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HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-421 RESOLUTION NO. RESOLUTION APPROVING AGREEMENT FOR FINANCIAL ADVISORY SERVICES ASSESSMENT DISTRICT NO. 1992-1 MRACK ROAD IMPROVEMENTS CAMINO TASSAJARA AREA The Board of Supervisors of the County of Contra Costa resolves: This Board approves that certain agreement between the COUNTY OF CONTRA COSTA, and LIBERTY PUBLIC FINANCIAL ADVISORS for financial consulting services for Assessment District No. 1992-1, Mrack Road Improvements Camino Tassajara 'Area, County of Contra Costa, California, dated June 16, 1992, on file with the Clerk of the Board of Supervisors. The Chairman of the Board is authorized to 'sign the agreement and the Clerk of the Board' is authorized to attest its execution I HEREBY 'CERTIFY that the ;foregoing resolution was duly- and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California', at the regular meeting thereof, held on the 16th day of June, 1992. ATTEST: PHIL BATCHELOR,, Clerk of the Board of Supervisors and County' Administrator By kal� RESOLUTION NO. 92/421 r AGREEMENT FOR FINANCIAL ADVISORY SERVICES ASSESSMENTDISTRICT NO. 1992-1 {MRACK ROAD IMPROVEMENTS} This is an agreement for financial advisory services between the COUNTY OF CONTRA COSTA, a political subdivision of the State of California;, referred to as Client, and LIBERTY PUBLIC FINANCIAL ADVISORS, Pleasanton, California, referred to as Financial Advisor. 1 . Client retains Financial Advisor as ';financing consultant to perform the fallowing consulting services relating to Assessment:: District No. 1992-1 (Mrack Road Improvement's) , County of Contra Costa, State of California .' (a) present the potential alternatives in financing, the proposed ';project ('b) conduct due; diligence by reviewing all existing information regarding' outstanding debt, bond covenants,: prior debt repayment', and appropriate ordinances or resolutions, including the engineering, architectural, planning, legal and financial 'info'rmation regarding the project (c) assist in the selection of other financing team members as requested, including the trustee, printer, and underwriter. (d) recommend a reserve fund, capitalized interest, and costa of issuance. (e) recommend specific terms for the securities including maturity schedules, call features, refunding protection, and others. (f) prepare a set of financing documents and prepare an official' statement for use in the marketing of the bonds . (g) recommend the timing of the marketing of the bond issue based on the conditions in the market .' (h) recommend to the issuer which method of sale should be chosen to market the bonds. (i); in' a competitive sale, prepare and distribute notice of sale of bonds and official statement to prospective bidders. (7)' review bids and. recommend which ''bid from a qualified bidder' produces the lowest net interest costs. (k) or in a negotiated sale, recommend an ```underwriter (s) , and supervise the underwriter (s) >' as bonds are being marketed, getting information as to actual method of sales. (1) review recent and comparable market interest' rates and recommend whether interest rates and other terms ;in the final bond 'purchase' contract are competitive. (m)` and in either type of sale, aid in the closing preparations and attend< the 'closing. ,;, 2 . The services of Financial Advisor under this agreement shall not include the following; (a): Underwriting the bond issue. 3. In consideration of the services: set forth in paragraph 1, Client shall pay to Financial Advisor the following fees and costs• (a)" The fee of 'Financial Advisor shall be a fixed fee as set forth in the engineer' s ;report as finally' approved under Section 10312 of the Streets and Highways Code. (b) The fee of ''Financial Advisor shall be the amount of; 1)' $10, 000 .00' if the assessments are confirmed at $1 .00 to 999, 999 . 99, or 2) $15, 000 .00' if the assessments are confirmed at $1, 000, 000 . 00 to 1, 999, 999. 99, or 3)' $20, OOO.00 if the assessments are confirmed at $2, 000, 000.00 to 2, 999, 999.99, or 4) ' $30, 000 .00 if the assessments are confirmed at $3.. 0001000.00 to 3 999,!,999.>>99, or 5) $40,000.00 if the assessments are confirmed at $4, 00€1, 000.00 to 4, 999, 999.99, or 6)' $50, 000.00 if the assessments are confirmed at $5, 000,000 .00 to 5, 999, 999.99, or 7) $55, 000 .00 if the assessments are confirmed at $6, 000, 000'.00 or more. r (c') Costs shall be reimbursed to Financial Advisor as follows: 1) Cost of printing and distribution of the official statement', notice to bidders, and other official documents;.. 2) Costs of Federal Express or similar delivery' service The cost of other services for whichFinancial Adviser makes arrangements under this agreement (such as Underwriter' s Discount, Official Statement printing costs) 'shall be billed to the Client and shall be paid by Client directly to the payee. (d) Payment by Client: of the financial advisory fee is contingent upon the sale of bonds representingunpaid assessments in the district . If for any reason-, bonds are not sold, `',Financial Advisor shall be paid nv fee. Both the fee and costs are payable upon :,delivery of the bonds 4 Financial Advisor certifies that it has no interest, either direct or contingent, in any property or contract arising from or affected by the assessment district, except as Financial Advisor under this agreement Financial Advisor does not represent any owner of property within the 'proposed`boundaries of this assessment district,' and has not received a fee from any source for services connected with the project.' DATED: ` -' , 1992 CONTRA COSTA COUNTY, a political subdivision of the State of California r Chairman of the Board of Supervisors r ATTEST By Clerk of Pe Uard of S erv' jars LIBERTY :PUBLIC FINANCIAL ADVISORS f` ze.t,_ By Nadine MC inney ee By ` Charles A. Lee