HomeMy WebLinkAbout02879 - BROWN WOOD MUNICIPAL GOLF COURSE TAHQUITZ CREEK BOND Brown & Wood - Bond Counsel
New Muni Golf Course
AGREEMENT #2879
BROWN & WOOD MO 4627 , 9-5-90
555 CALIFORNIA STREET
ONE WORLD TRADE CENTER SAN FRANCISCO, CALIFORNIA 94104 815 CONNECTICUT AVENUE, N W
NEW YORK, N.V. 1004E WASHINGTON, D.C. 20006
TELEPHONE 212-839-5300 TELEPHONE 415-398-3909 TELEPHONE'2C2-223-0220
FACSIMILE 212-839-5599 FACSIMILE 415-397-4621 FACSIMILE 202-223-0465
10900 WILSHIRE BOULEVARD BLACKWELL HOUSE
LOS ANGELES, CA. 90024 GUILDHALL YARD
TELEPHONE.213-208-4343 LONDON EC2V SAE
FACSIMILE.213-208-5740
TELEPHONE 07I-606-I888
FAC51 M I LE:OJ 1-J96-180J
August 23 , 1990
VIA FEDERAL EXPRESS
Mr . Paul Ron Howard
City Treasurer
City of Palm Springs
3200 Tahquitz-McCallum Way
Post Office Box 1786
Palm Springs, California 92263
Dear Mr . Howard:
It is our pleasure to respond to your request to provide
bond counsel services to the City of Palm Springs . We enjoyed
working with the City on the re-financing of the Convention
Center in 1988 and on the financing of the wastewater treatment
plant in 1989 and we welcome the opportunity to serve as bond
counsel to the City in connection with the proposed financing
of your municipal golf course.
ualifications
Brown & Wood is a nationally recognized corporate and
municipal securities law firm consisting of nearly 250
lawyers . We have engaged in a public finance practice for more
than 60 years and in 1989 Brown Fr. Wood was ranked third
nationally in rendering bond counsel opinions according to the
"Bond Buyer . " Our California public finance practice commenced
in 1981 and has grown to i-nclude representation of a wide
variety of issuers .
Mr . Paul Ron Howard
August 23 , 1990
Page 2
Services
As bond counsel we would provide the following services :
(i) Attend all meetings of the financing team to
develop the financial structure;
( ii) Attend meetings , including study sessions ,
of the City Council, as requested;
(iii) Attend rating agency presentations ;
(iv) Draft all necessary resolutions of the City
authorizing the execution of pertinent
financing documents ;
(v) Review the Official Statement;
(vi) Prepare all necessary closing documentation,
including the arbitrage certificate and
transcript, and render appropriate validity
and tag, opinions;
(vii) Provide any other service normally required
of bond counsel or requested by the City to
complete the transaction; and
(viii) Provide ongoing advice during the period the
City' s obligations remain outstanding .
Staffing
I would have day-to-day responsibility for your financing
as I have in the two previous financings . David Casnocha would
also be involved in order to ensure that you have bond counsel
available at all times . Carol Lew, a specialist in tax
matters , would provide advice regarding the tax-exempt nature
of your financing .
RFPiin
Mr . Paul Ron Howard
August 23 , 1990
Page 3
Fee
As bond counsel to the City we are happy to work on a
contingent fee basis . Assuming a fixed-rate financing of $10
million or less , our fee upon closing would be $35 , 000 ,
exclusive of our out-of-pocket expenses incurred in connection
with the financing .
We very much look forward to working with the City again.
Very truly yours,
0�'�
Christina N. osby
CNC/raf
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
Y .,City Clerk £-r-t;-j Ci ty Manager
RFP/117