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Consider renewing a professional services agreement retaining the law firm of Hawkins, Delafield & Wood LLP as Disclosure Counsel in connection with the issuance of the City’s General Obligation and other Bonds that must comply with applicable municipal securities regulations including continuing disclosure requirements regarding the City’s financial statement and annual financial information/operating data relating to each Bond Issue.
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INITIATOR: John R. Andrew, City Attorney
STAFF INFORMATION SOURCE: John R. Andrew, City Attorney
Timothy Wilson, Deputy City Attorney
BACKGROUND: The City Attorney’s Offices wishes to renew the Agreement with Hawkins, Delafield & Wood to serve as the City’s Disclosure Counsel. The City has Bond Issues that have requirements under the respective Continuing Disclosure Agreement for each Bond Issue that must be fulfilled. The City’s Bond Counsel does not fulfill the role of ensuring these critical requirements are met. Hawkins, Delafield & Wood LLP is a nationally recognized firm specializing in the complex area of municipal securities law in particular the duties of Disclosure Counsel with an hourly rate of $520 per hour, as in our current agreement. Their extensive expertise is needed to assist the City with staying in full compliance with its continuing disclosure responsibilities. Any work performed on newly issued Bonds of the City would be paid out of the costs of issuing those Bonds. The work performed on existing Bond Issues would be paid through the Legal Expense Account.
EXHIBIT: Hawkins, Delafield & Wood LLP Letter of Engagement
KEY ISSUES: N/A
FUNDING SOURCE: Cost of Issuance of Bonds & Legal Expense Account
STAFF RECOMMENDED COUNCIL ACTION: Approve renewing the professional services agreement wand retaining the law firm of Hawkins, Delafield & Wood LLP as Disclosure Counsel.