HomeMy WebLinkAboutReso 82-117 - Approving Agreement for Financial Consulting Services - Western Ranches Water Assessment District No. 1981-5 RESOLUTION NO. ,fl -//7
RESOLUTION APPROVING AGREEMENT FOR
FINANCIAL CONSULTING SERVICES
WESTERN RANCHES WATER ASSESSMENT DISTRICT NO. 1981-5
The City Council of the City of Redding resolves :
As a part of the proceedings for improvements in
Western Ranches Water Assessment District No. 1981-5 , this
Council approves that certain agreement between the City of
Redding and John Vande Pol and Associates , effective
August 2 , 1982 , and attached to this resolution .
The Mayor is authorized to sign the agreement and
the City Clerk is authorized to attest its execution.
I HEREBY CERTIFY that the foregoing resolution
was duly and regularly adopted by the City Council of the
City of Redding , Shasta County, California , at a regular
meeting thereof , held on the 2nd day of August , 1982 .
AYES : Councilmembers Demsher, Fulton, Kirkpatrick, Pugh, and Gard
NOES : Councilmembers None
ABSENT: Councilmembers None
ETHEL A. NICHOLS , City Clerk , City of
Redding , Shasta County, California
By C �---/e Lf G re
Kr
ORIGINAL
• •
AGREEMENT FOR FINANCIAL CONSULTING SERVICES
RECITALS :
A. The parties to this agreement are the City of Redding, a California
general law City (hereafter called the "City" ) , and John Vande Pol
and Associates , Municipal Financing Consultants (hereafter called
"Vande Pol" ) .
B. The effective date of this agreement shall be the date of approval
by resolution of the City Council of the City.
C . In connection with the Western Ranches Water Assessment District
No. 1981-5 , the City requires the services of a qualified financial
consultant to prepare an appropriate Notice of Sale and an appropri-
ate Official Statement to facilitate sale of the proposed issue of
1915 Act improvement bonds , and Vande Pol is qualified to provide
such financial consulting services .
D. In mutual consideration of the agreements and provisions stated,
the parties agree as follows :
AGREEMENT :
1 . The following terms shall have the meanings specified in this agree-
ment.
a. " Improvement bonds" shall mean improvement bonds issued under
the Improvement Bond Act of 1915 (Sections 8500 and following ,
California Streets and Highways Code) .
b. "Official Statement" shall mean a disclosure document to be
prepared in conformity with acceptable standards in the municipal
bond industry for presentation of the proposed bond issue to
the bond underwriting community .
c . "Notice of Sale" shall mean a notice specifying the terms
and conditions of the proposed bond issue and the procedure
for submission of competitive bids for the purchase of the
proposed improvement bonds .
d. "Date of sale" shall mean Tuesday , September 7 , 1982 .
e. "Bond Counsel" shall mean Sturgis , Ness , Brunsell & Sperry a
professional corporation , Emeryville , California .
2 . Vande Pol agrees to prepare a Notice of Sale and an Official State-
ment with respect to the improvement bonds for submission to and
approval of the City Council of the City at its regular meeting on
August 16 , 1982 .
3 . The parties acknowledge that Xerox reproduction and distribution of
both the Notice of Sale and the Official Statement to prospective
bond purchasers shall be the responsibility of Bond Counsel , to
whom Vande Pol shall provide the Notice of Sale and the Official
Statement in a form suitable for Xerox reproduction not later than
12 : 00 noon on August 6 , 1982 .
4 . Since the final amount of unpaid assessments will be determined on
August 12 , Vande Pol is to prepare a preliminary maturity schedule
on the basis of the full amount of assessments levied by the City
Council on July 6 . As soon as possible after August 12 , Vande Pol
shall prepare a final maturity schedule , to be distributed by Bond
Counsel to prospective bond purchasers . The final maturity schedule
shall be the basis for comparison of bids received and for deter-
mining the best bid received for the improvement bonds .
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• i
5 . As compensation for Vande Pol ' s services , the City shall pay
Vande Pol a fee equal to 1-1/2% of the principal amount of the
improvement bonds . Payment shall be expressly contingent upon
receipt of bond sale proceeds , and the City shall not be obligated
to pay said fee from any other source except bond sale proceeds .
CITY OF REDDING, a California
general law city
Mayor
ATTEST :
Ethel A. Nichols , City Clerk ,
City of Redding, Shasta County ,
California
JOHN VANDE POL AND ASSOCIATES
By