Resolution No. 5279
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON APPROVING AND AUTHORIZING THE
EXECUTION OF A CONSULTING AGREEMENT BY AND
BETWEEN THE CITY OF VERNON ANDERle T.
FRESCH PROVIDING FOR CONSULTING SERVICES
WHEREAS, the City of Vernon intends to undertake
7 VariOl.lS capital projects and proposes to utilize tax-exempt
8 debt financing to fund said projects; and
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WHEREAS, the City Council of the City of Vernon
10 desires to enter into a Consulting Agreement with Eric T. Fresch
11 to provide for consl.llting services respecting public finance
12 matters, as well as other matters, pursuant to the discretion of
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the City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF VERNON AS FOLLOWS:
l2!;;QIIQt:L!= That the City COLlnci I of the City of
Vernon hereby finds and determines that the recitals contained
hereinabovE? are true and correct.
E~!;IIQ~_g: That the City Council of the City of
Vernon hereby approves the Consulting Agreement,
a copy of
which has been presented to the City Council concurrently with
this
Resolution and the City Council hereby orders said
Agreement to be received and filed by the City Clark.
l2~QIIQ~_~: That the City Council of the City of
Vernon hereby authorizes the Mayor and the City Clerk to execute
said Agreement for, and on behalf of, the City of Vernon.
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8~QIIQ~_1: The City Clerk of the City of Vernon shall
3 certify to the passage of this Resolution and the....eupon and
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thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 20th day of May, 1986.
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ATTE.~ S,.:. /./}~. h.. /.7//.. .
-~:_--~-~~~~~q
BRUCE V. MALI<ENHORST,City Clerk
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1 II STATE OF CA!~IFORNIA )
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2 CO'..'\'LY OF LOS ANGE...2S )
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I, BRUCE V. MALKENHORST. City Clerk of .the City of
Vernon, do hereby certify that the foregOing Resolution. being
Resolu_ion No. 5279 ,was duly adopted by the Gity Council of
the City of Vernon, and was approved by the Mayor of said City
an adjourned
<(t X!X/regular meeting of the Ci ty Council held on Tuesday.
9
May 20
. 1986
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BRUCE V. MALKENHORST. City
Clerk
(SEAL)
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CONSUL TAJ.'lT AGREEMENT
THIS AGREEMENT,made and entered into as of the 20th day of May,
1986, by and between the CITY OF VEIUmN (hereinafter called "City") and
ERIC T. FRESCH (hereinafter called "Fresch"):
WITNESSETH:
WHEREAS, the City intends to undertake various capital projects and
proposes to utilize t~x-exempt debt financing to fund said projects; and
WHEREAS, Frescht upon the request of the City, will perform services
as a consultant to the City, for the various capital projects the City
intends to undertake; and
WHEREAS, it is mutually desirable that an agreement be entered into
between the parties to provide for such consulting services.
NOW, THEREFORE, the parties hereto, in consideration of the mutual
covenants herein contained, agree as follows:
Section 1. Fresch shall perform such duties as are imposed on him
as consultant for public finance matters, as well as other matters, pur-
suant to the discretion of the City. Such duties shall include, but not
be limited to, advisory services regarding the following: structuring
of the City's proposed tax-exempt debt financings, establishment of its
debt management policies, selection of municipal finance specialists,
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including bond counsel. financial advisors. underwriters and trusteel
fiscal agents, coordination of all phases of the project financing, and
the attendance, on pehalf of the City, of any meetings of financial
specialists, required for the propOsed financing.
Section 2. The City shalf compensate Fresch at the rate of One
hundred twenty-five dollars ($125.00) per hour of time billed and sub-
mitted by Fresch to the City.
IN WITNESS WHEREOF the parties hereto have caused these presents
to be duly executed as of the day and year first above written.
