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Home My WebLink AboutC-1435 - Legal Services for Election on Park Bond IssueTO- FINANCE DIRECTOR FROM: City Clerk SUBJECT: Contract No. 1435 6 CITY OF NEWPORT BEACH CALIFORNIA DATE Mmmh 24, 1072 City Hall 3300 W. Newport Blvd. Area Code 714 673-2110 Description of Contract — legal smviess for Park Bend Mectlen Authorized by Resolution No. 7637 adopted on March 13, 1272 Effective date of Contract — March 146 1972 Contract with ofmslmw g *Jws Address 611 West Sixth Street Um &Wiest CA 90017 Amount of Contract we contract , t 7 637 ma"40 tho" b" been PV,*fKZ' AtOd to thft' CUY OCUM" of tho City of va"Ort City' of lkwWrt b4sch a*k th.-, zav virm of &I Myers in Comettion with pfevuurov lacial ilervice.a ag Wit: couns" for the Voci--1 conimlieated itat.qipai alecLion to bft held Javix io the Clity Council h-is cmaiftve4 the t*XW3 �ftd cons Utlmw of naid Wreavwnt aiad found the' to be fair, and equitabiv., gm. TjowmW., Sa IT RESOLVZO: pct *Oid 4 n for the laq v I services ,xboft dldo4ribed is am the Mayor and City Cl--=rk are bereby oWrbert-vd ind directed to wxsev" the cjk belvAt of the City of SMvart uacb. ADOPCM this I'M d«y of d2chC'=O ATTLJTa City Clerk w7x , amonail 3/9/72 0 March 241 1.972 O':'elveny 6 Myers 611 West Sixth Street Los Angeles, (A 90017 Subject: File No. '.21,`66 -' Newport Beach Contract No. :435 0 Enclosed is copy of Letter Apreerent between your firm and the City of Newport Beach for legal services as bond counsel for our Park Bond Election to be consolidated with the June Primaries. "he City Counsel authorized this agreement on March 13 by the adoption of Resolution No. 7637. Please note that the word "proposition" in the second para- graph has been changed to plural. Laura Lagios City Cleric L.L:4Mk enc. cc: ity Manager • LAW OFFICES OF O' MELVENY & MYERS fill WEST SIXTH STREET LOS ANGELES, CALIFORNIA 90017 TELEPHONE 12131 6 20 -112 0 WEST LOS ANGELES OFFICE TELE %:67 -9122 1800 CENTURY PARK EAST LOS ANGELES,CALIFORNIA 90057 CABLE ADDRESS "MOMS" TELEPHONE 12131 553-8700 TELEX: 67 -4097 y I'!arch EUROPEAN OFFICE 4,PNCE OE IA CONCORDE PARIS 6.. FR4NCE 6 th TELEPHONE 265 39 -33 1972 TELEX: 842.66715 OUR FILE NUMBER ¥621,566 -3 Honorable City Council of the City of Newport Beach Newport Beach, California Gentlemen: Your City Manager, hr. Wynn, 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 approximatel $8,985,000 general obligation bonds for par': and reci ional purposes. we will be pleased to accept such employment. We nderstand that you propose to submit the bond propositions "a a special election to be consolidated with the statewide primary election to be held June 6, 1972. 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 taken, 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. ror these services our fee, which is 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 $1,000,000.00 principal amount of such issue, and $1.00 per thousand on the excess over $1,000,000.00. #2 - Honorable City Council of the City of Newport Beach - 3 -6 -72 Said fee will be payable $1,000.00 following the canvass of the election returns and the remainder following the sale or sales of the bonds. In the event that 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 portion 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 three (3) sales of the issue involved there will be an additional fee of $400.00 for each sale following the third sale. In case the proceeding is abandoned prior to the election, or if the issuance and sale of the issue is abandoned after we have performed a substantial amount of work in connect- ion with such issuance and sale, we are to be paid a reasonable fee based upon the time expended on such proposition and issue, 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, 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, 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 a financial consultant who will prepare the official statement in connection with the issuance of the bonds and will give advice concerning those items and terms of the bond issue and of the sale thereof which, apart from legality, may affect the marketability of the bonds at a favorable interest rate. Ile 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 pertaining thereto. #3 - Honorable City Council of the City of Newport Beach - 3 -6 -72 The contract created by acceptance of this letter shall be binding upon and inure to the benefit of the firm of O'bielveny & Myers as presently constituted or as changed hereafter by the admission of new partners or by the death or retirement of any present or new partners, provided that the opinion of the successor firm upon municipal bonds, whether under the same name or otherwise, is accepted by bond dealers and bond purchasers as readily as the opinion of the firm as presently constituted. 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, P ter W. Blackman PWB:jlg 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. MAR 14 1972 Attest- City Clerk of the:"jAtyJ of Newport Beach, California. Approd as to f(g `7and egality: City Attorney of -the City of Newport Beach, California. Mayor of the City of Newport Beach, California. r 4 .. PURCHASE ORDER CITY OF NEWPORT BEACH - 3300NElyPQRT a9U BARD NEWPORT BEAT ' NIA 92660 PHONE.( 2110 VENDOR O'aelveny & 611 West Sixtreet Las Angeles, 6tfif. 90017 SHIP TO (SAME UNLESS O'+HERWISE NOTED) No. 7692 INVOICE IN DUPLICATE . TNN ORDER RUMSIVIC 'MUST A►P,eAn ON ALL INVOR:14 SHIP - PIRS .NDTICES, DILLS 6P -LAD - 1RS.:�'^EEPtYDS_ RECEIPTS - AND .AERAio... OELIY[RT TIc CETS SMALL IR- a OLUDE UNIT PRICE. DATE April W. -4972 DAty QUANTITY.:..:. DESCRIPTION OF ARTICLES OR SERVICES- REQUIRED UNIT PRICE TOTAL -�. -+ It L6"l services for Park Send Election as per contract 1000.00 , Contract 01435 Resolution 7637 FOR CITY USE ONLY IMPORTANT - -- CODE AMOUNT CITY OF NEWPORT BEACH 1416 �s/ss� ��L 1000.00 The Articles Covered by this Purchase Order or Contract must con- farm with the Safety Orders of the State of California, Dhi i. of Iaduatriel Safety. - Show Me a separate ilea any retail sales tax, use tax or Federal •, • r -} \'_/ tax applicable to this purchase. This order Subject to California sales tax. - D. W. MEANS All all o... ble transportation charges must be prepaid and shown as PURCHASING AGENT a Separate item on the invoice. Do not include Federal transporta- tion tax. I DEPARTMENT COPY