HomeMy WebLinkAboutResolution 90-270 N.C.S. 08/06/1990
. FZoSOIutiOn No. ~2~o N.C.S.
of the City of Petaluma, California
1 RESOLUTION APPROVING AGREEMENT
2 WITH FINANCIAL ADVISOR FOR
3 CORONA-ELY SPECIAL ASSESSMENT DISTRICT #21
4
5 The City Council of the City of Petaluma resolves:
6 This Council approves that certain agreement between.the CITY OF
~ PETALUMA and CALIFORNIA PUBLIC FINANCE, for services of that
8 firm as Financial Advisor for Corona-Ely Special Assessment District #21
9 and attached to this resolution.
1o The Mayor or City Manager is authorized to sign the agreement and
11 the City Clerk. is authorized to attest its execution.
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 (Regular) (~t~x~te~)s;~~t~meeting _ - - fO~
on the ..-6~.h..--•-•--...... day of .....................Augus.t.......---........--.-., 19..-9.0, by the ~ ~
following vote: --~y~ - -
>ity~Attorn y
AYES: Balshaw, Davis, 6doolsey, Tencer, Vice Mayor Cavanagh, Mayor Hilligoss
NOES: 0
ABSENT: Sob 1
ATTEST : -
y Clerk Mayor
Council File.-.._-..-.......----••---..-...-.-
CA 10.85 Res. No....9.0.-2.Z.0......... N.C.S.
CPF INCORPORATED
Post Office Box 751322
Petaluma, California
94975-1322
Telephone
CALIFORNIA (707) 795-6994
Proposed Fornn of AgreeaT~nt
PUBLIC Between
The City of Petaluma
FINANCE
and
CPF INCORPORATED
Submitted
February 28, 1990
1. CPF INCORPORATED ("CPF") is a firm fully qualified to provide financing
consulting and advisory services to all local public entities, including cities,
and has a professional staff with both the expertise and experience to provide
such services.
2. The City of Petaluma ("City") has asked for proposals to provide both
general and specific financing advisory services for its proposed CORONA-ELY
ASSESSMF~IT DISTRICT 21.
3. CPF hereby agrees to provided the services as described in paragraphs
numbered 1 through 23 under the heading "SCOPE OF SERVICES", on pages 2 through
3 of the City's REQUEST FOR PROPOSAL ("REP").
4. CPF hereby further agrees to provide the services as described in paragraphs
manbered 1 through 11, concerning the selection of third parties to provide.
other services, contained under the first portion of the heading '°COST CONTROL
SERVICES", on page 4 of the City's RFP and also agrees to provide the work
described, following the aforementioned portion, and numbered 1 through 3, also
on page 4 of the City's REP.
5. CPF has provided the information requested by the City under the heading
"SUPPLII~ITAL INFORMATION FOR PROPOSAL (with the exception of anot-to-exceed
fee) in a letter responding to the RFP dated February 28, 1990 and hereby
incorporates that letter., as it relates to any service to be provided, as part
of this A°rreement, and specifically makes reference to the portion of said
letter naming Donald M. Van Dyke as the staff member responsible for providing
all services herein agreed to.
6. CPF hereby agrees to provide any other services necessary to complete the
financing described in the document titled "CORONA/ELY SPECIFIC PLAN AREA
FINANCING PLAN" dated June 1989 and attached to the RFP to which this proposed
agreement is a response.
Proposed Form of Agreement
.Between
_ The City of Petaluma
and CPF INCORPORATED
For. Finanea'1 Advisory Services for
Corona-Ely Assessment District No. 21
Dated February 2$, 1990 Page 2
7. CPF will pay ONLY its awn overhead to provide services agreed to hereunder.
8. City will pay all direct costs for sale of ,securities including, but not
limited to, printing of bonds, legal documents,. engineering reports, preliminary
and final official statements, cost of direct and overlapping debt statement,
band counsel fees, trustee fees (if necessary),. fees for paying agent(s) and
registration agent(s), property appraisals (if necessary), rating agency fees
(if any), cost of CPF staff to travel out of state (.onYy with advance approval),
cost of holding information meetings (if necessary and only with advance
approval), cost of distribution of official statements, title .insurance (if
necessary), audit fees (if necessary), insurance costs (if necessary) legal
advertising .and. any other miscellaneous costs.
