O-1988-1592 - Laserfiche WebLink

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Mr. Knox W. ASkins,ttsq. May 18, 1988 Page 5 e services performed by Bond Counsel. would be on a time charge basis. Our fees for such services COMPENSATION We recognize that our fees must always be reasonable in the circumstances and that, in accordance with municipal bond industry practice, the City desires to have the method of calculation of our fees clearly spelled out and agreed upon in advance. We are willing to work on a fixed rate basis for each separate installment Or series of bonds where our fee would be calculated at $0.75 per $l,OOO increment of the principal amount of bonds issued with a minimum fee of $2,000. The fee for "advance refunding" bonds, or unusually small or large issues, will be negotiated between representatives of the City and the undersigned at the inception of each issue. Our fees as bond counsel will be payable at the time of the delivery of, and payment for, bonds. This fee does not include our actual expenses and disbursements reasonably and necessarily incurred in connection wit~ the performance of our duties hereunder for which we expect reimbursement. We will not bill for any travel expense, or any significant or unusual expense, unless the City Manager or the Director of Finance of the City has previously authorized such expense. Our compensation or reimbursement under this agreement shall be due and payable only out of the proceeds of the sale of bonds or other funds of the City available for such payment; there shall not be individual liability on any member of the City Council, or other official of the City, for the payment of any amounts due hereunder. Our agreement may be terminated either by you or by us at any time, in which event, of course, we expect to be paid any compensation earned and expenses incurred to the date of such termination. CLOSING In closing, we believe we have demonstrated to the City that we are committed to devote whatever manpower, time, and resources are required to provide the City with the highest level of efficient service as bond counsel. We also believe that our proposal with respect to compensation is the most reasonable and equitable one for all parties. We would be happy to meet with you or any other representative of the City to answer any questions you may have with respect to this proposal.