HomeMy Public PortalAbout96-190 (12-17-96)RESOLUTION NO. 96 -190
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AUTHORIZING ADDITIONAL PAYMENT FOR
LEGAL FEES AND OUT- OF-POCKET EXPENSES TO BROWN &
WOOD, BOND COUNSEL
WHEREAS, the Lynwood Public Finance Authority, on behalf of the City of
Lynwood issued a $1.5 million aggregate principal amount in Lease Revenue Bonds,
Series 1996; and
WHEREAS, these bonds were issued for the purpose of financing the costs of
improvement, installation, or renovation of certain public facilities; and
WHEREAS, Brown & Wood was appointed Bond Counsel to provide legal
services with respect to the issuance and sale of the bonds; and
WHEREAS, staff has determined that as Bond Counsel, the services provided by
Brown & Wood in connection with $1.5 million Revenue Bond Issue were beyond the
original scope of services; and
WHEREAS, it is also determined that Bond Counsel should be compensated for
additional time and costs incurred beyond the original scope of services.
NOW, THEREFORE, the City Council of the City of Lynwood does hereby
find, determine, and resolve as follows:
Section 1 . That the City Council approves and authorizes the total compensation
of $12,500 in legal fees and $5,000 for out -of pocket expenses be paid to Brown &
Wood in connection with issuance and sale of the revenue bonds.
Section 2 That the City Council approves and authorizes the City Manager or his
designee to deduct adjusted cost of issuance from bond proceeds.
Section 3 . That this resolution shall take effect immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 17th day of December 1996.
PAUL H. RICHARDS H, MAYOR
ATTEST:
Andrea L. Hooper, City Clerk
APPROVED AS TO FORM:
APPROVED AS TO CONTENT:
1111!.x::. 8.
City Attorney Faustfn Gonzales, ' y Mana
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
ss.
Al tt . Earnest, Asst. City Manager/
Director of Finance
I, the undersigned, City Clerk of the City of Lynwood,
do hereby certify that the foregoing resolution was passed and
adopted by the City Council of the City of Lynwood at a regular
meeting held on the 3th day of December, 1996.
AYES: COUNCILMEMBERS HENNING, BRYD, HEINE, REA, RICHARDS
NOES: NONE
ABSENT: NONE
City Clerk, Ci y o Lynwo6d
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
ss.
I, the undersigned City Clerk of
and Clerk of the City Council of said City,
the above and foregoing is a full, true and
Resolution No.96 -190 on file, in my office
was adopted on the date and the vote therei n
Dated this 3th day of December, 1996.
the City of Lynwood,
do hereby certify that
correct copy of
and that said resolution
stated.