CITY OF VERNON
ERIC T. FRESCH
by ~UJ~~H>UV
ATT~T:r..,d' . /L~
/"5 - //~/~ /.:::0fC,X /
Bruce V.. Malkenhorst, City Clerk
~-rU
APPROVED AS TO FORM
BY '\") I ~ , \),
DAVY!) a.BREARLEY
CITYATTOlUlEY
CONSULT~'~T AGREEMENT .
THIS AGREEMENT., made and entered into as of the 2O h day of May,
198, by and between the CITY OF VERNON (hereinafter called "City'.'): and
ERIC T. FRESCH (hereinafter called "Fresch"):
. _ WZTNESSETHc
WHEREAS, the.Cityintends to`undertake various capital projects and
proposes to utilize ta.Y-exempt debt financing to fund-said projects and'
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WHEREAS, Fresch,:. upon:-the request of the-City, will.. perform services
as a consultant to thee-City,. for the various captalprojectsthe .City
intends to undertake; and
WHEREAS, it is mutually desirable that an agreement be entered into.
between the, parties to provide for such consulting services.
NOW, THEREFORE, the parties hereto,' inconsideration of the mutual
:covenants herein contained, agree as follows:
Section 1. Fresch shall per-form .such duties as are imposed on him
as. consultant for public finance matters., as well as other matters,..pur-
suant to the discretion of the Gty. Such .duties shall include, but. not
be limited to, advisory services .regarding the following: structuring
of the. City's proposed tax-exempt debt financings, establishment of its
"debt management policies, selection of municipal finance-specialists,
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including bond counsel, financial advisors, underwriters and trustee/
fiscal agents, coordination of all phases of the project financing, and
the attendance, on behalf of the City, of any meetings of financial
specialists, required for the proposed financing.
Section 2. The City shall compensate Frescfi at the rate of Orie
hundred twenty-fivedollaxs x$125.00) per hour of time billed and sub-
mitted by Fresch to the City.
IN WITNESS WHEREOF ,the parties hereto have caused these presents
to he-duly: executed as of the day and year first above written.
CITY OF VERNON ERIC T. FRESCH
by ~ ~ ,-~w
ATTEST....
~ Ls/~
Bruce V. Malkenhorst, City Clerk
n~~r~ov~D ~~a ~o ro~~t
E°b~_
L~I~.'~3a 't1, BI<~~l~I3LEY
c;z~r~r ~~r~~o~;.aL~r
CONSULTANT AGREEMENT
THLS AGREEMENT, made and entered into as of the day of May,
198Z~, by-and between the CITY OF IIERNON (hereinafter called "City") and
ERIC T. FRESCH (.h.ereinafter called "Fresch."):
WITNESSETH:
WHEREAS, the City intends to undertake various capital projects and
proposes to utilize tax-exempt debt financing to fund-said projects; and
WHEREAS, Fresch, upon the request of the City, will perform services.
as: a consultant to the City, for the various capital projects the City
intends: to undertake; and
WHEREAS, it is mutually desirable that an agreement be entered into
between the parties to provide for such. consulting services.
NOW,. THEREFORE, the parties hereto, in consideration of the mutual
covenants herein contained, agree as follows:
Section 1, Fresch. shall perform such duties as are imposed on him
as. consultant for public finance matters, as well as other matters, pur-
suant to the. discretion of the City. Such duties shall include, but not
be. Iimi.ted to, advisory services regarding the following: structuring
of the City's: proposed tax-exempt debt financings, establishment of. its
debt management policies, selection of municipal finance specialists,
inc~ud~ng bond counsel, financial ad~is,ors., underwri era and trustee/
fiscal agents:, coordination of all phases of the project financing, and
th_e attendance, on behalf of the City, of any meetings of financial
specialists, required for the proposed financing.
Section 2. The_City shall compensate Fresch at the rate of One
hundxed twenty-five dollars ($125.00.) per hour. of time billed and sub-
mitted by Fres:ch to the City.
IN WITNESS WHEREOF the parties hereto have caused these presents
to b.e.duly executed as of the day and year .first above written.
