HomeMy WebLinkAbout1997-07-08; City Council; Resolution 97-5296 0 a
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RESOLUTIONNO. 97-529
A RESOLUION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA DIRECTING STAFF TO
NEGOTIATE A CONTRACT FOR UNDERWRITING
SERVICES WITH DEAN WITTER REYNOLDS, AND
APPROPRIATING FUNDS FOR BOND ISSUE RELATED
SERVICES.
WHEREAS, on June 3, 1997 the City Council directed staff to proceed wi
refunding of several existing debt issues, and
WHEREAS the Council intends to proceed with the refunding of this issue
when this refunding will provide significant savings to the City, Carlsbad Mu1
Water District, or in the case of Assessment District debt, to the assessed prc
owners, and
WHEREAS, staff was directed to solicit proposals from underwriters quali
provide investment banking services on these issues, and return to the City C
with recommendations on the selection of an underwriter to assist with the refunc
these issues, and
WHEREAS staff has requested proposals from many qualified under
firms, and has interviewed the most qualified candidates, and
WHEREAS, after conducting an extensive review and interview process tt
has determined that the firm of Dean Witter Reynolds has the necessary
qualifications, expertise, and abilities to assist the staff in the successful creatio
sale of the refunding issues, 1 I
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WHEREAS, based on the results of the interview process, the stal
recommending that the Council hereby directs staff to negotiate a contract
underwriting services with Dean Witter, and
WHEREAS, the City may need to fund certain costs in advance of the issui
of any debt, and
WHEREAS any expenditures made in the support of these issues, including
time invested in the process is to be fully recovered from any subsequent bond issl
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
OF CARLSBAD AS FOLLOWS:
1) That the above is true and correct.
2) That after considering the Staffs recommendations, the City Council find
the firm of Dean Witter Reynolds is most qualified to provide underwriting servic
the City of Carlsbad or the issues described above.
3) That the staff is directed to proceed with the refundings which will
significant savings to the City and other affected parties.
4) That staff is directed to negotiate an agreement with Dean Witter Reyno
the required services, and that this agreement shall be presented to the City Cou
final approval prior to any bond sale.
5) That all costs related to compensating the underwriter in any way shall t
from the proceeds of any subsequent bond issue, and that no payment shall bc
directly to the underwriter from the City or Carlsbad Municipal Water District fund:
6) That the District shall be reimbursed for any and all costs, including sta
directly related to the creation and marketing of the refunding issues.
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7) That the amount of $30,000 is here by appropriated from the General
Balance to pay any preliminary costs that may be required of the City prior
issuance of any bonds.
I PASSED AND ADOPTED THIS 8th DAY OF July , 1997, E
THE FOLLOWING VOTE TO WIT:
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and Hall
NOES: None
ABSENT: None
ABSTAIN: None
CLAUDE A. LEWIS, MAYOR
ATTEST:
\ ALETHA L. RAUTENKRANZ, CITY CLERK
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