HomeMy Public PortalAboutResolution 21-94 Bond Counsel For LID #5RESOLUTION NO. 21-94
A RESOLUTION OF THE CITY OF MCCALL, VALLEY COUNTY, IDAHO, APPROVING
AN AGREEMENT FOR BOND COUNSEL SERVICES FOR LOCAL IMPROVEMENT
DISTRICT NO. 5 AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
THE SAME
WHEREAS, the City of McCall, Valley County, Idaho (the
"City"), has determined to create a local improvement district
("L.I.D. No. 5") of the City and to issue its local improvement
district bonds for certain water and street improvements and costs
incidental thereto; and
WHEREAS, the City is desirous of retaining 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
creation of L.I.D. No. 5 and the issuance, sale, and delivery of
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 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 City Clerk are hereby authorized and directed to execute the
same on behalf of the City.
Section 2:
from and after
DATED this
ATTEST:
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This Resolution shall take effect and be in force
its passage and approval.
14th day of July, 1994.
CITY OF MCCALL
Val County, Idaho
BY
Pah-- 4..
Mayor
AGREEMENT FOR BOND COUNSEL SERVICES
THIS AGREEMENT, made as of the 14th day of July, 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").
Section 1: PURPOSE OF EMPLOYMENT
The City hereby employs Bond Counsel to perform and render
legal assistance and advice relative to the formation of,
confirmation of assessments for, and the authorization, issuance,
sale, and delivery of bonds (the "Bonds") to finance the
improvements within the proposed Local Improvement District No. 5
("L.I.D. No. 5") of the City for certain water and street
improvements.
Section 2: BOND COUNSEL SERVICES
Bond Counsel shall render the following legal services:
(a) Advise the City concerning the
applicable to the creation of L.I.D
of assessments to pay for the costs
acquisitions and improvements there
Advise the City concerning the
applicable to the issuance and sale
legal requirements
. No. 5 and the levy
and expenses of the
in.
legal requirements
of the Bonds.
Provide representation of Bond Counsel, when requested by
the City, at all meetings and hearings held by the City
in connection with the creation of L.I.D. No. 5, the levy
of assessments, and the issuance and sale of the Bonds.
(d) Prepare all ordinances, resolutions, notices, and any
other legal documents necessary for the proper conduct of
proceedings for the creation of L.I.D. No. 5, the levy of
assessments therein, and for the authorization, issuance,
sale, and delivery of the Bonds.
(e) Advise with respect to the giving of statutory notices of
hearing and the conducting of such hearings as are
required by law.
(f) Provide such legal guidance and assistance, supervision,
and consultation, including advice with respect to
applicable federal income tax laws and federal securities
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laws, and conduct such proceedings and provide such
opinions as may be appropriate.
(g) Supervise the printing and delivery of the Bonds to the
purchaser and prepare all necessary closing documents.
(h) Assemble and examine a transcript concerning all
proceedings taken in connection with the issuance and
sale of the Bonds.
(i) Upon completion of the proceedings to Bond Counsel's
satisfaction, provide its legal opinion approving in all
regards the legality of all proceedings had for the
creation of L.I.D. No. 5, the validity and enforceability
of assessments levied upon the real property within
L.I.D. No. 5, and the authorization and issuance of the
Bonds, and opining that interest on the Bonds is excluded
from gross income for purposes of federal and State of
Idaho income taxation (except for certain corporations).
Section 3: COMPENSATION
For rendering the services set forth in Section 2 hereof, Bond
Counsel shall be compensated at the hourly rate of $125 for legal
services rendered in connection with L.I.D. No. 5, not to exceed
$5,000. 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 and lodging expenses incurred
in attending meetings conducted by the District 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 set forth
above for services actually rendered, 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
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Bond Counsel for the service of the attorneys performing such
work.
IN WITNESS WHEREOF, the parties hereto have executed this
contract the day and year first above written.
CITY OF MCCALL
Valley County, Idaho
By
.,i1/1„L
Mayor
MOORE & McFADDEN, CHARTERED
By art--
Michael C. Moore
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