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HomeMy WebLinkAboutCarmel/HJ Umbaugh/Sewer Bond............... ~. - ~, ~ ~,,~ ENGAGEMENT AGREEMENT · ~' ' ' ~' ' ' ' ~ ' · ~'e~and ent'ered i~ ~is: ~ d ~ .... This Agreement, ma ~ of,. ~ _ ~ ~'i971, by and betwgen the Town of CarmeI, Hamilton' County, I~iana .... .... acting by and through its. duly elected public ?fficials and ~t~,d~y · '~,-and~lawful'ly. appointed representatives, hereinafter referred t~ as the~ ~!Town" and H. J. Umbaugh & Associates,~ Certified Public~Accountants~, ~ ihereinaf~er referred/to as the "Accountants", - ~ ~ ~ ~ 2WHEREAS, the T~wn owns and operates a sewage works ahd proposes ' ~to b~ild, construct and made, certain additions and improvements there- to, said T6wn is desirous of having conducted an acqounting study and~ review of.the records and accounts of the Town's sewage works pursuant ~ to ~he sal% of revenue bonds and for the approval of rate adjustments, if'necessary, to service said bonds and other necessary revenue re-. ..... :quirements. ~ ~. ' · .. ... -.. Subsequent to ~he determination of .financial plans, the Town is desirous of having prepared a Prospectus (Official Statement) in th~ --type and form that is generally prepared'to expedite and promote, the- issuance of Sewage Works Revenue Bonds, primarily for the purpose of -se~ling the bonds at the be~t possible interest rate on the open market on the date established for the sale of Duch.Sewage Works. .Revenue Bonds. ~. .. _- .. NOW, THEREFORE, in consideration of the mutual promises~and under- '~''j /takings of the parties hereto, it is mutually agreed as ~follows: ~ ,- ARTICLE 1. The Accountants agree to furnish and perform ~accounting 'services as follows: · . ~' - (A) To determine project costs-and to prepare bond .... '~ amortization and retirement schedules of the ' ~i.. ~_ proposed bond issue which will meet the approval ...... ,'. and requiremehts of the bond counsel. : -: (B) TO determine h'istorical trends of revenues and .... ~ · ~, .... . ~ . -, expenses and to project such trends into future · revenues and requirements. ~.~ - :~ "'(C) To design alternative.financing plans for' con~ - r sideration~of Town'Officials .... ~'- (D). TO make various accounting studies'of th~'oper- ~.: ' '~'-' - ation of the sewage works deemed necessary for' . to provide revenues es- for operation and mainten-'. ance, improvements, and to service the current- ly outstanding revenue bond~ and the~proposed revenue bonds To prepare accounting-exhibits disclosing available evidence pursuant to~ adjustment~ of rates, if necessary, revenue bonds. and for ~the approval of To furnish accounting data needed by.attorneys for prepa.ration of. ordinances . " To' attend meetings of public offi'ciaIs and public, hearings in relation thereto. ' ""~ ," '--'~ The Accodntants further 9gree: -: ..~_ To pr.epare, compose' and publish a' B~nd Prospect= ~s (Official StatemeEt) of the type 'and nature generally accepted and published for the sale of Sewage Works Revenue Bonds, which will disclose technical data, information and schedules deemed necessary and appropriate for the sale of Sev~age Works Revenue Bonds ~' ' /(B)-"L~o provide the rating institution,'Moody's' In- vestors Service, and ,if deemed necessary, Standard and Poors,- the information appropriate for their rating of the bond issue przor no the sa~ of the bonds. To prepare and distribute ~o al~ bond'~rokerage ~houses requesting information 4 ~ the --.: ~..' ~. . concern~n~ ~, ..j ~.. .''. ..- ' proposed Sewage Works Revenue Bonds, a copy or ' ' .... - . ~..*'- copies of the Prospectus-(Official Statement) to .: th~ extent deemed necessary to encourage bidding :/' -":"' ' ~ ..... ~ on said Sewage.Works Revenue Bonds'. ..... .. ':..- . -: '... ~ ._- . , ~.' '-:i (D) TO confer with representatives o~f Mobd. y's and/or ....." ~" '"' "-.:' ' ~' _ Standard and Poor's (in New York/ if necessary) ":..2 ,-'.j.~ .:~' f / -" and;to submit data and/or alternative"plans to, '~ .~-...' them to obtain best rating o'f the bond. ~ssue'. .- ARTICLE 3. The Town agrees to Day H. J. Umbauah & Associates ..... . -~ ~-~ .sas consideration for,services and, expenses Incur- .~ ,.~ ~'~.',, and expenses in-connectron therewith and shall ~,... .'(B) In addition to "(A)" above, Town will pay The .... ~ Skelt0n Company Sl,312.96 for work previously ...~ .~ performed by The Skelton Company on behalf of ' - '. ' the Town in connection with preliminary finan- -ARTICLE 4. The Town agrees to Pay Accountan,t. as considerations. .~ - , . :fo~ the services as set forth in Article. 2 ~consist- ' . ing of any and all services rendered and expenses -.-. ~ ~_.. :'~' ';' · _incurred in connection with the Prospectus (Official ...... , Statement) ,a fee not in excess of 1% of the first ...... million of bond issue and 1/2% on the' excess of ,one -~ "~"' /~' million, the actual fee to be determined by time and :_ expense charges. Any charges by rating, services ~shall ' i. be at.the expense of the Town. . :~.. · ' ' - . ' Provided that if the sewage works bohd sale and water ~ -, · ~ works bond sale both occur during 1971, the-maximum ' '-- .':charge shall be 80% cf the abo~e percentage amount. ARTICLE, 5. The Town agrees to cooperate and assist'.the partners - and staff members of. Accountant.in .expediting and "' rendering the services set fo~h- ih Article~ 1 a~d ~'.A,RT-ts~DE ~6. ,Either pa,r.ty~.may-ca,nceI,-this Agreement. upon ~ten da,~ ~ · ..' ~ :. 'all fees and ~expenses earned ~to da~e,.by c~ncellation :~ARTICLE 7; It is' 'the intenti~on an'd purpose of bot~ parties-eni' ...... terning~ into this Agreement that all ~e~services - -,. . set forth hereinbefore in Arti'cle 1 and ArtScle 2" ' ~- "< ~' are to be completed up'to and including the date ....... " set for the,.sale of~ the proposed Revenue~B~nds., and: ''~'-~,' ' .'-': . 'the fees 'inQurred by t~e. Accountants to'b~ paid~_by -~. · ::.. ,,- be .due and~payable after' the completion of the · ~f- ~ < ~ '~ >. - ~Bond Prospectus (Official Statement) and the mail- ~,.J,..~i,~J,",,~. ing ~of 'same and other related services' af~d expenses ~.. :..~,~. ~ on the date set and advertised fo~ the~ sale of the .... V ' ' .... .,; L', proposed Re enue Bonds. '--" . .. _ . . . -. ., ~- IN WITNESS W~EREOF, the' Parties have' hereunto se: their' ha'~ds and seals at Carmel, Hamilton County, Indiana, on tho..day, and year ~.bove set out, .. - ' The .'Town of.'. ~a~el, - Indiana TOWN. . '~ . - . '...'~¢~ -'... ~ ' . ".. - .. By its Board of'.Tru~tees ATTEST: ... : ~ ~- CSe easure~r -..' .. ACCO~A~S ~ ' : ~ '- H.J. Umb~ ugh~& ~s~'ociates. Certifie ~ublic Accountants . ... ,-..,. ,. :.... . . ~ .......... ..,.