267231 WHI7E - CITV CLERK � ('1/��h��
PINK - FINANCE COUIICll `��� �
CANAR�- DEPARTMENT GITY OF SAINT PAUL • �� �
BLUE - MAYOR File NO• �
� � � ? cil Resolution
Presented By � '
Referred To Committee: Date
�
Out of Committee By Date
WHEREAS, the City Council, by its Resolution C. F. 267001,
approved entering into an agreement with Piper, Jaffray and
Hopwood, Incorporated for the purpose of considering th.e refunding
of outstanding bonds of the City and the said agreement provides
- that Piper, Jaffray and Hopwood, Incorporated will reimburse the
City for all out of pocket expenses incurred in considering any
such refunding bond issues including fees for bond counsel, bond
printing and fiscal consultant fees; and
WHEREAS, the City requires the assistance of fiscal consultant
and bond counsel for the purpose of being advised on any proposed
refunding issues to be submitted by Piper, Jaffray and Hopwood;
now, therefore, be it
RESOLVED, that the Counc�.l of the City of Saint Paul does
hereby approve the ;proposed contract with Springsted, Incorporated,
irnunicipal consultant, whereby the City would be provided with the
fiscal consulting services of the said Springsted, Incorporated
for the fee set forth in the proposed agreement; a copy of which
is attached hereto; and the proper City officers are hereby
authorized to execute this agreement on behalf of the City; and
be it
FURTHER RESOLVED, in accordance with Sectiori 5.02 of the
City Charter, upon recommendation of the City Attorney, the
City Council does hereby approve the employment of Briggs and
Morgan as the City' s bond counsel for proposed refunding bond
issues and does hereby approve the fees to be paid for such
services to Briggs and Morgan law firm as set forth in the
attached letter.
COU(VCILMEN Requested by Department of:
Yeas N.ays
Christensen � OffiCe Of The City Administrator
� Hunt In Favor
Levine 1 THOMAS J. KELLEY
��" V Against BY
Sylvester
Tedesco
President� Hoz2a
' �Y Z�0 � Form Approved y Cit Att y
Adopted by Counc' . Date
i
Certifie assed ounc' retary � BY
B �'e�
Appro y Mayor• Date Y 2 976 Approved Ma Submission to Council
By BY
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• �- LAW OFP'IGE
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GSAHLES N:987GG5 B I�.I G G S A N D � O R G 11 1r � PL*TL8 H.SEED
J.AT.IL�[OHTO?I � � � � PHILIP L.PEL^.�iEB
� BICS�SD E.-RYLE �FROFESSIONAL ASSOCIATIO� � 3w�fIIEL L_t7,wivsO�r
SAHVEL Ei.��fOR6AA' . RON4LD E.OHCHAHD
p�-�x`�•�%��-`t 2?00 TIRST NATIOD7AL D.\NK IITCILDTKG JOH!� Ii.BLYtTIGE
� JOIiJi R.FRIEDMAN.
�G01.8 OER1.E8
A.LAIIBE�CE D��"IS . dAME5 W.HOWLBS
FR_1,YK YIl.�[?f0\D SAINT PAUL, �IINNESOTA S.'�LOI � -ASDRE J.Z.DB.�ZIL
LEO�IAHD J. REYES ' � � DAVID J.SPBIYC�B
B.C.HAHT , 291-1213 PETER W. SIPHiPT3
JOEiN M.SIILLIt�tiV ABEA CODE 613 � DOUOLAS I.•S80H
BL�tA&D P.PRSEL � . DANIEL J.COLE.J8.
. �MIGHdEL H.JE80:f7]fII9
BIIHt B.StVA�lISO� . R,SCO'I'1'DwvIL3 .
M.J.GALt+IN,JB. . - HRiTCL C.ECE�HOLA[ .
Dao2D O.POHSBEEG � RSCNAFtD D.SOLPLB
JOH:i J. ?fnYEELY AP�`l.l 2$ � 1,976 �EDwIH P.2.E6 . �
MaNBIL V. SEYMOIIH.J$. . . � 6ERALD L.�SVOHOA�
EDrPA.$i)C.SS8iY6HH . . . � A1.'I.lAHYdST9RE .
