Loading...
HomeMy WebLinkAboutC-1877 - Consulting services for open space bond issueI VENDOR E PURCHASE ORDER NO, 08047 INVOICE CITY OF NEWPORT BEACH . A"EAR ON 3300 NEWPORT BOULEVARO NEWPORT BEA FO RNIA h663 PHON 9 SKALIL0i "Irp R Ca. DATE 'iovemb Youn-,jberg, pal Finance Consultants Inc. 11shire blvd onles, CA 90017 N DEPT. cl ty -C SH1V34 :ISAI ON ISENOJED) 7. DE f '4�[F COP" w r 1-3 Consultinf/Upen Space,Bon'� ssue As Per Contract SS W TO EXCEED. 41'90. 00 Con tra ct C1877' Reloiltion -00132 IMPORTANT The Articles covered by this Purchase Order or Contractmust CITY OF NEWPORT BEACH: conform to applicable Cal—OSHA Standards, and/or other appropriate laws, regulations, rules, and codes of the Federal Government and the State of California. i Show as a separate item any retail sales tax, use tax or Federal 4 tax applicable to this purchase. D. W. MEANS This order subject to California sales tax. T PURCHASING AGENT 1 All allowable transportation on charges must be prepaid and shown . as a separate item on the invoice. Do not include Federal trans- portation tax. DE f '4�[F COP" w r 1-3 D W CITY OF NEWPORT BEACH CALIFORNIA City Hall 3300 W. Newport Blvd. Area Code 714 673 -2110 ., DATE Nove"ar 11, 1976 TO: FINANCE DIRECTOR FROM: City Clerk SUBJECT- Contract No. 1877 Description of Contract ConsaltinaLOVen space Bond Issas Authorized by Resolution No. 8934 , adopted on u -8 -76 Effective date of Contract 11 -10-76 Contract with Stone b Yoansbers, Municipal Finaacins Consultants, Inc. Address 1541 Wilshire Blvd. Los Angeles. CA _90017 Amount of Contract See Contract City Clerk IT 0 0 November 11, 1976 Stone b Youngberg Municipal Financing Consultants 1541 Wilshire Boulevard Los Angeles, CA 90017 Subject: Financing Consultants Agreement Enclosed is an executed copy of the above referenced agreement. This agreement was authorised at a meeting of the City Council on November 8, 1976 by the adopting of Resolution No. 8932, a copy of which is enclosed. Doris George City Clerk DG:eg Enc. (2) E 0 CONTRACT EMPLOYING FINANCING CONSULTANT THIS AGREEMENT, made this /D fkday oft, 1976, by and between CITY OF NEWPORT BEACH, a City duly organized under the laws of the State of California (hereinafter called "City ") , party of the first part, and STONE & YOUNGBERG MUNICIPAL FINANCING CONSULTANTS, INC,, One California Street, San Francisco, California, a Corporation (hereinafter called "Consultant ") , party of the second part: WITNESSETH: WHEREAS, City is considering the issuance and sale of approximately $7, 000, 000 principal amount of General Obligation bonds, predicated upon approval by the elec- torate; and WHEREAS, City desires to develop a feasible, economical and equitable plan of procedure in carrying through to completion said issuance of evidences of indebted- ness; and WHEREAS, the prepration of such a plan and its execution require certain studies, analyses and recommendations to be made by persons qualified by training and experi- ence to do so; and WHEREAS, City, after due investigation and deliberation, has determined that Consultant is qualified by training and experience to perform said services; NOW, THEREFORE, it is mutually agreed as follows, to wit: City hereby employs Consultant and Consultant hereby accepts such employment to perform the services, upon the terms, subject to the conditions, and in considera- tion of payments as hereinafter set forth: Services to be Performed by Consultant: Consultant shall perform in a diligent manner the following services: 1. Assemble, review and analyze available data and information which may have a bearing on a program for the issuance of the Park and Recreation bonds. -1- 0 0 2. Based upon the foregoing analysis, make recommendations as to terms and conditions under which bonds are to be issued and sold, including timing and method of sale, amortization or repayment schedules, call and redemption features if any, sinking fund requirements, application of revenues and other details. 3. Provide financing information and data which may be required in connec- tion with any aids or grants which may be available to assist in the financ- ing of the proposed public improvement project. 4. Prepare the tax rate statement required by the Elections Code of the State of California, commencing with Section 5301. 5. Prior to an election for the authorization of bonds to finance the proposed program, appear at a reasonable number of public meetings that may be held by interested civic groups to explain the financial aspects of the program and provide factual information regarding the project and the financing program. 6. If the issuance of bonds or other evidences of indebtedness to finance all or part of the costs of the proposed improvements is authorized at an elec- tion or otherwise, recommend to City the 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. 