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March 12, 1980 Page 2 woK .42 PAGE 919 - (2) The County will name the Central Plaza. Bank & Trust of St. Petersburg, Florida as Paying Agent. (3) The County shall invest from the proceeds the sun of Dollars ( $ ,�ZcE /2j') in ani,. percent°° Certificate of Deposit to b� issued by a bank to be subsequently named by William R. Hough & Co. and to mature ten (10) years from date of purchase. Such Certificate will be cancellable only if necessary to prevent a default on the Bonds. In such case, it will be redeemable by the County without penalty. (4) The Bonds will be accompanied at delivery by the unqualified legal opinion of Messrs. Freeman, Ricardson, Watson, Slade, Kelly & Livermore, Jacksonville; Florida. (5) The County agrees to pay all expenses of the issuance of the Bonds excluding the travel and communication expenses of William R. Hough & Co. The expenses to be paid by the County include Bond Counsel fee, Bond Counsel expenses, County Attorney's fees, Bond Printing, Bond Ratings, preparation and printing of Official Statement, Validation and Closing costs. (6) The obligation of William R. Hough & Co. to take delivery of the Bonds is further subject to the following: (i) no decision by a court of the United States or the tax court of the United States shall have been rendered, or a sling, regulation (final, temporary or proposed), or official statement by or on behalf of the Treasury Department of the United States, the Internal Revenue Service or other governmental agency shall be made, or legislation shall have been enacted by or favorably reported to either the House of Representatives or the Senate of the United States with respect to Federal taxation upon revenues or other income of the general character derived by the County or upon interest received on the Bonds of the general character of the Bonds, which in the opinion of the undersigned, materially affects the market price of the Bonds, or (ii) there shall have been a declaration of war by the Gover-anent of the United States, or there shall have occurred a general suspension of trading on the New York Stock Exchange or the declaration of a general barking moratorium by the United States or New York State Authorities. (7) The County agrees to receive recommendations for investment in Certificates of Deposit of the bond proceeds not immediately required for disbursement, provided however, that the yield on said Certificates shall be acceptable to the County. (8) William R. Hough & Co. will provide within 24 hours of the acceptance of this proposal a good faith check in the amount of Thirty Thousand 'Doll ' ars ($30,000) to be held_ uncashed and applied to the purchase price of the onds or which is to be retained as full and liquidated damages by the County in the event that William R. Hough & Co., through its own fault, does not perform under the terms and conditions of this Purchase Proposal. If the County is unable to deliver the Bonds pursuant to the terns of this Proposal within thirty (30) days, then the County shall, at that time, return the good faith check to William R. Hough & Co. Respectfully submitted, WILLIAM R. 14DUGH & CO. orge T. �'a'nd" The -TIC excluding cost of MBIA Insurance = 8.922692 The TIC including cost of MBIA Insurance = 9.2+1808