HomeMy WebLinkAboutReso 2020-202RESOLUTION NO. 2020-202
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING BOND AND DISCLOSURE
COUNSEL AND JUDICIAL VALIDATION SERVICES IN
CONNECTION WITH THE ISSUANCE OF PENSION
OBLIGATION BONDS UNDER LEGAL SERVICES
AGREEMENT NO. LSA 102214 BETWEEN THE CITY AND
STADLING YOCCA CARLSON & RAUTH
WHEREAS, the City of Chula Vista (“City”) wishes to issue pension obligation bonds
(“POBs”); and
WHEREAS, City has an existing legal services agreement (No. LSA 102214) with
Straddling Yocca Carlson & Rauth (“SYCR”) that was entered into on March 1, 2015 (“Existing
LSA”); and
WHEREAS, SYCR has provided bond and disclosure counsel services to the City for
almost 30 years with respect to various types of bond issuances; and
WHEREAS, as a result, SYCR has developed a substantial familiarity and understanding
with City’s legal structure, authority and financial circumstances; and
WHEREAS, SYCR also has substantial experience with the legal requirements and
nuances involved with the issuance of POBs; and
WHEREAS, as a result of its substantial experience with City bond issuances, and with
advising other jurisdictions with their POB issuances, SYCR is uniquely qualified to provide
legal services to the City in connection with the City’s proposed POB issuance; and
WHEREAS, SYCR has proposed reasonable and appropriate terms for the provision of
such services under the terms of the Existing LSA as follows: (1) Bond and Disclosure Counsel
Services for a fixed fee of $85,000; (2) Judicial Validation Services at existing hourly rates not to
exceed a total of $25,000; provided, however, if the matter is contested and the City desired to
pursue the litigation, the cap of $25,000 would not apply and City and SYCR would meet and
confer to arrive at a mutually acceptable billing arrangement for the litigation; and (3) with all
such amounts payable out of bond proceeds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
that, based upon the recitals set forth above, it hereby:
(1) Extends the City’s Existing LSA with SYCR until June 30, 2021;
(2) Engages SYCR as the City’s bond and disclosure counsel, including judicial
validation services, on the terms set forth above; and
DocuSign Envelope ID: 00D66D3D-437B-4708-A0C8-318C75EE3D8F
Resolution No. 2020-202
Page No. 2
(3) Authorizes the City Manager, or her designee, to execute the necessary contract
documents to implement these actions on final forms approved by the City
Attorney.
Presented by Approved as to form by
David Bilby, MSBA, CPFO Glen R. Googins
Director of Finance/Treasurer City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 25th day of August 2020 by the following vote:
AYES: Councilmembers: Diaz, Galvez, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary Casillas Salas, Mayor
ATTEST:
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2020-202 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 25th day of August 2020.
Executed this 25th day of August 2020.
Kerry K. Bigelow, MMC, City Clerk
DocuSign Envelope ID: 00D66D3D-437B-4708-A0C8-318C75EE3D8F