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Home My WebLink AboutReso 1962-2785 Resolution No. 2785 Stone & Youngberg, Financing Consultant . . . �� . , Y RESOWTiON N0. 2�85 RESOLUiTON OF THE CITY COUIvCIL OF T}iE CITY OF CHJLA VISTA, CAISFORNIA APPROVING CO\1RACT 4YITH S10NE & YOUNGBEIiG, FINANCIIr'G CONSJLTMT THE CITY CO[R�CIL OP THE C1TY OP CHULA VISTA, DOES HII2EBY , ' RESOLUE AS FOLLOWS: That certain agreement, dated March 13, 1962, between Stone & Youngberg, Financing Consultant, and the City of Chula Vista, a copy of which is attached kreto and by this reference iucorporated herein, as though fully set forth hesein, be and the s azae is heieby approved, a� the �tayor of the City of Chula Vista is hereby authorized and directed to execute the� same for and on behalf of the City of Chula Vista. . � � . ` � . } � . . , - , . - . . ' .7 � . � �J . �I� . ` . . � � � ' ' • � � - " , ADOPTED AND APPROVED by the CITY COUNCIL oE the CITY OF CHULA VISTA, CALIFORNIA, this 13th day of March 19 62 � by the following vote, to-wit: AYES: COUNCIIMEN Smith, DeGraaf, AlcAllistez, �McAlains NAYS : COUNCIINEN None ABSENT: COUNCIIMEN Menzel c ' � Pro—te Mayor of the City of Chula Vista ATTEST � �� '�"�`�/ 'ty Clerk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHUI.A VISTA ) I, KENNETH P. CAMPBELL, City Clerk of the City of Chula Vista, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of , and that the same has not been amended or repealed. DATED - City Clerk CONTRACT EMPLOYING FINANCING CONSULTANT THIS AGREEI�fENT, made this.la�day of MJrc� , 1962, by and between the CITY OF CHliIA VISTA, San Diego County, California, a City . - duly organized under the laws of the State of Califomia (hereinafter called "City"), party of the first pz*t, and STONE � YOUNGBERG, Russ Building, San Francisco 4, California, a partnership (hereinafter called "Consultant"), � � � party of the second part: WITNESSETH: Wi-?EREAS, City has developed certain plans and taken other nec- essary actions toward the formation oi a parking district and the acquisi- �� tion of public parking places in the City; and � WHEREAS, City plans to proceed with the financing of the oroposed ,,: - -�., .: -` ""� � off-street parking facilities under the general provisions of the Parking Dis- trict Law of 1951; and � - �� WHEREAS, City desires to develop a feasible and economical plan � � � � � of financing said facilities; and 4VHEREAS, the preparation of such plans and their execution require certain studies, analyses, and recommendations to be made by persons - - � _ aualified by training and experience to do so; and � WHEREAS, City, after due investigation and deliberation, has deter- - � �� mined that Consultant is qualified by training and experience to perform szid . . � - � 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 paynents as hereinafter set forth: _1_ �O�o- �C,�,�. �-.��SS Services to be Performed bv Consultant: 1. Consultant shall in a diligent manner nake studies and as- semble material to determine the financial and economic feasibility oi � � �� iinancing the proposed project underthe provisions of the law being used _ and based upon its findings in this respect, shall make recommendations ' � � � to City as to the details of such financing plan, including timing of ac- tions and other procedurzl matters. In connection with such studies, Con- sultant shall confer with the City's bond counsel and with City officials regarding the proposed project, and will coordinate its studies and actions , - .; :.:--:. . . with those of the City and others d'uectly connected with the program. 2. After submitting the preliminary recommendations as to financ- ing, Consultant shall from time to time as reasonably required, consult :. . �,..�. �'� : ;� with and advise City as to any further aspects relating to the financing of � the off-street parking project until such time as a finalfinancing plan is - :;.' � :': .:- __„.`,.:_:. . -: . ;; . aporoved by City. 3. Upon approval by the City of the final iinancing details and its determination to offer bonds for sale, Consultant shall promptly prepare - an official statement or prospectus describing in detail the proposed proj- - - ect, the bonds, their security, and the economic and financial background _ -�. � -; : �f.: of the Gity, which may be duplicated or printed and mailed at City's exper.se q together with copies of the official notice of sale to prospective bond bidders, ti; , a comprehensive list o: whom shall be supplied by Consultant. Consultar.t � shall also contact national bond rating agencies and take such other steps as appear advisable to encourage strong competitive bidding forthe bonds. � � �� 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. .... _ . . , . .. _Z_ - Pavr.ient for Services: 5. For the seroices to be rendered hereunder City shall pay Con- sultant the following fees at the times and subject to the conditions spec- ified: (a) The sum of $2,500 to become payable upon submission � of the report discussing our findings and recommendations described in Paragrzoh 1 above. (b) A further sum equal to One and One-iialf Per cent (1-1/2%) of the total amount of financing involved to become payable upon receipt by City of funds to finance the project. (c) It is agreed and understood that the total payments to be received under Subparagraphs (a) and (b) above shall total not less than $5,000. � - � Other Considerations: � . �. _ ' . - 6. Consultant is employed hereunder to render a professional serv- �- � � ice 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 office overhead and traveling costs to and from its San Francisco and Los Angeles offices to perform the services � . contracted for, Consultant is not responsible for and shall not be held liable � for any other expense or exoenditure of any kind, including the following: . (a) Any and all legal or engineering expense of any kind . whazever. (b) Any and all expense in connection with hearings, pro- ceedings, and due issuance of bonds. - � (c) Any printing, advertising, publicity, etc. , of such ma- terial or data as City may wish to have prepared in con- nection with Consultant's report or services herein provided � � � for, exceptthose specifically excluded herein. . � 7. Nothing herein contained shall prevent ConsulYant 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 per- I � � � � forming similar services for other cities, districts, or public entities. -3- _ ...._ . . .. 8_ City agrees.that its officials znd employees will be requested and d'uected to cooperate with and assist representatives of C onsuitant in every reasonable way to the end that Consultant may secure all information and data required to perform the services herein provided for. IN V✓ITNESS WHEREOF, said City, party of the first part, has caused these presents to be executed by its duly authorized officials and said Stor.e � Youngberg, party of the second part, has caused these presents to be ex- ecuted by one of its partners, as of the date hereinabove set forth. CITY OF CHUTA VISTA � _ BY � lli �.��f ("�l/kfi'-�xo� By.. STONE & YOUNGBERG gy �(.-\��w\��hrC..W � � . . . Partner ATTEST: � � Approved as to form this /3?�day of Md�<<1 , 1962 < , ... - :. _.. . �/Ll-Z2 � / l� 'I � V�� . _ , �� _ , . ; ; : . ; � _4_ G� ��, ;.... ..___-.:.._ � . i