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Home My WebLink AboutCC RESO 8605RESOLUTION NO, 8605 RESOLUTION AUTHORIZING MAYOR TO EIECUTE AN AGREEMENT BE IT RESOLVED by the City Council of the City of National City that the Mayor is hereby authorized and directed to execute, and the City Clerk is authorized and directed to attest that certain contract between the City of National City and the J. B. Hanauer and Company, retaining said company as financial consultants to the City in the forthcoming bond election and related matters. PASSED AND ADOPTED THIS i`D day of Mareh, 1964. J. B. HANAUER 8c CO. MUNICIPAL BONDS MUNICIPAL FINANCIAL CONSULTANTS 34154 140 So.Beverly Drive Beverly HIIls,California CReslview 1.5143 BRadshaw 2.311E AGREEMENT THIS. AGREEMENT, made in duplicate this. 1Oth day of March , 1964 ,. by and between J. B. HANAUER & CO. , a California corporation having its principal place of business at 140 South Beverly Drive, Beverly Hills, California (hereinafter called "Consultant"), and the CITY OF NATIONAL CITY, County of San Diego, California (herein- after called "City"), WITNESSETH I CONSULTANT hereby covenants and agrees to act as FINANCIAL CONSULTANT to the CITY and. the CITY agrees to so employ CONSULTANT in conjunction withthe financing, of the Civic Center/City Hall project (hereinafter referred to as the "Program"). II CONSULTANT will perform the following services, to wit: 1. Preliminary Survey: CONSULTANT will confer with the City Council and other City officials for the purpose of making, a preliminary financial survey of the Program and to assist in the formulation of a coordinated plan to finance the Program. Financial Report: CONSULTANT will prepare and furnish CITY a, financial feasibility report for the Program, which report shall include: A discussion of alternate financing methods for the Program; Recommendations as to the financing method to be used; An analysis of estimated interest costs which the CITY will have to pay on its, obligations; HILLS • SAN FRANCISCO • SAN. DIEGO • SACRAMENTO XERO' ,COPY 1 %ERO' COP YA A compilation of all monies needed by the CITY to finance the Program, together with a study of anticipated funds available to pay operating costs of the Program, and principal and interest on the bonds; An analysis of taxes required to finance the Program and an estimate of funds: to be received from this source; Detailed recommendations as to the technical features of the bond issue or issues, including tentative maturity schedules, call features, reserve funds, and other pertinent data; Detailed tables based on engineering projections for the years in which the bonds are to be out- standing, which tablesshall reflect the ability of the CITY to meet annual principal and interest payments on the contemplated bond issue and maintenance and operating costsof the Program. 3. - Bond Elections: CONSULTANT will furnish complete factual data concerning the Program which. the CITY, through its officials, citizens' committees, or civic organizations, may reproduce, disseminate, and distribute to fully advise the electorate onthe bond issue. CONSULTANT shall be available for attendance at meetings of such citizens' com- mittees or civic organizations. CONSULTANT will, at the request of the CITY, assist in preparing factual statements concerning the Program for release by City officials. Municipal Bond Market: CONSULTANT will furnish CITY with complete information concerning current municipal bond market conditions and will advise the CITY on the bond maturity schedules, funds, covenants, and other features which will, in CONSULTANT'S opinion, make the proposed bonds most acceptable to prospective purchasers and therefore marketable at the lowest possible interest rate. Official Statements (Bond Brochures): CONSULTANT will accumulate and compile into an Official Statement for the bond issue all pertinent economic, financial, and statistical data pertaining to said bond issue, which Official Statement shallbe satisfactory to the City Council. CONSULTANT will then print and distribute said Official Statement in con- junction with the sale of the contemplated bond issue. All costs of accumulating, compiling, printing and distributing the Official Statement shall be borne by CONSULTANT. Each Official Statement shall include the Official Notice of Sale and shall also contain complete economic, financial, and statistical information accurately reflecting the economic and financial growth Hof the CITY. . Revision of Official Statement: In the event the authorized bonds for the Program are sold inmore than one sale, CONSULTANT will revise the original' Official. Statement to reflect changes in pertinent data which may have occurred subsequent to the original sale.. All costs of revising, printing, and distributing such revised Official Statement shall be borne by CONSULTANT. 7. Distribution of Official Statement:. CONSULTANT will distribute copies of each of said Official Statements to a minimum of 100 municipal bond underwriters located in principal cities throughout the United States, and in addition will furnish the CITY with a minimum of 25 such copies. Financial Rating: CONSULTANT will use its best efforts to obtain for the CITY a financial rating on the bonds to be issued by Moody's Investors Service and Standard & Poor's, New York City. Attendance at Bond Sales: CONSULTANT will attend all meetingsof the City Council at which bids for bonds are received, for the purposeof assisting in the computation and evaluation of such bids. 3_ J.B. HANAUER & CO. XERO d COPY XERO COPY,' 10. Attendance at Meetings: CONSULTANT will attend meetings of the City Council when necessary in conjunction with the Program. III CONSULTANT will continue to perform allof the foregoing services and this agreement shall remain infull force andeffect in the event that more than one election is necessary to obtain approval of said Program or in the event that modification or revision of the methods and/or amounts of financing is required. IV Nothing contained herein shall be interpreted to imply that CONSULTANT intends to, or will, perform any services which would violate the election laws of the State of California or any other laws re- lating to services performed in conjunction with bond elections and/or assessment proceedings in this State. V The CITY is under noobligationor compulsion to initiate the financing of the Program. VI The CITY will pay CONSULTANT thefollowing compensation for all services to be rendered by CONSULTANT hereunder: One per. cent (1%) of the par value of all bonds sold by. the CITY.; Provided, however, that said compensation shall not be less than SLea- serlil -'i; undr o d Bola.. ($7, :U0).. Goo. Said compensation shall be payable as follows: a) Asthe bonds are sold to finance all or part of the Program, compensation based on the sale of bonds' XERO COPY _4_ S. B. HANAUER & CO. i are a shall be due and payable by -the CITY within.: thirty (30) days after the issuance, sale, and delivery of such bonds; In the event that bonds of any type are sold in.moreoit than one sale, then the minimum amount of 4.-58&0' j o oe . =• shall be due and payable by the CITY within thirty (30) days after the issuances sale, and delivery of the bonds of said firstsale; provided, however, that if said minimum amount is in excess of the fee schedule contained herein, such excess amount shall be credited against subsequent compensation to be paid. The aforesaidcompensation shall be due CONSULTANT only in the event the bond issue or issues aresuccessfullyvoted at a bond election held for that purpose and the bonds thereby authorized are sold. The CITY shall at no time be liable for the reimbursement of any out-of-pocket expenses or other expenses of any nature whatsoever incurred by CON- SULTANT, nor shall the CITY be required to pay CONSULTANT for reasonable value of services rendered hereunder. VII The term of this agreement shall befor a period of two (2) years from the date hereof. In the event, however, that financing authorized during this two-year period for the. Program has not been completed,then. the term ofthis agreement shall be extended until the date of such completion andfor six.(6) months thereafter. Completionof financing is defined as the issuance, sale, and delivery of bonds. IN WITNESS WHEREOF the parties have caused this agreement to be executed on the day and year first above written by their officers thereunto duly authorized. CITY OF NATIONAL CITY