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HomeMy WebLinkAboutReso 1972-6393Form No. 342 Rev. 9-71 RESOLUTION N0. 6393 .RESOLUTION OF THE CITY COUNCTL OF THE CITY OF CHULA VISTA, APPROVING AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND STONE & YOUNGBERG FOR CONSULTING SERVICES FOR THE ISSUANCE OF AUTHORIZED GENERAL OBLIGATION BONDS TO FINANCE CONSTRUCTION OF THE LIBRARY AND AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT The City Council of the City of Chula Vista does hereby resolve as follows: NOW, THEREFORE, BE IT RESOLVED that that certain agreement between THE CITY OF CHULA VISTA, a municipal corporation, and STONE & YOUNGBERG, a partnership, for consulting services for the issuance of authorized general obligation bonds to finance con- struction of the Library facility dated the Qth day of April 19 72 a copy of which is attached hereto and incorporated herein, the same as though fully set forth herein be, and the same is hereby approved. BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista be, and he is hereby authorized and directed to execute said agreement for and on behalf of the City of Chula Vista. Presented by AYES: NAYES ABSEDT'T' ATTES Approved as Georg ney Councilmen- Hobel, Hamilton, Hyde, Egdahl, Scott Councilmen None r-.,,,,..... , , ....... STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss, CITY OF CHULA VISTA ) I' City Clerk of the. City of Chula Vista, California, DO HEREBY CERTIFY that the above is a full, true and correct copy of Resolution No. , and that the same has not been amended or repealed. DATED to form by ~ ~~'> ~ ~, ,- City Clerk ADOPTED AND APPROVED by the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, this 4th day of April 19 72 ~ b the following vote, to-wit: y CONTRACT EMPLOYING FINANCING CONSULTANT THIS AGREEMENT, .made this art, . ~ day of April , 1972 by and between CITY OF CHULA VISTA, a City duly organized under the laws of the estate of California (hereinafter called "City"), party of the first part, and STONE & YOUNGBERG MUNICIPAL FINANCING CONSULTAN" ,INC. , One California Street, San Francisco , California, a corporation (hereinafter called "Consultant"), party of the second part: WI2NES.SETH: WHEREAS, City is cd~sidering the isaumnce and sale of approximately $3, 000, 000 principal amount ofGeneral Obfigation Library bonds., predicated upon approval by the electorate; and WHEREAS, City desires to develop a feasible, economical and •:~.uitable plan of procedure in carrying through to completion said issuance of evidences of indebtedness; and WHEREAS, the preparation of such a plan. and its execution require certain studies, analyses and recommendations to be made by persons qualified by training and experience to do so; .and WHEREAS, City, afxer due i;;vestigation and deliberation, has determined that Consultant is qualified by training and experience. to perform said services; NOW , THEREFORE, it is mutually agreed as follows , to wit: City hereby employs Consultant and Consultant hereby accepts such employment to perform the services,, upon the terms, subject to the conditions,. and in consideration of payments as hereinafter set forth: SQrvices to be Performed by Consultant• Consultant shall perform in a diligent manner the following services: 1. Assemble, review and analyze available data and information which may have a bearing on a program for the issuance of the General Obligation bonds. 1 2. Based upon the foregoing analysis, make recommendations as to exact terms and conditions under which bonds are to be issued and sold, in- cluding timing and method of sale, final amorti •~,ation or repayment schedules, call and redemption features, sinking fund requirements, application of revenues and other details, and cooperate with City Ss bond counsel in drafting the nee: essary resolution of issuance and notice of sale. 3. Provide financing information and data which may be required in connection with any aids or grants which may be available to assist in the financing of the proposed public improt° went project. 4. Prior to an election for the authorization of bonds to .'inance the proposed library, appear at a reasonable number of public meetings that may be held by interested civic. groups to explain the financial aspects of the program and provide factual information regarding the project and the financing pro- ,.gram. 5. If the issuance of bonds or other evade noes of indebtedness to finance all or part of the costs of:the proposed improvements is authorized at an elec- Lion or otherwise, recommend to pity the exact berms and conditions under which bonds are to be issued and sold, including timing and method of sale, final amortization or repayment schedules, c:=-11 and redemrlt'.on features, sinking fund requirements, application of revenues -and other details. 6. Assist bond co.~nsel in drafting the necessary resolution of issuance and notice of sale. ? . Upon approval by City of fine - financing details , and upon direction of City to do so, prepare the text and other material for an official statement or band prospectus describing the improvements, the bands, their security and the economic and financial background of City. 8. Arrange for printing and distribution for the bond prospectus and other related material to a comprehex;sive list of prospective bond bidders. City shall reimburse Consultant for costs of printing and distributing the official state- ment and related material. 9. Effect direct personal contact with dealers and investors to stimulate interest in any bonds issued and advise on technical questions concerning financing. 10. Take such other steps as appear advisable to encourage strong competitive bidding on the bonds. Any charges by b©nd rating := ervices and any charges for preparation of debt statement shall be borne by City. 11. During the entire course of employment hereunder, Consultant shall be avail- able at reasonable times for consultation and advice relating to the financial aspects of the contemplated improvement program. Payment for Services: 12. For the services to be rendered hereunder, City agrees to ay Consultant a fee of Seven Thousand Five Hundred tS7, 500) .dollars, such fee to become paymble upon and subject to receipt by City of funds to finance all or a part of the proposed public imprrovements. - 2 - , --~ ~' 7 ~-. Other Considerations 13. Consultant is employed hereunder to render a profewsional service within the scope of its training and experience as a municipal financing consultant and' any payments. made to it are compensation solely for such service and advice. Outside of its normal ~ fffice overhead and traveling costs to and from its Ban Francisco and Los Angeles offices and City to perform the services contracted- for, Consultant is not responsible f~ and shall not be held liable for any other expense or expenditure of any kind, including the following: a. Any and all legal or engineering expense of any kind whatever. b. Any end ali expense in connection with hearings, proceedings and due issuance of bonds. c. Any printing, advertising, publicity, etc. , of such material or data as City may wish to have prepared. in connection with Gonsultant's serv- ices herein provided for,. except those specifically excluded herein. 14. Nothing herein contained shall prevent Consultant from carrying on its usual business activities, including the. performance of other additional services for City, should it so desire such additional services, nor from performing similar services for other cities, districts or public entities. 15. City agrees that its officials and employees will be requested and directed to cooperate vritt~ send assist 'representatives of Consultant in every reason- able' wlty`to the end that Consultant may secure all information and data requir®d to .perform the services herein ,provided for. IN WITNESS WHEREOF, said City, party of the first part , has caused these presents to be properly executed, and s~~~ STONE & YOUNGBERG MUNICIPAL FINANCING CONSULTANTS, TNC. , party of the second part, has caused these presents to be executed b~ one of its officers, as of the date hereinabove set forth. CITY OF CHULA VISTA _. Mayor STONE 1~ YOUNGBERG MUNICIPAL FINAr'^tNG CONSULTANTS, INC. ', Robert G. Bulot, Vice Pree~ident