HomeMy WebLinkAbout1986-07-22; City Council; Resolution 8700RESOLUTION NO. 8700
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA APPROVING A BOND COUNSEL
AGREEMENT BETWEEN THE CITY AND STRADLING, YOCCA,
CARLSON & RAUTH FOR THE ISSUANCE OF GENERAL OBLIGATION
BONDS FOR THE ACQUISITION OF HOSP GROVE
The City Council of the City of Carlsbad, California,
does hereby resolve as follows:
1. That certain bond counsel agreement between the Cit!
of Carlsbad and Stradling, Yocca, Carlson & Rauth for the
issuance of general obligation bonds for the acquisition of Hosp
Grove, marked Exhibit A and made a part hereof, is hereby
approved.
2. That the Mayor of the City of Carlsbad is hereby
authorized and directed to execute said agreement for and on
behalf of the City of Carlsbad.
PASSED, APPROVED AND ADOPTED at a regular meeting of thc
City Council of the City of Carlsbad, California, held on the
2 2nd day of July , 1986 by the following vote,
to wit:
AYES: Council Members Casler, Lewis, Kulchin and Pettine
NOES: None
ABSENT : Council Member Chick
MARY H. #ASLER, Mayor
ATTEST:
aae7t-xd, 2..
ALETHA L. RAUTENKRANZ, City CJerk
BOND COUNSEL AGREEMENT
(PARK BONDS)
THIS AGREEMENT, rnade and entered into this 23& day of
J-UL Y , 1986, by and between the CITY OF CARLSBAD, a
municipal corporation ( “City” ), and STLPADLING, YOCCA, CARLSON &
RAUTtI, a Professional Corporation (“Bond Counsel”) :
W I T N E S S E T 11: ----------
A. City desires to finance the acquisition of a park and
open space land by the issuance of general obligation bonds of
t’ne City. The estimated amount of the construction cost is
$5,950,000.
3. Ciry desires to retain Bond Counsel to do t’ne
necessary legal work hereinafter outlined upon the terns and
condi ti o ns her e in s et f o i^ th .
NOW, THEREFORE, in consideration of the mutual covenants,
terms and conditions herein contained, the parties hereto agree
dS fOl~OWS:
1. Zity employs 3ond Counsel ta furnish legal services
herein set forth and Bond Counsel agrees to furnish said legal
services. Bond Counsel agrees to consult dith and advise the
City officials and its financial consultants as to the Sest
Legal method of accomplishing the objectives of the City as set
forth in the recitals hereof.
2. Bond Counsel will give general advise regarding the
bond election, prepare the documents necessary to call the bond
election and the canvass of the results. E3ond Counsel will
prepare all documents to provide for the issuance and sale of
the bonds, review the official statement, conduct the bond
closing, and issue a legal approving opinion to the purchasers
of the bonds.
3. For the services to be rendered under this Agreement,
the City agrees to pay a fee based on the following schedule:
Amount of Bonds
To Be Issued Fee -
$5,000,000 to $10,000,000 $15,000 plus .3 of 1% on
the excess aver
$5,000,000
The foregoing fee will be paid following delivery of the
bonds.
In addition to the foregoing, Bond Counsel shall be
reiinbilrsed for any out-of-pocket expenses incurred by it in tile
cwrse of this employment, such as printing costs, filing fees,
word processing time, reproduction of documents, messeng'zr
services, long distance telephone calls, travel outside of
Southern California at the request of the City, and si:niiar
itsms.
In the event Bond Counsel is requested to perform
additional work outside of its services as Bond Counsel, 3ond
Counsel will be paid additional compensation therefor at the
hourly rate of the attorney performing such services; provided,
-2-
.
however, there shall be no additional compensation due Bond
Counsel under this paragraph without the prior approval of the
City.
Should the election fail or bonds not be issued, tne City
will pay Bond Counsel a fee with respect to the abandoned
proceedings based on the hourly rate of the attorney performing
services prior to abandonment, but not to exceed the minimum
Eee hereinabove set forth.
4. Bond Counsel nay, from time to
interests adverse to the City. Bond Coi
time, have
nsel reser
clients with
res the right
to represent said clients except on matters relating to the
issuance and sale of the bonds described herein.
IN NITNESS WHEREOF, as of the date first hereinabove
written, the City has caused this instrument to be executed by
the :,layor and attested by the City Clerk; and Bond Counsel has
caused this instrument to be executed on its behalf.
wry OF CARLSBAD
! Mayor
ATTEST :
STIIADLING, YOCCA, CARLSON b RAUTX
A Professional Corpor3tion
2249k/2062/ - -3-