HomeMy WebLinkAbout1997-07-08; Municipal Water District; Resolution 982r I 0 0
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RESOLUTION NO. 982
A RESOLUION OF THE BOARD OF DIRECTORS OF THE
CARLSBAD MUNICIPAL WATER DISTRICT 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 Board directed staff to proceed
refunding of the existing 1988 Certificates of Participation, and
WHEREAS the Board intends to proceed with the refunding of this issl
when this refunding will provide significant savings to the District, and
WHEREAS, staff was directed to solicit proposals from underwriters qL
provide investment banking services on these issues, and return to the Bc
recommendations on the selection of an underwriter to assist with the ref1
these issues, and
WHEREAS staff has requested proposals from many qualified unc
firms, and has interviewed the most qualified candidates, and
WHEREAS, after conducting an extensive review and interview prc
Board has determined that the firm of Dean Witter Reynolds has the necess
qualifications, expertise, and abilities to assist the staff in the successful cre:
sale of the refunding issues
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WHEREAS, based on the results of the interview process, the
recommending that the Board hereby directs staff to negotiate a con
underwriting services with Dean Witter, and
WHEREAS, the Board may need to fund certain costs in advanc
issuance of any debt, and
WHEREAS, any expenditures made in the support of these issues,
staff time invested in the process is to be fully recovered from any subsequ
issue,
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS
CARLSBAD MUNICIPAL WATER DISTRICT AS FOLLOWS: s
1) That the above is true and correct.
2) That after considering the Staffs recommendations, the Board finds tha
of Dean Witter Reynolds is most qualified to provide underwriting servicc
Carlsbad Municipal Water District for the issues described above.
3) That the staff is directed to proceed with the refunding of the 1988 certi
participation.
4) That staff is directed to negotiate an agreement with Dean Witter Re)
the required services, and that this agreement shall be presented to the Boar
approval prior to any bond sale.
5) That all costs related to compensating the underwriter in any way sha
from the proceeds of any subsequent bond issue, and that no payment shall
directly to the underwriter from the Carlsbad Municipal Water District funds.
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6) That the District shall be reimbursed for any and all costs, including s
directly related to the creation and marketing of the refunding issues.
7) That the amount of $10,000 is here by appropriated from the WE
Balance to pay any preliminary costs that may be required of the District pr
issuance of any bonds.
PASSED, APPROVED AND ADOPTED AT A SPECIAL MEETING OF -
BOARD OF DIRECTORS HELD ON THE 8th DAY OF July ,I
THE FOLLOWING VOTE TO WIT:
AYES: Board Members Lewis, Finnila, Nygaard, Kulchin and Hall
NOES: None
ABSENT: None
ABSTAIN: None
v v. v "Y V[ // EJV v "
CLAUDE A. LEWIS, PRESIDENT
ATTEST:
&&-xL A,. [Qd-L,
ALETHA L. RAUTENKRANZ, SECRETARY'
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