9. The term. of this agreement shall be for a period of five years or until all
securities necessary to finance the project have been sold and proceeds
delivered to the City.
10. The City may cancel this agreement by giving CPF written notice 30 days
prior to the cancellation date:.
11. CPF will be paid for services rendered hereunder (net of any expenses except
our normal overhead), at the time proceeds from 'the sale of any securities sold
under the ;provisions of this agreement. are delivered to the City (at closing) in
accordance with the following schedule of fees:
(1)
Number of Sales Par Value of Securities Sold Fee
(2)
1 $11,600,000 $22,500
2 (Both within ane
year.) 11,600,000 25,000
2 (More than one
;year apart) 11.,600,000 27,500 ,
3 (More than one
year apart) 11,:600,'000 30,000
3 (over three year
period) 11;,600:,.000 35,000
3 (over five year
period) 11.,:600;,0.00 40,000
4 (no time limit) 11.,600,000 45,000
5 (or more within 16,000,000 50,000
ten years) (continued)
Proposed .Form of Agreement
' Between
The City of Petaluma.
and G`PF INCORPORATED
For Financial Advisory Services for
Corona-Ely Assessment District No. 21
Dated February 28, 1990 Page 3
(1) Should the securities be sold by negotiation CPF will be paid at the
rate of $75'..00 per hour for services related to assisting the City select the
underwriter. The total fee .for this service will not exceed $1,500.
(2) In the event less than all of the securities are marketed at the time
of the first sale the fees quoted will be allocated in proportion to the par
value sold at each sale, For example if the initial sale is for $5,800,000 the
initial :fee will be $11,250 :and if the balance is sold at the second sale during
the next ensuing 12 mrmths the fee for that sale will be $13,750, or if after 12
months $16,250.
App ved: Approved:
CP INCO City of Petaluma
Donald M. V' .Dyke,
President
Date~~,~= ~~j Date:
CPF INCORPORATED
Post Office Box 751322
Petaluma, California
94975-1322
Telephone
CALIFORNIA (707) 795-6994
QUALIFICATIOTQS
PUBLIC The principals of CalFinance (CPF INCORPOI7ATED)
have over 60 years combined experience in the
financial field with over 56 in public finance.
FINANCE Donald M, Van Dyke, President of the fine,
has been involved in public finance for 31
years. He formed the finn under another name
and operated it on a part time basis beginning
in 1982. CalFinance began full time operations
in 1984. Mr. Van Dyke is also president of
California Public Facilities and Equipment Leasing Corporation (CalLease) as
well as CalFinance. He holds the first Master of Public Administration degree
awarded by Arizona State University, is a member of California Society of
M~micipal Finance Officers, the International City Management Association, the
Government Finance Officers Association, the Building Industry Association and
is currently Vice Chairman of the Sonoma County Mental Health Advisory Board.
Associated with Mr. Van Dyke are Mr. Hal C. Nelson and Mr. Albert GoldscYmnidt,
Senior Vice Presidents. Mr. Nelson has a B.S. from the University of Oregon.
Mr. Nelson served public entities in various capacities including that of City
Manager prior to entering the financial field. Mr. Goldschmidt has an M.S.,
Public Administration from the University of California and has 25 years
experience serving public entities in California, Nevada, Oregon, Utah and
Alabama.
Attached is a partial list of the over $1,178,000,000 in par value of various
issues which members of the firn•have designed or participated in completing. )
In addition CalFinance has developed and executed refunding plans, utilizing
either new issue proceeds or current revenues. One of these refundings resulted
in a savings for the client in excess of $13,000,000. A list of references is
included with the list of eo~npleted financings. Additional references are
available on request.
