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,
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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-
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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