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APRIL 7, 1959 - PAGE 2.
<br />We understand that you have employed or will employ Messrs. Squire, Sanders
<br />and Dempsey to do the legal work, and the cost of this, together with the
<br />printing of the bond blanks, will be borne by you. We also understand
<br />that the engineering firm of Floyd G. Browne & Associates, have been
<br />employed at your expense, and that an engineering study and feasibility
<br />report is now available or will be shortly.
<br />We offer our .services to you to act as your fiscal agents in connection
<br />with the sewer revenue bond financing, and agree to coordinate our efforts
<br />with those of the attorneys and engineers in assembling and compiling
<br />information in the proper presentable form of an Official Statement, which
<br />we will make available in a sufficient amount for distribution to prospective
<br />bidders, and for official uses, at our expense. Our charge for acting in
<br />this capacity on the sewer revenue financing only, will be $24,000.00 to
<br />bs paid to us promptly from the proceeds you derive from the sale of the
<br />sewer revenue bonds, regardless of the size of the issue.
<br />Having been established in 1903, we are perhaps the oldest investment
<br />firm in the state, and have been rendering satisfactory service to Ohio
<br />communities for many years. Our Statistical and Purchasing Departments
<br />are well equipped to ezpedite this study for you, as we have for many
<br />communities throughout the state.
<br />Over and above our offer concerning the revenue bonds, and irrespective
<br />and not a part of it, we will be happy to offer our services at no charge
<br />to you, in assisting on any phase of the financing other than the revenue
<br />bond type, offering our bast advice as to the amount and type of bonds,
<br />if any, that should be issued on this proposed project. In no way to
<br />affect our fiscal agency fee, we reserve the right to bid on any or all
<br />types of bonds that you of ter for sale, either under advertised competitive
<br />or invitational bidding.
<br />Unlike bids for construction contracts, or on the sale of bonds, the low
<br />bid is not necessarily the best bid on a fiscal agency contract. It
<br />is most important that you have confidence in the fiscal agents you
<br />choose, regardless of the dollar expense, for the quality of the work that
<br />is done for you is one of the determining factors in the favorable bond
<br />bids that you may receive. We point out for instance, that on $1,000,000
<br />bonds maturing serially out to 20 years (revenue bonds would probably run
<br />somewhat longer) 1/4qb difference in the interest rate you receive on your
<br />bonds could amount to as much as $25,000 in interest that you would pay out
<br />during the life of the bonds. It follows that such a earring would amount
<br />to $100,000 on a X4,000,000 issue, and X200,000 on an $8,000,000 issue.
<br />In the event you elect to employ us under the conditions and at the fee
<br />described above, ws will proceed at such time as you may so direct us, in
<br />order to expedite the coapletion of this study, and proper signatures on
<br />the enclosed copy of this contract shall be deemed to be your acceptance
<br />of such." Dana F. Baxter -Hayden, Miller & Co.
<br />The Safety Director reported 41 permits issued by the Building Department,
<br />with a total valuation of $573,500.00 for the month of March.
<br />The Director reported activities of the Police, Fire and Dog Warden for
<br />the month of March.
<br />The Engineer reported receipt of three easements for construction of
<br />water mains in three of the remaining streets in Olmsted Colony.
<br />Twenty residents of Rosita Lane presented a petition appealing to Council
<br />to pass a resolution directing the Building Department to refuse certain
<br />contractors permits effective immediately and until such time as the
<br />problem of flooded basements is corrected. These contractors are as
<br />follows: K. & L. Builders, Krutschnitt Construction Company, Peter
<br />Krutschaitt, Joseph A. Lindsay, John Weggesser & Son, and Nat Slobody.
<br />Mr. Wilson stated he had observed the flooding conditions, which no doubt
<br />is due to construction faults of the builders as downspouts are connected
<br />to footer drains, which is in violation of the Code.
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