HomeMy WebLinkAboutContracts & Agreements_16-1984_CCv0001.pdf LAW OFFICES OF
ARTHUR L.L TTLEWORTH MICHAEL GRANT BEST, BEST & KRIEGER PALM SPRINGS OFFICE
GLEN E,STEPHIENS- FRANCIS J.BAUM A PARTNERS"M INC—DING PROFESSIONAL CORPORATIONS 600 EAST TAHOUITZ-NISCALLUM WAY
WILLtAM R.D.WOLFE ANNE T.THOMAS
eA R TON C.GAUT- GEORGE M-REYES
CHARLES D�FIEL P WILLIAM W.FLOYD,JR. 4200 ORANGE STREET PALM SPRINGS,CALIFORNIA 92262
PAUL T.
SEL MICHAEL A.CRISTE X619)325-7264
CHARLES 0 D RICHARD CROSS P. O.BOX 1028
HOLM OLM ES* D MARTIN NETHERY
CHRISTOPHER CARPENTER ELIZABETH L.HANNA RIVERSIDE,CALIFORNIA 92502
RICHARD T.ANDERSON* GREGORY V.MOSER
JOHN D-WAHON IRWIN L.GOLDS TELEPHONE(714)686-1450 JAMES B.CORISON,OF COUNSEL
MICHAEL D-HARRIS IS ANTONIA G.WEINER
W JOYr
CURT EAL _E W.WHEELER RAYMOND BEST
Y�VAK HARLEY L.BJELLANO JAMES H.KRIEGER;1913-19751
THOMAS S SL
JOHN E BROWN JEFFREY M•RICHARD June 12 , 1984 EUGENE BEST(1893-1981"
RONALD�J KOHUT DAVID L.BARON
MICHAEL T RIDDELL LOU ANN MERRITT
MEREDITH A.JUPY- VIRGINIA A-ETT I NGER
ROBERT) SEPE KARL H.KNICKMEYER,JR.
+A PROFESSIONAL CORPORATION
Honorable Mayor and Members
of the City Council
City of Redlands
30 Cajon Street
Redlands , California 92373
Re: Proposal for Bond Counsel Services
City of Redlands Proposed Multifamily.
Housing Revenue Bonds Series 1984A
(North View Apartments Project)
Gentlemen:
We are pleased to submit the following proposal
for bond counsel services in connection with the City of
Redlands proposed issuance and sale of bonds in order to
finance multifamily rental housing, 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
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.
LAW OFFICES OF
BEST, BEST & KRIEGER
Honorable Mayor and Members
of the City Council
June 12, 1984
Page 2
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 $5 , 000, 000 of
bonds sold with a minimum of $25 ,000 , 1/4% thereafter up to
$15 , 000,000 and 2/10% thereafter, up to $20,000,000 and
1/10% of any amount of bonds sold over $20 ,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.
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.
In addition to the above bond counsel fees , we would
expect to be reimbursed by the City for out-of-pocket expenses
incurred by us on behalf of the City, such as long distance
telephone calls , telegrams , messenger and courier services ,
travel at the request of appropriate City officials ,
duplicating, computer time sharing and the like. We will
bill the City for these expenses from time to time and all
of these expenses would, of course, be repaid to the City
from bond sale proceeds .
LAW OFFICES OF
BEST, BEST & KRIEGER
Honorable Mayor and Members
of the City Council
June 12, 1984
Page 3
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,
Glen E. Stephens of
Best , Best & Krieger
TERMS OF BOND COUNSEL EMPLOYMENT
APPROVED THIS Lgth DAY OF 1984
Authorized Officer of the
City of Redlands , California
GES/cs