HomeMy WebLinkAboutCC RESO 12,299RESOLUTION NO. 12,299
RESOLUTION EMPLOYING ORRICK, HERRINGTON,
ROWLEY AND SUTCLIFFE AS BOND COUNSELS FOR
THE CITY OF NATIONAL CITY IN CONNECTION
WITH FINANCING THE ACQUISITION OF THE
SWEETWATER WATER SYSTEMS
BE IT RESOLVED that Orrick, Herrington, Rowley and
Sutcliffe are hereby employed as bond counsel for the City of
National City in connection with the financing of the acquisi-
tion of the Sweetwater Water systems pursuant to the terms and
conditions of their employment letter of March 11, 1977 from
Stanley J. Dirke.
PASSED AND ADOPTED this 22nd day of March, 1977.
ATTEST:
CITY LERK
TELEPHONE 392-iuZ2
AEA :ODE t:i
ORRICK, HERRINGTON, ROWLEY & SUTCLIFFE
COUNSELORS AND ATTORNEYS AT LAW
ELEVENTH FLOOR
600 MONTGOMERY STREET
SAN FRANCISCO, CALIFORNIA 94111
March 11, 1977
Donald F. McLean, Jr., Esq.
Jennings, Engstrand and
Henrikson
The Palomar Financial Building
Suite 701
2022 Camino Del Rio North
San Diego, CA 92108
Re: Sweetwater Water System Acquisition:
Proposed National City Water Revenue
Bond Issue
GEOROE MEPPINGTON
0r COU1+su
CABLE ORRIC9'
TELEX 34-0973
MAR 16 1977
Reed ey____a_e.
Dear Don:
We hereby confirm that we would be pleased to act
as bond counsel for National City in connection with the
financing of the acquisition of the Sweetwater Water System.
For these services we would look to the City for our fee as
follows:
(1) if the bond election fails or if the measure
passes but bonds are not sold4,-;,$.;000; or
(2) if the measure passes and bonds are issued and
sold: •
(a) one percent (1%) of the first $1,000,000. in
bonds sold, plus
(b) one-half of one percent (1/2 of 1%) of the
next $4,000,000 in bonds sold, plus
(c) one -quarter of one percent (1/4 of 1%) of
all bonds sold in excess of $5,000,000.
ORRICK, HERRINGTON, ROWLEY & SUTCLIFFE
Donald F. McLean, Jr., Esq.
Page 2
March 11, 1977
We enclose herewith a proposed form of measure
for the May 31st election ballot. Please note that the
principal amount and the language of the measure do not
provide for the financing of improvements to the system
at this time. Also note that the final phrase is intended
to provide for the acquisition of that part of the water
system that is outside of the city.
Finally, I trust that your office has contacted
the county registrar to obtain a list of consolidated pre-
cincts, polling places and election officers for inclusion
in the city's ordinance calling the election.
We are looking forward to working with you and the
City on this matter. -
Very truly yours,
s
SJD:tb
Enclosure
cc: Paul D. Engstrand, Esq.
MEASURE ( ):
(Water System
Acquisition
Revenue Bonds)
the existing
the city and
p
i
Shall\the Citof National City is-
sue revenue Yonds in the principal
amount of 22,500,000 pursuant to
the Reve\ a Bond Law of 1941 to pro-
vide funds or the acquisition of
rivately-ow,Bed water system now serving
is environs?