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September 6, 1991
Mr. Robert S. McClary %
Sebastian City Manager
1225 Main Street
P. 0. Box 780127 v
Sebastian, Floriida 32978-0127 1
Re: Bond Counsel for Sebastian
Dear Mr. McClary:
Our firm has learned that the City of Sebastian (the
"City") may be considering a bond issue to finance the
acquisition and improvement of water and sewer systems. A major
consideration in such an important undertaking is the selection
of bond counsel. We believe that an experienced counsel will
contribute greatly to the quality of the financing at a level of
efficiency that is favorably reflected in its fees for such
services.
If the City is planning
bond counsel, we respectfully
opportunity to submit a proposal.
a financing and has not selected
request that we be given an
On April 1, 1989, the Florida bond counsel firm of
Freeman, McWilliams & Dame, P.A., Jacksonville, Florida, the
successor to Freeman, Richardson, Watson & Kelly, P.A.
(collectively, the "Freeman Firm"), merged into Squire, Sanders &
Dempsey ("Squire, Sanders"). Giles J. Patterson, who had a bond
practice dating back to the 1930's, joined the Freeman Firm in
1949. Mr. Patterson was Florida's first resident bond lawyer.
Under the leadership of Mr. Patterson and his partner, Frank L.
Watson, the Freeman Firm was the first Florida firm to achieve
the status of nationally -recognized bond counsel. Over the years
the Freeman Firm served as bond counsel to 40 counties, 86
municipalities, 51 school districts and many other local
governmental bodies in Florida, and has served as bond counsel to
the State of Florida. The Freeman Firm was bond counsel on the
following landmark financings in the state:
Mr. Robert S. McClary
September 6, 1991
Page 2
1. The largest municipal offering ever made in the
state, $1,800,000,000 Jacksonville Electric Authority St. Johns
River Power Park System Revenue Bonds (issued in installments).
2. The first single family mortgage revenue bond issue
in the state, $100,000,000 Duval County Housing Finance Authority
Single Family Mortgage Revenue Bonds, Series 1980.
3. The largest school financing in the history of the
state, $861,037,141.15 State Board of Education Capital Outlay
Bonds, Series 1989-A.
Squire, Sanders has been nationally -recognized bond
counsel for over 80 years, and has served as bond counsel on
Florida bond issues since 1920. It has been listed in "Municipal
Bond Attorneys of the United States' in The Bond Buyer's
Director of Munici al Bond Dealers (commonly -FE -own as the "Re
Boo ") rom oda e a fisting commenced.
The Freeman Firm, prior to the merger, and Squire,
Sanders were rated "av" in recent editions of the Martindale
Hubbell Law Directory; are qualified in all areas o public
finance including, but not limited to, electric power, water and
sewer, solid waste disposal/resource recovery, road, bridge and
other transportation improvements, recreation, fire control,
criminal justice, stormwater drainage, housing, school, public
building and equipment financing; and are approved bond counsel
for Farmers Home Administration bond transactions.
Squire, Sanders annually renders approving legal
opinions on approximately 1,000 issues of tax-exempt bonds,
notes, certificates of participation and commercial paper.
According to published statistics relating to the dollar volume
of bond issues, even prior to the Freeman Firm merger, Squire,
Sanders has consistently ranked nationally among the top 10 firms
over the last 5 years. For 1989 Squire, Sanders ranked 1st
nationally as bond counsel in number volume of new underwritten
public finance issues, and 6th in total dollar volume; and for
1990 ranked 2nd in both volume and number of Florida issues.
The bond counsel practice of Squire, Sanders is national
in scope. It has served as bond counsel and underwriter's
counsel on issues in over 30 states. Its bond counsel experience
extends to all types of state and local governmental finance,
including general obligation bonds, special or limited tax bonds,
lease/purchase certificates of participation, water and sewer
3247/MISC/AUS
Mr. Robert S. McClary
September 6, 1991
Page 3
revenue and other special obligation bonds, and tax increment
bonds. It has participated in drafting legislation for federal,
state and local governments, including authorities and special
districts; and has extensive experience in developing and
utilizing modern financing techniques, many directed to take
advantage of lower short-term interest rates and the demand of
tax-exempt investment funds for special types of investments.
These techniques include state revolving funds, credit
enhancement devices (letters of credit, repurchase agreements,
collateralization and bond insurance), commercial paper, variable
and convertible rate bonds, demand notes and put bonds. While
properly cautious and complete in its analysis of legal
questions, Squire, Sanders prides itself on its recognized
ability and willingness to develop and implement innovative
responses and techniques to permit public sector clients to
achieve their financing objectives and gain improved, less
expensive access to the market.
The bond attorneys of Squire, Sanders (approximately 50
in all offices) are assisted in complex tax issues by its public
finance tax group, consisting of 8 attorneys whose practices
focus on the tax aspects of municipal bonds.
Squire, Sanders is able to offer its public sector
clients a wide variety of legal skills in substantive areas
beyond public finance, including environmental regulation and
compliance; land use control; real property acquisition,
development and disposition; litigation; workers' and
unemployment compensation; labor relations; civil rights and
equal employment opportunity; occupational safety and health;
anti-trust; employee benefits and insurance; telecommunications;
intergovernmental relations; energy; aviation; solid waste
disposal; and various contract matters. We are finding our
environmental and solid waste disposal expertise more and more
useful in Florida, because of stringent federal and state
environmental regulations applicable to utility systems and
landfills; and are able to assist our clients by offering our
services in those areas when desired by the local attorney.
A detailed resume of our Florida public sector practice
is available upon request.
3247/MISC/AUS
Mr. Robert S. McClary
September 6, 1991
Page 4
we would like an
with the firm, and answer
bond financing. If you are
convenience.
opportunity to further acquaint you
any questions you may have regarding
interested, please call me at your
Yours very truly,
J son Freeman, Jr.
JFJr/vh
c: The Honorable W. E. Conyers
The Honorable Francis Oberbeck
The Honorable George G. Reid
The Honorable Peter R. Holyk
The Honorable Lonnie R. Powell
Mr. Charles Ian Nash
Mr. Bruce P. Jones
Florida Public Finance Group
3247/MISC/AUS