TE8LNC8 Y,DOBLE � DAVID L.M7TCHELL
HICHABD�A.7CYLE � � . � � BONDiIE L.BESl4ZOV8LY�
JONATHA:I.H.MOROAN � STEVE.A.HlL1ND
JOHY L DEVNEY � � MABx x M'L�T� -
. R.L.SOREY50?i . DdVID O.dBEEliL�fO�
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� . � � � � � . � OOtTKS$L
. � � . . � � . � .ROBEST O.SliLLIVA2f
� � . . . . . . . . . : . . Ii680LD J'Zt3YNE3
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Mr. Jerome Segal
Office of the City Attorney
647 City Hall �
St. Paul, Minnesota 55102
Re: City of Saint Paul - Refunding Bonds �
Dear Mr. Segal:
You advised our firm that Piper, Jaffray & Hop-
wood Incorporated has entered into an agreement with the
City of Saint Paul to undertake a study of the issuance of
refunding bonds. Under the terms of the agreement, Piper,
Jaffray & Hopwood Incorporated has agreed to remunerate
our firm, as bond counsel to the City of Saint Paul, for
all fees charged in xendering legal services in connec-
tion with the proposed refunding, whether or not any bonds �
are refunded. A similar arrangement has been made to
remunerate Springsted Incorporated as the fiscal consul-
tant to the City in this r.iatter�.
Piper, Jaffray & Hopwood has advised you that
it wishes to consult immediately with our firm on the
refunding in connection with the preparation of a specific
proposal to be considered by the City Council. You have
requested that we advise you at this time as to what our �
fee will be during the various phases of the proceedings
until the issuance of the refunding bonds.
.
,f• �
` . BRIGGS wrrD MORGAN ������
, Mr. Jerome Segal April 28 , 1976
page two
We have determined that there are three distinct-
ly separate pha$es in the proc�edings: (1) the period
beginning now and ending with a submission of a specific
proposal to the City Council�; (2) the period beginning
after approval of the proposal and ending with the sale
of the refunding bonds and preparation of the closing docu-
ments; and (3) the issuance of the bonds and the render-
ing of our approving legal opinion.
During the first .phase of the refunding, our
legal services will relate generally to rendering advice
on the legality of the proposal, pertinent arbitrage ques-
tions and the drafting of the form of resolution approving
the proposal and calling for the sale of the bonds as con-
' templated in the proposal. This phase of our work will
�not include the second and far more complicated phase of �
the proceedings involved in the drafting of the bond reso-
lution, escrow agreement and other closing documents, and
the much more detailed research and analysis this will
require.
Even after breaking down the refunding proceed-
ings into three separate phases , it is impossible to state
with any degree of certainty the nature and extent of the
legal services which will be required of our firm in this
matter because . of the number of variables involved. We
are therefore compell�d to estimate our fee within certain
assumptions. and ranges which we believe are valid. Accord-
ingly, we estimate that our fee for the first phase of
the proceedings will range between $4,000 and $10,000. If
the City Council accepts any proposal submitted, our fee
for the second phase of the proceedings should range be-
tween $10,000 and $20, 000. If refunding bonds are issued,
our fee for the final phase of the proceedings, i.e. the
issuance of our approving legal opinion, will not exceed
. 15� of the total bond issue.
Our fee estimates assume that no more than
$28,�000,000 of refunding bonds will be issued, that no
more than 6 bond issues will be refunded and that no
extraordinary problems will be encountered requiring a
J
�r .
. , �"�����
� , BRIGGS wrD I�SORGAN
Mr. Jerome Segal April 28 , 1976
page three
disproportionate amount of our time and expertise . Tne
� actual fee for eacYi phase will of course depend upon the
complexity of the refunding (including the number of bond
issues to be evaluated, the nature of the bond issues ,
and the method by which they are to be refunded) , the time
� constraints under which v��e will be asked to render legal
services, the amount of time required, the ultimate si2e
of the bond issue, the results obtained for the clien� ,
and all other factors to be considered under the Canons
of Ethics as guides in determining the reasonableness of
fees for legal services . �
In any event , after each phase we will submit to
the City a bill for services rendered for such phase which
will for the first two phases include an itemization of
services rendered during that phase and for the last phase -
a sumriary of the factors considered in computing the final
bill.
