HomeMy WebLinkAbout69-94 RESOLUTION•
•
•
RESOLUTION NO.
69-94
A RESOLUTION APPROVING A CONTRACT WITH THE
GILL LAW FIRM OF LITTLE ROCK, ARKANSAS, IN THE
AMOUNT OF $22,500.00, TO ACI' AS BOND COUNSEL TO
THE CITY OF FAYETTEVILLE FOR WATER REVENUE
BONDS, PHASE II WATER LINE AND TANK
CONS TRU CI'!ON PROJECT .
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Sectionl. That the Mayor and City Clerk are hereby authorized and directed to
execute a contract with the (fill Law Firm of Little Rock, Arkansas, in the amount of
$22,500.00, to act as bond counsel for water revenue bonds, Phase 11 Water Line and Tank
Construction Project. A copy of the contract authorized for execution is attached hereto marked
Exhibit "A" and made a part hereof.
PASSED AND APPROVED this _Ma_ day of Jlune__, 1994.
ATTEST:
By:
Sherry . Thomas, City Clerk
APPROVED:
By:
;f4 //4�s•..
Fred Hanna. Mayor
•
•
38C1 TCBY TOWER
CA '110L AND BROADWAI
I.rm.E Rock, ARRANnk- :220:
TEI E (Sol) 376-380C
TELEFAX (501) 372-3359
Q:.N A. FIX•LLM.A.1, 0E Z LNSFI.
GILL LAW FIRM
A I'araners:up of hath' duals and I1c'ese:ona Ae600an•,ns
ATTORNEYS
June 3. 1994
JOHN P.GL.
CHAR .FSC OWFN, P.A.
W. W ELRITD is
VICInR A. FLEMLSG
1 IEARTsr_I. RAGON 111. P A.
JC'SEPH 1) CALHOUN 111
GLLNN E. KELLEY
Mr. Ben Mayes
Finance Officer
City of Fayetteville
113 W. Mountain Street
Fayetteville, AR 72701
RE: City of Fayetteville Water Revenue Bonds (the "Bonds'') for Phase 1I Water Line and
Tank Construction Project (the "Project")
Dear Mr. Mayes:
The purpose of this letter is to confirm the terms and conditions under which our firm
will undertake to represent the City of Fayetteville in connection with its proposed issuance of
tax-frce municipal Bonds to finance the proposed construction Project. Pursuant to this
engagement we will:
1) Communicate with members of City staff as necessary to assist in planning the financing
and structuring of the designated bond issuance;
2) Opine that the issuer is duly created and validly existing as a body of the State of
Arkansas with authority to adopt legislation relating to the issuance of bonds and has the
legal authonty to issue bonds;
3) Review documents prepared by other counsels that may be involved in the financing
teams and express an opinion on said bonds as requested;
4) Prepare trust indentures, bond ordinances/resolutions. notices of sale, tax certificates, and
other related legal documents;
S) Assist in various aspects of preparing the preliminary and final Official Statements or any
other related disclosure documents to be distributed in connection with the sale of bonds:
6) Issue interim and final approving opinions, as required, concerning matters of legality
and tax exemption. and any supplemental opinion requested as to exemption under federal
and state securities laws;
7) Advise and assist in planning the procedures and documentation necessary for utilizing
the bond proceeds for the proposed project(s);
•
•
Mr. Ben Mayes
City of Fayetteville
lune 3, 1994
Page 2
8) Attend City Council meetings as necessasry to provide presentations and updates on
matters of concern to the legislative body;
9) Supervise the printing and delivery of the bonds;
10) Prepare any required legal research, correspondence, and of memoranda or other
documents related to the issuance of the honds or the planning and construction of the
Project as required; and
11) Perform all other legal duties necessary to document and close the project as required.
Our fee in this matter will be contingent and payable if and only if the Bonds are sold
and this transaction is closed. Upon such occurrence, we shall be paid a fee equal to Twenty -
Two Thousand Five Hundred Dollars ($22,500) to be paid from bond proceeds. In addition,
we will he entitled to payment or reimbursement for all direct and out-of-pocket expenses
incurred in connection with this matter. We will invoice you monthly for these costs.
Enclosed is a statement entitled "General Provisions" setting forth additional terms and
conditions, all of which are incorporated herein by reference and shall apply to our
representation to the extent not expressly modified by this letter.
if the foregoing correctly reflects your understanding of the terms and conditions of our
representation, please indicate your acceptance by executing the enclosed copy of this letter in
the space provided below and return it to our office.
We are pleased to have this opportunity to represent you.
Sincerely yours,
HHR/scf
Enclosure
Read and Agreed to:
City of Fav teville. Arkansas
By: ;",..1.2„e{ //' ryy*
f/
Title: k t:f e t
GILL LAW FIRM
/�
C.414 `<<�
Heartsill Ragon IIQ i'P.A.