HomeMy WebLinkAboutResolutions 84-129 N.C.S. 06/18/1984I~eSOIUtlOr1 NO. 84-129 .~: ~. S:
of the City of Petaluma,, California.
APPOINT MANAGING UNDERWRITER
CONSENT TO NEGOTIATED PURCHASE OF ASSESSMENT DISTRICT #14 BONDS
WHEREAS, this Council proposes to undertake proceedings pursuant to
appropriate special assessment and assessment bond acts for the acquisition,
construction and financing of public improvements in said City; and,
WHEREAS, the public interest .and general welfare will be served by
appointing managing underwriter for the purchase of bonds to be issued to
represent the unpaid assessments therein:
NOW, THEREFORE, BE IT RESOLVED:
1. The City Council hereby appoints Wulff, Hansen &
Co. , San Francisco, California, as Managing Underwriter,
to structure, coordinate, investigate, prepare a bond
statement, and to submit to this Council a proposal to
purchase all of the improvement bonds to be issued in the
above referenced assessment district.
2. The City Council makes this appointment with the
understanding that the Managing Underwriter must commit
considerable time and expense to prepare this bond issue
for public offering on a fully contingent basis and
therefore, the Managing Underwriter requires assurances
that said time and expense may be recovered in the
process of underwriting the bond issue.
Reso. 84-129 NCS Page 1 of 2
3. The City Council recognizes,` additionally,. that the
Managing Underwriter accepts as a condition of award of
sale of the bonds (at the 'appropriate time) full
responsibility for due diligence, investigation and
disclosure relative to this bond issue.
4. Should the City Council be advised by staff and a
majority of the property owners- within the assessment
district that the Managing Underwriter is not
satisfactorily fulfilling the above listed responsibilities
and/or that a satisfactory purchase proposal cannot be
developed, the City Council may discontinue the services
of Wulff, Hansen & Go. , as Managing Underwriter.
5. This appointment is conditioned upon the successful
consummation of the assessment district proceedings and
should said proceedings for any reason fail to be
successfully consummated, there shall be no obligation on
the part of the City to Wulff, Hansen & Co.
PAT Under the power and authority conferred upon this Council by the Charter of said City.
I hereby certify the foregoing Resolution was introduced and adopted by the A v to
i
Council of the City of Petaluma at a (Regular) (~~of~Efl~XQf~i~~l{1 meeting
on the ...............
18th ---._.._. day ofJ'.une.-------•------------------------------------------- 1s.8~., by the `
following vote: .. .. ..:::...........::.
AYES: Battaglia., Bond, Cavanagh, Bal haw, Vice Mayor Harberson,~yor Mattei
NOES: None
ABSENT: P
,.
ATTEST ~
City Clerk 404-02 Mayor _. -_
Council File.. ...... .
84-129'~~NCS Pa e 2 o:f 2+ Exhi bi t o
Form.GA,2 7/81 Res. No ................................. g
c',
Jvu ~ s r~q . IO f3
~UL~F, FANS E'N ~c G0.
ESTABLI9MED 1931•
1'NV.ESTMENT SECU.RtT,IES
20:1 SANSOM;E ~ST,REET,'7TN FLOOR
SAN f=RANGISC;O 94104
~4f5~ 42.1-8900.
iKay 8, 1984
Municipal Financing
Special .Assessment
and Revenue Bonds
County
City
Special district
GommerCial
Industrial
Residential
Hospital
Public
Street opening
sewer
water
Landscaping
.Sidewalks
c~ros
cutters
Ughting
Drainag®
Traffic control
Parking
Meters
Pedestrlal, malls
Paiks
Playground
Recreation
Refinancing
Reriovador-
.Dredging.
Reclamation
~Ir°. John L: Scharer
City Manager
City of Pe'tal,uma
Post: ;and. ;Englsh Streets
Petalluma,. 'California 9495`2 .
Re:: Poss-b a conflict of: ~nter.est disclosure and
totlal r,emuner•aton disclosure.
F'inanciaTConsultant change t'o Manag.ing
Under-writer/Purchaser of Parking Assessment
B`onds., City,-.,of Petaluma Parking Assessment
Bonds, ~~ y _'~
- ' Z ~ ~~
Dear John c ~ ' '~
j'
~'~t 1.
r 4 ~~
As per Section ~86~~.,;~of ~,t
Wulff`, Hansen & Co<. ~.s; regtr~:-~;1
Petal:um:a. of- a possiti;le~ care
created when t'he capac'it~ c5~;~'
changed from f i~nanc i al eon~ul
above referenced 'bont3s -to pure
he Government Code,
'd 'to notify the City of
l.ic$ of interest being
w~ r;~~ H'a-n e n & C o, i s
~~~ ~gt~~~,,the. City on the.
y~a~:fir c~~~-'~ame.,
• ~' ~ti' T
`~..
Further, we are required, Ito n_otif'y~ ~ e ~ity of the-
source and. anticipated amount..° of al,~emun~eration to
Wulff.,. 'H°a'nsen _& C;o.; wit'h r`es,~pect~. t`'o our. cap.aci~t'i'es
as ;consultant, and as~ purchaser 'o:f-`ahe bonds.
We expect to :negota a our consultant- fee,, downward to
_~®®~ o;f •the .pr°oject co t as def i.ned in our
agreement accepted November 2~4, 1.98:0, 'payable from
and cont.inge`nt upon s.a1e of she bonds. Addition-
.ally, we antc;i.pate a. bona discount' of 5~ which will
be the total und'e:rwrter''.s sparead -between cost of
bonds. and sale price to rives:to'r,s .before expenses..
Expemses ;;nc;lude, but are not limited 'to, commissions
to sa e,'s~perso,n:net, un.derwrter's council fees,
st,ru~cturng, coordinating, investigating, and
prep°aring a bond statement, and submission to the
Courtc~l oaf. a 'p:urchase proposal to pure a e all. of the
asses meat,bonds to beissued in the above referenced
assessment district.
NEA~RLX HALF A CENTURY HELPING GALIFORNfANS E~XiI'lbl't .A t;0 84:-;129 ,N CS
:'~ ~ . ,,.
- J . S'char~er
City of- Petaluma
May 8', 1984 _
Page Two
Wulff., Hansen & Co. will. acce:ga full. r`esp:onsiblit.y for the
d`ue dil.ge:nce nv':es~tgation ;a.nd `asc,l"o~s~ure liability
relative to this bond; issue a'nd ,.all c'ompen~sa.ton to Wulff,
Hansen i`s contingen.t~.upon sale of. ~tYe bonds.
As. per Section 536:91 a~;~the Goyer;nmen't Code, we acre required
to gain the City s;. co~~en-wand acknowledgement of the above
disclosures Sho_ ul$:~'~h~' above ,me:e;t w~i th your approval ,
please so signify wY`fih,: your ~:~ndorsement '.below, and' return an
or ig i na1 copy to us . ~~ ~ '~' •~
:, F,~
'-, -< `,
:~ ~ S;ncer~ely,
,. `
~ i ~.~
," ll~~?~G~r~..
y ~ ,.
1~~rk~ ssman
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Vice.-~'i~:.~' den t.
~,
~„
~~~,
MP/p t ~~.:
0 n b e h a-1 f o.f t h e~ C ty .o-f. P°e t a;l u`m a °,.~, 3 have read , a n.d
acknowledge receipt of the. above- d'isclosure~s~-e
Dated
John Scharer,
City, Mana9;er
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Exhibit A to 84=-12:9 NGS