HomeMy Public PortalAboutA 2017-12-19 LSA-SPThis Agenda contains a brief general description of each item to be considered. Copies of the Staff reports or
other written documentation relating to each item of business referred to on the Agenda are on file in the Office of
the City Clerk and are available for public inspection. Any person who has a question concerning any of the
agenda items may call the City Manager at (310) 603-0220, ext. 200.
Procedures for Addressing the Members of the Council
IN ORDER TO EXPEDITE CITY COUNCIL AS SUCCESSOR AGENCY TO THE LYNWOOD REDEVELOPMENT
AGENCY BUSINESS, WE ASK THAT ALL PERSONS WISHING TO ADDRESS THE COUNCIL FILL OUT A FORM
PROVIDED AT THE PODIUM, AND TO TURN IT IN TO THE CITY CLERK PRIOR TO THE START OF THE
MEETING. FAILURE TO FILL OUR SUCH A FORM WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN
THE ABSENCE OF THE UNANIMOUS CONSENT OF THE COUNCIL.
AGENDA
City of Lynwood as Successor Agency
to the Lynwood Redevelopment Agency
Special Meeting
TO BE HELD ON
December 19, 2017
Duly Posted 12/18/17 - MQ
COUNCIL CHAMBERS- 11350 BULLIS RD. LYNWOOD, CA 90262
6:30 PM
1.CALL TO ORDER
2.CERTIFICATION OF AGENDA POSTING BY SECRETARY
3.ROLL CALL OF MEMBERS
Jose Luis Solache
Edwin E. Hernandez
Maria T. Santillan-Beas
Salvador Alatorre
Aide Castro
PUBLIC ORAL COMMUNICATIONS
(Regarding Agenda Items Only)
CONSENT CALENDAR
ALL MATTERS LISTED UNDER THE CONSENT CALENDAR WILL BE ACTED UPON BY ONE MOTION
AFFIRMING THE ACTION RECOMMENDED ON THE AGENDA. THERE WILL BE NO SEPARATE DISCUSSION ON
THESE ITEMS PRIOR TO VOTING UNLESS MEMBERS OF THE COUNCIL OR STAFF REQUEST SPECIFIC
ITEMS TO BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE ACTION.
4.APPROVAL OF THE WARRANT REGISTER
Comments:
Lynwood Successor Agency Special Meeting - Page 1 of 16
N/A
Recommendation:
Staff recommends that council approve the warrant register dated December 19, 2017.
5.Modification of Affordable Housing Finance Team
Comments:
Earlier this year, the City/Authority entered into agreements with several firms that made up the
City’s/Authority Housing Finance Team for the development of housing in the City of Lynwood and
issuance of revenue bonds. (FIN)
Recommendation:
Staff recommends that the City Council adopt the attached resolution entitled, “A JOINT
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD, LYNWOOD
HOUSING AUTHORITY, AND LYNWOOD SUCCESSOR AGENCY MODIFYING THE
AFFORDABLE HOUSING FINANCE TEAM TO INCLUDE STERN BROTHERS, QUINT &
TIMMING, AND HDL AS UNDERWRITER, BOND COUNSEL AND FISCAL
CONSULTANT RESPECTIVELY AND AUTHORIZING THE MAYOR/CHAIR TO ENTER
INTO INDIVIDUAL AGREEMENTS WITH THE NEW HOUSING FINANCE TEAM”.
ADJOURNMENT
CITY OF LYNWOOD AS SUCCESSOR AGENCY TO THE LYNWOOD REDEVELOPMENT
AGENCY MEETINGS WILL BE POSTED AS NEEDED. THE NEXT MEETING WILL BE HELD
IN THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD, CITY OF LYNWOOD,
CALIFORNIA.
Lynwood Successor Agency Special Meeting - Page 2 of 16
Agenda Item # 4.
AGENDA STAFF REPORT
DATE: December 19, 2017
TO: Honorable Mayor and Members of the City Council
APPROVED BY: Alma K. Martinez, City Manager
PREPARED BY: Jose Ometeotl, Assistant City Manager-Director of Finance
Monica OChoa, Senior Accounting Technician
SUBJECT: APPROVAL OF THE WARRANT REGISTER
Recommendation:
Staff recommends that council approve the warrant register dated December 19, 2017.
