HomeMy WebLinkAboutResolution - 1698 - Agreement - DHBM - Bond Counsel - 05/24/1984Q�
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RESOLUTION 1698 - 5/24/84
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Agreement
between the City of Lubbock and Dumas, Huguenin, Boothman & Morrow, attached
herewith, which shall be spread upon the minutes of the Council and as spread
upon the minutes of this Council shall constitute and be a part of this Resol
tion as if fully copied herein in detail.
Passed by the City Council this 24th
ATTEST:
.1- -f May
vely affga ty Secretary 3 c��vG
APPROVED AS TO CONTENT:
Robert M ssengale, A istant City Manager
APPROVED AS TO FORM:
J n C. Ross, Jr., City Atto ney
J
DUMAs, HUGUENIN, BOOTHMAN & MORROW
2001 BRYAN TOWER, SUITE 1400
DALLAS, TEXAS 75201
TELEPHONE 1214) 969-0969
LANDMARK BUILDING, SUITE 200
705 EAST HOUSTON AVENUE
FULBRIGHT & JAWORSKI OFFICES
BANK OF THE SOUTHWEST BUILDING LANDMARK BUILDING, SUITE 200
HOUSTON, TEXAS 77002 705 EAST HOUSTON AVENUE
TELEPHONE M13) 651-5I5I SAN ANTONIO, TEXAS 78205
TELEX 76-2829 TELEPHONE IS121224-5575
1150 CONNECTICUT AVE,.N.W. 2001 BRYAN TOWER
WASHINGTON, D.C. 20036 SUITE 1400
TELEPHONE 1202) 452-6800 DALLAS, TEXAS 75201
TELEX 69-2602 TELEPHONE 1214) 969-1969
SAN ANTONIO, TEXAS 78205 AMERICAN BANK TOWER, SUITE 1740 2 ST.JAMESS PLACE
TELEPHONE 1512) 224-5622 221 WEST SIXTH STREET LONDON, SWIA INP
AUSTIN,TEXAS 78701 TELEPHONE 100 629-1207
TELEPHONE 15121474-5201 TELEX 28310
March 22, 1984
Honorable Mayor and City Council
City of Lubbock
P.O. Box 2000
Lubbock, Texas 79457
Re: Retention of Bond Counsel
Gentlemen:
It is understood that the City of Lubbock, Texas has
approved, or is in the process of approving, a contract for
financial advisory services in relation to the issuance of
bonds or other obligations to finance capital improvements
and, in connection therewith, the firm of Dumas, Huguenin,
Boothman & Morrow is to be retained as Bond Counsel.
As Bond Counsel, the legal services to be rendered on
behalf of the City are those customarily performed by bond
counsel in Texas and include the preparation of the legal
proceedings and documents necessary to call and hold an
election, if required or determined necessary; the authori-
zation and issuance of the obligations; the approval of the
Attorney General of the State of Texas, if required; the
registration thereof by the Comptroller of Public Accounts;
and the delivery thereof to the initial purchasers. In
addition, this firm would issue an opinion as to the legality
and validity of such obligations provided all legal requirements
are met and satisfied in accordance with our instructions.
It should be noted, however, that such.services do not
include legal services with respect to litigation that
challenges or otherwise affects the issuance and delivery of
such obligations and any services rendered in connection
with any litigation would be in addition to those normally
rendered by Bond Counsel.
For an in consideration of serving as Bond Counsel, our
fee will be based on the principal amount of obligations
issued each time obligations are issued and sold. Such fee
Honorable Mayor and City Council
March 22, 1984
Page Two
for obligations issued in the principal amount of $3,000,000
or less would vary between a minimum of $1,000 (for an issue
in the amount of $400,000 or less) and $4,200 (for an issue
of obligations payable solely from taxes in the amount of
$3,000,000) and $5,250 (for an issue of obligations payable
in whole or in part from revenues in the amount of $3,000,000)
For issues in excess of $3,000,000, there would be added the
sum of $0.75 for each $1,000 in excess of $3,000,000. In
addition to such fee, we would aslo seek reimbursement for
our out-of-pocket expenses incurred, such as telephone
travel, etc. Assuming no travel costs are incurred, such
out-of-pocket expenses is contingent on the issuance and
delivery of the obligations.
Assuming the above and foregoing meets with your favorable
approval, it is requested that the approval and retention of
this Firm to serve as the City's Bond Counsel be noted at
the bottom of this letter and one copy returned to us.
It is understood that this proposal is to cover all
bonds issued by the City for a period of five (5) years from
the date of this letter. However, the City will have the
right to cancel the contract.at any time upon 30 days notice
and the payment of any outstanding fees and expenses on the
date of cancellation.
Very truly yours,
DUMAS, HUGUENIN, BOOTHMAN & MORROW
By &rt� -e•
Elbert M. Morrow
APPROVED by the City Council of the City.of Lubbock,
Texas, this the 24th day of _May , 1984.
dc F
Mayor / %f t
ATTEST:
(City Seal)