HomeMy WebLinkAboutResolutions - No. 2022-59RESOLUTION NO. 2022-59
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING THE
CITY MANAGER TO EXECUTE AN AGREEMENT FOR LEGAL SERVICES
WITH JONES HALL, A PROFESSIONAL LAW CORPORATION, OF
SAN FRANCISCO, FOR BOND COUNSEL SERVICES IN CONNECTION WITH
THE REFINANCING OF OUTSTANDING LEASE PAYMENT OBLIGATION AND
FINANCING OF CAPITAL IMPROVEMENTS
WHEREAS, the Lodi Public Financing Authority ("Authority") previously issued its
$19,080,000 Lodi Public Financing Authority 2012 Refunding Lease Bonds (the "2012 Bonds")
for the purpose of refinancing outstanding certificates of participation that were executed and
delivered to finance various municipal facilities of the City; and
WHEREAS, the 2012 Bonds are payable from lease payments made by the City to the
Authority; and
WHEREAS, in order to take advantage of prevailing bond market conditions, City wishes
to refinance the 2012 Bonds and its outstanding lease payment obligation; and
WHEREAS, City wishes to leverage the savings achieved by refinancing the 2022
Bonds to finance the acquisition and construction of capital improvements, including, among
other things, a new animal shelter and parks and playground improvements (collectively the
"Project"); and
WHEREAS, in order to raise funds for the proposed refinancing of the 2012 Bonds and
the financing of the Project, the Authority proposes to issue and sell its Lodi Public Financing
Authority 2022 Lease Revenue Bonds (2012 Refunding; Capital Projects Financing) (the
"Bonds"), which will be payable from a lease payment obligation to be undertaken by the City;
and
WHEREAS, in order to accomplish the proposed refinance of the 2012 Bonds and
financing of the Project, the City requires the services of a nationally recognized bond counsel;
and
WHEREAS, staff recommends authorizing the City Manager to execute an Agreement
for Professional Services with Jones Hall, a Professional Law Corporation, of San Francisco, for
bond counsel services in connection with the refinancing of certain outstanding obligations of
the City as set forth above.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager to execute an Agreement for Professional Services with Jones Hall,
of San Francisco, California, for bond counsel services in connection with the refinancing of an
outstanding lease payment obligation and financing of capital improvements, as set forth above,
in the amount of $100,000, and direct out-of-pocket expenses and costs not to exceed $1,500;
and
BE IT FURTHER RESOLVED, pursuant to Section 6.3q of the City Council Protocol
Manual (Res. No. 2019-223), the City Attorney is hereby authorized to make minor revisions to
the above -referenced document(s) that do not alter the compensation or term, and to make
clerical corrections as necessary.
Dated: March 2, 2022
I hereby certify that Resolution No. 2022-59 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held March 2, 2022, by the following vote:
AYES: COUNCIL MEMBERS — Hothi, Khan, Kuehne, Nakanishi, and
Mayor Chandler
NOES COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
PAMELA M. FARRIS
Assistant City Clerk
2022-59