CITX OF VEftNON ERIC T. FRE5CH.
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CONSULTANT AGREEMENT
THIS AGREEMENT, made and entered into as of the ~ day of May,
lss~ by and between the CITY OF vERNON (hereinafter called "City") and.
ERIC T. FRESCH (hereinafter called "Fresch"):
WITNESSETH:
WHEREAS, the City intends to ~.indertake various capital projects and
proposes to utilize tax-exempt debt financing to fund said projects; and
WHEREAS, Fresch, upon the request of the City, will perform services
as a consultant to the City, for. the various capital projects the City
intends. to undertake; and
WHEREAS, it is mutually desirable that an agreement be entered into
between the parties to provide for such consulting services.
NOW, THEREFORE, the parties hereto, in consideration of. the mutual
covenants herein contained, agree as follows:
Section 1. Fresch shall perform such duties as are imposed on him
~ as. consultant for public finance matters, as well as other matters, pur-
suant to the discretion of the City. Such duties shall include, but not
b-e limited to, advisory services regarding the following.: structuring
of the City's proposed tax-exempt debt financings, establishment of its
deht management policies, selection of municipal finance specialists,
including bond counsel, financial advisors, underwriters and trustee/
fiscal agents, coordination of all phases of the project financing, and
the attendance,. on behalf of the City, of any meetings of financial
specialists, required for the proposed financing.
Section 2. The City shall compensate Fresch at the rate of One
hundred twenty-five dollars ($125.00) per hour of time billed and sub-
mitted by Fxesch to the City.
IN WITNESS WHEREOF the parties hereto have caused these presents
to be duly executed as of the day and year first above written.
-CITY OF VERNON ERIC T. FRESCH
by G'
LAW OFFICES OF
ERIC T. FAESCH
316 SEVENTH PLACE
MANHATTAN BEACH, CALIFORNIA 90206
(213) 379-5707 '
May 6, 1987
Mr. Bruce V. Malkenhorst
City Administrator
City of Vernon
~3o5 Santa Fe Avenue
Vernon, California 90058
Dear Mr. Malkenhorst:
I am pleased to submit the following proposal to you for my
services as a corisultar~t to the City of Vernon in coririectiori
with the City's proposed public debt financing.
I proposed to offer my services as a eonsultarit on behalf.
of the City of Vernon in conriectiori with its proposed tax-exempt
debt firiaricirig for the particular capital projects the City may
.undertake. In my capacity, I shall advise the City regarding
the establishment of its debt management policies, which includes
the issues of financial consultants, credit ratings, competitive
and negotiated sales, and short and long-range financial
planning. I shall advise the City iri coririeetion with the
selection of municipal financing specialists, which include a
financing consultant (if necessary), bond counsel, underwriter
and trustee/fiscal agent. I will be responsible for obtairiirig
exact cost estimates from each municipal finance specialist the
City may employ. I will report to you and other City Officials
you may designate, as to how the firiaricing is progressing at
each particular, stage.
As the bond issue is being developed and structured, the
City will need to make final decisions regarding the principal
amount and maturity dates of the issue, keeping in mind the
overall plan of the financing. The City, in consultation with
the financing eonsultarit, must also decide whether to use the
competitive or negotiated sale method if the method is not
stated in the bond authorizing statutes. When a competitive
sale will be used, it is up to the City to approve the Notice of
Sale which sets up bidding rules governing the receipt of bids,
the determination of the best bid, and the award and delivery of
the securities. When a negotiated sale will be used to sell the
securities, the City must negotiate the underwriter's discount,
which may vary from issue to issue.
The City will be asked to provide information to meet full
disclosure requirements, including schedules of outstanding debt
obligations, assessed valuations, an approved budget and audited
financial statements. The City must also approve all covenants
included as security in the bond issue and be aware of their
impact on financial operations in the future. All pledged
revenues must be approved, and the City must fully understand
the arbitrage regulations so that investment of bored proceeds is
accomplished in accordance with IRS regulations.
