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HomeMy WebLinkAbout1975-06-03; City Council; 3387; Bond Attorney Plaza Camino Real ExpansionCITY OF CARLSBAD AGENDA BILL NO. 33 f7 Initial: Dept . Hd. C. Atty.'fF 7 DATE:-, 1975 DEPARTMENT: City Manaqer C. Mgr. Subject : + RETENTION OF BOND ATTORNEY FOR PLAZA CAMINO REAL EXPANSION Statement of the Matter The City Council has instructed the staff to proceed with the EIR on the Plaza Camino Real expansion and to continue negotiations for City participation in the expansion pending a final decision of the Council. A number of the issues that should be resolved affect the final legal documentation and bond sale. For that reason consideration should be given to the retention of Bond Counsel at this time to work with the staff. The appointment of a financial consultant will also be a necessity and the shortly. .4 staff will bring back recommendations concerning that issue Exhibit Letter from Fritz Stradling Recommendation It is recommended that the City Council appoint Fritz Stradling of the firm of Rutan and Tucker to act as Bond.Counse1 and special legal counsel as necessary in accordance with the terms outlined in his letter dated dated May 20, 1975. City Councii 6-3-75 A motion was made that the City Manager's recommendation be approved and that Mr. Fritz Stradling of t-he firm of Rutan and Tucker be appoinfed to act as Bond Counsel in the proposed expansion of Plaza Carnino Real for the terms outlined in his letter dated May 20, 1975. .- A. W. RUTAN (IBBO-lS72) JAMES 8. TUCKER. SR. (lBBe-19SO) MILFORD W. DAHL C. RICHARD LEMON NORMAN H. SMEDEGAARD RICHARD P. SlMS H. RODGER HOWELL C. CRAIG CARLSON JAMES 8. TUCKER JOHN J. MURPHY GARVIN F. SHALLENBERGER WILLIAM R. RAUTH m JAMES R. MOORE M. STEPHEN COONTZ HERBERT W. WALKER ROBERT C. BRAUN ROBERT L. RISLEY EDWARD 0. SYBESMA. JR NICK E. YOCCA THOMAS S. SALINGER FRITZ R. STRADLING ROBERT 5. LEWlN PAUL FREDERIC MARX PAUL C. LOIZEAUX. JR. HOMER L. McCORMICK. JR. STEPHEN 0. POE EDMUND R. CASEY ROGER A. GRAQLE HOWARD F. HARRISON BARRY R. LAUQSCHER JAMES E. ERICKSON QRUCE R. CORBETT WILLIAM R. ElEL THOMAS P. CLARK, JR. RICHARD A. CURNUTT DAVID 0. LARSEN LEONARD A. HAMPEL K. C. SCHAAF JOHN 8. HURLEUT, JR JOHN C.TPAL. JR. MICHAEL W. IMMELL DANIEL K. WINTON WILLIAM C. DEANS CLIFFORD E. FRIEDEN MILFORD W. DAHL, JR. JOHN A.GLOGER THEODORE I.WALLACE,JR. ARTHUR G. KIDMAN COLLEEN M. CLAIRE MICHAEL D. RUEIN RONALD P. ARRINGTON ELIZABETH A. STRAUSS STUART T. WALDRIP RUTAN & TUCKER ATTORNEYS AT LAW THE BANK OF CALIFORNIA BUILDING 401 CIVIC CENTER DRIVE WEST POST OFFICE BOX 1976 SANTA ANA,CALIFORNIA 92702 17141 835-2200 May 20, 1975 Honorable Mayor and Members City of Carlsbad 1200 Elm Avenue Carlsbad, California 92008 of the City Council OF COUNSEL W. K. LINDSAY NEWPORT BEACH OFFICE 610 NEWPORT CENTER DRIVE, SUITE 900 NEWPORT BEACH. CALIFORNIA 02660 TELEPHONE (7141 835-2200 IN REPLY PLEASE REFER TO Honorable Mayor and Members of the City Council: At the request of your City Manager, Mr. Paul Bussey, and your City Attorney, Mr. Vincent Biondo, the firm of Rutan & Tucker is pleased to submit to you for your consideration our proposal outlining the legal services to be performed on behalf of the City and the Parking Authority in connection with the estimated $1,500,000.00 Parking Authority Revenue Bond Issue. With respect to the legal services, we will attend pre- liminary meetings with the principals involved in the project in an effort to determine the most feasible method of structuring the transaction; draft all ordinances, resolutions and notices; work with the City Officials and the City's fiimncial consultants on the terms and conditions of the bond issue; draft the lease to the City and the bond indenture; coordinate the sale and de- livery of the bonds: and provide the purchaser of the bonds with the legal approving opinion of this firm. In connection with the above, we will also attend all meetings of the City Staff and the City Council, as may be deemed pertinent to the conduct of the proceedings; and if requested, will attend all bondholders' infor- mation meetings within or without the State. The legal fee for the services rendered by this firm, as outlined above, shall be payable following the sale of the bonds in the amount computed according to the following schedule: 3 -. - RUTAN & TUCKER Honorable Mayor and Members Page Two May 20, 1975 of the City Council PRINCIPAL AMOUNT OF BONDS SOLD PRO RATA FEE $1,000,00.00 to $3,625.00 + $1.50 $5,000,000.00 per $1,000.00 on the excess over $1,000,000.00 In addition to the fees hereinabove set forth, the firm will be reimbursed for all expenses incurred and paid by us, such as telephone calls, telegrams, duplication of documents, trips outside of Southern California as may be requested by the City Council, and printing of the bond indenture. The above- quoted fee does not include representation in any litigation brought in connection with the bond issue; however, if requested, we will work with the City on any such litigation at a fee to be mutually agreed upon. Our firm would also be in a position to act as Special Counsel for the City on matters related to the project, but not specifically and directly related to the issuance and sale of bonds. More specifically, Special Counsel representation might entail such matters as the analysis of parking management stan- dards under the Clean Air Act or negotiation and preparation of documents relating to property transfer, property conveyance or indemnification. The legal fees in connection with such Special Counsel legal services would be based on the design rate of the attorney performing the work. It is our understanding that representation of other clients having matters affecting the City, but not related to the bonds or the parking facility, will not be affected by our employment as Bond Counsel. If this agreement is satisfactory to the City, please adopt an order employing us according to the terms and conditions herein set forth. Respectfully submitted, RUTAN & TUCKER FRS:pj