Projects for which financing design has been provided by Ca.lFinance staff
include marinas, toll bridges, dormitories, parking facilities, educational
facilities, water systems, sewer and waste water systems (public and private),
streets and related facilities (curbs, gutters, sidewalks and storm drains),
public buildings (police facilities, administrative structures, corporation
yards), apartments, hospitals and other public and semi-public improvements.
These projects were financed through the issuance of various types of security
issues, both taxable and tax free, including certificates of participation in
lease financings (including the first four such issues in California which were
secured by voted tax overrides), tax allocation bonds, assessment bonds (1915,
1911 and refunding), general obligation bonds and revenue bonds.
Please call us if you have any questions or would like to discuss any long term
capital financing problem. We can solve it.
Qualifications Page 2
REFERENCES
Mr. Jack Daniels Mr. John Hillyard
Associate Superindendent for Chief, Business and Auxiliary Services
School Services California State University
Ukiah Unified School District and Colleges
445 South Dora Street 400 South Golden Shore
Ukiah.,. California 95482 Long Beach, California 90802
(707) 463-5200 (213) 590-5568
Ms. Julie-Ann Boyer Mr. Gaylord Knapp
Assistant General Manager City Manager
Bureau of Electricity City of .Cerritos
City of Alameda City Ha11
Post Office Drawer H Cerritos, CA 90701
Alameda, California 94501 (213) 860-0311
(415) 522-7411
Mr. James Bowersox Mr. John S. Lindsay
City Manager Director of Finance
City of Poway City of Santa Rosa
Post Office Box 348 Post Office Box 1678
Poway.,. California 92064 Santa Rosa, CA 95403
(714) 748-1414 (707) 528-5101
Mr. John Scharer
City Manager Mr. JoYm G. Stuber
City of Petaluma Stuber-Stroeh Associates, Inc.
1 English Street Consulting Engineers
Post Office Box 61 790 DeLong Avenue, Suite 7
Petaluma, California 94952 Novato, California 94945
(707) 778-4345 (415) 892-4763
Mr. John Crane Mr. David W,. Spilman
County Administrative Finance Officer
Coordinator City of Petaluma
County of Calaveras Post Office Box 61
Cotmty Administrative Center Petaluma, California 94953
891 Mountain Ranch Road
San Andreas, California 95249
Mr. Steve Felte Mr. Robert Kawasaki
General Manager City Engineer
Calaveras County Water Dist. City of Galt
Post Office Box 846 380 Civic Drive
San Andreas, California 95249 Galt, California 95632
(209) 754-3543 (209) 745-2961
Additional references are available on xequest.:
Qualifications Page 3
CAD FINANCINGS
PAR
ISSUE - VALUE
California Toll Bridge Authority
Southern Crossing Financial Analysis
San Francisco-Oakland Bay Bridge Toll Revenue Bonds. (two issues) $120,000,000
Vincent Thomas Toll Bridge Toll Revenue Bonds 7,400,000
City of Cerritos
General Obligation Bonds 8,400,000
Cerritos Redevelopment Agency
Los Cerritos Redevelopment .Project Tax Allocation Bonds 15,000,000
Los Coyotes Redevelopment Project Tax Allocation Bonds 22,500,000
City of Corona
Water Revenue Bonds, first issue 4,250,000
Water Revenue Bonds, second issue 5,250,000
California State University and Colleges
Housing System Revenue Bonds 41,825,000
Student Union Revenue Bonds 33,9.75,000
Parking System Revenue Bonds 16,67.5,000
_ Health .System Revenue Bonds 15,000,000
City of Scottsdale (Arizona)
Sewer Revenue Bonds 3,500,000
City of Sacramento
Florin Road Stozrn and Sanitary Sewer Assessment District
Improvement Bond Act of 1915 1,723,148