In addition, the City is responsible for reviewing the
official statement and documentation prepared in corijuriction
with the securities and for certifying to its accuracy and
completeness.
I propose to bill for my services as a corisultarit to the
City of Vernon ire connection with its contemplated public debt
financing according to the amount of time expended on the
transaction. I propose to bill for my services at the rate of
$125.00 per hour. I have included a copy of the Consultant
Agreement which the City approved last year on the prior public
debt financing. The only change made was the year in the
opening lines, from 1986 to 1987.
Thank you for the opportunity to submit this proposal to
you for consulting services in this matter.
Respectfully submitted,
e'er -
Erie T. Fresch
ETF-L008:c1j
~TY COUNCIL OFFICERS
LEONIS C. MALBURG, Mayor BRUCE V. MALKENHORST,
THOMAS A YBARRA, Mayor Pro-Tem City Administrator/City Clerk
Wm. "BILL" DAVIS
H.. "LARRY" GONZALES DAVID B. BREARLEY,
W. MICHAEL McCORMICK City Attorney
TELEPHONES VICTOR H. VAITS,
Director of Community Services
CITY CLERK ..............................5838811 LEWIS R. ADAMS,
POLICE DEPT ...........................587-5171 Director of Water & Power
FIRE DEPT .................................5834821
BUILDING DEPT ......................5838811 GEORGE F. BASS,
PUBLIC WORKS DEPT...........5838811 Fire Chief
HEALTH DEPT .........................5838811 CITY HALL AL ESPINOZA
4305 SANTA FE AVENUE, VERNON, CALIFORNIA 90058 Police Chief
In Reply Refer to:
May '5~,. 1987
Finance Committee
City of Vernon
Honorable Members:....
It is hereby recommended that Eric T. French be retained as consultant
for our upcoming proposed public debt financing. If approval is granted
the services Mr. French will provide will include, but not be limited to:
1) advise the City regarding the establishment of its debt
management policies, which. will include the issues of
financial consultants, credit ratings, competitive and
negotiated sales, and short and long-range financial
planning;
2) advise the City in the selection of municipal financing
specialists which will include a financial consultant (if
necessary), bond counsel, underwriter, and trustee/
fiscal agent;
3) responsible for obtaining exact cost estimates from each
municipal finance specialist employed by the City;
4) report to the City Administrator or, whoever else is
designated by the City, the progress of the financing
at each particular stake.
The hourly fee to be charged by Mr. French is $125, which is what he
charged to serve as consultant in our Revenue Bond Financing of last
year.
Very truly yours,
~ ~,.o~~~
Bruce V. Malkenhorst
Director of Finance
BVM/lam
CITY COUNCIL OFFICERS
LEONIS C. MALBURG, Mayor BRUCE V. MALKEIVHORST,
THOMAS A YBARRA, Mayor Pro-Tem City Administrator/City Clerk
Wm. "BILL" DAVIS
H.. "LARRY" GONZALES DAVID B. BREARLEY,
W. MICHAEL McCORMICK City Attorney
VICTOR H. VAITS,
TELEPHONES Director of Community Services
CITY CLERK ..............................583-8811 LEWIS R. ADAMS,
POLICE DEPT ...........................587-5171 Director of Water & Power
FIRE DEPT .................................583-4821
BUILDING DEPT ......................583-8811 GEORGE F. BASS,
PUBLIC WORKS DEPT...........583-8811 CITY HALL ire Chief
HEALTH DEPT .........................583-8811 AL ESPINOZA
4305 SANTA FE AVENUE, VERNON, CALIFORNIA 90058 Police Chief
In Reply Refer to:
June 1, 1987
Mr. Eric Fresch
31.6 7th Place
Manhattan Beach, CA 90266
Dear Eric:
The attached was approved by the Finance Committee on May 7, 1987.
Please sign and return to this office for execution..
Very truly yours,
City of Vernon
Bruce V. Malkenhorst
City Administrator
BVM/lam