Background:
N/A
Discussion and Analysis:
N/A
Fiscal Impact:
N/A
Coordinated With:
N/A
ATTACHMENTS:
Description
Warrant Register-Successor-12/19/17
Lynwood Successor Agency Special Meeting - Page 3 of 16
11/08/2017
Voucher List
Successor Agency of the Lynwood Redevelopment Agency
1
9:57:41AM
Page: vchlist
Bank code : sa_usb
Voucher Date Vendor Invoice PO # Description/Account Amount
5423 11/15/2017 007223 COX, CASTLE & NICHILSON LLP
451789
LEGAL SVCS-5/2017
1021.76.211.62001 11-000984
LEGAL SVCS-7/2017
11-000984
1021.76.211.62001
LEGAL SVCS-7/2017
1021.76.211.62001
LEGAL SVCS-12/2016-8/2017
1021.76.211.62001
LEGAL SVCS-8/2017
1021.76.211.62001
LEGAL SVCS-8/2017
1021.76.211.62001
2 Vouchers for bank code : sa_usb
Vouchers in this report 2
1 Page:
454567
454601
455229
455784
455799
11-000984
11-000984
11-000984
11-000984
004179 TIERRA WEST ADVISORS, LLC 11/15/2017 5424
LY-0917
13,957.80
476.10
2,221.80
2,774.95
438.15
476.10
Total : 20,344.90
CONSULTING SVCS-SEPT 2017
1022.51.207.62015 11-000979 9,121.25
Total :
Bank total : 29,466.15
Lynwood Successor Agency Special Meeting - Page 4 of 16
11/08/2017
Voucher List
City of Lynwood
2
9:57:41AM
Page: vchlist
Bank code : sa_usb
Voucher Date Vendor Invoice PO # Description/Account Amount
2 Page:
Lynwood Successor Agency Special Meeting - Page 5 of 16
Agenda Item # 5.
AGENDA STAFF REPORT
DATE: December 19, 2017
TO: Honorable Mayor and Members of the City Council
APPROVED BY: Alma K. Martinez, City Manager
PREPARED BY: Jose Ometeotl, Assistant City Manager-Finance Director
SUBJECT: Modification of Affordable Housing Finance Team
Recommendation:
Staff recommends that the City Council adopt the attached resolution entitled, “A JOINT RESOLUTION OF THE
CITY COUNCIL OF THE CITY OF LYNWOOD, LYNWOOD HOUSING AUTHORITY, AND LYNWOOD
SUCCESSOR AGENCY MODIFYING THE AFFORDABLE HOUSING FINANCE TEAM TO INCLUDE
STERN BROTHERS, QUINT & TIMMING, AND HDL AS UNDERWRITER, BOND COUNSEL AND
FISCAL CONSULTANT RESPECTIVELY AND AUTHORIZING THE MAYOR/CHAIR TO ENTER INTO
INDIVIDUAL AGREEMENTS WITH THE NEW HOUSING FINANCE TEAM”.
Background:
Earlier this year, the City/Authority entered into agreements with several firms that made up the City’s/Authority
Housing Finance Team for the development of housing in the City of Lynwood and issuance of revenue bonds.
Discussion and Analysis:
The City recently received a request from the Financial Advisor and Special Counsel, to replace the Underwriter,
Underwriters Counsel, Bond Counsel and Fiscal Consultant. Staff is seeking Council’s approval to replace the
prior firms of Stifel, Nossaman, Nixon Peabody and Tierra West Advisors with Stern Brothers & Co., Quint &
Timming, LLP, and HdL respectively.
Proposals from the consultants for the newly recommended Housing Finance Team are attached. Below are
highlights from the proposals received from the following consultants:
Stern Brothers & Co.
Serve in the role of Sole Underwriter for the City of Lynwood Housing Authority Multi-Family Housing
Development, Series 2017 Revenue Bonds
May provide advice concerning the structure, timing, terms, and other similar matters concerning the
issuance of the Bonds
Lynwood Successor Agency Special Meeting - Page 6 of 16
Primary role is to purchase the Bonds with a view of distribution in an arm’s length commercial transaction
with the Issuer
Duty to purchase the Bonds from the issuer with at a fair and reasonable price, but must balance that duty
with their duty to sell the Bonds to investors at prices that are fair and reasonable.