7. Provide, as part of the bond prospectus, full disclosure of all material facts concerning the issue so as to comply with the applicable provisions of the Securities Exchange Act of 1934 and the Security Reform Act of 1975. 8. Assist bond counsel in drafting the necessary Resolution of Issuance and Notice of Sale. 9. 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 City. 10. Arrange for printing and distribution of the bond prospectus and other related material to a comprehensive list of prospective bond bidders. City shall reimburse Consultant for costs of printing and distributing the official state- ment and related material. 11. Effect direct personal contact with dealers and investors to stimulate in- terest in any bonds issued and advise on technical questions concerning financing, 12. Take such other steps as appear advisable to encourage strong competitive bidding on the bonds. Any charges by bond rating agencies and any charges for preparation of debt statement shall be borne by City. 13. During the entire course of employment hereunder, Consultant shall be available at reasonable times for consultation and advice relating to the financial aspects of the contemplated improvement program. -2- 0 Payment for Services: 14. For the services to be rendered hereunder, City agrees to pay Con- sultant the following fees at the times and subject to the conditions specified: a. A sum in an amount equal to $250.00 per manday for those serv- ices to be performed under Paragraphs 1 through 5 hereof, pro- vided however that the maximum fee due Consultant under this Paragraph 14a shall be $1,500.00; plus b. A further sum in an amount equal to one percent (1$) of the first One million dollars ($1,000,000) in financing achieved; plus c . A further sum in an amount equal to one - quarter of one percent (1/4 of 1 %) of all financing achieved in excess of the first One Million dollars ($1,000,000); however d . The minimum fee due Consultant for each sale of securities shall be $10,000. 15. It is understood and agreed that any fees paid Consultant under Paragraph 14a, above, shall be deducted from those fees payable to Consultant under Paragraph 14b. 16. It is further understood and agreed that those fees payable under Para- graph 14b, above, shall become due and payable only upon receipt by City of funds to finance all or a portion of the proposed project. Other Considerations: 17. Consultant is employed hereunder to render a professional 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 ex- pense or expenditure of any kind, including the following: a. Any and all legal or engineering 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 Consult- ant's services herein provided for, except those specifically excluded herein. 18. Nothing herein contained shall prevent Consultant from carrying on its usual business activities, including the performance of other additional services for City, should it so desire such additional services, nor from per- forming similar services for other districts, cities or public entities. -3- E 0 19. 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 informa- tion and data required to perform the services herein provided for. IN WITNESS WHEREOF, said City, party of the first part, has caused these pres- ents to be properly executed, and said Consultant, party of the second part, has caused these presents to be executed by one of its officers, as of the date hereinabove set forth. APPROVED AS TO FORM: W TYWa ATTORNEY ATTEST: ity Clerk 11 CITY OF NEWPORT BEACH By/ayor STONE & YOUNGBERG MUNICIPAL FINANCING CONSULTANTS, INC. By: Robert G. Bulot, Sr. Vice President -4- 0 NOV B 1976 By the CITY COUNCIL CITY. GF NEWPORT ASACH RESOLUTION NO. 8 93 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A FINANCING CONSULTANTS AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH AND STONE & YOUNGBERG MUNICIPAL FINANCING CONSULTANTS, INC. IN CONNECTION WITH THE OPEN SPACE BOND ISSUE WHEREAS, there has been presented to the City Council of the City of Newport Beach a certain financing consultants agreement between the City of Newport Beach and Stone & Youngberg Municipal Financing Consultants, Inc. in connection with the Open Space Bond issue; and WHEREAS, the City Council has reviewed the terms and conditions of said agreement and finds them to be satisfactory and that it would be in the best interest of the City to authorize the Mayor and City Clerk to execute said contract; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that said agreement above described is approved, and the Mayor and City Clerk are hereby authorized and directed to execute the same on behalf of the City of Newport Beach. ADOPTED this ATTEST: City Clerk 8th day of November , 1976. Mayor DDO /bc 10/28/76