HomeMy WebLinkAboutReso 1985-11927
(c)
RESOLUTION NO. 11927
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING, AUTHORIZING, AND DIRECTING
EXECUTION OF AGREmENT FOR BOND COUNSEL SERVICES
WITH JONES HALL HILL & WHITE, A PROFESSIONAL LAW
CORPORATION
The City Council of the City of Chula Vista does hereby resolve
as follows:
WHEREAS, the City is considering undertaking certain proceedings
for the issuance of mortgage revenue bonds to finance a home mortgage program in the
City, and it is desirable to employ bond counsel in connection therewith.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Chula Vista, as follows:
1. That certain agreement by and between the City and Jones
Hall Hill & White, A Professional Law Corporation, for bond counsel services in
connection with said bond issue, a copy of which is attached, is hereby authorized.
The Mayor is hereby authorized and directed in the name and on behalf of the City
to execute said Agreement.
2. This resolution shall take effect immediately.
Approved as to form by
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Paul G. Desrochers, Community
Development Director
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 5th day of February
19 85 ,by the following vote, to_it:
Moore, Cox, Malcolm, McCandliss, Scott
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AYES: Councilmen
NAYES: Councilmen
ABSTAIN: CoU'Icilmen
ABSENT: Councilmen
None
None
None
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ATTEST ~-;VnGv ~( :jf;4/
/ City C ark
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Mayo.uof ()e City of Chula Vista
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 11927
,and that the same has not been amended or repealed.
DATED
( seal)
City Clerk
CC-660
AGREEMENT FOR LEGAL SERVICES
THIS AGREEMENT I s made and entered Into thl s 2th. day of February ,
1985, by and between the CITY OF CHULA VISTA, California (the "City") and
JONES HALL HILL & WHITE, A Professional Law Corporation, San Francisco,
California ("Attorneys").
WITNESSETH:
WHEREAS, the Ci ty proposes to undertake fi nanc i ng proceed i ngs for a
single family housing project (the "Project");
WHEREAS, Attorneys are specially trained and experienced in the conduct
of proceedings for accomplishing such Project and financing proceedings; and
WHEREAS, the publ ic interest, economy and general welfare will be served
by this Agreement;
NOW, THEREFORE, IT IS HEREBY AGREED, as follows:
1. Duties. Attorneys shall provide legal services in connection with
the authorization, Issuance and consummation of the financing proceedings.
Such services shall Include the following:
a. Confer and consult with the officers and administrative staff
of the City as to any matters relating to the fInancing proceedings.
b. Attend all meetings of the City Council and any administrative
meetings at which any proceedings are to be dl scussed, deemed necessary for
the proper planning of the proceedings or when requested to attend.
c. Prepare any requ ired indentures, loan agreements, commitment
contracts, loan purchase agreements, servicing agreements, related financing
documents and all resolutions, notices and legal documents necessary for the
proper conduct of proceedings for the financing.
d. Review of all financial documents for legal sufficiency.
R- 11927
e. Review, without undertaking an independent investigation, the
official statements, if any, prepared in connection with the proceedings to
assure the disclosure of material facts within the knowledge of Attorneys.
f. Prepare and provide a signature and incumbency certificate,
arbitrage certificate and any and all other closing documents required to
accompany delivery of the financing documents for each financing proceeding.
g.
each of the
documents.
Prepare and provide a complete transcript of the conduct of
proceedings necessary to accompany delivery of the financing
h. Subject to the comp 1 eti on of proceed i ngs to our sat i sfacti on,
provide the legal opinion of Attorneys that the interest on the bonds issued
in the financing proceedings is exempt from Federal income taxes and approving
in all regards the legality of all proceedings for the authorization, issuance
and sale of the bonds.
i. Confer and consult with City offi ci a 1 s and agents with regard
to problems which may arise during the servicing and payment of the bonds.
j. Provide other necessary services generally expected of bond
counsel not listed above.
2. Compensation. For said services Attorneys shall be paid the
following compensation for each financing proceeding:
One-half percent (.5%) of the principal amount of
bonds delivered to a principal amount of $5,000,000, plus
one-quarter percent (.25%) of the principal amount of bonds
delivered over a principal amount of $5,000,000 to a
principal amount of $20,000,000, plus one-eighth percent of
one percent (. 125%) of the pr i nc i pa 1 amount of each issue
of bonds delivered over $20,000,000;
In addition, Attorneys shall be reimbursed for any costs advanced by
Attorneys on behalf of the City in each financing proceeding including
extraordinary messenger and delivery services, copying costs, filing costs,
out of state travel expenses, closing costs (at $75 per binder) and similar
expenses, but specifically excluding intrastate travel expenses, word
proceeding costs and clerical expenses. If verification of numbers is
required to be undertaken by Attorneys for closing purposes in any financing
proceeding (as opposed, for example, to verification by an independent
accounting firm), Attorneys shall be paid $5,000.
Said fees and costs advanced are payable solely on a contingency basis
and if for any reason any financing proceeding is not successful no fees shall
be owed to Attorneys for said proceedings.
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3. Exceptions. The following services are excepted from the services
to be rendered for such percentage fees:
Any services to be rendered in any 1 itigation
involving the City or any financing proceeding.
For any such litigation services which Attorneys are directed to render
for and on behalf of the City, compensation shall be on a reasonable fee basis
to be agreed upon.
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IN WITNESS WHEREOF, the parties hereto have caused these presents to be
executed by their respective officers and representatives thereunto duly
authorized, the day and year first above written.
CITY OF CHULA VISTA
By 4..>rc~ J2 C"
(j (ayor
Attes~/~/VH/P. :///d./"~''":r
~ City Clerk
JONES HALL HILL & WHITE,
A Professiona1 Law Corporation
By
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Ne 1 son Lee
APPROVED
, 19B5
. "'Jv':/'
C4ty Attorney
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