HomeMy WebLinkAboutContracts & Agreements_5-1987_CCv0001.pdf ORIGINAL FILED
WITH AGENCY
LAW OFFICES OF' RESOLUTION 198
ARTHUR L,OTTLEWOFTk VIRG1141A A.ETTINGER BEST, BEST & KRIEGER
GLEN E,STEPHENS- VICTOR L WOLF
WILLIAM P.OrWOU`E DANIEL E.OLIVIER A aARTNCRAttIP INCLUCtNO PAOFtSSiONAL CO*VOO0&
BARTON C.GAUT- APIEL PIERRE CALON"
CHARLES D.FIELD DANIEL J.Mc HUGH
400 MISSION SQUARE
PAUL T.SELZER. CARL r- HERBOLD 3750 UNIVERSITY AVENUE
DALLAS HOLMES* STEPHANIE K.HARLAN
CHRISTOPHER CARPENTER* MARC E,EMPEY POST OFFICE BOX 1024B
RICHARD T.ANDERSON JOHN R,ROTTSCHAEFER
JOHN O�WAHON- VIRGINIA A.JOHNSON
MICHAEL D.HARRIS* LETITIA E.PEPPER RIVERSIDE,CALIFORNIA 2J E}2
W.CURT EALY - MARTIN A.MUELLER TELEPHONE I�7141 68 6-145 0
THOMAS S,SLOVAK J,MICHAEL SUMMEROUR I SAN DIEGO
JOHN E.BROWN* HOWARD B.GOLDS TELECOPIER (714) 686-3083 T611;0 457-4975
RONALD J.KOHUT EUGENE TANAKA ,
MICHAEL T.RIDDELL MARGARET F.TANA A —
MEREDITH A.JURY BASIL T.CHAPMAN
MICHAEL GRANT JEFFERY J=CRANDALL RAVMONO BEST(taes-F0517, PALM DESERT
FRANCIS J.SAU M� SCOTT C.SMITH JAMES H.KRIEGER'11913-1975)
I4 k619)
ANNE
,
C T.THOMAS LANCE A.ADAIR EUGENE BEST(1893-198t)
O.MARTIN
NETHERY- JACK B.CLARKS
OF
-ORGE M.
REYES ROGER A.GRAD GORDON COLOGNE,OF COUNSC-
WILLIAM W.
FLOYD,JR, JEANNETTE A.PETERSON JAMES B.COPISON,OF COVNSEL
MICHAEL A.CRISTE CHRISTINE M.NORTH
Y L.
RICHARD A.OSHIMS,OF COUNSEL
GREGORY L HAROKE TEfIH L,VOLLNOGLE January 28, 1987 ADMITTED IN NEW YORK, tVA0.
RICHARD CROSS GREGORY K•WILKINSON
KENDALLH.MACVLY DANIEL C.CARMICHAEL w,I,9IHNGy0ft,O.C.COURT or CLAIMS
CLARK H.
ALSOP BARBARA E.KRISTAL
DAVID J,ERWINBRIAN M.LEWIS
MICHAEL J,ANDELSON TIMOTHY W CONNOR
DOUGLAS S.PHILLIPS GEORGE H.CHANT III
CHARLES M.ELLIS* RONALD A.VAN BLARCOM
LANTSON E.ELOPED REBECCA O.HICKOX
IRWIN L.GOLDS BRADLEY E.NEUFELO
ANTONIA G.WEINER CECILIA S_WU
MARLEY L.BJELLAND MICHAEL E-MULME
DAVID L.BARON GEOFFREY K.WILLIS
WYNNE S.FURTH
*A PROFESSIONAL CORPORATION
Honorable Chairperson and Members of
the Redevelopment Agency of the
City of Redlands
30 Cajon Street
Redlands, California 92373
Re: Proposal for Bond Counsel Services
for Proposed Redevelopment Agency of
the City of Redlands, Redlands Rede-
velopment Project 1987 Tax Allocation
Refunding Bonds
Ladies and Gentlemen:
We are pleased to submit this proposal for bond
counsel services in connection with the proposed issuance of
tax allocation refunding bonds by the Redevelopment Agency
of the City of Redlands for the Redlands Redevelopment
Project. The firm of Best, Best & Krieger would be pleased
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 Agency staff and
the Agency's financial consultant on all matters relating to
the financing including participation in the review and
selection of appropriate financing methods. We will assist
the Agency in identifying the most advantageous method of
financing based upon our experience and we will attend all
meetings of the Agency's staff and consultants at which
financing methods are to be discussed and analyzed for suc-
cessful completion of the financing.
LAW OFFICES OF
BEST, BEST & KRIEGER
Redevelopment Agency of
the City of Redlands
January 28, 1987
Page 2
Our services will include the preparation of all
ordinances, resolutions, bond forms and other documents
required in the proceedings. We will also review any
official statement prepared on behalf of the Agency, 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 such bonds, or
other transactions relating to the financing and that the
bonds are exempt from inclusion in gross income for federal
income tax purposes and are exempt from state personal
income tax. We will also issue appropriate supplemental
opinions and certificates as may be necessary or appro-
priate.
Finally, we will confer and consult with Agency
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 coun-
sel.
Our fee for the foregoing legal services will be
based on the total principal amount of bonds to be sold and
will be computed as follows:
Total Amount of
Bonds Authorized Fee
$1,000,000 or less $10,000
$1,000,000 to $5,000,000 $10,000 plus .40% of the
excess over $1,000,000
$5,000,000 to $10,000,000 $26,000 plus .15% of the
excess over $5,000,000
$10,000,000 or more $33,500 plus .10% of the
excess over $10,000,000
LAW OFFICES OF
BEST, BEST & KRIEGER
Redevelopment Agency of
the City of Redlands
January 28, 1987
Page 3
The above fees will be payable only upon completion
and sale of the bonds from the proceeds of the financing,
and not otherwise. If other services are requested by the
Agency 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 this financing
is not completed for any reason, the Agency will have no
liability for any fees incurred by our firm with respect to
the financing.
In addition to the above bond counsel fees, we
would expect to be reimbursed by the Agency for out-of-
pocket expenses incurred by us on behalf of the Agency, such
as long distance telephone calls, telegrams, messenger and
courier services, travel at the request of appropriate
Agency officials, duplicating, computer time sharing and the
like.
If this arrangement is satisfactory to you, please
have the Board of Directors of the Agency authorize our
employment according to the terms of this letter and return
to us a copy of this letter executed by an authorized
officer of the Agency.
Respectfully submitted,
b'v)AC
Francis J. Baum of
Best, Best & Krieger
FJB:jcq
TERMS OF BOND COUN EL EMPLOYMENT APPROVED
COUN EL El
THIS d
Z�, )AY OF F b dry, 1987 .
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Au,th6rized Of r /b
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of
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