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Home My WebLink About4-14 RESOLUTIONRESOLUTION NO. 04-14 A RESOLUTION TO APPROVE A CONTRACT WITH KUTAK ROCK, LLP TO APPROVE BOND COUNSEL SERVICES AS NEEDED THROUGH DECEMBER 31, 2018 WHEREAS, Kutak Rock, LLP has provided excellent bond counsel services for various bonds issued by the City of Fayetteville for the last several years; and WHEREAS, a City selection committee reviewed applications and interviewed potential bond counsel firms prior to selecting Kutak Rock, LLP as bond counsel subject to City Council approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the selection of Kutak Rock, LLP as the City's Bond Counsel and approves the contract with Kutak Rock, LLP to serve as the City's Bond Counsel through December 31, 2018. PASSED and APPROVED this 7th day of January 2014. APPROVED: ATTEST: By: SONDRA E. SMITH, City Clerk/Treasurer ,001 I I will • ° • • :is'', 01 Y ° 6-f FAYE E\ALLE::4: -.53= . '47° c -J 4GTON100 'Actingsagt.' Marsha Hertweck Submitted By City of Fayetteville Item Review Form 2013-0220 Legistar File Number 1/7/2014 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item Action Required: Finance Department Approval of a five year contract with automatic annual renewals with Kutak Rock, LLP to provide legal services for the City during the bond issuance process. Does this item have a cost? Yes Cost of this request Account Number Project Number Budgeted Item? No Category or Project Budget Program or Project Name Funds Used to Date Program or Project Category $0.00 Remaining Balance Budget Adjustment Attached? Fund Name Previous Ordinance or Resolution # Original Contract Number: Comments: V20130812 The cost of this service is payable from the proceeds of the successful sale of the City's bonds. ais - 1 le aye evi ARKANSAS THE CITY OF FAYETTEVILLE, ARKANSAS To: Mayor Lioneld Jordan and Fayetteville City Council Thru: Paul Becker, Finance Director From: Marsha Hertweck, Accounting Director Date: December 10, 2013 Subject: Bond counsel legal services Recommendation Approval of a five year contract, with automatic annual renewals, with Kutak Rock. LLP to provide outside legal services for the City during the bond issuance process. Discussion The City occasionally issues bonds to provide funding for City Council approved projects and there is a need for outside legal services in connection with the bond issuance process. The City's selection committee reviewed and interviewed several firms and selected Kutak Rock, LLP, with Gordon Wilbourn being the lead attorney for the City's projects. Budget Impact The cost of this service is payable from the proceeds of the successful sale of the City's bonds. RESOLUTION NO. A RESOLUTION TO APPROVE A CONTRACT WITH KUTAK ROCK, LLP TO APPROVE BOND COUNSEL SERVICES AS NEEDED THROUGH DECEMBER 31, 2018 WHEREAS, Kutak Rock, LLP has provided excellent bond counsel services for various bonds issued by the City of Fayetteville for the last several years; and WHEREAS, a City selection committee reviewed applications and interviewed potential bond counsel firms prior to selecting Kutak Rock, LLP as bond counsel subject to City Council approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the selection of Kutak Rock, LLP as the City's Bond Counsel and approves the contract with Kutak Rock, LLP to serve as the City's Bond Counsel through December 31, 2018. PASSED and APPROVED this 7th day of January 2014. APPROVED: ATTEST: By: By: LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer CONTRACT The City of Fayetteville and Kutak Rock, LLP agree as follows: (1) The City of Fayetteville desires to hire Kutak Rock, LLP to provide bond counsel legal services as explained in RFQ 13-14 during the term of this agreement. Kutak Rock, LLP was selected by a City of Fayetteville selection committee after a competitive Request for Qualifications (13-14) process. Although Kutak Rock, LLP's entire Bond Legal Department was considered during this selection process, the City's excellent experience working with Gordon Wilbourn was a major component of the City's selection of Kutak Rock, LLP as its Bond Counsel. (2) The City of Fayetteville agrees to negotiate with Kutak Rock, LLP to determine the proper and fair Bond Counsel Fee for each proposed bond issue. The Bond Counsel Fee to be paid from bond sale proceeds will be the only payments made by the City of Fayetteville for Kutak Rock, LLP's Bond Counsel Fee and related services. (3) Kutak Rock, LLP agrees to continue its services to the City of Fayetteville as its Bond Counsel and to negotiate with the City for each bond issuance concerning the fair amount of Bond Counsel Fee for such bond issuance. Kutak Rock, LLP agrees not to charge further fees without prior written agreement of the City of Fayetteville. (4) Kutak Rock, LLP agrees that its fees shall only become payable and be paid from pioceeds from the successful sale of the proposed bond issuance by the City of Fayetteville. If, for whatever reason the proposed bonds are not issued or sold, Kutak Rock, LLP agrees to make no claim for compensation for its services provided in anticipation of the issuance and sale of Fayetteville's bonds. TERM OF THIS CONTRACT This contract shall be effective from the date of its approval by both parties until December 31, 2018. However, if Gordon Wilboum no longer is the primary assigned person for Fayetteville's proposed bond issues, the City of Fayetteville may terminate this contract with thirty (30) days written notice to Kutak Rock, LLP and engage in another Request for Qualifications selection process. Furthermore, both parties have a right to terminate this contact upon three months' written notice to the other party. In agreement with all the terms and conditions above, we sign below: KUTAK ROCK, LLP CITY OF F YETTEVILLE Print Name and Title ‘tfl4113 Dai 2 ATTEST: By: Lo CS: * S.kC'.. • ec, \TYo 0.,<\*`;*. AVK / YjE:TE7LL E • rn .eF1 • z • 10.; • r A NS r - 1-111.4". Sondra E. Smith City Clerk/Treasurer el -05 -14 Date