HomeMy WebLinkAbout1984-479
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RESOLUTION NO.
84-479
2 RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE MAYOR TO
ENTER INTO AN AGREEMENT l'iITH TIMOTHY J. SABO TO SERVE AS BOND COUNSEL
3 FOR SAN BERNARDINO CITY'S 1984 MORTGAGE P~VENUE BOND ISSUE IN THE CITY OF
SAN BERNARDINO, CALIFORNIA.
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WHEREAS, the Mayor and Common Council of the City of San Bernardino
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desire to engage the services of Bond Counsel for its 1984 Mortgage
Revenue Bond issue; and
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WHEREAS, Timothy J. Sabo has submitted a proposal to perform the
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required services per fee schedule as stated in the proposal.
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NOW.. THEREFOPE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE ~ffiYOR
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AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1. The Mayor is hereby authorized and directed to accept
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and execute the Contract Letter Proposal dated November 1, 1984, submitted
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by Timotny J. Saba attached hereto as Exhibit "A" with Timothy J. Saba as
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Bond Counsel for San Bernardino City's 1984 Mortgage Revenue Bond issue.
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SECTION 2. The fee schedule is as stated in the Contract Letter
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proposal and shall be contained as part of the Bond issuance costs.
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I HEREBY CERTIFY tfla~ the foregoing resolution was duly adopted
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by the Mayor and Carrmon Council of the City of San Bernardino at a
regular
meeting thereof, held on the 19th
day of November
1984, by the following vote, to wit:
AYES:
Council Members Reilly, Marks, Quiel, Frazier,
strickle'r
NAYS:
None
ABSENT:
Council Members Castaneda, Hernandez
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./ City Clerk
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of
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The foregoing resolution is hereby approved this
, 1984.
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Approved as to form:
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City Att rney
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CONTRACT FOR PROFESSIONAL SERVICES
(TIMOTHY J. SABa - BOND COUNSEL)
THIS CONTRACT is entered into this /C(t:Ivday of 'h -L .. ..t, , 1984,
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by and between the CITY OF SAN BERNARDINO, CALIFORNIA, (hereinafter called the
"City") and TIMOTHY J. SABa, (hereinafter called the "Bond Counsel").
R E C I TAL s:
This Contract is made with reference to the following:
A. The City has determined it necessary to engage the services of a
bond counsel for its upcoming 1984 Mortgage Revenue Bond issue.
B. Timothy J. Sabo has submitted a proposal to represent the
interest of the City while serving as Bond Counsel and rendering the requisite
opinions to the purchaser of the tax exempt obligations to be issued.
NOW, THEREFORE, the parties hereto do mutually agree as follows:
1. SCOPE OF SERVICES: The Scope of Services shall be as contained
in the Bond Counsel's proposal letter dated November 1, 1984, attached nereto
as Exhibit "1" and made a part hereof.
2. TIME OF PERFORMANCE: Services of Bond Counsel shall commence
upon execution of this Agreement and shall be completed in a timely fashion to
allow for bond closing by 12-31-84.
3. COMPENSATION AND METHOD OF PAYMENT: The City shall pay to the
Contractor in accordance with their proposal letter of 11-1-84 attached hereto
as Exhibit "I", except that out-of-pocket expenses shall not exceed $5,000.00.
It is understood that compensation in each case shall be subject to the receipt
of a requisition from the Contractor specifying that he has performed the work
under the contract in conformance with the contract and that he is entitled to
receive the amount requiaitioned. Payment shall be from coat of Issuance and
are contingent upon the successful sale and delivery of the issue.
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IN WITNESS WHEREOF, the Agency and the Contractor have executed this
Contract as of the date first above written.
CITY OF SAN BERNARDINO
TIMOTHY J. SABO
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/ City erk
12 Approved at to Legal Form
"~ ~,r,:~
~ City Attorney
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537J
TIMOTHY J. SABa
TIMOTHY J. SABO
DA.VID F. GONDEK
BRUCE D. SNYDER
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
SUITE 100
5855 TOPANGA CANYON BOULEVARD
WOODLAND HILLS, CALIFORNIA 91367
(818) 704-0195
SUITE 207
440 WEST COURT STREET
SAN BERNARDINO. CAUFORNIA 92401
(714) 884-2960
(714) 824-7302
OF COUNSEL
RICHARD W. STRONG
IN ASSOCIATION WITH
"ERICK D. STOIII/'E. P.C.