Parking Authority of the City of Sacramento
Parking Revenue Bonds 5,450,000
City of Roseville
Water Revenue Bonds 5,000,000
North Roseville - Rocklin Sewer Assessment District
Improvement Bond Act of 1915 10,650,521
Poway M~micipal Water District
General Obligation Water Bonds. 10,900,000
Fire Protection Improvea~nt Bonds 1,900,000
General Obligation Bond Anticipation .Notes 400,000
_ San Joaquin Delta Comrnmity College District
Student Center Revenue Bonds 750,000
Qualifications Page 4
Analy Union. High School District
School Building Corporation Revenue Bonds 1,250,000
Northern Inyo County Local Hospital District
General Obligation Bands 700,000
San Luis Coastal Unified School District
Advance Refunding for the District's
Educational Facilities Corporation Bonds Series of 1978
Fran Current Revenues - no new bonds issued 14,800,000
Sierra Madre Comnnnzity Redevelopment Agency
Public Facilities Lease Revenue Bonds 600,000
City Hall Facilities Lease Revenue Bonds 600,000
Redevelopment Agency of the City of Vallejo
City Hall Lease Revenue Bonds 3,175,000
Pleasant Hill Civic Center Authority
Police Services Building Lease Revenue Bonds 2,700,000
County of Sacramento
Sunrise Gold Assessment District
Improvement Act of 1911 3,963,698
Prospect Business Park
Improvement Act of 1911 3,057,000
Town of Paradise
Nurmeley Road Assessment District
Improvement Bond Act of 1915 .384,304
City of Folsan
Nimbus Water Assessment District
Improvement Bond Act of 1915 1,620,335
County of Yuba
Rancho Lana. Rica Assessment District
Improvement Act of 1911 856,000
County of Butte
East Ridge Assessment District
Improvement Act of 1911 322,200
Lakeridge Village Assessment District
Improvement Act of 1911 1,571,360
Mid-Peninsula. Regional Open Space District
Installment Notes re-offered 500,000
Marin Municipal Water District
Christmas Tree Hill Assessment District
Improvement Bond Act of 1915 .229,500
Qualifications Page 5
City of Redding
Western Oaks Assessment District
Improvement Bond Act of 1915 450,000
Coast C~n.nzity College .District (Orange County)
Site Purchase Loan 3,650,000
County of Butte
Lakerdge Village Assessment District
Improvement Act of 1911 1,571,360
City of Chico
Southeast Chico Assessment District
Improvement Band Act of 1915 4,803,643
Forest Avenue Improvements Assessment District
Improvement Band Act of 1915 2,914,694
Refunding Assessment District, Northern Chico
Sewer Assessment District 4,556,232
City of Rohnert Park
Snyder Lane North Assessment District
Improvement Bond Act of 1915 895,394
City of Colton
Library Lease. Certificates of Participation 760,000
Airport Commerce Center Assessment District No. 79-1
Improvement Bond. Act of :1915 4,050,000
City of Capitola
Street Improvement Project Number 1
Iu~rovement Bond Act of 1915 382.,650
Certificates of Participation - Gymnasium 845,000
Certificates of Participation - Parking Facility 755,000
County of Los Angeles
Telephone and Teleco~rn.nzication System
Certificates of Participation ~ 2.,575.,000
Ukiah Unified School District
School Facilities Improvements
Certificates of Participation 4,100,000
Palm Desert Redevelopment Agency
Tax .Allocation Bonds (flood control) 15,000,000
County of Orange
Assessment District No. 77 (SAVE Raneh)
Improvement Bond Act of 1915 3,385,000
Qualifications Page 6
Santa Cruz .County Sanitation. District
Tarmery Gulch Sewer Improvement Project
Improvement Bond Act of 1915 797,000
Adelanto Redevelopment Agency
Tax Allocation Bonds 540,000
County of Sonoma
Telephone Acquisition Project.
