HomeMy Public PortalAboutResolution 10-92 Approving an agreement for bond counsel services and authorizing the mayor and city clerk to execute the same RESOLUTION NO. 10-92
A RESOLUTION OF THE CITY OF MCCALL, VALLEY COUNTY, IDAHO, APPROVING
AN AGREEMENT FOR BOND COUNSEL SERVICES AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE THE SAME
WHEREAS, the City of McCall, Valley County, Idaho (the
"City") , has determined to conduct a special bond election on
April 7, 1992, on the question of authorizing the City to issue its
revenue bonds in the amount of $4, 675, 000 for the construction and
installation of improvements to the domestic water system of the
City and costs incidental thereto; and
WHEREAS, the City is desirous of retaining Michael C. Moore,
of the law firm of Davis Wright Tremaine, of Boise, Idaho, as bond
counsel to the City for services in connection with said special
bond election and the issuance, sale, and delivery of revenue
bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MCCALL, IDAHO, as follows:
Section 1: The Agreement for Bond Counsel Services between
the City and Michael C. Moore, of the law firm of Davis Wright
Tremaine, of Boise, Idaho, a copy of which agreement is annexed
hereto and by reference made a part hereof, is hereby approved, and
the Mayor and City Clerk are hereby authorized and directed to
execute the same on behalf of the City.
Section 2 : This Resolution shall take effect and be in force
from and after its passage and approval.
DATED this 13th day of February, 1992 .
CITY OF MCCALL
Valley County, Idaho
-Asp_By �'
Mayo
ATTEST:
/01/
V �y Clerk
AGREEMENT FOR BOND COUNSEL SERVICES
THIS AGREEMENT, made this 13th day of February, 1992, between
the City of McCall, Valley County, Idaho (the "City") , and
Michael C. Moore, of the law firm of Davis Wright Tremaine, 702
W. Idaho Street, Suite 700, Boise, Idaho 83702 ("Bond Counsel") .
Section 1: PURPOSE OF EMPLOYMENT
The City hereby employs Bond Counsel to perform and render
legal assistance and advice relative to the authorization,
issuance, sale, and delivery of revenue bonds (the "Bonds") of the
City to be issued for the construction and installation of
improvements to the City's domestic water system, and costs
incidental thereto.
Section 2 : BOND COUNSEL SERVICES
Bond Counsel shall be primarily responsible for rendering the
following legal services:
(a) Advise the City concerning the legal requirements
applicable to the issuance and sale of the Bonds.
(b) Provide representation of Bond Counsel, when requested by
the City, at all meetings and hearings held by the City
in connection with the issuance and sale of the Bonds.
(c) Prepare all ordinances, resolutions, notices, and any
other legal documents necessary for the proper conduct of
proceedings, including election proceedings, for the
authorization, issuance, sale, and delivery of the
Bonds.
(d) Provide such legal guidance and assistance, supervision
and consultation, conduct such proceedings, and provide
such opinions, as may be appropriate.
(e) Prepare such notices of public sale of the Bonds as may
be appropriate.
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(f) Supervise the printing and delivery of the Bonds to
purchaser and prepare all necessary closing documents.
(g) Assemble and examine a transcript concerning all
proceedings taken in connection with the issuance and
sale of the Bonds.
(h) Upon completion of the proceedings to Bond Counsel's
satisfaction, provide its legal opinion stating that the
proceedings had for the authorization and issuance of the
Bonds are lawful and valid, that the Bonds are valid and
lawful special obligations of the City, and that interest
on the Bonds is excluded from gross income for the
purposes of federal and State of Idaho income taxation.
Section 3 : COMPENSATION
For rendering the services set forth in Section 2 hereof, Bond
Counsel shall receive from the City compensation in the amount of
FIVE THOUSAND FIVE HUNDRED AND 00/100 DOLLARS ($5,500. 00) . Said
compensation shall be paid solely from the proceeds of such Bonds,
when available, and shall be due following delivery of the Bonds.
Bond Counsel shall also be reimbursed for direct out-of-pocket
expenses, including necessary travel expenses incurred in attending
meetings conducted by the City or other meetings relating to the
Bond proceedings, as well as long distance telephone, special
messenger or air courier service, and photocopying expenses
incurred in performance of its duties hereunder.
In the event the Bonds are not issued, sold, and delivered,
Bond Counsel will be reimbursed only at the hourly rate normally
charged by Bond Counsel for services actually rendered (with a
maximum of $500 total fee) , and for direct out-of-pocket expenses
incurred.
Section 4: ADDITIONAL SERVICES
Services in addition to Bond Counsel responsibilities provided
for in Section 2 above may be performed by Bond Counsel upon
specific direction of the City. For such additional services,
including, but not limited to, any litigation services, Bond
Counsel shall be compensated separately, and shall account and bill
for such services separately at the hourly rate normally charged by
Bond Counsel for the service of the attorneys performing such
work.
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IN WITNESS WHEREOF, the parties hereto have executed this
contract the day and year first above written.
CITY OF MCCALL
Valley County, Idaho
Mayor
ATTEST:
City flerk
DAVIS WRIGHT TREMAINE
By
Mi hael C. Moore
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