HomeMy WebLinkAboutResolutions - No. 2008-97A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING
THE CITY MANAGER TO EXECUTE CONTRACTS WITH STONE &
YOUNGBERG TO SERVE AS UNDERWRITER; LAMONT FINANCIAL
SERVICES TO PROVIDE FINANCIAL ADVISOR SERVICES: AND ORRICK,
HERRINGTON & SUTCLIFFE, LLP TO SERVE AS BOND COUNSEL IN
RELATION TO THE FIXED RATE REFINANCING FOR THE ELECTRIC
UTILITY 2002 VARIABLE RATE DEMAND OBLIGATIONS
WHEREAS, the City of Lodi needs to procure investment banking/underwriting
services, bond counsel services, and financial advising services for the refinancing of
2002 Electric Utility Variable Rate Demand Obligations: and
WHEREAS, the City of Lodi reviewed the qualifications of seven investment
banking/underwriter firms in August of 2007 for the purpose of underwriting the 2007
wastewater debt issue. Based on the review of the qualifications of all firms at that time,
Stone and Youngberg was chosen to underwritethose bonds: and
WHEREAS, Orrick, Herrington & Sutcliffe, LLP has provided bond counsel
services for a number of City of Lodi transactions including the 2002 Variable Rate
Demand Series and the 2007 Wastewater Revenue Certificates of Participation; and
WHEREAS, the City of Lodi has previously engaged Lamont Financial Services
to provide assistance with regard to the Electric Utility 2002 Variable Rate Demand
Obligations; and
WHEREAS, due to the need to act expediently to refinance the 2002 Electric
Utility Variable Rate Demand Obligation, the City of Lodi deems it appropriate to engage
Stone and Youngberg as the underwriter, Lamont Financial Services as financial
advisor, and Orrick, Herrington & Sutcliffe, LLP as bond counsel.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Lodi
does hereby authorize the City Manager to enter into the folfomng agreements in
relation to the fixed rate refinancing for the Electric Utility 2002 Variable Rate Demand
Obligations:
• Stone & Youngberg to serve as senior managing underwriter — $345,000 to
$390,000 (payablefrom proceeds);
Lamont Financial Services to provide financial advisor services — not to
exceed $70,000; and
• Orrick, Herrington & Sutcliffe, LLP to serve as bond counsel — $110,000
(payable from proceeds).
BE IT FURTHER RESOLVED that the City Manager is authorized to incur other
costs related to bond insurance in an amount not to exceed $77,500.
Dated: May 21, 2008
hereby certify that Resolution No. 2008-97 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held May 21, 2008, by the following vote:
AYES: COUNCIL MEMBERS — Hansen, Hitchcock, Johnson, Katzakian,
and Mayor Mounce
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS—None
ABSTAIN: COUNCIL MEMBERS—NoUk
HL