1666 SOUTH UNIVERSITY BOULEVARD
DENVER. COLORADO 80210
(303) 698-2423
. UCENSED IN COlORAOO
AND WYOMING
November 1, 1984
Honorable Mayor and Common Council
of the City of San Bernardino
300 North "D" Street
San Bernardino, California 92418
Honorable Mayor and Council Members:
This proposal is being submitted for your consideration in connection
with the issuance by the City of San Bernardino, California (the "City"), of single
family mortgage revenue bonds (the "Bonds") pursuant to the laws of the State of
California for the financing of various single family residential projects within the
City. Such projects may be financed pursuant to the provisions of applicable State
laws with regard to the issuance of Bonds by the City pursuant to the appropriate
authority under State law. The role of this Firm in such financing or financings
would be to represent the interests of the City while serving as Bond Counsel to
the City and rendering the requisite opinion or opinions to the purchaser of the tax-
exempt obligations to be issued by the City as to legality for issuance under the
laws of the State of California and the exemption of interest on such obligations
from applicable federal and State income taxation.
As stated above, this Firm shall serve as Bond Counsel to the City for
the financing of the single family residential projects, and, in connection
therewith, the services of Bond Counsel would be to prepare all legal documents
and filings necessary to implement the financings for the projects, to attend such
meeting or meetings of the Council at which action on such projects would be
taken at your request, to supervise the proceedings step by step as taken to be
certain that all necessary procedures are conducted in the proper manner and at
the proper times, to consult with members of the City Staff and with the City
Attorney and the Underwriter in the preparation of documents and in the
scheduling of actions in connection with the financing projects, preparation of the
necessary agreements and resolutions for approval and adoption by the City,
including, but not limited to, the Resolution of Issuance, the Trust Indenture,
Mortgage Sale and Service Agreement, Developer Agreements and all closing
documents, and to supervise delivery of the Bonds of the City and conduct the
closing thereof and provide the approving opinion or opinions at the time relating
to legality and tax-exemption.
For these services, the total fees for Bond Counsel services would be
$12,000 for the first one million dollars ($1,000,000) of the principal amount of
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Bonds; for the principal amount of Bonds from $1,000,000 to $5,000,000, $12,000
plus three-tenths percent (.3%) of amounts in excess of $1,000,000; for the
principal amount of Bonds in excess of $5,000,000, $24,000 plus one-quarter
percent (1%) of amounts in excess of $5,000,000 for each series or issuance of tax-
exempt obligations so issued from time-to-time by the City plus all out-of-pocket
expenses. It is expressly understood and agreed that this employment letter with
regard to said percentage fee for Bond Counsel services and out-of-pocket
expenditures of Bond Counsel are contingent upon the successful sale and delivery
of the tax-exempt obligations in each series or separate financing as contemplated
hereunder.
This Firm shall be compensated for all out-of-pocket expenses incurred
as Bond Counsel solely upon the delivery of the Bonds from the proceeds thereof
for such items as travel, long-distance telephone calls, messenger service, tele-
copying, photocopying, and the like for expenses related to such issuance of Bonds
if and when the Bonds are actually issued and delivered, and such out-of-pocket
expenses shall be in addition to the Bond Counsel fee if the Bonds in one or more
series are in fact issued.
If the terms as outlined herein are satisfactory, please indicate
acceptance hereof by the City through the execution of the acceptance in the form
provided below thereby employing this Firm as Bond Counsel to the City upon the
terms stated herein, and return an executed copy of this letter.
Respectfully yours,
TIMOTHY J. SABO
A PROFESSIONAL CORPORATION
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Ti~;;; ;?Jabo
TJS:dm
Enclosure
ACCEPTANCE
The Law Firm of TIMOTHY J. SABO, A PROFESSIONAL
CORPORATION, is hereby employed as Bond Counsel to the City in accordance
with the terms of the foregoing letter, except that reimbursable expenses
shall not exceed $5,000.00.
Dated:
,1984
Mayor of the City of San Bernardino,
California
(SEAL)
ATTEST:
City Clerk of the City of
San Bernardino, California
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RESOLUTION NO.
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
KAYOR TO ENTER INTO AN AGREEMENT WITH TIMOTHY J. SABO TO
SERVE AS BOND COUNSEL FOR SAN BERNARDINO CITY'S 1984
MORTGAGE REVENUE BOND ISSUE IN THE CITY OF SAN
BERNARDINO, CALIFORNIA
WHEREAS, the Mayor and Common Council of the City of San Bernardino
desire to engage the services of Bond Counsel for its 1984 Mortgage REvenue
Bond issue; and
WHEREAS, Timothy J. Sabo has submitted a proposal to perform the
required services per fee schedule as stated in the proposal.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR
AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Mayor is hereby authorized and directed to accept
and execute the Contract Letter Proposal dated November I, 1984, submitted by
Timothy J. Sabo attached hereto as Exhibit "A" with Timothy J. Sabo as Bond
Counsel for San Bernardino City's 1984 Mortgage Revenue Bond issue.
SECTION 2. The fee schedule is as stated in the Contract Letter
proposal and shall be contained as part of the Bond issuance costs.
Adopted:
21 Approved as to Legal Form
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By:
ALLEN R.
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