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Home My WebLink About46-00 RESOLUTIONRESOLUTION NO. 46-00 MICROFILMED A RESOLUTION APPROVING A LETTER AGREEMENT WITH WRIGHT, LINDSEY AND JENNINGS, L.L.P., OF LITTLEROCK, ARKANSAS, TO SERVE AS BOND COUNSEL FOR THE PROPOSED ISSUANCE OF LIBRARY CONSTRUCTION AND IMPROVEMENT BONDS, FOR AN AMOUNT NOT TO EXCEED $35,000, PLUS DISCLOSURE DOCUMENTATION, SALE DOCUMENT AND CONTINUING DISCLOSURE AGREEMENT PREPARATION COST NOT TO EXCEED $5,000, PLUS OUT-OF- POCKET EXPENSES NOT TO EXCEED $3,500 PER SERIES OF BONDS; AND TO AUTHORIZE THE BUDGET MANAGER TO EXECUTE ANY BUDGET AMENDMENTS NECESSARY TO IMPLEMENT THIS BOND ISSUE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. Thai the City Council hereby approves a letter agreement with Wright, Lindsey and Jennings, L.L.P., of Little Rock, Arkansas, to serve as bond counsel for the proposed issuance of library construction and improvement bonds, for an amount not to exceed $35,000, plus disclosure documentation, sale document and continuing disclosure agreement preparation cost not to exceed $5,000, plus out-of-pocket expenses not to exceed $3,500 per series of bonds. A copy of the is attached hereto marked Exhibit "A" and made a part hereof. Section 2. The City Council hereby authorizes the budget manager to execute any budget amendments necessary to implement this bond issue. AYE ti IA-NSED AND APPROVED this • • • •\ re I 9 f 0 p TA* ATTEST: By: 1 /eS,' ird Heather Woodruff, Ci erk 4th day of April ,2000. APPROVED. ed By: t F Hanna, Mayor • NAME OF FILE: 0 >e‘def24x c) ve_ - • CROSS REFERENCE: • Date Contents of File Initials 114-00 la -40 3-o-00 7)10:th trilznegi.71 dad 27117, /I . 4 • , y -AS 41 P 00 _ Szo 44 l)942,64 iniya- I 6_, 4/-zz,i10egin aeasfea, gi/ina . 411-a� i : 2 z 6 , Are aft_gor I • EDWARD L. WRIGHT 0903-1977) ROBERT S. LINDSEY (1913-1991) ISAAC A. SCOTT, JR JOHN G. LILE GORDON S. RATHER, JR. TERRY L. MATHEWS DAVID M. POWELL ROGER A. GLASGOW C. DOUGLAS BUFORD, JR. PATRICK J. GOSS ALSTON JENNINGS, JR. JOHN R. TISDALE KATHLYN GRAVES M. SAMUEL JONES III JOHN WILLIAM SPIVEY III LEE J. MULDROW N.M. NORTON CHARLES C. PRICE CHARLES T. COLEMAN JAMES J. GLOVER EDWIN L. LOWTHER, JR. CHARLES L. SCHLUMBERGER SAMMYE L. TAYLOR WALTER E. MAY GREGORY T. JONES H. KEITH MORRISON BETTINA E. BROWNSTEIN WALTER McSPADDEN ROGER D. ROWE NANCY BELLHOUSE MAY • • EXHIBIT A WRIGHT, LINDSEY & JENNINGS LLP ATTORNEYS AT LAW Honorable Fred Hanna, Mayor City of Fayetteville 113 West Mountain Fayetteville, Arkansas 72701 200 WEST CAPITOL AVENUE SUITE 2200 LITTLE ROCK. ARKANSAS 72201-3699 (501) 371-0808 FAX (501) 376-9442 WEBSITE: www.w1j.com OF COUNSEL ALSTON JENNINGS RONALD A. MAY M. TODD WOOD Writer's Direct DIM No. 501-212-1310 jspivey@w1j.com March 6, 2000 JOHN D. DAVIS JUDY SIMMONS HENRY KIMBERLY WOOD TUCKER RAY F. COX. JR. TROY A. PRICE PATRICIA A. SIEVERS JAMES M. MOODY. JR. KATHRYN A. PRYOR J. MARK DAVIS CLAIRE SHOWS HANCOCK KEVIN W. KENNEDY JERRY J. SALLINGS FRED M. PERKINS III WILLIAM STUART JACKSON MICHAEL D. BARNES STEPHEN R. LANCASTER JUDY ROBINSON WILBER BETSY MEACHAM AINSLEY H. LANG KYLE R. WILSON C. TAD BOHANNON DON S. McKINNEY MICHELE SIMMONS ALLGOOD KRISTI M. MOODY J. CHARLES DOUGHERTY M. SEAN HATCH PHYLLIS M. McKENZIE ELISA MASTERSON WHITE JANE M. FAULKNER ROBERT W. GEORGE J. ANDREW VINES Honorable Louis Gottsponer President, Fayetteville Library Board Fayetteville Public Library 217 E. Dickson Street Fayetteville, Arkansas 72701 RE. Proposed 1999 City of Fayetteville, Arkansas Library Construction and Improvement Bonds Series 2000 (the "Bonds") Ladies and Gentlemen: On behalf of Wright, Lindsey & Jennings LLP, we want to express our appreciation to you for selecting our firm to serve the City of Fayetteville ("City") as bond counsel in connection with the proposed Library Construction and Improvement Bonds. We look forward to the opportunity to work with you and your staff and other members of the City administration in formulating a sound financing plan for the proposed capital improvements. We view