HomeMy WebLinkAboutReso 2015-181 RESOLUTION NO. 201�-181
RESOLUTIOI�' OF THE CITY COUNCIL OF THE CITY OF
CHlILA VISTA «%AIVT?vG THE COI�4PETITIV'E FORn4AL BID
REQUIREMEI�TT AI�D APPROVIi�'G AN AGREEMENT �'ITH
H.ARRELL AND COMPA�\'Y AD\%ISORS. LLC TO PROVIDE
FI?�'ANCIAL ADVISORl' SER\'ICES
\�'HEREAS, Harrell and Company Advisors. LLC brouaht forward a proposal. to the
Director of Finance, for refundins the 2004 and 2006 Certificates of Participation: and
R'HERE.AS. interest rates aze still near historical lo���s and the financial market
conditions appeaz favorable for a refundine of the COPs; and
VIHEREAS: Chula Vista Municipal Code Section 2.�6.070 (B) (3) authorizes the City
Council ���aiver of the formal competitive bid process: and
V�'HEREAS, a «�aiver is requested for this aereement because Harrell and Compan}�
Advisors, LLC has semed in the past as financial adrisor durine the time of issuance of the 2004
and 2006 Certificates of Participation and understands the financing plan that ��as used to
structure the bonds: and
V�'HEREAS, if it is determined that the refunding is economically feasibilih�_ the Ciri�`s
interests would be materialh� better served by ��ai�ine the competiti��e bid process and a���azdins
the contract to Harrell because it will allow the Cit�� to move fonvard espeditiouslv and tal:e
ad��antase of current market conditions: and
l�'HEREAS. the a�reed-upon fee of �60.000 is contingent on the 2004 and 2006
Certificates of Panicipation being refunded; and
WHEREAS, if the bonds are not refunded then the fee ���ill not be paid.
I�jOI�'. THEREFORE. BE IT RESOLVED bv the Cit� Council of the Cih� of Chula
Vista. that it approves the agreement bern�een the Cin� and Harrell and Compan}� Advisors. LLC
to pro��ide financial advisory services for a potential refundine of the 2004 and 2006 Certificates
of Panicipation, in the form presented to the Citv Council. with such minor modifications as ma��
be required or approved by the Cit.� Attorne��. a cop�� of�i�hich is on file in the Office of the Cit��
Clerk. and authorizes and direc[s the h4avor to e�ecute the aereement.
Presented by Appro��ed as to form b�=
� ��� �`��/ �� -
Maria achadoorian Cs1en R. Goo�ins � �
Deput}� Cit�� Manaser/Director of Finance CiL.�tteme�
Resolution No. 201�-181
Page No. 2
PASSED, APPROVED. and ADOPTED bv the City Counci] of the City of Chula Vista,
California, this 21 st da�� of Jul�� 201� b}�the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary S as, Ma}�or
ATTEST:
�- �
Donna R. Norris. CMC. Cirn Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN D1EG0 )
CITY OF CHULA VISTA )
L Donna R. Norris, City Clerk of Chula Vista; California, do hereby certify that the foregoing
Resolution No. 2015-]81 ��as duly passed; approved, and adopted by the Ciry Council at a
regular meeting of the Chula Vista Ciry Council held on the 21 st day of July 20l 5.
Executed this 21 st dav of Julv 2015.
Donna R. Norris, CMC; City Clerk