HomeMy WebLinkAboutContracts & Agreements_13-1985_CCv0001.pdf LAW OFFICES OF
ARTHUR L.LITTLEWORTH - MICHAEL A-CRISTE BEST, BEST & KRIEGER PALM SPRINGS OFFICE
GLEN E.STEPHENS- RICHARD CROSS A PARTNERS-INCLUOiNG PROFEGSiONAL CORPORATIANS
WILLIAM R.OEWOLFE IRWIN L.GOLDS 600 EAST TAHOUITZ-MCCALLUM WAY
BARTON C.GAUT, ANTONIA G-WEINER 4200 ORANGE STREET P.O.BOX 2710
CHARLES D.
FIELD JOYCE W.WHEELER
PAUL T,SELZER HARLEY L-BJELLAND R 0.BOX 1028 PALM SPRINGS,CALIFORNIA 92263
DALLAS HOLMES DAVID L.SARON
CHR I STOPHER CARPEN�ER LOU ANN MERR:TT RIVERSIDE,CALIFORNIA 92502 (619)-325-7264
RICHARD T.ANDERSON VIRGINIA A.ETT LAGER TELEX 762735
JOHN D,WAHLIN- VICTOR L-WOLF TELEPHON E(714)686-1450
MICHAEL CL HARRIS DANIEL E.OLIVIER
W CURT EALYARIEL PIERRE CALONNE JAMES B.CORISON,OF COUNSEL
THOMAS S.SLOVAK DANIEL J.M9HUGH
JOHN E.BROWN- CARL F.HERBOLD,JR.
RONALD J.KOHUT GREGORY L-HARDKE RAYMOND BEST(t868-1957)
MICHAEL T,RIDDELL KEVIN S.MILLS JAMES H,KRIEGER(1913-1975)
MEREDITH A.JURY STEPHANIE K-HARLAN
MICHAEL GRANT MARC E.EMPEY EUGENE BE5T(f893-1981)
FRANCIS J.BAUM JOHN R.ROTTSCHAEFER
ANNE T,THOMAS VIRGINIA A.JOHNSON
D,MARTIN NETHERY LETITIA E.PEPPER
GEO RGE M,REYES MARTIN A.MUELLER
WILLIAM W.FLOYD,JR. J.MICHAEL SUMMEROUR April 10, 1985
.A PROFESSIONAL CORPORATION
Honorable Mayor and Members of
the City Council
City of Redlands
30 Cajon Street
P. 0. Box 280
Redlands, CA 92373
Re: Proposal for Bond Counsel Services
City of Redlands Proposed Multifamily Housing
Revenue Bonds (Gibraltar Community Builders
Project)
Ladies and Gentlemen:
We are pleased to submit the following proposal for
bond counsel services in connection with the City of
Redland' s proposed issuance and sale of its $25,000,000
Multifamily Rental Housing Revenue Bonds (Gibraltar
Community Builders Project) in order to finance multi-family
rental housing to be owned by Gibraltar Community Builders
under Chapter 7 , Part 5 of Division 31 of the California
Health and Safety Code. The firm of Best , Best & Krieger
would be happy to serve as bond counsel on this financing
and proposes to perform the following services on the basis
set forth in this letter .
We will confer and consult with City staff and the
City' s consultants and underwriters on all matters relating
to the financing including participation in the review and
selection of appropriate financing methods. We will assist
the City in identifying the most advantageous method of
financing based upon our experience and we will attend all
meetings of the City' s staff and consultants at which
LAW OFFICES OF
BEST, BEST & KRIEGER
Mayor and City Council
City of Redlands
April 10, 1985
Page 2
financing methods are to be discussed and analyzed for
successful completion of the financing.
Our services will include the preparation of all
ordinances, resolutions, notices, bond forms and other
documents required in the proceedings. We will also review
any official statement prepared on behalf of the City, and
attend all meetings in which any action in connection with
the proceedings is to be taken.
Subject to completion of the financing to our
satisfaction, Best, Best & Krieger will issue its approving
legal opinion to the purchasers of the bonds to the effect
that all proceedings have been legally undertaken for the
authorization, issuance, sale and delivery of the bonds, and
that the bonds are exempt from Federal and State personal
income tax. We will also issue appropriate supplemental
opinions and certificates as may be necessary or
appropriate.
Finally, we will confer and consult with City
officials with respect to problems which may arise during
the period of servicing and payment of the bonds, and
provide any and all other services commonly expected of bond
counsel.
The fee for the foregoing legal services with
respect to the issuance of the bonds will be based on the
amount of bonds authorized and sold. Our present fee
schedule for this work is as follows: 1/2% of the first
$6,000,000 of bonds sold with a minimum of $30,000, .15%
thereafter up to $15,000,000 and 1/10% of any amount of
bonds sold over $15,000 ,000 .
The fee for the foregoing services will be payable
upon completion and sale of the bonds from the proceeds of
the financing. If other services are requested by the City
which are not within the scope of those outlined above, they
will be performed on a time basis at the hourly rate of the
attorneys involved.
LAW OFFICES OF
BEST, BEST & KRIEGER
Mayor and City Council
City of Redlands
April 10, 1985
Page 3
In the event that bonds are not issued, we will be
paid a reasonable fee, to be mutually agreed upon based upon
the applicable hourly rates of the attorneys in our firm
undertaking the work prior to abandonment, and to be paid or
reimbursed to the City by the participating developer .
If this arrangement is satisfactory to you, please
return to us a copy of this letter executed by an authorized
officer of the City.
Respectfully submitted,
Francis J. Baum of
Best, Best & Krieger
FJB:cs
TERMS OF BOND COUNSEL EMPLOYMENT
APPROVED THIS 16th DAY OF
April 1985.
"
Authorized 0 f-f i&77;�-o'f- t t e
City of Redlands, California
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