1696RESOLUTION NO.IfiQfi '
^A RESOLUTION of the City Council of the City
of Moses Lake, Washington,retaining special
i j counsel for certain services in connection
^-^with the authorization,issuance and sale of
approximately $1,200,000 limited tax general
obligation bonds,and approving an employment
contract.
WHEREAS, the City of Moses Lake, Washington, (the "City")
expects to authorize the issuance of $1,100,000 aggregate principal
amount of limited tax general obligation bonds (the "Bonds")to pay
costs of the downtown sidewalk project, of improving a new
municipal parking lot, and of renovating the park and recreation
department shops;and
WHEREAS, the law firm of Lane Powell Spears Lubersky
specializes in providing legal advice with respect to governmental
financing of this type;and
WHEREAS, it is in the best interest of the City that counsel
experienced in such matters be retained to provide special counsel
services;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City
of Moses Lake,Washington,as follows:
Section 1.Retention of Bond Counsel.The law firm of Lane
Vy Powell Spears Lubersky is hereby retained by the City to provide
the following services and is authorized to take all action which
it deems necessary and prudent incident to the authorization,
issuance,sale and delivery of the Bonds:
A.Advising the City regarding the legal reguirements
applicable to the issuance of the Bonds;
B.Providing representation of bond counsel at all meetings
and hearings relating to the improvements or the financing when
appropriate or requested to do so;
C.Preparing the ordinances,resolutions and other documents
necessary for the authorization and issuance of the Bonds;
D.Reviewing the official statement for the Bonds with
respect to description of the Bonds and the ordinance authorizing
the issuance thereof and with respect to applicable state and
federal statutes,but such services shall not include any written
opinion regarding the completeness or accuracy of any official
statement;
E.Providing other legal services and assistance,
supervision and consultation and such opinions as may be
appropriate to facilitate and effectuate the issuance of the Bonds;
(^)F.Supervising the printing and delivery of the Bonds to the
purchaser and preparing all necessary closing documents;
G.Assembling and examining th«rtors"*,«*»*-«»which comprise the
transcript of all proceedings relating to the issuance and sale of
the Bonds;
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H.Upon determination by the firm that all necessary
proceedings are complete,that such proceedings and the Bonds are
valid and that the laws and regulations relating to exclusion of
interest on the obligations from gross income for federal income
tax purposes have been met,providing the legal opinion of Lane
Powell Spears Lubersky to the City and the purchaser that all
proceedings taken in the authorization,issuance and delivery of
the Bonds are valid, and that the interest on such obligations is
excludable from gross income for federal income tax purposes
subject to the qualification that the interest on the Bonds will
remain excludable from gross income if the expectations of the City
at the time of issuance,as certified in a "tax code certificate,"
actually occur.
Section 2.Compensation.As compensation for performance of
the services set forth above,the City agrees to pay Lane Powell
Spears Lubersky the following:
A.Bonds.As compensation for performance of the services
set forth above $6,285.00.
B.Out-of-Pocket Expenses.In addition to the foregoing
fees,the City agrees to pay out-of-pocket expenses for
photocopying,long distance telephone charges, plus any travel
expenses to the City.
Section 3.Transcript Documents.The City also agrees to
provide counsel with a complete certified transcript of all
proceedings relating to authorization and issuance of the Bonds.
PASSED by the City Council of the City of Moses Lake,
Washington,at a regular meeting thereof and APPROVED by its Mayor
this 14th day of July,1992.
ATTEST:
JJjjJ i^C
City Clerk
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