HomeMy WebLinkAbout1986-483
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RESOLUTION NO. 86 483
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING AND
DIRECTING THE ACCEPTANCE OF A CONTRACT FOR LEGAL SERVICES FOR
REFUNDING BOND ISSUE (SISTERS OF CHARITY OF THE INCARNATE WORD,
ST. BERNARDINE'S HOSPITAL).
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
6 SECTION 1. The Mayor of the City of San Bernardino is
7 hereby authorized and directed to execute an acceptance of the
8 terms proposed by the Law Office of James Warren Beebe in its
9 letter dated November 26, 1986, in connection with the proposed
10 refunding bond issue requested by Sisters of Charity of the
11 Incarnate Word, parent corporation of St. Bernardine's Hospital.
12 A copy of the letter of November 26, 1986, is attached hereto as
13 Exhibit "An, and incorporated herein by this reference.
14 I HEREBY CERTIFY that the foregoing resolution was duly
15 adopted by the Mayor and Common Council of the City of San
16 Bernardino at a 11 FlnjClllrnpn /regularmeeting thereof, held on the
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8th
day of n~~~mnAr
, 1986, by the following vote, to
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AYES:
Council Members Estrada, Reilly, Hernandez.
Marks, Frazier
NAYS:
None
ABSENT:
Council Members Quiel, Strickler
~7?$~~
/ City Clerk
9C,(
day
approved this
The foregoing
27 of
, 1986.
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Bernardino
December
28
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1 Approved as to form:
2 City A!~
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LAW OFFICES OF
JAMES WARREN BEEBE
A LAW CORF>ORATION
626 WILSHIRE BOULEVARD
LOS ANGELES. CALIFORNIA 90017
AREA CODE 213
TELEPI--IONE 680_1406
November 26, 1986
REFER TO FILE No.
60,009-59-3
Honorable Mayor and Common Council
of the city of San Bernardino
City Hall
300 North "0" street
San Bernardino, California 92418
Re: $29,900,000 City of San Bernardino,
California SCH Health Care System Revenue
Bonds (sisters of Charity of the Incarnate
Word, Houston, Texas) Series 1986A
Honorable Mayor and Common Council:
We have discussed our employment to render bond
counsel services in connection with the above-referenced
issue of Bonds with Allen R. Briggs, Esq., Sr. Assistant
city Attorney, and, if you approve, this letter is to
confirm the terms of our employment.
The above-referenced issue of Bonds is unique in
that it is part of a composite financing designed to
restructure the bonded debt of the sisters of Charity of the
Incarnate Word, Houston, Texas ("SCH"), thus reducing
interest costs and the financial load on the institution.
The San Bernardino financing is designed to refund the 1983
issue of SCH and is structured to fit in with the refinanc-
ing of the hospital debts in locations in four different
states.
Because of the short time schedule, we have
commenced working on the financing and have transmitted
preliminary documents to the city for review and adoption.
The financing team of experts has worked on the
transaction before and so is able to effect significant
savings in issuance expenses. Due to the participation by
all of the others on the financing team, our fee for this
work should not be computed in accordance with our letter of
November 13, 1979, under which we operated for several
years. Instead of a fee of that magnitude, we have proposed
00100:517.3
11-26-86 (JWB:ld)
EXHIBIT "A"
"
(
LAW OFFICES OF
. . JAMES WARREN BEEBE
A LAw CORPORATION
Honorable Mayor and Common Council
November 26, 1986
Page 2
to SCH a fee of not to exceed $35,000, with our incidental
expense figure not to exceed $5,250, such expenses to be
itemized. We are still not sure of the exact amounts,
because so much of a refunding depends upon the computer
runs of the numbers. Therefore, we have used not-to-exceed
figures. The fee and expenses are contingent upon the
closing of the Bond issue.
If the arrangements outlined herein are satisfac-
tory, please adopt a minute order making reference to this
letter and employing us upon the terms stated herein and
return to us an executed copy of this letter.
Respectfully yours,
JAMES WARREN BEEBE
A LAW CORPORA~
~~~,*r ~
~~ames Warren Beebe
-
JWB:ld
Enclosure
00100:517.3
11-26-86 (JWB:ld)
.
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LAW OFFICES OF
. . JAMES WARREN BEEBE
A LAW CORPORATION
Honorable Mayor and Common Council
November 26, 1986
Page 3
Pursuant to a resolution of the Mayor and Common
Council of the City of San Bernardino, the firm of JAMES
WARREN BEEBE, A LAW CORPO N, is emPlo~.~U.~ P the terms
stated in the foregoing le t // ?-
M or of t e City of San Bernar
Attest:
~//41&~
cIty Clerk of the city of
San Bernardino
D0100:517.3
11-26-86 (JWB:ld)