HomeMy WebLinkAboutCC 9 E. TUSTIN ASSESS 06-17-85F~0M: JAMES G. ROURKE, CITY ATTORNEY
$~JECT: EAST TUSTIN ASSESSMENT DISTRICT
As you know, we are underway with the work on the proposed East
Tustin Assessment District (actually two districts are now con-
templated) to finance the infrastructure for the East Tustin
Area. We had the second meeting of our thirteen member committee
this past Monday.
Enclosed is our proposed agreement for bond counsel services
which we recommend be approved and executed on behalf of the
City.
If you have any questions, please advise.
JGR:se :D: 6/10/85(5)
Enclosure
MUDGE ROSE GUTHRIE ALEXANDER & FERDON
333 South Grand Avenue
Suite 2020
Los Angeles, California
90071
ROURKE & WOODRUFF
1055 North Main Street
Suite 1020
Santa Ana, California
92701
June 7, 1985
City of Tustin
Tustin, California 92680
CITY OF TUSTIN
AGREEMENT FOR CO-BOND COUNSEL SERVICES
Gentlemen:
The City of Tustin (the 'City"), proposes to issue special
assessment bonds to finance certain improvements in the East Tustin
area.
This letter is written at your request to provide to you
for your consideration an agreement for the services of the under-
signed firms as co-bond counsel in connection with the issuance of
such bonds by you. Upon your approval of this letter agreement and
execution by authorized representatives of the City, this letter
agreement will become the binding agreement among the City and the
undersigned firms with respect to such services.
Our services as co-bond counsel to the City in connection
with such financing would include participation in the preparation of
the financing plan for the bonds; preparation of documentation relat-
ing to the creation of the proposed East Tustin Special Assessment
District; preparation of documentation (including the bond
indenture(s) or bond resolution(s)), as shall be necessary for the
authorization, sale and issuance of the bonds; preparation or
participation in the preparation of the proceedings relating to the
authorization, sale and issuance of the bonds; consultation with the
underwriters and any trustee for the bonds; supervision of prepara-
tion of the bonds and their delivery and payment; preparation of
closing documents; rendering of the final approving opinion(s) as to
the validity of the bonds and the tax exemption of-interest thereon;
and advice and consultation with officials of .the City, and their
professional consultants, as well as others concerned with the issu-
ance of the bonds. Our legal fee as co-bond counsel for the above-
mentioned services will equal our time expended on such services,
charged at the rate of $150 per attorney hour, plus reimbursement for
our out-of-pocket expenses.
In addition, we will, as requested by the City, (a) assist
in the preparation of the offering documents with respect to the
bonds and deliver opinions relating to the adequacy of disclosure
contained therein, and (b) assist in the preparation or negotiation
of contractual arrangements, in addition to those described above,
relating to the sale of the bonds to the initial purchaser(s)
thereof. For such additional services, we would be compensated on
the basis of our time expended on such services, at the rate of $150
per attorney hour, plus reimbursement for our out-of-pocket
expense s.
Payment for our services as co-bond counsel shall be made
at or as soon as practicable after the time of the issuance of the
bonds, and shall be made from the proceeds of the bonds. If the
bonds are for any reason not issued or sold, the City shall, as soon
as practicable after request by the undersigned, make payment to the
undersigned for our services rendered from whatever sources of funds
as may be legally available therefor.
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The persons primarily responsible for this matter are
Edward W. Long of Mudge Rose Guthrie Alexander & Ferdon and James
G. Rourke of Rourke & Woodruff. If you have any questions in connec-
tion herewith, please do not hesitate to call Mr. Long or Mr. Rourke
at your convenience.
Very truly yours,
The foregoing Agreement for
Co-Bond Counsel Services
has been approved and
agreed to by
MUDGE ROSE GUTHRIE ALEXANDER & FERDON
ROURKE & WO~'~
By :~
CITY OF TUSTIN
By:
Dated:
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