HomeMy WebLinkAboutCC RESO 9210RESOLUTION NO. 9210
RESOLUTION AUTHORIZING EXECUTION OF EMPLOYMENT LETTER
BETWEEN THE CITY OF NATIONAL CITY AND O'MELVENY AND MYERS
BE IT RESOLVED by the City Council of the City of
National City that the Mayor and City Clerk be authorized to
execute and attest that certain employment letter for legal
services between the City of National City and O'Melveny and
Myers dated September 7, 1966 in conjunction with the National
City municipal improvement bond election to be held November
8, 1966.
PASSED AND ADOPTED this 20th day of September, 1966.
ATTEST:
CITY. CLERK/
- Honorable City Council of the 9-7-66
City of National City -
For these services our fee, which is derived
from our standard fee schedules, on issues which carry
will be computed on the total of the propositions which
carry, will be computed on the amount of bonds sold, and
will be $2.00per thousand of bonds sold, provided that
the minimum fee shall be $400.
Said fee will be payable one-half following the
canvass of the election returns and the remainder following
the sale or sales of the bonds. In the event that portions
of such total 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 for each sale following the first sale.
Should all of the propositions fail to carry at
the election our total fee will be $750, payable following
the canvass of the election returns. Should one or more
of the propositions fail to carry at the election our
total fee on each such proposition shall be that portion
of $750 which each such failed proposition bears to the
total of all propositions.
In case a proposition is abandoned prior to the
election, or if the issuance and sale of an issue is
abandoned after we have performed a substantial amount of
work in connection with such issuance and sale, we are to
be paid as to such proposition and issue a reasonable fee
based upon the time expended on such proposition and issue
less all prior fees paid on account in connection with
such proposition and fee. Such reasonable fee shall be
subject to your approval.
In addition to our fees we are to be reimbursed
on periodic statements for out-of-pocket expenses incurred
by us in connection with this employment, such as long dis-
tance telephone calls, telegrams, outside messenger service,
travel at the city's request 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.
#3 Honorable City Council of the 9-7-66
City of National City -
The contract created by acceptance of this
letter shall be binding upon and inure to the benefit of
the firm of O'Melveny & Myers as presently constituted
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 successor
firm upon municipal bonds, whether under the same name
or otherwise, is accepted by bond dealers and bond pur-
chasers as readily as the opinion of the firm as 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
an executed copy of this letter.
Respectfully yours,
0' MELVENY &iffERS
By�V'C."''
Urban J. Schreiner
Pursuant to order of the City Council of the
City of National City, O'Melveny & Myers is employed on
the terms stated in the foregoing letter.
Mayor of the City of
National City, California
Attest:
City Clerk of the City of
National City, California
Approved as to form and legality
City Attorney of the City of
National City, California