HomeMy WebLinkAboutRes. 04.12 Bond Election
RESOLUTION NO. 2004-12
A RESOLUTION OF THE CITY OF REXBURG, MADISON COUNTY, IDAHO,
APPROVING AN AGREEMENT FOR BOND COUNSEL SERVICES, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE THE SAME; AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City of Rexburg, Madison County, Idaho (the
"City"), has determined to conduct a special bond election on
August 3, 2004, on the question of authorizing the City to issue
its general obligation bonds in a principal amount not to exceed
$4,000,000 for the purpose of financing the costs of constructing
a new municipal swimming pool, and costs incidental thereto; and
WHEREAS, the City is desirous of retaining the law firm of
Moore Smith Buxton & Turcke, Chartered, of Boise, Idaho, as bond
counsel to the City for services in connection with the special
bond election and the issuance, sale, and delivery of general
obligation bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF REXBURG, Madison County, Idaho, as follows:
Section 1: The Agreement for Bond Counsel Services between
the City and the law firm of Moore Smith Buxton & Turcke,
Chartered, of Boise, Idaho, a copy of which agreement is annexed
hereto and by reference made a part hereof, is hereby approved,
and the Mayor and City Clerk are hereby authorized and directed
to execute the same on behalf of the City.
Section 2: This Resolution shall take effect and be in
force from and after its passage and approval.
DATED this 9th day of June, 2004.
CITY OF REXBURG
Madison County, Idaho
By_______________________________
Shawn Larsen, Mayor
ATTEST:
___________________________
Blair D. Kay, City Clerk
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AGREEMENT FOR BOND COUNSEL SERVICES
THIS AGREEMENT, made as of the 9th day of June, 2004,
between the City of Rexburg, Madison County, Idaho (the "City"),
and the law firm of Moore Smith Buxton & Turcke, Chartered, 225
North 9th Street, Suite 420, Boise, Idaho 83702 ("Bond Counsel").
Section 1: PURPOSE OF EMPLOYMENT
The City hereby employs Bond Counsel to perform and render
legal assistance and advice relative to the authorization,
issuance, sale, and delivery of general obligation bonds (the
"Bonds") of the City to be issued for purpose of financing the
costs of constructing and financing a new municipal swimming
pool, and costs incidental thereto.
Section 2: BOND COUNSEL SERVICES
Bond Counsel shall be primarily responsible for rendering
the following legal services:
(a) Advise the City concerning the legal requirements
applicable to the issuance and sale of the bonds.
(b) Provide representation of Bond Counsel, when requested
by the City, at all meetings and hearings held by the
City in connection with the issuance and sale of the
Bonds.
(c) Prepare all ordinances, resolutions, notices, and any
other legal documents necessary for the proper conduct
of proceedings, including election proceedings, for the
authorization, issuance, sale, and delivery of the
Bonds.
(d) Provide such legal guidance and assistance, supervision
and consultation, conduct such proceedings, and provide
such opinions, as may be appropriate.
(e) Provide assistance to the District’s financial advisor
in the preparation of an official statement or other
disclosure materials for use in connection with the
sale of the Bonds.
(f) Prepare such notices of public sale or such proceedings
for the private sale of the Bonds as may be
appropriate.
(g) Supervise the printing and delivery of the Bonds to
purchaser and prepare all necessary closing documents.
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(h) Assemble and examine transcripts concerning all
proceedings taken in connection with the issuance and
sale of the Bonds.
(i) Upon completion of the proceedings to Bond Counsel's
satisfaction, provide its legal opinion stating that
the proceedings had for the authorization and issuance
of the Bonds are lawful and valid, that the Bonds are
valid and lawful special obligations of the City, and
that interest on the Bonds is excluded from gross
income for the purposes of federal and State of Idaho
income taxation.
Section 3: COMPENSATION
For rendering the services set forth in Section 2 hereof,
Bond Counsel shall be compensated by the City in the amount of
Six Thousand Five Hundred Dollars ($6,500.00). Such compensation
shall be paid solely from the proceeds of such Bonds, when
available, and shall be due following delivery of the Bonds.
Bond Counsel shall also be reimbursed for direct
out-of-pocket expenses, including necessary travel expenses
incurred in attending meetings conducted by the City or other
meetings relating to the Bond proceedings, as well as long
distance telephone, special messenger or air courier service, and
telecopying and photocopying expenses incurred in performance of
its duties hereunder.
In the event the Bonds are not issued, sold, and delivered,
Bond Counsel will be reimbursed only at the hourly rate normally
charged by Bond Counsel for services actually rendered (with a
maximum of $750 total fee), and for direct out-of-pocket expenses
incurred.
IN WITNESS WHEREOF, the parties hereto have executed this
contract the day and year first above written.
CITY OF REXBURG
Madison County, Idaho
___________________________________
Shawn Larsen, Mayor
ATTEST:
____________________________
Blair D. Kay, City Clerk
MOORE SMITH BUXTON & TURCKE,
CHARTERED
By_________________________________
Michael C. Moore
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