Review the official statement for the Bonds in accordance with, and as part of, their respective
responsibilities to investors under the federal securities laws, as applied to the facts and circumstance of the
transaction
Quint & Timming, LLP
Serve in the role of bond counsel and disclosure counsel in connection with the authorization, issuance and
sale of the Bonds
Prepare any required indentures, ordinances and all resolutions, notices and legal documents necessary for
the proper conduct of the financing proceedings
Review all financial documents for legal sufficiency
Review, without undertaking an independent investigation, any official statement or other disclosure
document prepared in connection with the financing proceedings to assure correctness of disclosure relating
to the legal documents
Prepare and provide a signature and no-litigation certificate, an arbitrage certificate and any and all other
closing documents required to accompany delivery of the securities
Prepare and provide a complete transcript of the proceedings necessary to accompany delivery of the
securities
Review the Official Statement (both preliminary and final) prepared by the City’s municipal advisor in
connection with the offering of the Bonds;
Confer and consult with the officers and administrative staff of the City as to matters relating to the Official
Statement
Attend all meetings of the City and any administrative meetings at which the Official Statement is to be
discussed, deemed necessary by Attorneys for the proper exercise of their due diligence with respect to the
Official Statement, or when specifically requested by the City to attend
On behalf of the City, prepare the continuing disclosure certificate in a form which is acceptable to the City
and the underwriter of the Bonds
On behalf of the City, prepare the bond purchase agreement, if required, between the City and the
underwriter of the Bonds in a form which are acceptable to the City and the underwriter of the Bonds
Fiscal Impact:
The New Housing Financing Team of Stern Brothers & Co., Quint & Timming, LLP, and HdL would work on a
contingent basis to provide the documentation necessary to proceed with the City of Lynwood Housing Authority
Multi-Family Housing Development, Series 2017 Revenues and/or the Housing Authority Low-Mod Income
Housing Fund. Other participants that are necessary for bond financings, other than the one described in the
following paragraph, will also provide ancillary services on a contingent basis. Therefore, they will also only be
compensated from the bond issuance once it closes.
Coordinated With:
City Manager's Office
City Attorney
ATTACHMENTS:
Description
Resolution
Stern_Proposal
Proposal_Quint
Lynwood Successor Agency Special Meeting - Page 7 of 16
1
RESOLUTION NO.___________
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD,
LYNWOOD HOUSING AUTHORITY, AND LYNWOOD SUCCESSOR AGENCY
MODIFYING THE AFFORDABLE HOUSING FINANCE TEAM TO INCLUDE STERN
BROTHERS, QUINT & TIMMING, AND HDL RESPECTIVELY AND AUTHORIZING
THE MAYOR/CHAIR TO ENTER INTO INDIVIDUAL AGREEMENTS WITH THE NEW
HOUSING FINANCE TEAM
WHEREAS, earlier this year, the City/Authority entered into agreements with
several firms that made up the City’s/Authority Housing Finance Team for the
development of housing in the City of Lynwood and issuance of revenue bonds; and
WHEREAS, the City recently received a request from the Financial Advisor and
Special Counsel, to replace the Underwriter, Underwriters Counsel, Bond Counsel and
Fiscal Consultant; and
WHEREAS, staff is seeking Council’s approval to replace the prior firms of Stifel,
Nossaman, Nixon Peabody and Tierra West Advisors with Stern Brothers & Co., Quint
& Timming, LLP, and HdL respectively.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD AND
LYNWOOD HOUSING AUTHORITY DOES HEREBY FIND, ORDER, AND RESOLVE
AS FOLLOWS:
Section 1. The City Council and Authority hereby appoints the firm of Stern
Brothers & Co., Quint & Timming, LLP, and HdL as the new Housing Finance Team.
The City Council hereby authorizes the City Manager/Executive Director to execute
and deliver an agreement with said firms for their respective services. Payment of
fees and expenses with respect to such agreements shall be contingent upon the
issuance of the Obligations.
Section 2. The officers and staff of the City are hereby authorized and
directed, jointly and severally, to do any and all things, to execute and deliver any
and all documents, which in consultation with City Attorney and bond counsel, they
may deem necessary or advisable in order to effectuate the purposes of this
Resolution, and any and all such actions previously taken by such Officers or staff
members are hereby ratified and confirmed.
