Industrial Development Certificate of Resolutions Agreement to Issue Bonds

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r ., e e AUSTIN OF"P"'CE 100' F"IRST CITY NATIONAL BANK BUILDING AUSTIN,TEXAS 79701 (512) 472-811' LIDDELL, SAPP, ZIVLEY, BROWN & LABoON ATTORNEYS TEXAS COMMERCE TOWER HOUSTON, TEXAS 77002-309S (713) 226-1200 TELEX 76-2616 TELECOPIER (713) 223-3717 DALLAS OF"F"ICE 2300 DIAMOND SHAMROCK TOWER CALLAS. TEXAS 76201-6592 (214) 742-3232 October 20, 1982 Mr. Knox W. Askins, J.D., Attorney at Law 702 W. Fairmont Post Office Box La Porte, Texas P.C. Parkway l2l8 77571-1218 Dear Mr. Askins: I am wri ting in response to your letter to Mr. Frank A. Liddell, Jr. of this firm. We certainly would be interested in representing prospective users of industr ial development bonds in La Porte. We have relevant experience in serving as bond counsel, or as counsel to development corporations, users, trustees, bond purchasers or issuers of letters of credit in such transactions. Where we serve as bond counsel, our usual fee is one-half of one per~ent of the bond proceeds up to $5,000,000 and one-fourth of one percent of the next $5,000,000 of bond proceeds. Our minimum fee is $lO,OOO. Where we serve as counsel to the user, our fee is based upon the time and effort expended, based upon customary hourly rates for our lawyers having differing levels of experience, ranging from $70 to $200 per hour. It has been our experience that the fee charged to users has ranged from approximately $2,500 to approximately $lO,OOO, depending upon the complexities of the situation presented. The scope of our representation as bond counsel would consist of the preparation of all bond and financing documents, including such secur i ty documents as deeds of trust, secur i ty agreements, collateral assignments of leases and the like, supervision and assistance in the preparation of an application to the Texas Industrial Commission, preparation of resolutions for the Development Corporation and the City Council, including attendance at any necessary meetings, handling of opinions as to the validity of the bonds and their tax-exempt character, and handling such other materials as is usual and customary for bond counsel.