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Home My WebLink About1972-02-08; City Council; 652-1; Bond Counsel - Parks & Recreation BondT H E C I T Y O F Agenda Bill No. .Z.� Referred To: C A R L S B A D, C A L I F' O R .V I A Date: February 89 1972 Submitted By: Subject: Bond Counsel - Parks & Recreation Bond City Manager Statement of the Matter 972, The City Council, at their regular meeting of February 1, 1fir authorized the City Manager to secure a quotation from the firm of Rutan & Tucker to serve as bond counsel for the proposed Park & Recreation bond issue. Exhibit Letter of Feb. 3, 1972 from Rutan & Tucker. Staff Recommendations AB No. 652 pate; February 8, 1972 City Manager's Recommendation Acceptance of the proposal under the conditions stated (minute motion). Council'Action 2-15-72 It was agreed that the proposal submitted by the firm of Rutan and Tucker be accepted and authorization was given to retain Rutan and Tucker as Bond Counsel for the Parks and Recreation Bond Issue, in accordance with the conditions as stated by the City Manager: -2- JAMES B.TUCKE%SR.(IBBB•19501 MILFORD W. DAHL MI 'FORD W. DAHL, JR. NORMAII H.SMEDEGAMD THOMAS P. BURKE H.RODG ER HOWELL J.NICHOLA5 COUNTER M JAMES B.TUCKER THEODORE I.WALLACE,JR. GARWN F. SHALLENBERGER WILLIAM C. DEANS JAMES R.MOORL COLLEEN M.CLAIRE H ERBERT W. WALKER RONALD P. ARRINGTON ROBERT L.RISLEY STUART T. WALDRIP NICK E. YOCCA C. RICHARD LEMON FRITZ R.STRADLING RICHARD P. SIMS HARRY J. KEATON C. CRAIG CARL50N PAUL FREDER.0 MARK JOHN J. MURPHY HOMER L. M<COPMICK,JR. WILLIAM R.RAUTH M EDMUND R.CASEY M. STEPHEN COONTZ HOWARD F. HARRISON PRCNTICE A. FISH JAMES E.ERICKSON ROBERT O. BRAUN JOHN M. VINCENT GERALD M.HALLIGAN WILLIAM R.BIEL DAVID E.RUSENBAUM RICHARD A.CURNUTT "WARD D.5YSE5 MA,1R. LEONARD A.HAMPEL ALEC JEFFREY GLASSER JOHN B.HURLBUT, JR. MICHAEL W. IMMELL RUTAN & TUCKER ATTORNEYS AT LAW THE BANK OF CALIFORNIA BUILDING 401 CIVIC CENTER DRIVE WEST POST OFFICE BOX !976 SANTA ANA,CALIFORNIA 92702 (714) 835-2200 February 3, 1972 OF CDUHS EL W. K.LINOS'AY FEB 1972 EVERETT A. HART c' City of Carlsbad Honorable City Council Carlsbad, Calif. City of Carlsbad 1200 Elm Avenue ��ZZZll07J6��` Carlsbad, California Gentlemen: LOS ANGELES OFFICE SUITE 1922 CITY NATIONAL BANK BUILDING 606 SOUTH OLIVE STREET LOS ANGELES, CALIFORNIA 90014 TELEPHONE 1213) 620.0482 LAGUNA HILLS OFFICE 23521 PASEO OE VALENCIA, SUITE 300 LAGUNA HILLS, CALIFORNIA 92653 TELEPHONE (714) 835.2200 ANAHEIM OFFICE SUITE B12 BANK OF AMERICA BUILDING 300 SOUTH HARBOR BOULEVARD ANAHEIM, CALIFORNIA 92805 TELEPHONE (714; 83S- 2200 IN REPLY PLEASE REFER TO We have been informed by your City Manager, Mr. Jack Arnold, that you may desire to employ the firm of. Rutan & Tucker for legal services in connection with the authorization, issuance and sale of approximately $1,000,000 general obligation bonds for park purposes for the City. We are very pleased to be considered to act as bond counsel for this proceedings. This firm has completed a general obligation park bond proceedings for the City of Placentia. We are now con- ducting the proceedings for authorization of $3,995,000 park bonds for the City of Fullerton. We are undertaking the legal work for the authorization at the June primary of park bonds for the City of La Palma. The City of Cypress is also re- questing our legal services for a park bond issue in that City. The legal services -to be rendered by this firm will be general advice to you and your staff, drafting of all resolu- tions, notices and other documents required for the authorization, issuance and sale of the bonds, examination of the transcript Df the proceedings and the issuance of our legal approving opinion to the purchasers of the bonds. For said legal services our fee, based upon an issue of $1,000,000, is $2,000.00. Seven hundred and fifty dollars of said fee shall be payable following the authorization of the bonds and the remainder following the sale of the law- r RUTAN & TUCKER Honorable City Council City of %-_arisbad Febr,iary 3, 1972 Page Z bonds or a portion thereof. In the event that portions of the bonds are sold at separate sales, a pro rata portion (treating each sale as excess over all prior sales) of the remaining fee applicable to such sale will be payable following each sale. If the bonds are sold in more than two sales, there will be an additional fee of $100.00 for each sale after the second. z In addition to the above fees, we will be reimbursed for out-of-pocket expenses incurred in connection with long distance telephone calls, telegrams, outside messenger service, travel at the City's rPauest, and similar items. In the event the bonds are not authorized at the election, the total fee due following the canvass of the election returns will be $750.00. The fee hereinabove quoted does not include the representation in the event there is litigation either in connection with the authorization or issuance of the bonds. However, this firm will be available to represent the City in any such litigation at a fee to be mutually agreed upon. If this arrangement is satisfactory to you, please adopt a minute order referring to this letter and employing this firm on the terms stated herein. Please send us a certified copy of the minutes of said meeting. we are looking forward to doing this work for you and we will use our best efforts to obtain results beneficial to the City. Respectfully submitted, RUTAN & TU TR Fritz Stradli.ng J FRS:rhe