Section 3. This Resolution shall take effect upon adoption.
PASSED, APPROVED AND ADOPTED this 19th day of December, 2017.
Lynwood Successor Agency Special Meeting - Page 8 of 16
2
_________________________
Jose Luis Solache
Mayor/Chair
ATTEST:
________________________ __________________________
Maria Quinonez Alma K. Martinez
City Clerk/Authority Secretary City Manager/Executive Director
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
________________________ __________________________
Noel Tapia Jose Ometeotl
City Attorney/Authority Counsel Assistant City Manager-Finance
Director
Lynwood Successor Agency Special Meeting - Page 9 of 16
14724 Ventura Blvd, SUITE 809 | Sherman Oaks, CA 91403
(818) 906-4452 | FAX (818) 906-4456
WWW.STERNBROTHERS.COM Member SIPC
Via E-Mail to: amartinez@lynwood.ca.us
jometeotl@lynwood.ca.us
December 12, 2017
Ms. Alma Martinez
City Manager
Mr. Jose E. Ometoeotl
Finance Director
City of Lynwood
11330 Bullis Road
Lynwood, CA 90262
Re: City of Lynwood Housing Authority Multi-Family Housing Development, Series 2017
Revenue Bonds; Disclosures by Senior Managing Underwriter
Pursuant to MSRB Rule G-17
____________________________________________________________________________
Dear Ms. Martinez and Mr. Ometoeotl,
We are writing to provide you as City Manager and Finance Director of the City of Lynwood and
the Lynwood Housing Authority, respectively (Issuer), with certain disclosures relating to the
above-captioned bond issue (Bonds) as required by Municipal Securities Rulemaking Board
(MSRB) Rule G-17, set forth in MSRB Notice 2012-25 (May 7, 2012).1
The Issuer has engaged Stern Brothers & Co. to serve as sole underwriter, and not as a financial
advisor or municipal advisor, in connection with the issuance of the Bonds (the “Underwriter”).
As part of our services as Underwriter, Stern Brothers & Co. may provide advice concerning the
structure, timing, terms, and other similar matters concerning the issuance of the Bonds.
I. Disclosures Concerning the Underwriter’s Role:
(i) MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers
and investors.
(ii) The underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s-
length commercial transaction with the Issuer. The underwriter has financial and other interests
that differ from those of the Issuer.
1 Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities
(effective August 2, 2012).
Lynwood Successor Agency Special Meeting - Page 10 of 16
14724 Ventura Blvd, SUITE 809 | Sherman Oaks, CA 91403
(818) 906-4452 | FAX (818) 906-4456
WWW.STERNBROTHERS.COM Member SIPC
(iii) Unlike a municipal advisor, underwriters do not have a fiduciary duty to the Issuer under the
federal securities laws and are, therefore, not required by federal law to act in the best interests
of the Issuer without regard to their own financial or other interests.
(iv) The Underwriter has a duty to purchase the Bonds from the Issuer at a fair and reasonable
price, but must balance that duty with their duty to sell the Bonds to investors at prices that are
fair and reasonable.
(v) The Underwriter will review the official statement for the Bonds in accordance with, and as part
of, their respective responsibilities to investors under the federal securities laws, as applied to the
facts and circumstances of this transaction.2
II. Disclosures Concerning the Underwriter’s Compensation:
The Underwriter will be compensated by a fee and/or an underwriting discount that will be set
forth in the bond purchase agreement to be negotiated and entered into in connection with the
issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent
on the closing of the transaction and the amount of the fee or discount may be based, in whole or
in part, on a percentage of the principal amount of the Bonds. While this form of compensation is
customary in the municipal securities market, it presents a conflict of interest since the Underwriter
may have an incentive to recommend to the Issuer a transaction that is unnecessary or to
recommend that the size of the transaction be larger than is necessary.
III. Additional Conflicts Disclosures:
Stern Brothers & Co. has not identified any additional potential or actual material conflicts that
require disclosure.
If you or any other Issuer officials have any questions or concerns about these disclosures, please
make those questions or concerns known immediately to the undersigned. In addition, you should
consult with the Issuer’s own financial and/or municipal, legal, accounting, tax and other advisors,
as applicable, to the extent you deem appropriate.
