HomeMy WebLinkAboutResolution 4217-07-2013 A Resolution
NO. 4217-07-2013
AUTHORIZING EMPLOYMENT OF THE FIRMS OF MCCALL, PARKHURST
& HORTON L.L.P. AND KELLY HART & HALLMAN LLP TO SERVE AS
BOND CO-COUNSEL AND REPRESENT THE CITY IN MATTERS RELATED
TO THE ISSUANCE OF BONDS AND OTHER DEBT INSTRUMENTS
WHEREAS, the issuance of municipal bonds and other debt instruments requires highly
specialized knowledge of com�lex legal issues related to govermnent debt obligations and associated
financial matters, including, but not limited to, federal tax laws and regulations, the Texas constitution,
and federal and state statutory and regulatory law; and
WHEREAS, the firms of McCall, Parkhurst & Horton LL.P. and Kelly Hart & Hallman LLP
have the requisite knowledge, expertise, and experience to effectively represent the City in connection
with the issuance of bonds and other municipal debt instruments and have satisfactorily performed such
services for the City in connection with multiple debt issuances for a number of years.; and
WHEREAS, given the firms' expertise, familiarity with City operations, and successful past
performance, the City Manager's Office recommends that the firms continue as bond co-counsel.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS, THAT:
I.
In accordance with Chapter V1, Section 3 of the Charter of the City of Fort Worth, the City
Attorney is authorized to employ the firms of McCall, Parkhurst & Horton L.L.P. and Kelly Hart &
Hallman LLP to represent the City as bond co-counsel in matters related to the issuance of bonds and
other debt instruments and to enter into any agreements related thereto consistent with the terms of this
Resolution.
2.
Payment of fees and reimbursement for expenses to the firms of McCall, Parkhurst & Horton
L.L.P. and Kelly Hart & Hallman LLP in connection with the issuance of bonds or other municipal debt
instruments shall be paid from the proceeds of the debt issue and shall be included as costs of issuance
in ordinances authorizing debt issuance. No fees or expenses for debt issuance will be incurred or paid
if debt does not issue.
ADOPTED this 91h on
day of July, 2013. A01 00 00cloo
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Mary J. Kayser, , ity Secretary
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 7/9/2013 - Resolution N4. 4217-07-201
DATE: Tuesday, July 09, 2013 REFERENCE NO.: **C-26308
LOG NAME: 12BOND
SUBJECT:
Adopt Resolution Authorizing Employment of McCall, Parkhurst & Horton L.L.P. and Kelly Hart & Hallman
LLP, to Represent the City in Matters Related to the Issuance of Bonds and Other Debt Instruments (ALL
COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached resolution authorizing employment of McCall,
Parkhurst & Horton L.L.P. and Kelly Hart & Hallman LLP, to represent the City in matters related to the
issuance of municipal bonds and other debt instruments.
DISCUSSION:
McCall, Parkhurst & Horton L.L.P. and Kelly Hart & Hallman LLP, have served the City as bond co-
counsel since 1991 (M&C C-12784, April 2, 1991, M&C C-15245, January 23, 1996, M&C C-16321,
September 23, 1997 and M&C C-19295, October 15, 2002).
Issuance of City debt instruments requires highly specialized legal services, including providing opinions
that bonds and other debt are being issued in accordance with the Constitution and laws of the State of
Texas, that the bonds constitute valid and legally binding obligations of the City, and that the interest on
the bonds is exempt from federal income taxes under existing statutes, regulations, rulings and court
decisions.
The two firms have performed satisfactorily and cooperatively throughout the term of their retention by the
City. Given the two firms' subject matter expertise, familiarity with City operations, and successful past
performance, the City Manager's Office recommends that the City Attorney continue to engage the two
firms to serve as co-counsel for issues related to bonds and other debt instruments.
The proposed Agreement would have a three-year initial term with two, one-year renewal options. Fees in
connection with bond issuance are based on a percentage of the dollar amount of debt being issued and
would not be incurred unless bonds are actually sold. Payment for these services would come from the
bond proceeds and would be approved on a case-by-case basis as part of the approval for each debt
issuance.
In an effort to engage minority law firms in the debt-issuance process, the proposed Agreement includes a
requirement for the two firms to make on-going, good faith efforts to identify smaller, discrete issues that
are suitable for subcontracting and to select and engage qualified minority bond counsel to handle these
issues.
FISCAL INFORMATION /CERTIFICATION:
The Financial Management Services Director certifies that funds required to pay legal fees related to debt
Logname: 12BOND Pagel of 2
issuances will be available from the proceeds of bond sales and/or appropriate debt service funds.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by_ ALL ACMs (6222)
Originating Department Head: Sarah Fullenwider (7623)
Additional Information Contact: Sarah Fullenwider (7623)
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