HomeMy WebLinkAboutReso 1999-19388 RESOLUTION NO. 19388
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA WAIVING THE CONSULTANT SELECTION PROCESS AS
IMPRACTICAL AND APPRQVING AGREEMENTS WITH THE
BOND COUNSEL FIRM OF BROWN, DIVEN, HESSELL & BREWER
LLP, THE INVESTMENT BANKING FIRM OF STONE &
YOUNGBERG LLC, AND THE FINANCIAL ADVISORY FIRM OF
FIELDMAN, ROLAPP & ASSOCIATES TO CONTINUE TO
PROVIDE SPECIALIZED PROFESSIONAL SERVICES RELATED TO
INFRASTRUCTURE FINANCING DISTRICTS WITHIN THE OTAY
RANCH TERRITORY, AND AUTHORIZING THE MAYOR TO
EXECUTE SAID AGREEMENTS
WHEREAS, a primary source of financing for development related infrastructure, such
as roads, sidewalks, drainage, etc., has been borrowing through the use of various types of
financing districts; and
WHEREAS, the complicated legal requirements and financial strategies for the
formation of such districts and completion of the long term borrowing through bond issuance
have necessitated the use of a team of consultants, including as a core, Bond Counsel,
Underwriters, and Financial Advisory firms; and
WHEREAS, based on the previous selection process and experience in working with
these firms on two districts currently underway, staff believes that the current team of
consultants is as good or better than any others that may be available; and
WHEREAS, in order to take advantage of the knowledge of the development plans
throughout the Otay Ranch territory that these individuals have accumulated while working
on the two recently established districts, and to avoid the staff time and expense involved
with multiple selection processes which staff believes would result in the same conclusion and
recommendation to contract with the same firms, staff is recommending that the City contract
with them for all future financing districts within the Otay Ranch territory.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista
does hereby waive the consultant process as impractical and approve the agreements with
the bond counsel firm of BrOWn, .Diven, Hessell & Brewer LLP, the investment banking firm
of Stone & Y0ungberg LLC and the financial advisory form of Fieldman, Rolapp & Associates
to continue to provide specialized professional services related to infrastructure financing
districts within the Otay Ranch territory, copies of which shall be kept in the office of the City
Clerk.
BE IT FURTHER RESOLVED that the Mayor is hereby authorized to execute said
agreements on behalf of the City of Chula Vista.
Presented by Approved as to form by
.,X,<,__ ....
Finance Director
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Resolution 19388
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chuta Vista,
California, this 16th day of March, 1999, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilia, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley Ho/Z/o~n,' Mayor
ATTEST:
Susan Bigelow, City Cl%r~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 19388 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 16th day of March, 1999.
Executed this 16'h day of March, 1999.
Susan Bigelow, City Clerk