Resolution 11821RESOLUTION NO 11821
A RESOLUTION APPOINTING MANAGING UNDERWRITER
CITY OF ALAMEDA
Marina Village Assessment District 89 -1
RESOLVED, by the City Council (the "Council ") of the City of Alameda (the "City "),
County of Alameda, California, that
WHEREAS, this Council proposes to conduct proceedings to authorize the
issuance of and to sell bonds pursuant to special assessment proceedings to finance the
construction of public improvements and to acquire outstanding assessments; and
WHEREAS, this Council, upon the terms and conditions hereinafter set forth,
desires to appoint a managing underwriter to provide certain services in connection with
the issuance, offering and sale of the bonds;
NOW, THEREFORE, IT IS ORDERED that
1. Stone & Youngberg be, and is hereby, appointed as managing underwriter with
respect to the issuance, offering and sale of the bonds.
2. Stone & Youngberg will provide, in general, all services customarily performed
by a managing underwriter in connection with a bond issue of the type proposed by the
City. These services will include, without limiting the generality of the appointment, the
following:
(a) Advising and consulting with the staff, other consultants and the City
Council on all matters pertaining to the proposed issue at any time by telephone
and attending all meetings held for such purpose called by staff or the City
Council or at the managing underwriter's request;
(b) Making detailed recommendations as to the terms, timing, structure
and other conditions of the tssue;
(c) Coordinating the efforts of all participants in the proceedings;
(d) Submitting at the appropriate time or times to the City Council a
contract or contracts for the purchase of the bonds or each series thereof;
(e) As a condition of award of sale of the bonds to the managing
underwriter, assuming full responsibility for due diligence investigation and
disclosure and preparing and circulating at its expense preliminary and final
statements with respect to the bonds; and
(f) Providing all follow —up services as may be necessary or desirable.
3. In recognition that the managing underwriter will commit, on a fully contingent
basis, considerable time and expense in the performance of such services, the City, at
the appropriate time or times, will negotiate with the managing underwriter and, subject
to the mutual agreement of the parties, enter into a contract or contracts with the
managing underwriter for the purchase of the bonds.
4. If the Council determines that the managing underwriter is not satisfactorily
performing the services which it undertakes pursuant to its appointment or if a mutually
satisfactory bond purchase contract cannot be concluded, the Council may discontinue
the services of the managing underwriter at no cost or expense to the City.
* * * * * * * * * * * *
vote:
PASSED AND ADOPTED this 6th day of Sept. , 1989, by the following
AYES: Councilmembers Arnerich, Camicia, Thomas, Withrow
and President Corica - 5,
NOES: None,
ABSENT/ABSTAIN: None
ATTEST:
City Clerk
APPROVED:
Mayor