HomeMy WebLinkAboutResolution 99-101 N.C.S. 05/03/1999 Resolution IVo. 99-101 N.C.S.
of the City of Petaluma, California
1 RESOLUTION APPOINTING KELLING, NORTHCROSS AND NORBRIGA
2 AS FINANCIAL ADVISORS TO THE CITY FOR THE ISSUANCE OF
3 TAX ALLOCATION AND REVENUE BONDS
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6 WHEREAS, The City Council and PCDC have adopted the FY 98-99 Budgets which
7 included projects that require financing through the issuance of municipal debt, and;
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9 WHEREAS, The PCDC has outstanding Tax Allocation Bond debt that should be reviewed
to for refinancing opportunities, and;
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12 WHEREAS, It is necessary to use outside consulting services in order to issue municipal
13 debt and in the current municipal investment market and the type of projects to be financed, it is
14 appropriate to offer the bonds competitively, and;
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16 WHEREAS, A request for proposal were received from eight qualified firms, and;
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18 WHEREAS, In evaluating the proposals, Kelling, Northcross and Norbriga, Oakland, is a
19 well known and experienced Financial Advisory firm that provides substantial experience in Tax
20 Allocation and Revenue Bond issues .
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22 NOW, THEREFOR BE IT RESOLVED, that the City Council hereby appoints Kelling,
23 Northcross and Norbriga as Financial Advisors to the City for the issuance of tax allocation and
24 revenue bonds described in the Request for Proposal dated March 24, 1999.
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26 BE IT FURTHER RESOLVED, that the City Manager is authorized to enter into an
27 agreement with Kelling, Northcross and Norbriga for Financial Advisory Services in the issuance of
28 an estimated $16.8 million in Tax Allocation Bonds for a fee not to exceed $32,000 and an estimated
29 $7 million in Revenue Bonds for a fee not to exceed $32,000:
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Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regulal~t`L>~§~~~S~feYeial) meeting form
on the 31:01 day of _~~?..................................................9~9........, by the
following vote:
City Attorney
AYES: Healy, Torliatt, Cader-Thompson, Hamilton, Maguire, Vice Mayor Keller
NOES: None
ABSENT: M r E. C. Thompso /'6~
ATTEST: ~Q.A_A.~~,~.1...
City Clerl. BB BB pp g~yy Mayor
®~PV~ '6.~ ~L.~i~'~cil File
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