It is our understanding that you have the authority to bind the Issuer by contract with us, and that
you are not a party to any conflict of interest relating to the subject transaction. If our
understanding is incorrect, please notify the undersigned immediately.
We are required to seek your acknowledgement that you have received this letter. Accordingly,
please send me an email to that effect or sign and return the enclosed copy of this letter to me at
the address set forth below. Depending on the structure of the transaction that the Issuer decides
2 Under federal securities law, an issuer of securities has the primary responsibility for disclosure to investors. The
review of the official statement by the underwriters is solely for purposes of satisfying the underwriters’
obligations under the federal securities laws and such review should not be construed by an issuer as a guarantee
of the accuracy or completeness of the information in the official statement.
Lynwood Successor Agency Special Meeting - Page 11 of 16
14724 Ventura Blvd, SUITE 809 | Sherman Oaks, CA 91403
(818) 906-4452 | FAX (818) 906-4456
WWW.STERNBROTHERS.COM Member SIPC
to pursue, or if additional potential or actual material conflicts are identified, we may be required
to send you additional disclosures regarding the material financial characteristics and risks of
such transaction and/or describing those conflicts. At that time, we also will seek your
acknowledgement of receipt of any such additional disclosures.
We look forward to working with you and the City of Lynwood Housing Authority in connection
with the issuance of the Bonds. Thank you.
Sincerely,
_________________
Richard DeProspo
Managing Director
Acknowledgement:
_________________
Alma Martinez
City Manager, City of Lynwood
Date: ___________________
CC: Royce Jones, Kane Ballmer and Berkman, royce@kbblaw.com
William Reynolds, Urban Futures, williamr@urbanfuturesinc.com
Lynwood Successor Agency Special Meeting - Page 12 of 16
Agreement for Legal Services
THIS AGREEMENT FOR LEGAL SERVICES is made and entered into this ______ day of
_________, 2017, by and between the CITY OF LYNWOOD (the “City”), and QUINT &
THIMMIG LLP, Larkspur, California (“Attorneys”).
W I T N E S S E T H :
WHEREAS, the City has determined that is necessary and desirable to finance the Rogel
housing project (the “Bonds”);
WHEREAS, the City requires the services of bond counsel and disclosure counsel in
connection with the authorization, issuance and sale of the Bonds;
WHEREAS, the City has determined that Attorneys are qualified by training and
experience to perform the services of bond counsel and disclosure counsel, and Attorneys are
willing to provide such services; and
WHEREAS, the public interest, economy and general welfare will be served by this
Agreement for Legal Services;
NOW, THEREFORE, IT IS HEREBY AGREED, as follows:
Section 1. Duties of Attorneys.
A. Attorneys shall provide legal services, as bond counsel, in connection with the
authorization, issuance and consummation of the financing proceedings relating to the Bonds.
Such services shall include the following:
(a) Consult and cooperate with officials of the City, City legal counsel, financing
consultants, underwriters and other consultants, staff and employees of the City, and
assisting such consultants, staff and employees in the formulation of coordinated
financial and legal proceedings;
(b) Attend all meetings of the City at which the financing is to be discussed, as
deemed necessary by for the proper planning of the financing proceedings or when
specifically requested to attend;
(c) Prepare any required indentures, ordinances and all resolutions, notices and
legal documents necessary for the proper conduct of the financing proceedings;
Lynwood Successor Agency Special Meeting - Page 13 of 16
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(d) Review all financial documents for legal sufficiency;
(e) Review, without undertaking an independent investigation, any official
statement or other disclosure document prepared in connection with the financing
proceedings to assure correctness of disclosure relating to the legal documents;
(f) Prepare and provide a signature and no-litigation certificate, an arbitrage
certificate and any and all other closing documents required to accompany delivery of
the securities;
(g) Prepare and provide a complete transcript of the proceedings necessary to
accompany delivery of the securities;
(h) Subject to the completion of proceedings provide a legal opinion that (if tax-
exempt) the interest due with respect to the securities is excluded from gross income for
purposes of federal income taxation and that such interest is exempt from California
personal income taxation;
(i) Subject to the completion of proceedings, provide a legal opinion approving in
all regards the legality of all proceedings relating to the securities;
(j) Confer and consult with the City officials and agents with regard to problems
which may arise during the servicing and payment of principal of and interest on the
securities; and
(k) Such other and further services as are normally performed by bond counsel in
connection with the issuance of securities.
