Resolution - 2006 - 52 - Approve Agreement For Bond Counsel Services - 10/24/2006
RESOLUTION NO. 06-52
A RESOLUTION OF THE CITY OF EAGLE, ADA 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 Eagle, Ada County, Idaho (the "City"),
has outstanding its General Obligation Bonds, Series 1998 (the
"Series 1998 Bonds"), and the City has determined to issue its
general obligation refunding bond to the Idaho Bond Bank
Authority for the purpose of refunding the Series 1998 Bonds; 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 its general
obligation refunding bond.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EAGLE, Ada 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 ln
force from and after its passage and approval.
DATED this 24th day of October, 2006.
CITY OF EAGLE
Ada County, Idaho
ATTEST:
1 ~ ~D --l~lb-'~A>~
~Ci ty' Clerk
AGREEMENT FOR BOND COUNSEL SERVICES
THIS AGREEMENT, made as of the 24th day of October, 2006,
between the City of Eagle, Ada County, Idaho (the "City"), and
the law firm of Moore Smith Buxton & Turcke, Chartered, 950 W.
Bannock Street, Suite 520, 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 its refunding bond (the "Bond"),
in the form of a single, fully registered, amortized bond issued
to the Idaho Bond Bank Authority, for the purpose of refunding
its outstanding general obligation bonds 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 Bond.
(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
Bond.
(c) Prepare all ordinances, resolutions, notices, and any
other legal documents necessary for the proper conduct
of proceedings for the authorization, issuance, sale,
and delivery of the Bond.
(d) Provide such legal guidance and assistance, supervision
and consultation, conduct such proceedings, and provide
such opinions, as may be appropriate.
(e) Prepare such proceedings for the private sale of the
Bond as may be appropriate.
(f) Supervise the printing and delivery of the Bond to
purchaser and prepare all necessary closing documents.
(g)
Assemble and examine transcripts
proceedings taken in connection with
sale of the Bond.
concerning all
the issuance and
(h) Upon completion of the proceedings to Bond Counsel's
satisfaction, provide its legal opinion stating that
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the proceedings had for the authorization and issuance
of the Bond are lawful and valid, that the Bond is a
valid and lawful general obligation of the City, and
that interest on the Bond 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
Bond Counsel shall be compensated by the City in the
Eight Thousand Five Hundred Dollars ($8,500.00)
compensation shall be paid solely from the proceeds of such
when available, and shall be due following delivery of the
2 hereof,
amount of
Such
Bond,
Bond.
Bond Counsel shall also be reimbursed for direct
out-of-pocket expenses, including necessary travel expenses
incurred in attending meetings conducted by the Ci ty 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.
Section 4: TERMINATION
Upon
and upon
terminate,
in Section
completion of the proceedings set forth ln Section 2
the issuance of the Bond, this agreement shall
except for payment of the fees and costs as set forth
3 above.
IN WITNESS WHEREOF, the parties hereto have executed this
contract the day and year first above written.
CITY OF EAGLE
Ada County, Id
ATTEST:
-A~(~.rk\L ~A-<'r/Y\~
,....tH MOORE SMITH BUXTON & TURCKE,
(j OF e", CHARTERED
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V/&~"OR<41'~. . By L/'0.A {_ U1\-.,,--
. : _.- : ! Michael C. Moore
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