HomeMy WebLinkAboutReso 2013-218 RESOLUTION NO. 2013-218
RESOLUTION OF THE CITY COLTi�'CIL OF THE CITY OF
CHULA VISTA WAIVING THE COMPETITIVE FORMAL BID
REQUIREMEI�tT AND APPROVING THE FORM OF AN
AGREEA4EI�TT BETV�'EEI�' THE C1TY AND HARRELL AI�'D
COD4PAI�TY ADVISORS. LLC TO PROVIDE FINANCIAL
ADVISORY SERVICES
V�'HEREAS. Harrell and Compan�� Advisors; LLC broueht fon��ard a proposal to the
Director of Finance, for refunding the 2002 Certificates of Participation: and
VJHEREAS. interest rates are still near historical lo�vs and the financial market
conditions appear favorable for a refundine of the COP; and
V�'HEREAS. Chula Vista I�4unicipal Code Section 2.�6.070 (B) (3) authorizes the Citv
Council to �+�aive the formal competiti��e bid process; and
R'HEREAS; a ���ai��er is requested for this aereement because Harrell and Compan}�
Advisors, LLC has sen�ed in the past as financial advisor durine the time of issuance of the 2002
Certificates of Participation and understands the financing plan that was used to structure the
bonds: and
WHEREAS, the economic Feasibility of refunding the 2002 Certificates of Participation
has ��et to be determined: and
WHEREAS, the agreed-upon fee of $»,000 is contingent on the 2002 Certificates of
Participation beino refunded; and
WHEREAS, if the bonds are not refunded then the fee H�ill be paid.
NOW. THEREFORE. BE IT RESOLVED bv the Cit�� Council of the Citv of Chula
Vista, that it appro��es the Aereement behveen the Cit�� of Chula Vista and Harrell and Compan��
Ad��isors, LLC to pro�ide financial advisor�� sen�ices for a potential refundine of the 2002
Certificates of Participation. in the form presented, as mav ha��e been modified by the Council
prior to its appro��al and «ith such minor modifications as ma}� be required or approved by the
City Attorney, a cop}� of �+-hich shall be kept on file in the Office of the Cin� Clerk, and
authorizes and directs the Mavor to e�ecute same.
Presented by Appro��ed as ro form b��
�—'1/� YWLA�I'L,/� / `
,
M�Kachadoorian G en R. G�oeins �
Director of Finance/Treasurer Cfi� A�mey
Resolution No. 2013-218
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this �th day of No��ember 2013 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Ramirez, Salas and Coa
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Cheryl Cox, or
ATTEST:
R /��Ni.��
Donna R. Norris, CMC; City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
1, Donna R. Norris; City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 201.i-218 �vas duly passed, approved, and adopted by the City Council at a
special meeting of the Chula Vista City Council held on the Sth day of November 2013.
Esecuted this Sth day of November 20li.
/�� � i✓',t,c.-1
Donna R. Noms, CMC, City Clerk