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RESOLUTION NO.
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF AN AGREEMENT BE-
TWEEN SAID CITY AND BERT A. BETTS & ASSOCIATES RETAINING SAID
FIRM AS FINANCIAL CONSULTANTS FOR THE SALE OF SEWER BONDS.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION ONE: That the City of San Bernardino execute an
agreement between said City and Bert A. Betts & Associates re-
taining said firm as financial consultants for the sale of sewer
bonds.
SECTION TWO: That said agreement, a copy of which is
attached hereto, marked Exhibit "A" and referred to and made a
part hereof as fully as though set forth at length herein, is
hereby approved.
SECTION THREE: That the Mayor and City Administrator of
the City of San Bernardino are hereby authorized and directed to
execute said agreement on behalf of said City.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San Ber-
nardino at meeting thereof , held on the
�9 day of 1968 by the following vote, to
wilt:
AYES : Councilmen e
NOES:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this�z,�
day of �' _ f_ 1968.
App:.o-ved as to form: Mayor of the City of San BQ'rnaralr
s�"J Cant ty Attorney
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AGREEMENT RETAINING FINANCIAL CONSULTANT
THIS AGREEMENT made this day of July, 1968, by and
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between BERT A. BETTS & Associates,
Municipal Financial Consultaxitp-
I nauing their head offices at 629 J Street, Fourth Floor
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5 i' Sacramento, California 95814, hereinafter called "CONSULTANT"
6!and the City of San Bernardino, County of San Bernardino, State of
,7 California, 426 Third Street,, hereinafter called "CITY".
WITNESSETH:
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9; WHEREAS, the City is, or will be issuing the third and
1; balance of the authorization of the Sewer Revenue Bonds approved.
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11 �! by the voters of the City on June 11, 1957 to finance needed
12 capital improvements to the sewer system; and,
13!' WHEREAS, the City will require the services of a nationally
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recognized CONSULTANT on municipal finance to assist the City
I' by providing financial advice and to handle the marketing of the
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16,' City's revenue bond obligations t! be issued with respect to the
17 !; pltinned construction program, hereinafter called "Program"; and,
WHEREAS CONSULTANT has offered to serve the City by
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19'' assisting it to develop a financial plan for the Program and
201, assist, with the sale of the City's revenue obligations to be
21 issued with respect to the Program recognizing time is of the
221 essence.
23 NOW THEREFORE, in consideration of the premises and other
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241 mutual covenants herein expressed, CONSULTANT hereby covenants
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!A LAND Bem ( i
MEY AT LAW
1 J STREET
RTH FLOOR
:RAMENTO.
)IRNIA 95814,
7FLE i:DNIK 444-7644
and agrees to act as FINANCIAL CONSULTANT to the City and
the City agrees to so retain CONSULTANT in conjunction with
the financing, of the proposed construction program for capital
improvements '1.ereinafter referred to as the "Program" as follows:
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CONSULTANT will be available at reasonable times by telephone
or at Consultant's offices or the offices of the City for
f in.ncial consultation and advice regarding the City's problems
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hin connection with their sewer capital outlay program.
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CONSULTANT will confer with the Mayor, the members of the
'City Council, the City Administrator, City Treasurer, Finance
'Director, attorneys, accountants and such other representatives
as appropriate, for the
purpose of making a preliminary financial
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review of the Program and assisting the City in a financing plan
for.the authorization.
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� i III
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I In the preparation of the plan of financing and in all
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lother services rendered by CONSULTANT under this Agreement, it is
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l'understood that CONSULTANT may rely upon any written data or
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reports furnished to CONSULTANT by the City, its staff and
its technicians. The City agrees to make available to CONSULTANT
any data or report the City has or may hereafter develop or
receive pertaining to the subject of the CONSULTANT'S services
17junder this Agreement. The City agrees to cooperate with CONSULTANT
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1811by making its staff and personnel available for such conferences
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DAMARA LANs SETTS
ATTORNEY AT LAW
625 J STREET
FOURTH FLOOR
SACRAMENTO.
CALIFORNIA 95814
R'E( EPHONE 444-7644
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!and consultations as may be necessary to the purpose hereof.
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CONSULTANT will take such steps as necessary to ascertain this
authorization may be sold in compliance with the original bond
resolution, and if so obtain supporting data as required.
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CONSULTANT will furnish the City with complete information
;concerning current municipal bond market conditions and will
advise the City on the bond maturity and redemption schedule,
call features, funds, covenants, and other features which will,
in CONSULTANT'S opinion, make the proposed bonds most acceptable
to the prospective purchasers and therefore marketable at the
lowest possible interest rate.
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1 I� VI
21' CONSULTANT will accumulate and compile into an Official
3j Statement for the bond issue all pertinent economic, financial,
4j and statistical data pertaining to said bond issue. It shall
5I also contain pictures and renderings and accurately reflect
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j the economic and financial growth of the City. CONSULTANT,
71shall review his analysis of all reports and a draft of the
8 Official Statement with the City and shall make any amendment
9jl thereto which shall be mutually agreed upon. CONSULTANT will
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BARPARA LANs BETTE
ATTORNEY AT LAW
629 J STREET
FOURTH FLOOR
SACRAMENTO,
CA FORNIA 95814
'' &s LT PUONE 444-7644
thereafter have the Official Statement printed.