B. Attorneys shall provide legal services, as disclosure counsel, in connection with the
preparation of the official statement to be used in connection with the offering and sale of the
Bonds (the “Official Statement”), the continuing disclosure certificate and the bond purchase
agreement between the City and the underwriter of the Bonds. Such services shall include the
following:
(a) Review the Official Statement (both preliminary and final) prepared by the
City’s municipal advisor in connection with the offering of the Bonds;
(b) Confer and consult with the officers and administrative staff of the City as to
matters relating to the Official Statement;
(c) Attend all meetings of the City and any administrative meetings at which the
Official Statement is to be discussed, deemed necessary by Attorneys for the proper
exercise of their due diligence with respect to the Official Statement, or when specifically
requested by the City to attend;
(d) On behalf of the City, prepare the continuing disclosure certificate in a form
which is acceptable to the City and the underwriter of the Bonds;
(e) On behalf of the City, prepare the bond purchase agreement, if required,
between the City and the underwriter of the Bonds in a form which are acceptable to the
City and the underwriter of the Bonds;
(f) Subject to the completion of proceedings to the satisfaction of Attorneys,
provide letters of Attorneys addressed to the City and the underwriter of the Bonds to
the effect that, although Attorneys have not undertaken to determine independently or
assume any responsibility for the accuracy, completeness or fairness of the statements
contained in the Official Statement, in the course of Attorneys participation in the
Lynwood Successor Agency Special Meeting - Page 14 of 16
-3-
preparation of the Official Statement Attorneys have been in contact with
representatives of the City and others concerning the contents of the Official Statement
and related matters, and, based upon the foregoing, nothing has come to Attorneys
attention to lead Attorneys to believe that the Official Statement (except for any financial
or statistical data or forecasts, numbers, charts, estimates, projections, assumptions or
expressions of opinion included therein, and information relating to The Depository
Trust Company and its book-entry system, as to which Attorneys need express no view)
as of the date of the Official Statement or the date of the closing for the Bonds contain
any untrue statement of a material fact or omits to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under which they
were made, not misleading.
Section 2. Compensation.
(a) For the services set forth under Section 1A. above, Attorneys shall be paid a legal fee
computed as follows, inclusive of all out-of-pocket expenses:
1.5% of the principal issue amount up to $1,000,000.
0.5% of the principal issue amount between $1,000,001 and $6,000,000.
0.25% of the principal issue amount between $6,000,001 and $21,000,000.
0.125% of the principal issue amount over $21,000,000.
(b) For the services set forth under Section 1B, Attorneys shall be paid a fee for each
issue of $40,000, inclusive of all out-of-pocket expenses.
Payment of said fees shall be entirely contingent, shall be due and payable upon the delivery
of the Bonds and shall be payable solely from the proceeds of the Bonds and from no other
funds of the City.
Section 3. Exceptions. Any services rendered in any litigation (other than validation
proceedings deemed necessary by Attorneys) involving the City or the financing proceedings
relating to the Bonds are excepted from the services to be rendered for the above compensation.
On-going advice and preparation of necessary documentation regarding: (a) compliance with
section 148 of the Internal Revenue Code of 1986, relating to arbitrage limitations and rebate
provisions, or (b) the continuing disclosure requirements of the Bonds and Exchange
Commission, are also excepted from the services to be rendered for the above compensation.
For such services which Attorneys are directed to render for and on behalf of the City,
compensation shall be on the basis of reasonable fees to be agreed upon by the City and
Attorneys.
Section 4. Termination of Agreement. This Agreement for Legal Services may be
terminated at any time by the City, with or without cause, upon written notice to Attorneys. In
the event of such termination, all finished and unfinished documents shall, at the option of the
City, become its property and shall be delivered by Attorneys to the City.
Lynwood Successor Agency Special Meeting - Page 15 of 16
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IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed
by their respective officers thereunto duly authorized as of the day and year first above written.
CITY OF LYNWOOD
By
Name
Title
QUINT & THIMMIG LLP
By
Brian D. Quint, Partner
Lynwood Successor Agency Special Meeting - Page 16 of 16