HomeMy WebLinkAboutReso 82-148 - Approving Agreement for Financial Consulting Services - Upper Churn Creek Sewer Assessment District No. 1980-7 •
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RESOLUTION NO. S..2-y t/8'
RESOLUTION APPROVING AGREEMENT FOR
FINANCIAL CONSULTING SERVICES
UPPER CHURN CREEK SEWER ASSESSMENT DISTRICT NO . 1980-7
The City Council of the City of Redding resolves :
As a part of the proceedings for improvements in Upper Churn
Creek Sewer Assessment District No. 1980-7 , this Council approves
that certain agreement between the City of Redding and John Vande
Pol and Associates , effective September 7 , 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 7th day of September , 1982 .
AYES: Councilmembers Demsher- Fu] fnr_ Kirkpatrirk, and Gard
NOES : Councilmembers None
ABSENT : Councilmembers Pugh
ETHEL A . NICHOLS , City Clerk ,
City of Redding , Shasta County ,
California
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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 Upper Churn Creek Sewer Assessment District
No. 1980-7 , the City requires the services of a qualifed financial
consultant to determine an. appropriate reserve fund and bond dis-
count and to prepare an appropriate Notice of Sale and an
appropriate 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 states ,
the parties agree as follows :
AGREEMENT :
1. The following terms shall have the meanings specified in this
agreement.
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 muni-
cipal bond industry for presentation of the proposed bond
• issue to the bond underwriting community , including though not
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• limited to ,Se Disclosure Guidelines fi State and Local
, Governments , established and published by the Municipal
Finance Officers Association.
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 Monday , December 6 , 1982 .
e . "Bond Counsel" shall mean Sturgis , Ness , Brunsell & Sperry
a professional corporation , Emeryville , California.
2 . Vande Pol agrees to provide the City with his recommendation
respecting each of the following for the proposed bond issue :
a . .the amount of a reasonably required reserve fund; and
b. the maximum amount of bond discount which bidders may specify .
Vande Pol shall provide his recommendation on these matters in
a timely manner so as to enable the City , acting through its
Engineer of Work for the assessment proceedings , to incorporate the
recommendations in the amended engineer ' s report which will be filed
with and considered by the City at a public hearing , presently
scheduled for October 18 , 1982 . The deadline for receipt of •
the amended engineer ' s report by Bond Counsel is October 8 .
Accordingly , Vande Pol ' s recommendation should be available to the
Engineer of Work on or before October 4 .
3 . Vande Pol further agrees to prepare a Notice of Sale and an
Official Statement with respect to the improvement bonds for
submission to and approval of the City Council of the City at its
regular meeting on November 15 , 1982 .
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Ill
In addition to such other information as Vande Pol determines
td be necessary .or appropriate, Vande Pol shall obtain and present
. the following information :
a . ad valorem property tax payment/delinquency status for each
parcel in the assessment district upon which the City levies
a special assessment in these proceedings ; and
b. any prior special assessment liens on any such parcel , including
the unpaid amount of such prior assessment lien and payment/
delinquency status .
4 . 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 final form suitable for Xerox. reproduction not later
than 12 : 00 noon on November 5 , 1982 .
5 . Since the final amount of unpaid assessments will be determined
after November 5 , Vande Pol is to prepare a preliminary maturity
schedule on the basis of the full amount of assessments levied by
the City Council on or after October 18 . As soon as possible after
determination of the amount of unpaid assessments , 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 .
6 . As compensation for Vande Pol ' s services , the City shall pay Vande
Pol a fee equal to one percent (1%) of the principal amount of the
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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
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