our role as Bond Counsel to be that of counselor and advisor to you in connection with the documentation, issuance and delivery of the Bonds. We will prepare all ordinances, indentures, resolutions and other documents necessary to the authorization and approval of the bond issue, including the election documents. Upon request, a representative of our firm will be in attendance at all public meetings at which matters pertinent to your consideration of the Bonds are discussed. You have requested that we enter into a definitive fee agreement with the City in connection with the proposed bond counsel engagement. We are prepared to enter into such an agreement and would suggest that the fee arrangements be structured as follows: 1. Our proposed fee for serving as bond counsel in connection with the issuance of the Bonds, based on the anticipated size of approximately $20 million, would be $35,000.00. In the event the actual amount of bonds issued exceeds or is less than the estimated size for the A Erre Amea, WRIGHT, LINDSEY & JENNINGS LLP March 6, 2000 Page 2 bond issue by more than $3,000,000, we would negotiate a mutually acceptable adjustment to the proposed fee Similarly, if the Bonds are issued in more than one series we would request an appropriate adjustment to the fee based upon the additional fixed costs incurred through the issuance of bonds in multiple series. You would incur no obligation to pay our fees unless and until the Bonds are sold and delivered to the purchaser. 2. In the event the underwriter you have selected requests that we also prepare the disclosure documentation (the Preliminary and Final Official Statements), sale document (Bond Purchase Agreement) and Continuing Disclosure Agreement we would add an additional $5,000.00 to the fee quoted above. 3. If for any reason the City becomes involved in litigation challenging the validity of the Bonds, the proceedings necessary to the issuance of the Bonds or any other matter which would impact our ability to deliver our unqualified approving opinion in connection with the sale and delivery of the Bonds, and the City requests that we act as counsel in such litigation, we would negotiate an appropriate charge for our services in that action. 4. Finally, we would expect to be reimbursed on a dollar -for -dollar basis for our out-of-pocket expenses for such things as photocopying, express mail, long distance telephone service, facsimile transmissions, travel outside the City of Little Rock and the binding of transcripts. We agree that our charges for these expenses will not, in any event, exceed $3,500.00 per series of bonds. We would expect to be reimbursed for these expenses whether or not the Bonds are actually issued. We are prepared to discuss and negotiate a reasonable alternative fee structure or modifications to the proposals outlined in this letter. If the foregoing proposal is acceptable, we ask only that you approve a copy of this letter m the space provided below and return the same to us. If further modification of these proposals is desired, we ask that you contact us after reviewing the proposed fee structure to discuss any requested changes or modifications. WRIGHT, LINDSEY S JENNINGS LLP March 6, 2000 Page 3 Once again, it is a privilege and an honor to be selected to serve as bond counsel to the City of Fayetteville in connection with the proposed Bonds. We look forward to serving you in this capacity. JWS:ilh 78183 Cordially yours, WRIGHT, LINDSEY & JENNINGS LLP n William Spivey H WRIGHT, LINDSEY S JENNINGS LLP March 6, 2000 Page 4 ACCEPTED this 6/ day of April, 1999. CITY OF F ETTEVILLE, ARKANSAS Mayor FAYETTEVILLE PUBLIC LIBRARY BOARD By: cc. Ms. Louise Shaper Mr. Brian Swain /viAC- President FAYETTEVFLLE THE CITY OF FAYETTEVILLE. ARKANSAS DEPARTMENTAL CORRESPONDENCE To: Mayor Hanna and City Council From: Charles Venable Date: March 23, 2000 Subject: Underwriting Services and Bond Counsel Services for the City of Fayetteville's Future Public Library Construction Attached hereto are copies of the following: 