HomeMy WebLinkAboutCVRC Reso 2009-010CVRC RESOLUTION NO. 2009-010
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
CORPORATION RECOMMENDING THAT THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA WAIVE THE FORMAL CONSULTANT SELECTION
PROCESS AS IMPRACTICAL AND APPROVE AN
AGREEMENT WITH STRADLING, YOCCA, CARLSON &
RAUTH FOR BOND AND DISCLOSURE COUNSEL
SERVICES
WHEREAS, as a result of the significant reduction in development-related fees currently
being collected, the City is anticipating restructuring a portion of the debt related to its Public
Facilities Development Impact Fees ("PFDIF") obligations; and
WHEREAS, the City anticipates that this restructuring will enable it to better meet its
long-term financial goals; and
WHEREAS, a Request for Proposal (RFP) was issued on September 2, 2009 for
investment banking and bond underwriting services anticipating the possible restructuring of
City bonded debt; and
WHEREAS, the law firm of Stradling, Yocca, Carlson and Rauth has served as the City's
bond counsel for the City's Certificates of Participation and Tax Allocation Bond refunding and
restructuring since 1997; and
WHEREAS, bond counsel has also served as disclosure counsel to the City assisting in
the preparation of the Official Statements for the financings; and
WHEREAS, bond counsel has also provided vazious post-issuance services at the request
of the City; and
WHEREAS, most recently bond counsel represented the City before the Internal Revenue
Service for the audit of the bond proceeds from the 2004 Certificates of Participation -Civic
Center Phase 1; and
WHEREAS, the audit concluded favorably to the City in all respects; and
WHEREAS, in connection with the proposed restructuring, bond counsel has intimate
knowledge of how the original financings were structured and this historical information puts
them in a unique position to advise the City on the most optimal restructuring alternatives; and
WHEREAS, retaining bond counsel will provide continuity for the City in lega] advice
for the prepazation of Official Statements; and
WHEREAS, in recent years, the Securities and Exchange Commission has emphasized
the importance of municipal disclosure; and
CVRC Resolution No. 2009-010
Page 2
WHEREAS, bond counsel is a very experienced firm on disclosure matters ranking first
in California and second in the country last year in the disclosure counsel rankings; and
WHEREAS, bond counsel has provided excellent service to the City throughout the term
of its contract always meeting deadlines and supporting staff throughout the financing process.
NOW, THEREFORE, BE IT RESOLVED that the Chula Vista Redevelopment
Corporation recommends that the Redevelopment Agency of the City of Chula Vista waive the
formal consultant selection process as impractical and approve an Agreement with Stradling,
Yocca, Carlson & Rauth for bond and disclosure counsel services.
Presented by Ap roved as to rrn by
i
QUA. la'PhO~U.GY7UlYrLJ 1i /~ ~1~~~~
Maria I achadoorian ffart ' iesfe d
Chief Financial Officer ~/;Qden ial Counsel
2
CVRC Resolution No. 2009-010
Page 3
PASSED, APPROVED, and ADOPTED by the Chula Vista Redevelopment Corporation
of the City of Chula Vista, this 10th day of December 2009, by the following vote:
AYES:
NAYS:
ABSENT:
ABSTAIN
ATTEST:
Directors: Desrochers, Flores, Munoz, Paul, Reyes, Salas, and Lewis
Directors: None
Directors: Flores
Directors: None
;~
Clv
G~~
Eric C. Crockett, Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
~ ~ -~
* ~ ~"~~
m0 06/152005
~~` 60U~tappC~C~Q~C
~p~~~FNT GO
I, Eric C. Crockett, Secretary of the Chula Vista Redevelopment Corporation of the City of
Chula Vista, California, do hereby certify that the foregoing CVRC Resolution No. 2009-010
was duly passed, approved, and adopted by the Chula Vista Redevelopment Corporation at a
special meeting of the Chula Vista Redevelopment Corporation held on the 10th day of
December 2009.
Executed this 10th day of December 2009.
ric C. Crockett, Secretary