168-The Leedy Corporation
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THE LEEDY CORPORATION
POST OF'F'ICE: Box 711
749 NORTH GARLAND AVENUE
o FU..AN CO, FL.ORICA 32601
MUNICIPAL FINANCIERS
April 23, 1980
TELEPHONE 305/423- 3464
Honorable Mayor and City Commission
City of Sanford
P. O. Box 1778
Sanford, Florida 32771
Gentlemen:
We understand the City of Sanford is desirous of investing funds on hand in the
various Public Improvement Revenue Bond accounts in U. S. Government securities in
such a manner that the principal of and interest on such securities would provide to
the sinking fund a guaranteed income on each March 1 and September 1 to and including
September 1, 1998, sufficient to pay all interest and principal due on the Public
Improvement Revenue Bonds in a timely fashion.
We wish to offer our services to the City to assist in the coordination of this
endeavor. We would work with your Finance Director, bond counsel and Escrow Deposit
agent in the structuring and investing of funds in such manner that would provide
for the full utilization of the utilities service taxes and franchise tax received
from Florida Power and Light Company by the general fund of the City. Upon depositing
U. S. Government securities, in a principal amount which, together with the interest
to be earned thereon, will be sufficient to pay maturing interest and principal of
all outstanding Public Improvement Revenue Bonds, on deposit with the escrow agent,
Mssrs. Freeman, Richardson, Watson, Slade, Kelly & Livermore will provide their
written opinion stating that so long as the escrow agreement remains in effect, the
excise taxes (utilities service taxes and the franchise tax received from Flo~ida
Power and Light Company) may be used by thelCity in any lawful manner.
Upon the successful conclusion of this undertaking we will bill you for our
services in an amount not to exceed $10,000. It is understood that we will pay the
fee of bond counsel from our compensation. If this is in accordance with your
understanding, we would appreciate your so indicating by executing the acceptance
provision below.
Respectfully submitted,
THE LEEDY CORPORATION
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By . .'
Loomis C. Leedy, {t.-- "
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City of Sanford, Florida
Page 2.
The above agreement accepted by appropriate action this 17th day of April, 1980.
Approved as to form and correctness:
CITY OF SANFORD, FLORIDA
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Mayor
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City Attorney
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