HomeMy WebLinkAboutReso 1994-17708 RESOLUTION NO. 17708
RESOLUTION OF THE CITY OF THE CHULA VISTA CITY
COUNCIL WAIVING THE CONSULTANT SELECTION PROCESS
AND APPOINTING BOND COUNSEL AND FINANCIAL ADVISOR
UNDER EXISTING CONTRACTS; AND AUTHORIZING THE CITY
COUNCIL TO SELECT THE BOND UNDERWRITER THROUGH A
COMPETITIVE PROCESS FOR THE PROPOSED NEGOTIATED
SALE OF BONDS FOR ADVANCE REFUNDING OF VARIOUS
ASSESSMENT DISTRICT DEBT UNDER THE MARKS-ROOS
LOCAL BOND POOLING ACT
WHEREAS, the City currently has twelve special assessment districts with outstanding
debt and it has been determined that the property owners in five assessment districts would
benefit by a savings of between five and forty-four percent on their annual assessment as the
result of a refunding; and,
WHEREAS, in order to maximize savings, the transaction should take place by early
January due to special call provisions in the existing debt convenants, and bet structured as
a Marks-Roos pooled refunding; and,
WHEREAS, because both firms are currently under contract with the Agency, and
because both firms have requisite experience in this unique type of refinancing, it is being
recommended that Jones, Hall, Hill & White and Kelling, Northcross & Nobriga, Inc. be
appointed on a contingent fee basis to serve as bond counsel and financial advisor
respectively; and,
WHEREAS, if these recommendations are approved, staff will return later this month
to establish a joint powers authority under the Marks-Roos law between the City and the
Agency to facilitate the refunding and for approval of the required legal documents; and,
WHEREAS, concurrently, a competitive process will be initiated to select and negotiate
a contract for an underwriting firm to market the bonds subject to approval by the City
Manager.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby waive the consultant selection process and appoint the firm of Jones, Hall, Hill &
White, Incs. as bond counsel and the firm of Kelling, Northcross & Nobriga, Inc. as financial
advisors for the proposed negotiated sale of bonds for the advanced refunding of various
special assessment districts under the Marks-Roos Local Bond Pooling Act.
Resolution No. 17708
Page 2
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BE IT FURTHER RESOLVED that the Director of Finance is hereby authorized to select
the Bond Underwriter through a competitive process for the proposed negotiated sale of bonds
for advance refunding of various Assessment District debt under the Marks-Roos Local Bond
Pooling Act subject to City Council approval.
Presented by Approved as to f m by
Robert Powell ;} ~
Director of Finance City Attorne
Resolution No. 17708
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 1st day of November, 1994, by the following vote:
YES: Councilmembers: Fox, Horton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
~Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 17708 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the I st day of November
1994.
Executed this 1 st day of November, 1994.
· Authelet, City Clerk
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