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HomeMy Public PortalAboutResolution 13-96 Approving Agreement for Bond Counsel Servicest RESOLUTION NO. 13-96 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 parity lien water revenue bonds; 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 parity lien water revenue bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF McCALL, VALLEY COUNTY, IDAHO, as follows: Section 1: 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 11th day of July, 1996. CITY OF MCCALL Valley County, Idaho t RESOLUTION NO. 13-96 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 parity lien water revenue bonds; 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 parity lien water revenue bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF McCALL, VALLEY COUNTY, IDAHO, as follows: Section 1: 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 11th day of July, 1996. CITY OF MCCALL Valley County, Idaho AGREEMENT FOR BOND COUNSEL SERVICES THIS AGREEMENT, made this 11th day of July, 1996, 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"). 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 its Parity Lien Water Revenue Bonds, Series 1996, to be issued for the construction and installation of improvements and betterments to the City's 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 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 bonds. (c) Prepare all ordinances, resolutions, notices, and any other legal documents necessary for the proper conduct of proceedings and for the authorization, issuance, sale, and delivery of 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 bonds as may be appropriate. (f) Supervise the printing and delivery of bonds to purchaser and prepare all necessary closing documents. Page 1 (g) Assemble and examine a transcript concerning all proceedings taken in connection with the issuance and sale of 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 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 Four Thousand Five Hundred Dollars ($4,500.00). Said compensation shall be paid solely from the proceeds of such bonds, when available, and shall be due following delivery of 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 telecopying and photocopying expenses incurred in performance of its duties hereunder. In the event 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. Page 2 IN WITNESS WHEREOF, the parties hereto have executed this contract the day and year first above written. City Clerk Page 3 CITY OF McCall Valley County, Idaho MOORE & MCFADDEN, CHARTERED Michael C. Moore