HomeMy Public PortalAboutResolution 10-94 Agreement For Bond Counsel RESOLUTION No. ` L-
A RESOLUTION OF THE CITY OF McCALL, VALLEY COUNTY, IDAHO, APPROVING
AN AGREEMENT FOR BOND COUNSEL SERVICES AND AUTHORIZING THE MAYOR
AND CLERK TO EXECUTE THE SAME
WHEREAS, the City of McCall, Valley County, Idaho (the
"City" ) , has determined to issue its general obligation refunding
bonds to redeem, retire, and currently refund its outstanding
general obligation bonds dated February 1, 1990 ; and
WHEREAS, the City is desirous of retaining the services of
Michael C. Moore, of the law firm of Moore & McFadden, Chartered,
of Boise, Idaho, as bond counsel to the City for services in
connection with the issuance, sale, and delivery of its general
obligation refunding bonds .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF McCALL, VALLEY COUNTY, IDAHO, as follows :
Section l : The Agreement for Bond Counsel Services between
the City and Michael C. Moore of the law firm of Moore & McFadden,
Chartered, 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 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 24th day of February, 1994 .
CITY OF McCALL
Valley County, Idaho
Y
Mayor
ATTEST:
O
Clerk
AGREEMENT FOR BOND COUNSEL SERVICES
THIS AGREEMENT, made this 24th day of February, 1994, between
the City of McCall, Valley County, Idaho (the "City" ) , and Michael
C. Moore, of the law firm of Moore & McFadden, Chartered, 999 Main
Street, Suite 910, Boise, Idaho 83702 ( "Bond Counsel") .
WHEREAS, the City heretofore authorized, issued, and sold its
general obligation bonds dated February 1, 1990, in the original
aggregate principal amount of $1, 100, 000 (the "Refunded Bonds") , a
portion of the principal amount of which remains outstanding; and
WHEREAS, the City Council (the "Council" ) of the City has
determined that it is in the best interests of the City to issue
refunding bonds to refund its outstanding Refunded Bonds in order
to achieve a financial saving to the taxpayers of the City, and the
Council desires to retain the services of Bond Counsel in
connection with the authorization, issuance, and sale of refunding
bonds for such purpose .
NOW, THEREFORE, the parties agree :
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 the general obligation refunding
bonds (the "Bonds" ) of the City to be issued for the purpose of
refunding the outstanding Refunded Bonds of the City.
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 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 for the authorization, issuance, sale, and
delivery of the Bonds .
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(d) Provide such legal guidance and assistance, supervision
and consultation, conduct such proceedings, and provide
such opinions, as may be appropriate.
(e) Supervise the preparation and delivery of the Bonds to
purchaser and prepare all necessary closing documents .
(f) Assemble and examine a transcript concerning all
proceedings taken in connection with the issuance and
sale of the Bonds .
(g) 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 general 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 Dollars ($5, 000 . 00) . Said compensation shall be due
following delivery of the Bonds . '
Bond Counsel shall also be reimbursed, monthly as incurred and
billed, for direct out-of-pocket expenses, including necessary
travel and lodging 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.
IN WITNESS WHEREOF, the parties hereto have executed this
contract the day and year first above written.
CITY OF McCALL
Vall County, Idaho
BY (.nom . Mqk+-6.../,
Mayor
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ATTEST:
Clerk
MOORE & McFADDEN, CHARTERED
By
Michael C. Moore
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