At your request a copy of this letter is being
sent directly to Piper, Jaffray & Hopwood. To expedite
� matters, you have requested that our office deal directly
with representatives of Piper, Jaffray & Hopwood and
Springsted Incorporated with respect to any legal inquir-
ies they may have in connection with the refunding and
that we keep you advised of any ma�-or legal issues which
may impair the refunding. It is also understood by all
parties involved that though Piper, Jaffray & Hopwood
Incorporated is solely responsible for remunerating our
firm for services rendered and disbursements made , we
serve at the request of the City to whom alone we will
, continue to otive a fiduciary oblig�tior_ during all phases
' of the proceedings .
Please do not hesitate to give me a call if
there are any questions .
Very tr y yours,
i � �
. / j��/ /f' / /
;�
L
�
P�� /I�: Se d
PHS:slcp
cc : P�Zr. David S�anley
Piper, Jaffray & Hopk*.00d
Incor�orated
� .. • ■�
.
± . �s����.
DR�iFT - Contract
4-26-76 �
Thzs AGREEMENT made and entered into this day of
, 197 6, by and bet�veen THE CITY OF SAIP3T PAUL,
a municipal corporation of the State oi Min.nesota, hereinafter
referred to as "Ci.ty" and SPRINGSTED, INC. , municipal consult-
ants, hereinafter referred to as "Springsted" .
The City and Springsted do hereby mutually agree as �
follows:
1. Springsted shall act solely as a consultant to City
as an agent for the City and not as a principal for the refund-
ing of outstanding bonds. The City has entered �nto an agree-
ment w.ith Piper, Jarfray & Hopwood, Inc. , (hereinafter reierred
to as "PJH" ) whereby PJH will make a detailed study of the
City' s outstanding debt and funds available to pay such debt
and prepare a3ternative refunding proposals. The agreement
with PJH is for a period of 180 days from April 9, 1976.
In considering refunding proposals, the City will need
to conf�r taith Springsted fro:n time to time. 5pringsted shai 1
� perform tne follorving services at the request of City and for
the }J2112i1.t of City:
A. SPringsted shall advise the City of the ieasibili�y
oi refunding outstanding bonds as may be proposed froTn
time to time by PJH or as may be considered from time
to time by City.
B. Snrzngsted shal? evaluate any plan of re:Eunding
proposed to the Cizy by PJTrI.
ra -
' . � +'y
C. As a part of evaluation of refunding plans, �° �/�c��
Springs�ted shall make recommendation, if appropriate,
for modifications of a plan, if such modifications �
� appear to be in the City' s best interest and
Springsted shall not be deeried to have a similar
responsi.bility to PJH.
D. -0n behalf of the City, Snringsted shall monitor
the implenentation of any plan selected and approved
by the Ci.ty.
E. Springsted. shall make reco.�mendations ��ith
respect to the offering time, which r�commendation �
shall be based upon Springsted' s analysis of market
conditions and consideration of other conditions, •
such as additional financing requirements which the
City may have.
F. In cooperation with City and PJH, Springsted _
shall prepare and distribute a Prospectus acceptable
to City and shall arrange for the publication of
the off icial notice oi bond sale far the competitive
public saZe of any refunding bonds authorized to be _
a.ssue by City. Springstzd sha11 also cooperate with �
City' s bond counsel, certiiied public accountant and
actuary, who shall be appointed by City and S�}�ingsted
Shall give opinions of necessary escrow account funds
. 2 .
, r
• , � ��
nd ermitted ields and shall make its own ���`�j�'`
a p y
indepenclent verified computations.
G. Spra.ngsted shall present iniormation to rating -
agencies necessary for evalua-tion of the refunding
bonds for assignment of a rating and at the request
of the City shall make a personal presentation of
this infornation to such rating agencies.
H. If an award is made by the City, Springsted shall
supervis� the printing of the refunding bonds and
shall on behalf of the City coordinate the activities .
of other professionals involved in the refunding
transact�on.
I. To assure compliance with f ederal arbitrage
regulations� Springsted shall not allo�a any part of
� their Required Profit ta be passed on to City, either
directly or indirectly, except that Springsted shall
not be responsible �or any actions taken by PsH 'who .
may pass on to Czty any part of the Required Profit.
J. Upon completion of any refunding, Springsted shall
a.nclependently cor.mpute and disclo�e to City an account- I
ing, including the amount of the Required Proiit,
except as PJH may not ma�e necessary information •
available to Springst�ed.
3.
