2003/05/13 City Council Resolution (10)A RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK AWARDING
A CONTRACT TO STONE & YOUNGBERG LLC FOR UNDERWRITING SERVICES
WHEREAS, the City has previously issued the 1994 Refunding
Certificates of Participation and the 1999 COPS (Master Equipment
Lease Program); and
WHEREAS, the City is facing a difficult financial year and
is looking at options to reduce costs, one of which is debt
restructuring; and
WHEREAS, the City has an opportunity to restructure the 1994
COPS and the 1999 COPs (Master Equipment) and lower debt service
by approximately $1 million over the next three years; and
WHEREAS, the underwriting firm of Stone & Youngberg LLC
possesses the necessary professional capabilities and resources
to provide the legal services required by the City as
underwriter; and
WHEREAS, Stone & Youngberg LLC has proposed performing the
services as underwriter for this refunding issuance for a fee of
between 1.2% and 1.4% of the principal amount of the securities,
plus a non - contingent fee not to exceed $15,000 for the
analytical and financial work; and
WHEREAS, the City has secured Stone & Youngberg's services
in the past for other bond issues and has been satisfied with
their service
NOW, THEREFORE, BE IT RESOLVED that the Council does hereby
award the contract for underwriter to the firm Stone & Youngberg
LLC.
BE IT FURTHER RESOLVED that the City Manager is hereby
authorized and directed to execute same for and on behalf of the
City of Rohnert Park.
DULY AND REGULARLY ADO? by the Rohnert Park City Council
this 13th day of May,
ATTEST:
i
MACKENZIE: AYE NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE FLORES: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)