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HomeMy WebLinkAboutCC RESO 9527RESOLUTION NO. 9527 RESOLUTION RETAINING O'MELVENY & MYERS AS BOND OOUNSEL BE IT RESOLVED by the City Council of the City of National City that O'Melveny & Myers is employed as a con- sultant to the City of National City under the terms and upon the conditions outlined in their letter of employment dated January 15, 1968, a copy of which is attached hereto and incorporated herein as though set forth in full. PASSED AND ADOPTED this loth day of January, 1968. ATTEST: I H - m z CITY CLERK (1 LAW OFFICES OF O'MELVENY Sc MYERS 433 SOUTH SPRING STREET LOS ANGELES, CALIFORNIA 90013 TELEPHONE 620-1120 CABLE ADDRESS''MOMS ' January 15th 1 9 6 8 Honorable City Council of the City of National City National City, California Gentlemen: BEVERLY HILLS OFFICE 9601 WILSHIRE BOULEVARD BEVERLY HILLS, CALIFORNIA 90210 TELEPHONE 273-4111 EUROPEAN OFFICE 4, PLACE DE LA CONCORDE PARIS 6^, FRANCE TELEPHONE 265 39.33 OUR FILE NUMBER Your City Attorney, Mr. McLean, advises us that your Honorable Body wishes to employ this firm to act as bond counsel to render legal services in connection with the authorization and issuance of approximately $150,000 general obligation bonds for library purposes. We will be pleased to accept such employment. We understand that you propose to submit the bond proposition at a special election to be consolidated with the general municipal election to be held April 9, 1968. Our services will consist of the drafting of all ordinances, resolutions, notices and other documents required in the election proceedings and for the issuance and sale of the bonds, the general supervision of the proceedings and the giving of in- structions in connection therewith, the examination of a transcript of the proceedings step by step as taken, and the issuance of our approving opinion to the purchaser of the bonds.. The scope of our services is to act only as bond counsel and does not include services in connection with any litigation or other services not stated above. For these services our fee, which is derived from our standard fee schedules, on an issue which carries, will be computed on the amount of bonds sold, and will be S500.00. Said fee will be payable one-half following the canvass of the election returns and the remainder #2 - Honorable City Council of the 1/15/68 City of National City following the sale or sales of the bonds. In the event that portions of such issue are sold at different times the fee due following each sale will be computed by applying the above schedule to the amount of bonds sold, treating each sale as excess over all prior sales, and by deducting therefrom that proportion of the fee paid following the election which the amount of bonds sold at that sale bears to the amount of bonds authorized. In the event that there is more than one sale there will be an additional fee of $100.00 for each sale following the first sale. Should the proposition fail to carry at the election our total fee will be S250.00, payable follow- ing the canvass of the election returns. In case the proceeding is abandoned prior to the election, or if the issuance and sale of the issue is abandoned after we have performed a substan- tial amount of work in connection with such issuance and sale, we are to be paid a reasonable fee based upon the time expended less all prior fees paid on account. Such reasonable fee shall be subject to your approval. In addition to our fees we are to be reim- bursed on periodic statements for out-of-pocket ex- penses incurred by us in connection with this employ- ment, such as long distance telephone calls, telegrams, outside messenger service, travel at the cityTs re- quest and similar items. It shall be recognized that this firm may have clients which may from time to time have interests adverse to the city and this firm reserves the right to represent such clients in matters not connected with the authorization, issuance and sale of the bonds. The contract created by acceptance of this letter shall be binding upon and inure to the benefit of the firm of OTMelveny & Myers as presently consti- tuted or as changed hereafter by the admission of new partners or by the death or retirement of any present or new partners, provided that the opinion of the #3 - Honorable City Council of the 1/15/68 City of National City successor firm upon municipal bonds, whether under the same name or otherwise, is accepted by bond dealers and bond purchasers as readily as the opinion of the firm a presently constituted. If this arrangement is satisfactory to you, please adopt a minute order referring to this letter and employing us on the terms stated herein and return to us n executed copy of this letter. Respectfully yours, O'MELVENY & MYER By 4,4tA Pursuant to order of. the City Council of the City of National City, O'Melveny & Myers is em- ployed on the terms stated in the foregoing letter. Mayor of the .City'of National. City, California Attest: City Clerk of the C ty of National City, California Approved as to form and legality ity Attorney of the Ci National City, California