Loading...
HomeMy WebLinkAbout1972-03-01; City Council; 652-2; Financial Consultant Parks & Recreation BondT FI E C I T Y J F C A R L S B A D, S lament 42 � n.. C A L L F' o R N I A upp Agenda Bi11 No. 652 Date: March 1, 1972 Referred To: subject: Financial Consultant Services - Parks and Recreation Bond Submitted By: City Manager Statement of the 1-fatter The City Council, at their regular meeting of February 1, 1972, authorized the City Manager to secure a quotation from the firm of Bartle Wells Associates to serve as financial consultants for the proposed Park and Recreation bond issue. Exhibit Feb. 15, 1972 letter from Bartle Wells Associates Staff Recommendations %a A•B No. Date: March 1, 1972 City Manager's Recommendation Acceptance of the proposal under the conditions stated (minute motion). Council Action 3-7-72 It was agreed that the proposal submitted be approved and accepted and that the services of Bartle -Wells be approved, as recommended by the staff. _2- - ra_ Bartle Wells Associates Municipal Financing Consultants 150 Post Street, San Francisco 94108 (415) 981-5751 February 15, 1972 �b1617W FE91972 The Honorable City Council City of Carlsbad cIry of carrsb r� City Hall �� Carlsbad, cslir. Carlsbad, California 61e Attention: Jack Arnold, City Manager Gentlemen: Following is a letter proposal for municipal financing consulting services in connection with your current park program. Our services are divided into two stages, general consulting services and bond sale services. GENERAL CONSULTING SERVICES We will provide the City with estimated tax rates suitable for inclusion in required tax rate statements and ballot arguments based on suitable estimates of bond maturity schedules and interest rates. This informa- tion will be provided the City without charge. As an alternate considera- tion, the City may use the services of our Associate Consultant, Evan Peters, to assist the local citizens group in providing appropriate infor- mation about the program. BOND SALE SERVICES If bonds are authorized for the project, we will recommend specific terms and conditions for the bonds and assist in offering the bonds for sale through receipt of competitive sale bids. The latter services will include preparation and publication of an official statement describing the bonds fully and their security and the mailing of this statement to not less than 400 bond dealers, investors, financing publications and bond rating services. We will provide additional information as re- quired to bond rating agencies in order to secure the best possible rating for the bonds. We will contact prospective bidders as appropriate and provide preliminary information and new information in an attempt to stimulate competitive bidding. We will also provide special news infor- mation to financial publications and wi11 provide one advertisement in the Bond Buyer. On receipt of sealed bids for purchase of the bonds, we Edwin A. Wells John G. Vande Poi Jack McMinn City of Carlsbad February 15, 1972 Page Two will analyze and compare the bids and recommend award. We will prepare a schedule of annual interest and principal requirements for the City's use based on the actual rates bid by the successful purchaser. Our fees for consulting services include all expenses necessary for per- formance of our duties and all overhead, including telephone and secretarial services. Our fees do not include the cost of: (a) appraisal, legal, account- ing, engineering, or architectural services; (b) printing and mailing expenses for official statements, or specific information including advertising, graph- ics, photography, postage and printing, statistical information purchased for use in the official statement, or other costs of issuance of bonds. Our fees consist of per diem payments and payments upon sale of bonds as follows: Per diem rates (1972 and 1973) Project manager Associated consultant Research assistant For associated consulting services, as noted above, the work proceeds, not more than $1, 500. Sale of bonds: For services related to the sale of bonds, com- mencing 120 days before the date of sale and continuing for 60 days following the sale, the fee is one per cent of the amount of the bonds sold, but not more than $7, 500 nor less than $5, 000. Up to fifty per cent (507) of the fee is payable as the work pro- ceeds based on our per diem rates. Eighty per cent (80%) of the fee is payable ipon completion of the official statement. The balance of the fee is payable upon sale of the bonds. We would like very much to work for the City on this project. this proposal will provide a suitable basis for serving you. Very truly yours, John Vande Pol