1. A contract proposal from the law firm of Wright, Lnidsey and Jennings LLP, of Little Rock, Arkansas, to serve as bond counsel for the proposed library construction and improvement bonds; and 2. A contract proposal from Stephens, Incorporated, of Fayetteville, Arkansas, to serve as the underwriter for the proposed library construction and improvement bonds. The firms were selected by Selection Committees who met on January 4, 1999, to select the underwriter, and January 11, 1999, to select the bond counsel. Approval of the two agreements is recommended at this time. CV:msm Attachments c Jeny Rose Louise Schaper John Maguire STAFF REVIEW FORM XX AGENDA REQUEST CONTRACT REVIEW GRANT REVIEW For the Fayetteville City Council meeting of April 4, 2000 FROM: Charles Venable Name Public Works Director Public Works Division Department ACTION REQUIRE: A resolution approving a letter agreement with Wright, Lindsey and Jennings LLP of Little Rock, Arkansas to serve as bond counsel for the proposed issuance of library construction and improvement bonds. The cost is not -to -exceed $35,000, plus disclosure documentation, sale document and continuing disclosure agreement preparation cost not -to -exceed $5,000, plus out-of-pocket expenses not -to - exceed $3,500 per series of bonds. These costs will be paid from the bond proceeds. Additionally, authorize the Budget Manager to execute any budget amendments necessary to implement this bond issue. COST TO CITY: $43,500 estimate Cost of this Request Account Number Project Number Category/Project Budget Category/Project Name Funds Used To Date Program Name Remaining Balance Fund BUDGET REVIEW: Bud et Manager Budgeted Item Budget Adjustment Attached Administrative Services Director CONTRACT/GRANT/LEASE REVIEW: GRANTING A ENCY: arAA fie. Air A counting a•fr Ci y Att rney vise j Purchasing Officer 3--oV001 Date 5 -zr- at) ernal Auditor Date Date ADA Coordinator 2-as-oo Date Date STAFF RECOMMENDATION: Staff recommends approval of this agreement. S rvIces Director Date Date 3110(wpi sytel of7a) Date Cross Reference New Item: Yes No Prey Ord/Res #: ()rig Contract Date: 1 FAYETTEVitLE THE CITY OF fAYETTEVILL ARKANSAS DEPARTMENTAL CORRESPONDENCE • To: Charles Venable, Public Works Director From: Heather Woodruff, City Clerk Date: April 18, 2000 Attached is a copy of the resolution and signed contract with Wright, Lindsey and Jennings. I am also returning two original contracts for you to distribute. The original will be microfilmed and filed with the City Clerk. cc: Yolanda Fields, Community Development Coordinator Louise Schaper, Library Director • • RESOLUTION NO, 46-00 A RESOLUTION APPROVING A LETTER AGREEMENT WITH WRIGHT, LINDSEY AND JENNINGS, L.L.P., OF LITTLE ROCK, ARKANSAS, TO SERVE AS BOND COUNSEL FOR THE PROPOSED ISSUANCE OF LIBRARY CONSTRUCTION AND IMPROVEMENT BONDS, FOR AN AMOUNT NOT TO EXCEED $35,000, PLUS DISCLOSURE DOCUMENTATION, SALE DOCUMENT AND CONTINUING DISCLOSURE AGREEMENT PREPARATION COST NOT TO EXCEED $5,000, PLUS OUT-OF- POCKET EXPENSES NOT TO EXCEED $3,500 PER SERIES OF BONDS; AND TO AUTHORIZE THE BUDGET MANAGER TO EXECUTE ANY BUDGET AMENDMENTS NECESSARY TO IMPLEMENT THIS BOND ISSUE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. Thal the City Council hereby approves a letter agreement with Wright, Lindsey and Jennings, L L P , of Little Rock, Arkansas, to serve as bond counsel for the proposed issuance of library construction and improvement bonds, for an amount not to exceed $35,000, plus disclosure documentation, sale document and continuing disclosure agreement preparation cost not to exceed $5,000, plus out-of-pocket expenses not to exceed $3,500 per series of bonds. A copy of the is attached hereto marked Exhibit "A" and made a part hereof. Section 2. The City Council hereby authorizes the budget manager to execute any budget amendments necessary to implement this bond issue. OLVE rt ED AND APPROVED this iPh day of Apnl , 2000. 0 0 pt• 1 I ATTEST: By: Itar. 11/ Heather Woodruff, Ci erk • APPROVE • By! F‘d Hanna, Mayor • 6 S 4