HomeMy WebLinkAboutAgenda Statement 1982/11/18 Item 2•
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COUNCIL AGENDA STATEMENT
Item 2
Meeting Date 11/18/82
TITLE: Resolution 11083 Approving, authorizing and directing
execution of agreement for bond counsel services with Jones
Hall Hill & White for services related to Marina financing
ITTED BY: Commuinity Development DirectorV~~~ (4/5ths Vote: Yes No X )
or the past several years, Agency and City staff have been working with Bond
ounsel, Jones Hall Mill & White, and potential underwriters Hrith regard to
he financing of the Marina and RV Park. Fees for outside consultants come
rom the bond proceeds and are not payable until the issue is sold. Now that
t is apparent that Financing can be accomplished, it is appropriate to place
or Agency review and concurrence Agreement for Services of Bond Counsel. It
s r;ly
ECOMMENDATION: That the Council adopt resolution authorizing the entering
into an agreement four bond counsel services for the Marina and RV Park with
ones Hall Hill & White.
OARD/COMMISSION RECOMMENDATION: Not applicable.
• ISCUSSION:
he recipients of the bond proceeds, that is the developer, Income Property
roue (IPG), has beep consulted with regard to bond counsel fees. As in all
ther instances, fees are not a liability of the City or the Redevelopment
gency but are derived from the bond sale proceeds and are thus payable by the
eveloper. The agreement is a standard agreement and the fees are consistent
i th those charged by other bond counsels i n the State. Asa point of fact,
nited Artists' SB-99~ commercial bond sale had another pond counsel whose fees
ere sl i ghtly higher .'
ISCAL IMPACT: The fees are due and payable from the proceeds of the Bond
ale.
OUNCIL ACTION: Resolution adopted.
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