Certificates of Participation 2,900,000
Stallion.. Springs Conarnmity Services District
Assessment District No. 1
Improvement Act of 1911 1,265,000
City of Fremont
Improvement District No. 36, Fremont Parkside Plaza
Improvement Bond Act of 1915 725,000
City of Santa Rosa
Wastewater Services Facility District
Bond Plan F {City Charter bond provisions) 3,500,000
M~micpal Sewer .Improvement Bonds of 1956 Sixth Division
• Bond Plan E (City Charter bond provisions) 338,000
Fountain Grove Assessment District Number 2
Improvement Bond Act of 1915 11,5.15,000
San Lorenzo County Water District
University Drainage Assessment District Series No. 6
Improvement Bond Act of 1915 28,000
Irvine Ranch Water District
Headquarters Building Certificates of Participation 4,585,000
County of Sutter
Royo Ranchero Improvement District
Improvement Bond Act of 1915 975,000
City of Yorba Linda
Assessment District Number 81-3 (SAVI)
Improvement Bond Act of 1915 6,614,764
City of Petaluma
Industrial Avenue Special Assessment District No. lONC
Improvement Bond Act of 1915 2,257,554
City of Richmond
_ Hospital Revenue. Bonds - East Bay Hospital 6,000,000
Qualifications Page 7
City of Fresno
Assessment District No. 92
Improvement Bond Act of 1915 679,517
County of Fresno
Assessment District No. 1984=1 Shaver Lake Area
Improvement Bond Act of 1915 1,508,725
City of Scotts Valley
.Industrial Area Street hnprovement District.
Improvement Bond Act of 1915 353,330
Certificates of Participation 1,465,000
Mount Hermon Road Improvement District
Refunding Assessment District
Special Assessment and Bond Refunding Law of 1939., Bond Plan E 2,663,406
City of Gonzales
Sewer Revenue Bonds, Series B 380,000
Redevelopment Agency of the City of Brisbane
Brisbane Comrnmity Redevelopment Project
Area Number One, Tax Allocation Bonds 14,850.,000
County of Monterey
Hidden Hills Assessment District
Improvement .Bond Act of 19:15 1,880,000.
Hidden Hills Assessment District Series A Improvement Bond"s
Improvement Bond Act of 1915 1.,485,000
City of Lincoln
Lincoln Airpark Assessment District 84-1
Improvement'Bond Act of 1915 2,740,785
City of Brisbane
Marina Boulevard and Lagoon Road
Seres.L,I.D. 79-1 Fifth Sale Improvement Bonds
Improvement Bond Act of 1915 1,850,000
New Haven Unified School District
School Building Corporation
Series of 198.%+-Bonds 9,400,000
Subordinated Certificates of Participation 11,000,000
Newark Unified School District
School Building Corporation
Certificates of Participation 5,100,000
Redevelopment Agency of the City of Lake Elsinore
Rancho Lagtma No. 1
Certificates of Participation 1,850,000
Qualifications Page 8
City of Millbrae
Plaza Bay'Assessment District
Improvement Bond Act of 1915 1,522,879
Certificates of Participation (Methane Gas Facilities) 515,000
Ukiah Unified School District
Series of 1985 Refunding
Certificates of Participation 5,260,000
City of Redding
Lake Keswick Sewer Assessment District
1982-6; Series A
Improvement Bond Act of 1915 671,316
Lake Keswick Sewer Assessment District
1982-6, Series B
Improvement Bond Act of 1915 75,000
City of Novato
Pacheco Ranch Estates Assessment District, Series A
Improvement Bond Act of 1915 1,653,000
City of Orange Cove
Comm~mity Center Project
Certificates of Participation 1,090,000
City of PetaluDna.
