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Home My WebLink AboutC-1397 - Legal Services as Bond Counsel for Civic Center FinancingPURCHASE ORDER I%Y OF NEWPORT BEALM 3300 NEWP0p1' 80ULEVARD NEWPORT BEAOH(IFORNIA 92660 PHONE: (?T673 -2110 VENDOR OlKelveny & Myers 611 West Sixtil Street Los Angeles. Calif. 90617 SHIP TO ,(_SAME IJNLE,,S; OTHERWISE: NOTED) 4 /3S No. 6302 INVOICE IN DUPLICATE THIS ORDER NUMBER MUST APPEAR ON ALL INVOICES, SHIP- PING NOTICES, BILLS OF LAD- ING, EXPRESS RECEIPTS AND PACKAGES. DELIVERY TICKETS SMALL IM- CLUDE UNIT PRICE. DATE* =jy, 16, 1971 DEPT City Council QUANTITY DESCRIPTION OF ARTICLES OR SERVICES REQUIRED UNIT PRICE TOTAL Legal services as Bond Counsel for Civic Center financing as per agreanent 1000.00 Additional fees not to exceed 259.00 1t5�00 CONTRACT C -1397 RESOLUTION 7487 FOR CITY USE ONLY IMPORTANT CODE AMOUNT CITY OF NEWPORT BEACH The Articles covered by this Purchase Order or Contract must coca- � � 1 l _ I/ Y/ 1. form with the Safety Order; of the State of California, Division of industrial Safety. f' / Show as a Separate item any retail sales tax, use tax or Federal tax applicable to this purchase. This order subject to Californfa sales tax. D. W. MEANS All allowable transportation chaMea must be. prepaid and shown as a separate item on the invoice. Do re)( include Federal transports- two tax. DEPARTMENT COPY 0 TO: FINANCE DIREC`IOR FROM: City Clerk SUBJECT: Contract No. C-1397 E CITY OF NEWPORT BEACH Description of Contract CALIFORNIA Center DATE August 11, 1971 Authorized by Resolution No. 7487 , adopted on July 26, 1971 Effective date of Contract At Once Contract with 0 "ely= 5 Myers Address 611 West Sixth Street Los Angeles. CA 90017 Amount of Contract see agrt2ment City Cle c City Hall 3300 W. Newport Blvd. Area Code 714 673 -2110 August 2, 1971 O'Melveny & Myers 611 West Sixth Street Los Angeles, California 90017 Gentlemen: At its meeting on July 26, 1971, the laity Council of the City of Newport Beach adopted Resolution No. 7487 which authorized execution of letter agreement between the City of Newport Beach and the law firm of O'Meiveny & Myers for legal services as bond counsel for the Civic Center Bond Election. We are enclosing one copy of the letter agreement which has been executed by the City and a copy of the resolution for your files. Very truly yours, Doris M. George Deputy City Clerk DMG:ep enc. A Ll LAW OFFICES OF O'MELVENY & MYERS 611 WEST SIXTH STREET LOS ANGELES, CALIFORNIA 90017 TELEPHONE 12131 62 0 -112 0 T ELE X: 6]9122 CABLE ADDRESS "MOMS" July 16th 1 9 7 1 Honorable City Council of the City of Newport Beach Newport Beach, California Gentlemen: WEST LOS ANGELES OFFICE IBOO CENTVRY PAR. EAST LOS AN GELEB�CAL1FO 'NIA 9006' TELEPHONE {213) 553 -6]00 TELE.: 5] -00.1 EUROPEAN OFFICE 9PLACE OE LA CON COROE PARIS Bt, FRANCE TELEPHONE 266 39 -33 TELE.: B 92-66116 O V R FILE N V MBER Your Acting City Manager, Mr. Bettencourt, advises us that your Honorable Body wishes to employ this firm to act as bond counsel to render legal services in connection with the authorization and issuance of general obligation bonds for civic center purposes. We will be pleased to accept such employment. We understand that you propose to submit the bond proposition at a special election to be held approximately October 5, 1971. Our services will consist of the drafting of all ordinances, resolutions, notices and other documents required in the election proceedings and for the issuance and sale of the bonds, the general supervision of the proceedings and the giving of instructions in connection therewith, the examination of a transcript of the proceedings step by step as certified copies are submitted to us, and the issuance of our approving opinion to the purchaser of the bonds. The scope of our services is to act only as bond counsel and does not include services in connection with any litigation or other services not stated above. For these services our fees, which are derived from our standard fee schedules, on an issue which carries will be