopted r~olutio~ passed by the Town Council this ~day of Qe rrWz- , 1946. (}~~ rf~~!~~/ \" ~ '--' \w ....., ~~ AND WHEREA~ It is for the best interests of the Tovm or , Edgewater, Florida that said proposal be accepted by the Town of Edgewater: NOW, THEREIt'ORE, BE IT RESOLVED BY THE TOVvl'J C01JNCIL OF THE 'l'OviN OF EDGKvvATER, FLORIDA: S~CTION 1. That the said proposal of Leedy, Wheeler and Company to the Town of Edgewater be and the same is hEreby accepted. SECTION 2. The mayor and tovm clerk of the Tovm of Edgewater, Florida are hereby authorized and directed to sign the accept- ance, and to deliver the saws together va. th a certifi ed copy of this resolution to Leedy, Wheeler and Company. SECTION 3. This resolution shall take effect immediately. It was moved by Councilman by Councilman a f<. Pot!:1 1- . l }.f~~L-- , and .seconded that the above and foregoing resolution be adopted by the To~m Council of the Tovm of Edgewater, Florida, and be spread upon and made a part of the minutes of this meeting held the ).J day of October, A. D. 1946. The vote of said councilmen on said roll call being as follows: " J1.~~~ ~ ~ Councilman ~ ~ .0 ~~ Coun'cilma ~ AT/rEST: TOwn~~' 7: ! n:~J.