HomeMy WebLinkAboutResolution No. 96-34 ORIGINAL
CITY OF THE COLONY, TEXAS
RESOLUTION NO. ~"~.
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, RETAINING BOND COUNSEL FOR THE CITY
WHEREAS, the City of The Colony, Texas (the "City") from time to time will
authorize the issuance of bonds and other obligations of the City to fund public works and
the acquisition of public property for the City; and
WHEREAS, this City Council has found and determined that it is necessary and in
the best interest of the City to appoint and retain bond counsel to represent the City in
connection with the issuance of such bonds and other obligations of the City; and
WHEREAS, this City Council has determined to retain the law firm of Fisher &
Newsom, P.C., to represent the City as its bond counsel in connection with the issnance of
such bonds and other obligations; and
WHEREAS, it is officially found and determined that the meeting at which this
resolution has been considered and acted upon was open to the public and public notice of
the time, place and subject of said meeting was given, all as required by Tex. Gov't Code
Ann. ch. 551;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS:
Section 1. The law firm of Fisher & Newsom, P.C., is hereby appointed and
retained as bond counsel for the City. In connection with each series or issue of bonds or
other obligations to be issued by the City, the City and Fisher & Newsom, P.C., shall execute
an engagement letter setting forth the terms of such engagement with regard to each series
or issue of bonds or other obligations.
Section 2. The engagement letter between the City and Fisher & Newsom, P.C.,
relating to the issuance of the City's Waterworks and Sewer System Revenue Bonds, Series
1996C, in the form and substance attached hereto, is hereby approved, and the City
Manager is hereby authorized and directed to execute such engagement letter.
Section 3. This Resolution shall taJr. e~ffect immediately upon its adoption.
PASSED AND APPROVED this /' c~:~-~{lay of~f~r~,_ 1996. /
~~¢/illiam W. Manning, Mayor ~
ATTEST:
Patti A. Hicks, TRMC, City Secretary
$1,700,000
City of The Colony, Texas
Waterworks and Sewer System Revenue Bonds
Series 1996C
November 18, 1996
Honorable Mayor and Members of the City Council
City of The Colony
5151 North Colony Blvd.
The Colony, Texas 75056
Dear Mayor and City Council Members:
We are pleased to submit to you herein our proposed agreement to perform all legal services
as bond counsel in connection with the authorization, issuance, sale and delivery of the revenue bonds
of the City of The Colony Texas ("the City"), entitled Waterworks and Sewer System Revenue
Bonds, Series 1996C ("the Revenue Bonds").
In connection with the authorization, issuance, sale and delivery of the Revenue Bonds, our
services as bond counsel are and will include consultations with City officials and consultants and
attendance at meetings as necessary to such authorization, issuance, sale and delivery, preparation
and examination of documents and materials, legal notices, resolutions, orders, certificates, and all
other legal documents relating to and necessary for such authorization, issuance, sale and delivery,
submission of a transcript of the proceedings authorizing the issuance of the Revenue Bonds and the
initial Revenue Bond or Revenue Bonds to the Attorney General of Texas for approval and
registration of the initial Revenue Bond or Revenue Bonds by the Comptroller of Public Accounts
of the State of Texas, the rendition of our approving market opinion as to the validity of the Revenue
Bonds under Texas law, based upon a transcript of certified proceedings thereof, and the tax exempt
status of the interest on the Revenue Bonds under federal income tax law existing at the time of the
rendition of such opinion.
In our capacity as bond counsel, we will not participate in the preparation of or pass upon any
official statement, notice of sale, or other offering documents for the Revenue Bonds, except that we
will, if requested, assist in preparation and pass upon certain matters therein relating to the description
of the Revenue Bonds and the security therefor, our approving opinion and the tax exempt status of
the interest on the Revenue Bonds, to the extent that such information constitutes matters of law or
legal conclusions.
Our fee for services as bond counsel with respect to the Revenue Bonds will be $5,750, plus
our expenses and the examination fee of the Attorney General of Texas incurred in connection with
the issuance of the Revenue Bonds. Our fee for services as bond counsel will be due and payable
upon delivery of the Revenue Bonds to the purchaser thereof.
In the event that we obtain a ruling from the Imemal Revenue Service regarding the tax
exempt status of the interest on the Revenue Bonds prerequisite to our rendering our approving
market opinion thereon, our services in obtaining such ruling will be an additional service. Our fees
for such additional services will be billed to the City at our usual hourly rates, on the basis of time
expended, in addition to our fee and will be due and payable upon the City's receipt of billing. The
City will also reimburse us for our out-of-pocket expenses incurred and paid in connection with such
additional services.
Please indicate your approval 0fthe terms of this agreement and terms hereof by causing the
approval clause below to be dated and executed on behalf of the City.
Respectfully,
FISHER & NEWSOM, P.C.
~t~'r~y)~frawund d, Jr.-
APPROVED AND AGREED THIS / 1/ O~ v'EX~EE~. /~r~ ~.
CITY OF THE COLONY TEXAS
Cit~ Manage~} -
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