HomeMy WebLinkAboutResolution 3771-07-2009A Resolution
NO 3771-07 2009
AUTHORIZING THE EMPLOYMENT OF FULBRIGHT & JAWORSKI,
L L P AS OUTSIDE LEGAL COUNSEL FOR DISCLOSURE
REQUIREMENTS RELATED TO UPCOMING BOND SALES
WHEREAS, the City anticipates its making a competitive sale of bonds m one or more series,
begmmng m August 2009 to fund various capital improvements and other City services, and
WHEREAS, the City's financial advisers have recommended that in order to undertake a
competitive sale of bonds, outside disclosure counsel should be retained to review all documents,
perform due diligence, and issue an opinion to potential purchasers that all statements and disclosures
related to such sale are accurate and complete; and
WHEREAS, the law firm of Fulbright & Jaworski, L.L.P has the staff, experience and
resources needed to undertake this type of specialized and complex legal service;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS
I.
That the City is hereby authorized to retain the law firm of Fulbright & Jaworski, L.L.P as
outside counsel pursuant to Section 3 Chapter VI of the City Charter to assist the City Attorney as
disclosure counsel for purposes of the anticipated competitive sale of bonds m one or more series,
beginning m August 2009 to fund various capital improvements and other Crty services.
II.
That, as far as practicable, the compensation to be paid to Fulbright & Jaworski, L.L.P for such
services shall not exceed an aggregate of $30 000 00
ORT WORT
RESOLUTION NO 3771-07 2009
AND IT IS SO RESOLVED
Adopted this 28t" day of Jam, 2009
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APP~i~VED
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ATTEST
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,~~. CITY COU~lC4L
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JUL 2 S 2009
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By:_ ._ r . .
1Viarty Hendrix ~ ~
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#Cizy;Secretary ~= ^%~,~
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City of Fort Worth, Texas
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved_on 7/28/2009 -Res. Noti;3771-07-2009.
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DATE Tuesday July 28 2009
REFERENCE NO
LOG NAME. 12DISCLOSURE COUNSEL
*G-16635
SUBJECT
Adopt a Resolution Authorizing the Employment of Fulbright &Jaworski L.L.P as Outside Legal Counsel
for Disclosure Requirements Related to Upcoming Bond Sales at an Aggregate Fee Not to Exceed
$30 000 00
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution authorizing the employment of
Fulbright &Jaworski L.L.P as outside legal counsel for disclosure requirements related to upcoming City
bond sales for an aggregate fee not to exceed $30 000 00
DISCUSSION
It is anticipated that City staff will recommend that the City Council authorize a competitive sale of bonds
in one or more series, beginning in August 2009 to fund various future capital improvements and other
City services Due to past delays in completion of the City's Comprehensive Annual Financial Reports
(CAFRs) the City has been out of the bond market for some time As a result, the City's financial advisors
have recommended that the City retain nationally recognized legal counsel to serve as disclosure counsel
for this next bond issuance in order to make the bonds more marketable
Fulbright & Jaworkki L.L.P (Fulbright) is afull-service international law firm serving the needs of
businesses governments non-profit organizations and individual clients around the world The lead
partner at Fulbright assisting the City in this matter will be Bob Dransfield who has over 30 years of
experience representing clients as bond counsel underwriter's counsel issuer's user's and trustee's
counsel and credit enhancer's counsel in a wide variety of public and private activity financings.
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that funds will be available upon completion of the
sale closing and delivery of the General Purpose Refunding and Improvement Bonds Series 2009 and
the Drainage Utility System Revenue Bonds Series 2009
FUND CENTERS
TO Fund/AccountlCenters
FROM Fund/Account/Centers
1) GD06 554010 0132000
1)PE69 158000 0000000
CERTIFICATIONS
Submitted for City Manager's Office by.
Karen Montgomery (6222)
$20,000.00
$10.000.00
Logname 12DISCLOSURE COUNSEL Page 1 of 2
Originating Department Head.
Additional Information Contact:
David Yett (7623)
David Yett (7623)
Logname• 12DISCLOSURE COUNSEL Page 2 of 2