HomeMy WebLinkAboutContracts & Agreements_1-1974_CCv0001.pdf CONTRACT EMPLOYING FINANCING CONSULTANT
THIS AGREEMENT, made this 2nd day of January 1974, by and
between PARKING AUTHORITY OF THE CITY OF REDLANDS, San Bernardino County,
California, an authority duly organized under the laws of the State of California (here-
inafter called "Authority"), party of the first part, and STONE & YOUNGBERG MUNICIPAL
FINANCING CONSULTANTS, INC. , One California Street, San Francisco, California, a
corporation (hereinafter called "Consultant") , party of the second part:
WITNESSETH:
WHEREAS, Authority desires to develop a feasible, economical and equitable
plan of procedure in carrying through to completion the financing of off-street parking
facilities; and
WHEREAS, the preparation of such a plan and its execution require certain stud-
ies, analyses and recommendations to be made by persons qualified by training and
experience to do so; and
WHEREAS, Authority, after due investigation and deliberation, has determined
that Consultant is qualified by training and experience to perform said services;
NOW, THEREFORE, it is mutually agreed as follows, to wit:
Authority hereby employs Consultant and Consultant hereby accepts such employ-
ment to perform the services, upon the terms, subject to the conditions and in considera-
tion of payments as hereinafter set forth:
Services to be Performed by Consultant:
Consultant shall perform in a diligent manner the following services:
1. Assemble, review and analyze available financial, engineering, legal
and economic data and information which may have a bearing on a pro-
gram for financing the proposed off-street parking program.
2. Confer with and furnish to Authority financial information required in
connection with the proposed project to include, among other things,
the following:
a. A brief review of the proposed method of financing, including
sources of revenues to be used for debt amortization.
b. Recommendations as to a tentative debt repayment schedule,
bond call and redemption features (if any), application of
revenues, and other details relating to the debt and its repayment.
c. Estimates as to annual amounts required to meet annual debt
service, and maintenance and operation costs, taking into
consideration estimated interest rates, call premiums and other
factors.
d. Advise Authority and its bond counsel of the required financ-
ial information and provisions of any lease agreements which
may be entered into.
3. If the issuance of bonds or other evidences of indebtedness to finance
all or a part of the costs of the proposed improvements is authorized,
make recommendations as to exact terms and conditions under which bonds
are to be issued and sold, including timing and method of sale, final
amortization or repayment schedules, call and redemption features, sinking
fund requirements, application of revenues and other details, and cooperate
with Authority's bond counsel in drafting the necessary resolution of issu-
ance and notice of sale.
4. Upon approval by Authority of final financing details, and upon direc-
tion to do so by Authority, prepare the text and other material for an
official statement or bond prospectus describing the improvements, the bonds,
their security, and the economic and financial background of Authority which
may be duplicated or printed and mailed at Authority's expense, together with
copies of the official notice of sale, to prospective bond bidders, a compre-
hensive list of whom shall be supplied by Consultant. Consultant also shall
contact national bond rating agencies and take such other steps as appear
advisable to encourage strong competitive bidding for the bonds. Any charges
by bond rating agencies shall be borne by Authority.
S. During the entire course of employment hereunder, Consultant shall be
available at reasonable times for consultation and advice relating to the
financial aspects of the contemplated improvement program.
Payment for Services:
6. For the services to be rendered hereunder, Authority shall pay Consultant
a fee equal to one percent (1%) of the total amount of securities sold, to
become payable upon and subject to receipt by Authority of funds to
finance all or a portion of the proposed off-street parking facilities.
7. It is understood and agreed that the minimum fee due Consultant for each
sale of securities shall be $10,000.
Other Considerations:
8. Consultant is employed hereunder to render a professional service
within the scope of its training and experience as a municipal financing
consultant and any payments made to it are compensation solely for such
service and advice. Outside of its normal office overhead and traveling
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costs to and from its San Francisco and Los Angeles offices and the City
of Redlands to perform the services contracted for, Consultant is not
responsible for and shall not be held liable for any other expense or ex-
penditure of any kind, including the following:
a. Any and all legal or engineering expense of any kind whatever.
b. Any and all expense in connection with hearings, proceedings
and due issuance of bonds.
c. Any printing, advertising, publicity, etc. , of such material
or data as Authority may wish to have prepared in connection
with Consultant's services herein provided for, except those speci-
ficially excluded herein.
9. Nothing herein contained shall prevent Consultant from carrying on its
usual business activities, including the performance of other additional
services for Authority, should it so desire such additional services, nor
from performing similar services for other authorities, cities, counties,
districts or public entities.
10. Authority agrees that,its officials and employees will be requested and
directed to cooperate with and assist representatives of Consultant in
every reasonable way to the end that Consultant may secure all information
and data required to perform the services herein provided for.
IN WITNESS WHEREOF, said Authority, party of the first part, has caused these
presents to be properly executed, and said Consultant, party of the second part, has
caused these presents to be properly executed, as of the date hereinabove set forth.
PARKING AUTHORITY OF THE
CITY OF REDLANDS
By:
City Manager
STONE & YOUNGBERG MUNICIPAL
FINANCING CONSULTANTS, INC.
By:
Robert G. Bulot, Vice President
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