computed on the amount of bonds sold, and will be $2.00 per thousand on the first $1,000,000 principal amount of such issue, $1.00 per thousand on the next $4,000,000 and $.50 per thousand on the amount in excess of $5,000,000. Said fee will be payable $1,000 following the canvass of the election returns and the remainder follow- ing the sale or sales of the bonds. In the event that #2 Honorable City Council 7/16/71 of the City of Newport Beach portions of such issue are sold at different times, the fee due following each sale will be computed by applying the above schedule to the amount of bonds sold, treating each sale as excess over all prior sales, and by deducting therefrom that proportion of the fee paid following the election which the amount of bonds sold at that sale bears to the amount of bonds authorized. In the event that there are more than four sales (of the issue involved) there will be an additional fee of $600 for each sale following the fourth sale. Should the proposition fail to carry at the elec- tion, our total fee will be $1,000, payable following the canvass of the election returns. In case the proceeding is abandoned prior to the election, or if the issuance and sale of the issue is aban- doned after we have performed a substantial amount of work in connection with such issuance and sale, we are to be paid a reasonable fee based upon the time expended less all prior fees paid on account. Such reasonable fee shall be subject to your approval. In addition to our fees, we are to be reimbursed on periodic statements for out -of- pocket expenses incurred by us in connection with this employment, such as long distance telephone calls, telegrams, outside messenger service, any travel at the City's request and similar items. It shall be recognized that this firm may have clients which may from time to time have interests adverse to the City's, and this firm reserves the right to represent such clients in matters not connected with the authorization, issuance and sale of the bonds. We understand that you have employed, or will employ, a financial consultant who will prepare the official statement in connection with the issuance of the bonds and will give advice concerning those terms of the bond issue and of the sale thereof which, apart from legality, may affect the marketability of the bonds at a favorable in- terest rate. We are to have no duties regarding any such official statement except to check it in advance of use as to the description of the bonds and statements of law pertain- ing thereto. f #3 Honorable City Council 7/16/71 of the City of Newport Beach If this arrangement is satisfactory to you, please adopt a minute order referring to this letter and employing us on the terms stated herein and return to us an executed copy of this letter. Respectfully yours, O'MELVENY & MYERS r By n ! f Pursuant to order of the City Council of the City of Newport Beach, O'Melveny & Myers is employed on the terms stated in the foregoing letter. ATTEST: Deputy City Cler Approved as to form and legality Mayor i • tu!:�tt2687? 7 4 8 7 A ltE50taiim ar 2m am cmMIA OF 'Try CITY (Y UBWPORT F T:ACH TIM iii ICUTION or A �f Tt AEi BRMEN in CITY OF xkwv BBAt:s'i An TSB : Aw $Ibtll or Qe MzLVM ^019; TEE CIVIC CSR BONN) ZLECTION there has .hens prosent O to the City Council of the City of Svw7owt. Leach a letter awe"ent from the L. w firm of olxsllvxNY it mLRs ttgarding raid firm acting as bond connW�l to reader Loga.l services in connection with thn authori? at:.:) ,, and i- asuance of qeneru1 obligation bonds for the Civic Center, and YiUR, hS. the City Council h63 consider" the tAWM3 and conditions of said I- otter kigreement and found then to be fLir and e.- uitabiea HURL. Rt, W IT RBSOI VRD that the eMloyMent of the l-cw firm of 00 melveny° & kyera for than legal services above described is approved, and the ikayor is hAreby �authorizvd and dicecteel to examte said letter agreement on bebalf of the City of Xomport Beach. ADOPTED this �i�t , day of July, 1971, m,,yor ATTZSTz City Clark Uh 7/26/71