HomeMy WebLinkAboutRDA RES 060RESOLUTION NO. 60
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
ADOPTING A CONTRACT FOR BOND COUNSEL SERVICES.
WHEREAS, the Redevelopment Agency has requested and received
bids for a bank loan in the amount of $500,000; and
WHEREAS, said loan was successfully bid for by City National
Bank; and
WHEREAS, said bank requires a legal opinion, concerning the
legal constitution of the Redevelopment Agency, from a bonafide Bond
Counsel; and
bIHEREAS, the firm of Wilson, Jones, Morton, and Lynch does
specialize in such services.
NOW, THEREFORE, BE IT RESOLVED, that the attached letter agree-
ment be executed to fulfill the requirement for special Bond Counsel as
required by City National Bank as a condition to the requested loan bid.
PASSED, APPROVED, and ADOPTED on this 28th day of July, 1977,
by the following vote, to wit:
AYES: Brush, McPherson, Wilson & Mullins
NOES:
ABSENT: Newbrander
ABSTAIN:
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RD D. MULLINS, CHAIRMAN
ATTEST:
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SHE✓LA R. GILLIGAN, Secretar, 'to the
Palm Desert Redevelopment / gency
Resolution No. 60
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ATTORNEYS AND COUNSELLORS AT LAW
630 NORTM gAN MATEO DRIVE
P. O. HOX IS2
9AN MATEO, CAIIFORNIA fl4401
�1i5� 342-3523
July 19, 1977
Mr. Martin J. Bouman
Executive Director
Redevelopment Agency
City of Palm Desert
45-275 Prickly Pear Lane
Plam Desert, CA 92260
Dear Marty:
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In accordance with our conversation, attached is our standard
form of fee agreement in connection with the overall City of Palm
Desert Redevelopment Project. It would be our intention, however,
to treat the present short-term borrowing proposal as senarate
since it is our understandin� you have present authority to under-
take that nroposal.
In connection with the short-term borrowing, we shall be
pleased to provide our 1ega1 opinion to you for transmission to the
purchaser of your short-term notes issued pursuant to our advice.
For that purpose, our fee will be the flat amount of $2,500. In
the event that the mater is abandoned without the issuance of any
such notes, we shall be paid the reasonable value of our services
theretofore rendered.
Very truly your� ,
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APPROVED BY:
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WARD D. MULLINS, CHAIRMAN
_PALM DESERT REDEVELOPMENT AGENCY