' . ��/ l3,.,•F*; -
. -!'„�
' • 2. In consideration of the services rendered to City as
expressed above, Springsted shall be reimbursed for all advances
and expenses made, _ including publication of the official notice
of sale, printing and mailing of the official statement,
auditor' s certificates, travel and bond printing and shali be
further compensated as follows: A $5, 000 minimu.*n fee and in .
addition thereto, the follo�oing fee on an hourly basis:
A. $150 per hour for services pErformed pursuant to
the foregoing paragraphs A through D and J.
B. $50 per hour for all other services performed.
� It is understood by the parties that the agreement exist- �
ing bet�aeen the City and PJH provides that alZ out of pocket
expenses incurred by the City in considering refunding af bond
issues, including fiscal consultant fees, shall be paid by PJH.
S�ringsted shall submit monthly billings to City for services
rendered during the previous 30 days. City shall submit this
bill to PJH for payment direct to Sprirgsted. It is understood
between the parties that Springsted shall be entitled to look
to the City for payment and that City �aill have the obligati.on
to enforce its contract with PJH. .
3. This agreement shall continue and be co-terminus taith
the City' s agreement with PJH.
4. For �the purposes of thi.s agreement, Springsted shall '
be deemed to be an independent contrac�or and not an employee
of the Czty. Any and all employees of Springsted or other
persons, while engaged in the performance of ariy �York or
services required by the City and oi this agrePment, shall not
4.
, • .
, ����P,�'.�
. J�.
be considered employees of the City and any and alI claims
that may or might arise under the �4orkmen' s Compensation Act
of Piinnesota on behalf of said employees or other persons while
_ ,
so engaged, and any and all claims made by any third party
as a consequence of any act or omission on the part of
Springsted' s employees or other persons �ahile so engaged by
Springsted on any of the work or services to be rendered
under this agreement sha1.1 in no way be the obligation or
. responsibility of the City. .
5. Springsted shall be deemed a contractor for the
applicati.on of all provisions hereto and laws against unl.awful
discrimination on account of race, creed, sex, religion, color,
disability or sexual preference. Springsted- agrees to abide
by al�. the terms and conditions contained in Chapter 74 of the
St. Paul Legislative Code, as amended, as the same may pertai.n
to prohibitions against discrimination against persons in the
hiring by reason of race, creed, color, national origin,
religion, sex, disability or sexual preference.
6. Springsted warrants that he h� not employed or
retained any company or persans other than bona fide employees
tiaorking solely for Springsted to solicit or to . s�cure this
� agreement and that Springsted has not paid or agreed to pay =
any company or person any fees, commission, percentage, broker-
age fee, gifts or any other consideration contingent upon or
resulting from the aiaard or making of this agreement. For a
breach or violation of this �varranty the City sha11 have the
right to annul tnis contract without liability or in its
5. .
_ , .
, .
� . . .. �5��,"'� ,
• �,�
discretion to deduct from the contract price or consideration
or otherwise recover the full amoun-t oi such fee, commission,
percentage, brokerage, fee, gift or contingent fee.
IN V�lITNES5 WHEREOF, The parties have caused this Agreement :
to be executed the day and year first above wri.tten.
Approved as to Form: CITY OF SAINT P�UL .
� By
Assistant City Attorney I�Iayor
Director, Department of �
Finance & Z�ianagement Services
� SPRINGSTED, INC.
�
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April 27, �1976 JERONIE �• SEGAL
Mr. Thomas J. Kelley
City Administrator
365 Court House
Saint Paul, Minnesota
Re: Proposed Refunding Bond Issues
Our File G-76-0043
Dear Mr. Kelley:
Enclosed please find resolution approving the employ-
ment of Springsted, Incorporated as the City' s fiscal
consultant and also approving the employment and fees
of Briggs and Morgan as bond counsel for the City,
both agreements pertaining to Piper, Jaffray and Hopwood' s
proposal for refunding of outstanding bond issues. A
copy of the Springsted agreement and the Briggs and Morgan
letter is attached.
In accordance with Section 5.02 of the Saint Paul City
Charter, I hereby recommend that the Gity Council
approve the employment of the law firm of Briggs and
Morgan as bond counsel for any proposed refunding bond
issue as submitted by Piper, Jaffray and Hopwood and
I further recommend for approval by the Council the
fees proposed by the attached letter-agreement of Briggs
and Morgan.
You s v�ry tr y,
JE . G
City tto y
JJS:jr
Encs.
City Hall, Saint Paul, Minnesota 55102
612 298-5121