Police Facility
Certificates of Participation 2,000,000
City of Galt
Assessment District No. 1984-1
Tmproverc~nt Bond Act of 1915 1, 662, 357
City of Walnut Creek
Local Improvement District No. 41
North B"roadway Extension Assessment District
Improvement Bands (Improvement .Bond Act of 1915) 668,735
Contra Costa Water District
Castle Rock Assessment District
Improvement. Bond Act of 1915 1,638,624
City of Morgan Hill
Encino Hill. Assessment District
Improvement Bond Act of 1915 3,790,000
City of Walnut Creek
Local Improvement District No. 42
Improvement. Bond Act of 1915 68,524
Qualifications Page 9
Rancho Mureta Conarnmity Services District
Improvement District No. 1
Improvement Bond Act of 1915 19,000,000
Island Bay Utilities, Inc. (Alabama)
(An investor owned utility corporation)
Taxable corporate issue 22,000,000
City o€ FIIneryvlle
Various Bonds - Review proposed financing by other parties
for the City.
Redevelopment Agency of the City of Coalinga
1988 Tax Allocation Bonds (.first series of a $50.,000,000
authorization) 5,000,000
City of Galt
Improvement District No. 88-1
Improvement Bond Act of .1988 1,497,000
City of Petaluma Development Commission
1988 Tax Allocation Notes (Taxable) 4,195,000
FINANCINGS ON WHICH CALFINANCE STAFF HAS PARTICIPATED IN DESIGNING
City of Phoenix, Arizona
General. Obligation M~micipal Improvement Bonds 34,500,000
Water System Revenue Bonds 27,000.,000
Airport Revenue Bonds 2,000,000
City of Oxnard
Sewer Revenue Bonds 2,000,000
General Obligation Bonds 3,.500,000
Redevelopment Agency of the City of Vallejo
Marina. Vista .Project Area Parking Lease Revenue Bonds 415,000
Library Lease Revenue Bonds 1,950,000
State of Alaska.
General Obligation Bonds 88,926,000
International .Airports Revenue Bonds (two-issues) 15,755,000
City of Sacramento
Sewer Revenue Bonds 8,000,000
Qualifications Page 10
Sacramento M~micipal Utility District
White Rock Project Revenue Bonds 58,000,000
White Rock Project Electric Revenue Bonds 42,000,000
Ramona Sanitation District
General Obligation Bonds 1,200,000
Leucadia County Water District
General Obligation Bonds 695,000
Goleta County Water District
General Obligation Bonds 5,000,000
Vista Irrigation District
General Obligation Bonds 7,200,000
Sacramento Regional County Sanitation District
Sanitary Facilities Bands 75,000,000
Redevelopment Agency of the City of Santa Rosa
Santa Rosa Center Project Tax Allocation Bonds 5,000,.000
Yuba County Water Agency
Yuba River Development Revenue Bonds 160,740,000
Richvale Irrigation District
General Obligation Bonds 750,000
Modesto Irrigation .District
New Don Pedro Project General Obligation Bonds 18,500,000
'Itiirlock Irrigation District
New Dan Pedro Project General Obligation Bonds 28,000,000
FINAIVCINGS'UNDER CONTRACT AND IN PROGRESS
(All aanounts approximate Lmtil bond sales are completed)
Calaveras County Water District
New Hogan/la Contenta
Improvement Bond Act of 1915 8,000,000
Sierra Business Park
Mello-Roos 10,000,000
Qualifications Page 11
City of Galt
Assessment District
Improvement Bond Act of 1915 3,000,000
City of Marina
Assessment District (several small projects.)
Improvement Bond Act of 1915 900,000
City of Placerville
California Assessment District No. 1987-1
(Acquisition) Improvement Bond Act of 1915 600,000
City of Sand City
Beachfront Facilities
Type of financing not yet selected 5,000,000
Stonehouse Mutual Water District
Type of issue not yet selected 10,000,000
City of Coalinga
Tax Allocation Bonds Future Series 45,000,000
City of Petaluma
North McDowell Assessment District `
Auto Plaza Assessment District
Improvement Bond Act of 1915 8,000,000
PetalLUna Camnnxnity Development Couxnssibn
Financing for the Petaluma Canammity Development
Project (First sale of $4,194-,.000 completed).. 10,000,.000