HomeMy WebLinkAboutC-1115 - Financial consulting services, Civic Center developmentTO: Finance Director
FROM: City Clerk
SUBJECT: Contract
Contract No.
4k
Date5-15 -67
Authorized by Resolution No. 6558 , adopted on May 8, 1967
Date Mayor and City Clerk executed Contract May 11, 1967
Effective date of Contract MaV 11, 1967
Contract with Stone 6 yg Mgb=
Address Huss Building
San ilranciam y, Califbmia
Brief description of Contract Financing Consultants - Civic Center Develatment
Amount of Contract $10,000
City Clerk
a
CITY CLERK
May 15, 1967
PUBLIC WORKS DIRECTOR
City Mark
CONTRACT VIIH STONE & YOUNGBLT<G rINANCM CONSULTANTS
CIVIC CENTER DEVEMPMENT. (C-1115)
Attached is one copy of subject contract. The City Manager transmitted
Stone 9 Youngberg's copy to them.
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CONTRACT EMP RING FINANCING CONSULTANT
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THIS AGREEMENT, made this 11z;C day of , 1967,
by and between the CITY OF NEWPORT BEACH, Orange Coun y, Califor-
nia, a City duly organized under the laws of the State of Cali-
fornia (hereinafter called "City "), party of the first party, and
STONE & YOUNGBERG, Russ Building, San Francisco 4, California, a
partnership (hereinafter called "Consultant "), party of the second
9i1 part:
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WITNESSETH•
WHEREAS, City is considering construction of civic
center facilities as more fully described in the "Civic Center
Study" and its supplement, "Civic and Cultural Center Program
Outline ", prepared by City's staff; and
WHEREAS, City desires to develop a feasible, economical,
and equitable plan of procedure in carrying through to completion
the financing of said public improvements; and
WHEREAS, the preparation of such a plan and its executi
require certain studies, analyses and recommendations to be made
by persons qualified by training and experience to do so; and
21 WHEREAS, City, after due investigation and deliberation,
22�� has determined that Consultant is qualified by training and experi-
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241; THEREFORE, it is mutually agreed as follows, to wit:
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25h City hereby employs Consultant and Consultant hereby
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accepts such employment to perform the services, upon the terms,
subject to the conditions, and in consideration of payments as
hereinafter set forth:
Services to be Performed by Consultant:
Consultant shall perform in a diligent manner the follow-
ing services:
Oil
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1. As material becomes available, assemble, review, and
analyze financiAU engineering, architectural, and
economic data and information which is concerned with the
proposed civic and cultural center building program.
2. Based upon the foregoing analysis, advise City as to
the following:
(a) Available methods by which the proposed indebted-
ness requirements of the proposed project can be
financed, the advantages and disadvantages of each such
method, and the requirements and restrictions thereof.
(b) A recommended method of financing, its application,
and the reasons for such recommendation.
(c) Illustrations of probable sources of revenues which
might be used to amortize the indebtedness to be
incurred for capital costs of the proposed project by
the selected method of financing, as well as for costs
of maintenance and operation of the facilities.
(d) Recommendations as to procedural requirements and
an approach to fulfilling same.
3. During the entire course of the initial development of
a financing plan, Consultant shall be in close liaison
with City's staff and with bond counsel.
4. If the issuance of bonds or other evidences of indebted-
ness to finance all or part of the costs of the proposed
facilities is authorized at an election or otherwise, make
recommendations as to exact terms and conditions under which
bonds are to be issued and sold, including timing and method
of sale, final amortization or repayment schedules, call and
redemption features, sinking fund requirements, application
of revenues and other details, and cooperate with Cityrs
bond counsel in drafting the necessary resolution of issuance
and notice of sale.
5. Upon approval by City of final financing details, and
upon direction by City to do so, prepare the text and
other material for an official statement or bond prospectus
describing the improvements, the bonds, their security, and
the economic and financial background of the City which may
be duplicated or printed and mailed at City's expense,
together with copies of the official notice of sale to
prospective bond bidders, a comprehensive list of whom shall
be supplied by Consultant. Consultant shall also contact
national bond rating agencies and take such other steps as
appear advisable to encourage strong competitive bidding
for the bonds.
6. During the entire course of employment hereunder Con-
sultant shall be available at reasonable times for
consultation and advice relating to the financial aspects of
the contemplated improvement program.
Payment for Services:
7. For the services to be rendered hereunder City shall
pay Consultant the sum of $10,000, provided that said
sum shall be payable only if bonds or other evidences of
2.
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indebtedness are issued to pay for all or part of the
proposed civic center facilities. If the proposed civic
center project is abandoned by the City Council or if the
City Council.decides to finance all or part of the project
without the use of bonds, whether issued by the City, a
joint powers authority, or a nonprofit corporation, or
other evidences of indebtedness, then no compensation will
be due Consultant.
Other Considerations:
8. Consultant is employed hereunder to render a profes-
sional service within the scope of its training and
experience as a municipal financing consultant and any
payments made to it are compensation solely for such service
and advice. Outside of its normal office overhead and
traveling costs to and from its San Francisco and Los
Angeles offices and City to perform the services contracted
for, Consultant is not responsible for and shall not be
held liable for any other expense or expenditure of any
kind, including the following:
(a) Any and all legal, engineering, or architectural
expense of any kind whatever.
(b) Any and all expense in connection with hearings,
proceedings, and due issuance of bonds.
(c) Any printing advertising, publicity, etc., of
such material or data as City may wish to have
prepared in connection with Consultants services
herein provided for, except those specifically
excluded herein.
9. Nothing herein contained shall
carrying on its usual business
the performance of other additional
should it so desire such additional
forming similar services for other
public entities.
prevent Consultant from
activities, including
services for City,
services, nor from per -
;ities, districts, or
10. City agrees that its officials and employees will be
requested and directed to cooperate with and assist
representatives of Consultant in every reasonable way to
the end that Consultant may secure all information and data
required to perform the services herein provided for.
IN WITNESS WHEREOF, said City, party of the first part,
has caused these presents to be properly executed and said STONE &
YOUNGBERG, party of the second part, has caused these presents to
II be executed by one of its partners, as of the date hereinabove set
forth.
CITY OF NE BEAC
By
ATTEST:-- /
% X% ..✓� -�
Mayor
ty e
STONE & YOUNGBERG
APPROVED AS TO.FORM: G.A1. w:a ��
By �
Partner
TULLY H. SEYMOUR, City
®ttnrnev 3. _..
0 0
CITY OF NEWPORT BEACH
CITY ATTORNEY
DEPARTMENT
To: City Clerk
From: City Attorney
May 5, 1967
Subject: Contract employing financing consultant in connection
with Civic Center development
Transmitted are the original and two copies of a proposed contract
employing Stone & Youngberg as financing consultant in connection
with the Civic Center development. Also attached is a resolution
which, if adopted by the City Council, will authorize the execution
of said contract on behalf of the City.
Preparation of this contract was directed by the City Council at
its meeting on April 24, 1967.
THS:mec
Atts.
Tully Seym u
City Attorney
cc - City Manager
Public Works Director
Finance Director
COUNCIL:
5-8 -67