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THE LEEDY CORPORATION P05T OFFICE BOX 711 749 NORTH GARLAND AVENUE ORLANDO, FLOFu OA 32801 MUNICIPAL FINANCIERS Honorable Chairman and Members of the Board of County Commissioners Indian River County Vero Beach. Florida 32961 c° Gentlemen: April 1, 1981 TELEPHONE 305/423-3464 We understand that Indian River County is giving consideration to raising additional funds to complete the courthouse project, and that this may be best accomplished by the issuance of additional municipal bond financing. To this end, The Leedy Corporation proposes -that it be retained as Investment Banker by the County under conditions set forth hereinafter. In the capacity of Investment Bankers for the County, The Leedy Corporation will (1) make a complete review of your financial status, to include examination into previous bond issues, funds available to pledge to new issues, and other areas we consider pertinent, (2) discuss with you our recommendations, which will indicate funds to be pledged and sources of income to the County, (3) upon acceptance by you of a recommended method of finance, negotiate with you in good faith for the purchase of your bonds at a market interest rate and price, (4) assist you in other- wise selling your bonds should our negotiations not be successful, and (5) supervise the delivery of the bonds to the purchaser. Within the above framework we would work closely with Messrs. Freeman, Richardson, Watson, Kelly $ Livermore, Jacksonville, Florida, in matters relating to preparation of the required resolutions, and offer testimony in the validation proceedings if such be requested by the County Attorney. In the event we do not purchase bonds directly from the County we would perform all services customarily provided to public bodies issuing bonds through public sale and we are to receive a fee in accordance with the attached schedule of fees recommended by the Florida Security Dealers Association. It is understood that the County shall pay all expenses of issuance in this case. We understand and agree that the employment of our firm is specifically and solely for the outlined services and the conditions hereof. This agreement shall constitute a continuing contract, subject, however, to termination at any time with- out obligation by either party, upon thirty days' written notice, one party to the other, of intent to terminate. If for any reason, bonds are not sold, the County shall have no financial or moral obligation to us of any nature. Acceptance or rejection of bid prices for said securities shall be at the sole discretion of the County. Such services as we shall perform in every instance shall be subject .to the prior approval of the Board of County Commissioners and shall in no way constitute the managing or controlling of the official functions of the County Commission. Respectfully submitted, THE LEEDY CORPORATION By Loomis C. Leedy, III The above agreement accepted this �_ day of 1981. Attest: F1fit •(/ . IJ Approved as to form and correctness: INDIAN RI'ER COUNTY, FLORIDA f B airman Countersigned: C linty Attornev Co ty Administrator -- _ APS 1191 21 Lry. �. BOOK -46- PAGAN