CONSULTANT will distribute copies of said Official Statement
to Municipal Bond Underwriters located in principal cities
throughout the United States. CONSULTANT will make such trips
I. as necessary to New York, the Midwest, San Francisco, Los Angeles,
throughout Oregon and other financial areas of the country
deemed necessary by the CONSULTANT for the purpose of generating
enthusiasm among underwriting bidders :as well as among the
potential ultimate investors for this bond issue.
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CONSULTANT will assist the City's Bond Counsel where necessary,
including the preparation of the Bond Indenture and the Notice
of Sale, but the City will pay for the publication of said Notice
in "The Bond Buyer" and such other -publications where required
or deemed advisable by the City and the CONSULTANT.
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CONSULTANT will inform Moody's Investor Services and
any other rating agencies deemed advisable by CONSULTANT who
do not charge a fee for rating said bonds regarding the Bonds
and the City, and CONSULTANT will use his best efforts to obtain
for the City the best possible financial rating. CONSULTANT
will advise City whether the City should contract with any
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-,iiother rating agency or agencies such as Standard & Poor's in
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I!order to have the Bonds rated. In the event the City contracts
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3for a rating, CONSULTANT will do everything possible to supply
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information to the rating agency in order that the Bonds will
receive the best possible rating which they merit based on a
6 full determination of the intrinsic worth of the obligations
7{ contemplated to be issued.
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g, CONSULTANT will analyze prior year trends and cycles,
10supply of municipal bonds coming to market in the nation in the
next thirty to sixty days prior to a contemplated sale, amount
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121; of unsold municipal bonds in the market, etc., to determine the
13 timing for the sale date which will be the most advantageous in
14�' obtaining for the City the lowest interest cost possible by
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15i advising the City as to a time for such sale which will attract
16; the greatest amount of competitive interest, and the least amount
171`; of interference from the sale of comparable obligations of other
18 i borrowing units.
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201I CONSULTANT, shall, prior to the date fixed for the sale of
2111 each issue of such obligations, make themselves available to
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any potential underwriting group or to any institutional investors
for the purpose of discussing the various aspects of such
financing.
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CONSULTANT will attend all meetings of the City at which
bids for bonds are received for the purpose of assisting in
the computation and evaluation of such bids.
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CONSULTANT will attend
any meetings
of the City Council
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when deemed necessary.-=- •
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IBAR.ARA LAND BETTS
ATTORNEY AT LAW
629 J STREET
FOURTH FLOOR
$ACRAMENTO
CALIFORNIA 9"14
TF'SPHONE 444-7644
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w r r
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11 CONSULTANT agrees to assist with the signing and delivery
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2 of each series of obligations sold with respect to the Program.
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4! CONSULTANT will advise and assist the City in the
511 investment of bond proceeds until they are needed to be expended
61 if desired.
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8; CONSULTANT will assist City in obtaining fiscal agent and
9i paying agent as needed.
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11i CONSULTANT covenants and agrees that he serves only the
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12. interest of the City, and that neither he nor anyone in his
13I firm or connected with it in any way will participate or
14i receive any money or other consideration of any nature from
15111 any source other than the consulting fee from the City.
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161 CONSULTANT will receive nothing from the profits of the
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1711 underwriters of the bond issue described herein.
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19j City will pay CONSULTANT for all services to be performed
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20i by CONSULTANT herein the following sum:
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The sum of % of the par value of the bonds sold of
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said authorization.
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24i City agrees to bear all costs of printing, mailing
25 and distributing the Official Statement and Notice of Sale with
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respect to the issue or issues of bonds and the cost of printing
28� the bonds. As provided herein, City will also pay for the
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publication of any Notice of Sale. City will pay the fees of
29 its bond counsel and legal counsel and rating agency, if any.
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31 CONSULTANT shall pay all out-of-pocket expenses incurred
32 b them including travel telephone, telegraph, stenographic
Y g P g P
RwRewRA LAND sErrs i
ATTORNEY AT LAW
629 J STREET 1 i 5.
FOURTH FLOOR
SACRAMENTO, :1
CALIFORNIA 95814
7%LEPHONE 444-7644I'
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l!work, and any other expenses which they may incur which are
2 not specifically authorized to be paid by the City pursuant
311 ita this A reement or specifically a�:;..orized
y ��'�� •,
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5 THIS AGREEMENT s ,all remain in full force and effect
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6from the date of its execution until six months after the bonds f
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are sold. CONSULTANT recognizes time is of the essence and i
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8i will do everything possible to sell this remaining authorization
9 `I of revenue bonds prior to August 31, 1968.
10� IN WITNESS WHEREOF, the parties hereto have caused this
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Agreement to be executed and attested as of the day and date
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12 �I first above written.
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16�1 BERT A. BETTS & Associates
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By
CONSULTANT
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1911 Attest: CITE' OF SAN BERNARDINO
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I� _ By
21 1i City Clerk Mayor_--
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23 ,I By ---
City Administrator
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ARA LAND B[TTS � � (.�
ATTORN[Y AT LAW v
829 J 8TR[[7
FOURTH FLOOR
SACRAMENTO,
CALIFORNIA 95814
CPHON[ 444-7644 i