HomeMy WebLinkAboutRES 85-111 R E S O L U T I O N
BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BEAUMONT:
THAT the Mayor be, and he is hereby, authorized to execute an
agreement for legal services in connection with the issuance of 7 .4
million dollars in Waterworks and Sewer System Certificates of
Obligation substantially in the form attached hereto as Exhibit
"A„
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the _Z,1,&, day of .� , 1985.
Mayor -
VINSO,N & •ELKINS
ATTO R N EYS AT LAW
FIRST CITY TOWER
HOUSTON,TEXAS 77002-6760
TELEPHONE 713 651-2222 TWX 9108816391 TELEX 762 146
IIOI CONNECTICUT AVE.N.W.,SUITE 900 47 CHARLES ST.,BERKELEY SQUARE
WASHINGTON,D.C.20 03 6-4303 INTERFIRST TOWER
TELEPHONE 202 862-6500
LONDON WIX 7PB,ENGLAND AUSTIN,TEXAS 78701-3595
TELEPHONE 44 OI 491-7235
CABLE VINELKINS•TELEX 89680 - TELEPHONE 512 478-2500
CABLE VINELKINS LONDON W.i;TELEX 24140
April 4, 1985
The Honorable Mayor
and City Council
City of Beaumont, Texas
This letter, when accepted by you, will evidence our
agreement to perform legal services in connection with the
authorization, issuance, sale and delivery by the City of
Beaumont (the "City") of approximately $7, 400, 000 water
system and sanitary landfill certificates of obligation.
In connection with the issuance and delivery of such
certificates, we will act as bond counsel in order for the
City to offer them subject to our approving opinion. In our
capacity as bond counsel we will attend, if requested, all
meetings held by City officials and their representatives
and advisors at which such issues will be discussed; we will
prepare legal notices, resolutions and ordinances for
adoption by the City Council, including those required for
the approval of the certificates by the Attorney General of
the State of Texas and registration by the Comptroller of
Public Accounts; we will prepare all other legal instruments
relating to the issuance, sale and delivery of the .
certificates; and we will pass upon a transcript of
certified proceedings and showings in order to render an
approving opinion as to the validity of the authorization
and issuance of the certificates under Texas law and the
tax-exempt status of the interest on the certificates under
Federal income tax law.
It is our understanding that the City has employed or
will employ a recognized investment banking firm to serve as
financial advisors to the City. We also understand that the
City has or will employ securities counsel. We further
understand that the financial advisors ' and securities
counsel ' s services will include preparation of and respon-
sibility for the financial data and any other prospectus,
Exhibit "A"
The Honorable Mayor and City Council
April 4, 1985
Page 2
official statement or offering circular, respectively, in
connection with the sale of the certificates.
We, as bond counsel, will not participate in the
preparation of, or pass upon, the official statement, except
that we will, if requested, pass upon certain matters
concerning the description of the ordinances authorizing the
issuance of the certificates, our approving opinion and the
tax-exempt status of the interest on the certificates to the
extent such information constitutes matters of law or legal
conclusions.
For our services as bond counsel with respect to the
certificates, the City agrees to pay us out of the proceeds
of sale of the certificates a fee of not exceeding $7, 650.
In addition, we will bill for any printing and repro-
duction of documents, and our actual out-of-pocket expenses,
such as travel, telephone, telegraph, telex and similar
expenses, and all items required and paid for by us on
behalf of the City. All such expenses will be reasonable
and subject to approval by the City.
If the arrangements set forth above are satisfactory,
please take such formal action as may be required and
indicate your acceptance by signature below and returning
one copy to the undersigned.
Respectfully yours,
VINSON & ELKINS
By
Cliffor W. Y " ngblood
The Honorable Mayor and City Council
April 4 , 1985
Page 3
Accepted by resolution adopted by the City Council of
the City of Beaumont, Texas, this day of April, 1985.
Mayor
ATTEST:
City Clerk