HomeMy WebLinkAboutReso 2015-156 RESOLUTION NO. 2015-1>6
(PFA?015-ppq,,4fF.4?015-00?.H4?0/5-OOi.lDA?015-00IJ
RESOLUTION OF THE CITl' COUNCIL. THE PUBLIC
FII�'AI�'CIT�'G AUTHORITY. THE MUI�'ICIPAL FINANCII�'G
AUTNORITY. THE HOUSRvG AUTHORITY. AI�'D THE
II�'DUSTRIAL DEVELOPA4E?�TT AUTHORITY OF THE CITY
OF CHULA VISTA. V�'AIVIIvG THE FORMAL CONSULTANT
SELECTION PROCESS AS IMPRACTICAL AND APPRO\'II�'G
AI�' AGREEMENT �1'[TH STRADLII�'G. YOCCA. CARLSON R
RAUTH FOR BOND A1�TD DISCLOSURE COUt�'SEL
SERVICES
�i'HEREAS, the la�� firm of Stradling, I'occa, Carlson and Rauth ("SI'CR") has served
as the Citys bond counsel for the City's Certificates of Participation and Tak Allocation Bond
refundine and restructurine since 1997: and
R'1-IEREAS. SYCR has also sen�ed as disclosure counsel to the Citv assistine in the
preparation of the Official Statements for the financings and has provided ��arious post-issuance
ser��ices at the request of the City; and
�i%HEREAS, most recentiv SYCR represented the Cin before the Intemal Revenue
Sen�ice for the audit of the bond proceeds from the 2004 Certificates of Participation — Ci��ic
Center Phase 1 and the audit concluded favorabl}� to the Citti- in all respects; and
\�'HEREAS, SYCR has pro��ided training to Cit�� staff and the Citv Council in December
2013 on the disclosure responsibilities under Federal securities la�tis; and
�'HEREAS, in connection ���ith the proposed restructuring, SYCR has intimate
knoN�ledge of ho�v the original financings were structured and this historical information puts
them in a unique position to advise the City on the most optimal restructurine altematives; and
V�'HEREAS, retaining SYCR will pro��ide continuit�� for the City in legal advice for the
preparation of Official Statements; and
WHEREAS: in recent ��ears; the Securities and E�chanee Commission has emphasized
the importance of municipal disclosure: and
WHEREAS, SYCR is ��en� experienced on disdosure matters ranking first in Califomia
and second in the countrv last vear in the disdosure counsel raril:in�s: and
�1'HEREAS; S1'CR has pro��ided excellent sen�ice to the Cit�� throughout the term of its
contract ah�ati-s meetine deadlines and supportine staffthroughout the financing process.
Resolution No. 201>-156
(YFA?0/5-003.M6A 2015-00?,HA 20Li-005,/DA 30/5-001J
Page No. 2
NOW, THEREFORE, BE IT RESOLVED that the City Council of the Ciry of Chula
Vista waives the formal consultant selection process as impractical and approving an Agreement
with Stradling, Yocca; Carison & Rauth for bond and disclosure counsel services.
Presented by Approved as to form by
� � ` .�,.• ` � / �
Maria achadoorian len G`oogins
Deputy City Manager/Director of Pinance ity Attomey
PASSED. APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 16th day of June 2015 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mazy S , Mayor
ATTEST:
� /
Donna R. Norris. CM . Citv Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
1, Donna R. Norris; Cit�� Clerk of Chula Vista, Califomia, do hereby certif}� that the foregoing
Resolution No. 201�-156 ���as 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 June 2015.
Executed this 16th day of June 201�.
� �
Donna R. Norris, CMC, City Clerk