HomeMy WebLinkAboutReso 1970-5615
RESOLUTION NOe 5615
RESOLU"T;;ON i:ri THE CITY COUNC%L Of~' THE ~'1T'r C.~' ~,~Ti1L5
VITA, APPROVING AGREEMENT BETWEEN T~iE CITY C~ .~'H..~L'4
wISTA AND STONE & YOUNGBERG FOR CONSULTING SERVICES FOR
THE ISSUANCE OF AUTHORIZED GENERAL OBLIGATION BONDS TO
FINANCE CONSTRUCTION OF THE POLICE FACILITY
AND .A~JTHORIZIN~;, THE MAYOR TO EXE~CJTE SA~.D ACRE"~'MG`"''~
The Ci.t-y Council of the City of Chub V:i~~a d°.~~~ F~~ ~ ~;t~x-
r~s~-~°e as fctw;;ea~ :
NOW, THEREFORE, BE IT RESOLVED tf'~~'t that ~~~r,1.n -~f~~:~-:~,
~:~~~~~~ THE CITY C!F CHULA VISTA, a municipal ~~~rpc;~~t,~~r;, ~~~ Stone
& Youngberg, a partnership, for consulting services for the issuance
of authorized general obligation bonds to finance construction of
the Police Facility
d.~ted the 21st day of April _9 70
~~ ~ `. ~:~ a~ r f ~ ~-:. -r-,
s-s atta^r.~d hereto anal Incorporated herein, the :~.amr ~s i~~~>~rt ~ ~~
~~~-~* for~~h here~.n be, a.nd the. same Is hereby app_roved
BE IT F'UP°IHER RESOLVED that the Mayan c;± ~i~.~ ;~ ~ ~y 4; :. =.
V ~ ~; ta. ~~~, and. k~.e s s k~l~reby authorized and d~ reor,ed i;; ~ ~~~u* s __ ~ ~.
ac~.~e~m~~nt f~: and ~n behalf of the Csty of Chula ~~~ =r3.
Pr~e~r~=d by
_ ~ _~
George D. Lindberg, City Attorney
rApp it ~ ta` e d 3 ~ *_ ;' t ^.:~ ''~' .~'
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George D. ndberg, City Attorney
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ADOPTED AND APPROVED by the CITY COUN ? L oT r ri ,= 4: T~,, '',~ - ~i .?a -::
t1ISTA, CALLk~ORNTA, this 21st day of April ~ y 70 ~„ r r,~
foil{~wa.ng vote, to-wit: --- ___..._
A`~ E'S ~ Coun;:~ imerz Scott, Hobel, Hamilton, Hyde
N~.YE~ : Counc~ lmex~ None
AB~;FNI' Coun~ i lm~~ -~ None
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~~~~~~ ~
Mayo. r n ,. „ ~ P „E ,~_ r-
( r cf _h. ~.w _~ ~. f _ _
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r_ ._~~erlk
~T~?E ~k~ CAIsIFORNIA
C:~,^`aNfi'r' G~~ SAN DIEGO ss,
C' ~' Y ~` ?~` C E~ LIL:A ~r' I S TA ?
f , C1~y C1e~k _,r rr.e C; ~~~ - ti -
`'Y'~ t~, ~`a~_~ f ~xnia, DC HEREBY CERTIFY than the ~bo~le ; s
.. _ , ~ nPY ~,al R~~so.q_ut~c~n NcF , and that ?'k-,~- ~ .. ,-
:~~r~~;?~.ed o~ ~F~:aa~Fd. DATED
C.ry 1:1~:~}c
CONTRACT EMPLOYING FINANCING CONSULTANT
THIS AGREEMENT, made this 21st day of April 1970, by and
between CITY OF CHULA VISTA, San Diego County, California , a City duly
organized under the laws of the State of California (hereinafter called "City"),
party of the first part, and STONE & YOUNGBERG, Russ Building, San Francisco,
California , a partnership (hereinafter called "Consultant") , party of the second
part:
WITNESSETH:
WHEREAS, City is considering the issuance of authorized general obliga-
tion bonds to finance construction of police facilities; and
WHEREAS, City desires to develop a feasible, economical and equitable
plan of procedure in carrying through to completion the financing of said public
improvements; 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, after due investigation 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 em-
ployment to perform the services, upon the terms, subject to the conditions and
in consideration of payments as hereinafter set forth:
Services 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 financing the construction of
the proposed public improvements.
2. Make recommendations as to exact terms and conditions under which
bonds are to be issued and sold, including timing and method of sale,
final amortization or repayment schedules, call and redemption features,
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sinking fund requirements, application of revenues and other details,
and cooperate with City's bond counsel in drafting the necessary
resolution of issuance and notice of sale.
3. Upon approval by City of final financing details, and upon direction
by City to do so, prepare the text and other materfal for an official
statement or bond prospectus describing the improvements, the bonds,
their security, and the economic and financial background of the City
which may be duplicated or printed and mailed at City's expense together
with copies of the official notice of sale to a comprehensive list of pro-
spective bond bidders. Consultant shall also take such other steps as
appear advisable to encourage strong competitive bidding for the bonds.
Any charges by bond rating agencies shall be borne by City.
4. During the entire course of employment hereunder Consultant shall
be available at reasonable times for consultation and advice relating
to the financial aspects of the contemplated improvement program.
Payment for Services:
5. For the services to be rendered hereunder City shall pay Consultant
the following fees at the times and subject to the conditions specified:
(a) The sum of $4,500, to become payable upon and subject to
receipt by City of funds to finance all or a part of the proposed
public improvements.
Other Considerations:
6. Consultant is employed hereunder to render a professional service
within the scope of its training and experience as a municipal fi-
nancing consultant and any payments made to it are compensation solely
for such service and advice. Outside of its normal office overhead and
traveling costs to and from its San Francisco office and City to perform the
services contracted for, Consultant is not responsible for and shall rot 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 and all 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
Consultant's services herein provided for, except those specifically
excluded herein.
7 . Nothing herein contained shall prevent Consulta nt 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 .
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8. City agrees that its officials and employees will be requested and
directed to cooperate with and assist representatives of Consultant
in every reasonable way to the end that Consultant may secure all infor-
mation and data required 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, andsaid STONE & YOUNGBERG, party of the
second part, has caused these presents to be executed by one of its partners,
as of the date hereinabove set forth.
CITY OF CH~^ULA VISTA
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BY ~ / ~~ - jZL-~,~ z
/mil .~ y c r
STONE & YOUNGBERG
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~~ ~Partne i
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