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HomeMy Public PortalAbout10-8131 Squire Sanders Sponsored by: City Manager RESOLUTION NO. 10-8131 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA AWARDING THE CONTRACT FOR BOND COUNSEL SERVICES TO SQUIRE SANDERS AS THE MOST RESPONSIVE BIDDER, FURTHER AUTHORIZING THE CITY MANAGER TO ENTER INTO AND EXECUTE AN AGREEMENT WITH SQUIRE SANDERS FOR THE PROVISION OF BOND COUNSEL SERVICES IN AN AMOUNT BASED ON THE VALUE OF THE BONDS ISSUED, PAYABLE FROM ACCOUNT NO. 17-513312; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City currently plans to refinance the City's Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and to issue Series 2010A Bonds; and WHEREAS,the City Commission of the City of Opa-locka needs the services of a Bond Counsel to assist in carrying out the planned refinancing of the Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and issuance of Series 2010A Bonds; and WHEREAS,the City Commission of the City of Opa-locka desire to engage the services of a bond counsel; and WHEREAS, the City issued an RFQ for the services of Bond Counsel, and the Manager is recommending Squire Sanders be selected. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA: Section 1. The recitals to the preamble here are incorporated by reference. Section 2. The City Manager is hereby authorized to enter into and execute an agreement for bond counsel services with Squire Sanders in an amount based on the value of the bonds issued, payable from Account No. 17-513312. Resolution No. 10-8131 Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 22nd day of September, 2010. &this. JO EP .KEL EY MAY Attest to: �l ��A a_ i ■ Deborah S. '. : J•sep i S. Geller City Clerk -i ity ttorney Moved by: JOHNSON Seconded by: HOLMES Commission Vote: 4-0 Commissioner Holmes: YES Commissioner Johnson: YES Commissioner Tydus: NOT PRESENT Vice-Mayor Taylor: YES Mayor Kelley: YES ° *"r' / t ili' Pat::gi 6 cgig a %o I1 (y o,: • `tbowatta Memorandum TO: Mayor Joseph Kelley Vice-Mayor Myra L. Taylor Commissioner Dorothy Johnson Commissioner Timothy Holmes Commissioner Rose Tydus FROM: laran a Yalltersoi 1y pager DATE: August 19,2010 RE: Resolution: Bond Counsel Request: A RESOLUTION OF THE CITY OF OPA-LOCKA, FLORIDA AWARDING THE CONTRACT FOR BOND COUNSEL TO SQUIRE SANDERS AS THE MOST RESPONSIVE BIDDER, FURTHER AUTHORIZING THE CITY MANAGER TO CONTRACT WITH SQUIRE SANDERS FOR THE PROVISION OF BOND COUNSEL SERVICES PAYABLE FROM ACCOUNT NUMBER 17-513312. Description: The bond counsel will assist the City to carry out the planned refinancing of the 1994 Revenue Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds. Account Number: #17-513312,Other Professional Services Financial Impact: The cost of this service will be included in the cost of issuance of the bonds. Approximately $800,000 of the bond proceeds has been projected in FY 2010-2011 budget. Implementation Timeline: Fiscal Year 2010-2011 Legislative History: Resolution No. 10-8055 Recommendation(s): Staff recommends approval. Analysis: The City's current needs of capital expenditures require multi-year funding. The City would like to use its current revenue sources and leverage it to obtain capital funding NOW and perform much needed capital projects sooner than later. Specifically, the City plans to refinance the City's Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and issue Series 2010A Bonds. This undertaking would be best carried out with the guidance of a bond counsel. Attachments: Resolution No. 10-8055. PREPARED BY: Ezekiel Orji,Asst. City Manager/Finance Director Sponsored by: City Manager Resolution No. 10-8055 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA LOCKA, FLORIDA AUTHORIZING THE CITY MANAGER TO ADVERTISE A REQUEST FOR QUALIFICATIONS (RFQ) FOR BOND COUNSEL TO OBTAIN LEGAL GUIDANCE FOR THE REFINANCING OF THE SERIES 1994 REVENUE BONDS AS SERIES 2010 BONDS AND ISSUANCE OF SERIES 2010A BONDS; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City currently plans to refinance the City's Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and to issue Series 2010A Bonds; and WHEREAS, the proceeds of the bonds will provide additional funds for capital expenditures; and WHEREAS, the City Commission of the City of Opa-locka needs the services of Bond Counsel to provide legal guidance in carrying out the planned refinancing of the Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds; and WHEREAS, the City Commission of the City of Opa-locka desires to advertise a Request for Qualifications for Bond Counsel: NOW,THEREFORE,BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Section 2. The City Commission of the City of Opa-locka authorizes the City Manager to advertise a Request for Qualifications for Bond Counsel to provide legal guidance in carrying out Resolution No. 10-8055 the planned bond refinancing of the City's Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds. Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 28th day of April, 2010. r JOSEP KELLEY MA OR Approved as t•form and legal sufficiency: r ,_Attest t . it 4 1 Al it A_ , 47 Deborah S. :'.13 Jo 4-tr S.?Geller City Clerk In' -rim ty Attorney I i Moved by: JOHNSON Seconded by: TAYLOR Commission Vote: 4-0 Commissioner Holmes: YES Commissioner Johnson: YES Commissioner Tydus: NOT PRESENT Vice-Mayor Taylor: YES Mayor Kelley: YES V N g h ow • z N v) 0 ,,4 a 00 0\ Q14 N01O ° N 00 0 In o0 N Z w V n r M M ,:r. 1-1 N .n O O ' Sao a z a w CO z W N 00 00 00 C C ��-+ D1 � oo M 00 M M M M M d' 7 �--� - �-" l) N O O N d' I. 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