1985-08-28 Special Called Meeting

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i ~ / . __ . Page 2 - . It is agreed and understood that all bonds be sold on competitive bids and that the undersigned, or any of its associates, , shall'~not have. any interest; directly or in- directly, in the sale of any bonds by the City, excepting the fees provided in this con- tract. , -• When bonds are ready for sale then in those issues which total $500, 000 or more a printed prospectus shall be prepared and mailed to investment bankers in the United States dealing in municipal securikies. This prospectus shall contain, in sufficient detail, terms and conditions under which bids will be taken, bid forms, complete financial statement and adequate general information on the City. If Iess than $500, 000 of bonds are to be offered for sale, then substantially this same information shall be prepared in. xerographic form, or some similar method, and submitted to prespective bidders. For and in consideration of our services and as reimbursement for expenses which we will have paid on behalf of. the City, the City agrees to pay us a cash fee on all new issues or refundings, this fee to be in the following amounts: (a) 3% on the first $50, 000 of Bonds; 2% on .the next $200, 000 of Bonds; 1-1/2% on the next $1 Nlillion of Bonds; 3/4 of 1% on the next $1-1/2 Million of Bonds; 1/2 of 1% on all bonds over $2, 750, 000. (b) In addition thereto, the City agrees to pay us a cash retainer of five hundred dollars ($500.00) per year, this retainer to be paid out of current funds and to become due and payable on September 1 of each year. The fees listed in (a) above shall become due and_~payable simultaneously with the delivery of bonds to the purchaser and, in the case of a refunding, when old bonds have been cancelled and ne~v refunding bonds have been issued in exchange thereof. It is agreed and understood that the fees listed in (a) above shall not be due and payable should the City for any reason be unable to make final delivery on any issue of bonds or warrants or to complete any refunding and, in this event, any e.•cpenses which we have incurred shall accrue solely to us.