TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
SUBJECT:Title
Consideration of an Agreement for Bond and Disclosure Counsel Services with Stradling, Yocca, Carlson & Rauth (Finance Director Charelian).
ADOPT RESOLUTION NO. 20-0118 APPROVING AN AGREEMENT
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 20-0118 approving an agreement with Stradling, Yocca, Carlson & Rauth for bond and disclosure counsel services.
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FISCAL IMPLICATIONS:
There are no fiscal implications associated with the approval of this contract. If the City Council authorizes the issuance of bonds, the firm will be compensated at the rates indicated in the agreement. If the bonds are issued, the bond proceeds are applied to such fees. The proposed agreement is attached.
BACKGROUND:
The City has historically utilized bond counsel services to provide legal advice on all aspects of financings (contractual, tax-exempt status, etc.). The same firm has also served as disclosure counsel to provide advice on City disclosure obligations and to prepare the official statement and continuing disclosure agreement.
The firm of Stradling, Yocca, Carlson & Rauth (SYCR) has served in this dual role for several of the City's past financings including the original and refinancing of the Police and Fire Facility; Metlox; Water and Wastewater projects; pension obligation bonds; Marine Avenue Sports Fields; and underground utility assessment districts.
DISCUSSION:
As the City Council contemplates various high-priority capital improvements, a corresponding funding plan needs to be developed. While some smaller projects may be funded with existing resources, larger, more costly and significant projects may require the issuance of debt or financing in order to spread the costs over multiple...
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