RES 89314 - Laserfiche WebLink

securities are issued to finance any of the City's CIP Projects, Consultant shall be paid a fee for Securities Marketing Services outlined above as follows: Competitive Public Sale. A fee of $22,500 for the initial sale of securities, and a fee of $17,500 for any subsequent sale. Ne.qotiated Sale of Securities. A fee of $17,500 for the initial sale of securities, and a fee of $15,000 for any subsequent sale. C. Consultant shall be reimbursed by the City at cost for expenses incurred in connection with: o printing and distributing Preliminary and Final Official Statements, legal documents, advice of credit ratings to potential purchasers of the securities, and Notice Inviting Bids; o preparation of a Debt Statement of the City by a recognized statistical service; and, o expenses incurred in connection with any out-of-state travel authorized by the City. Reimbursement to Consultant for the foregoing expenses is not subject to, or contingent upon, the sale of securities. D. If a sale of securities is cancelled, or if this Agreement is terminated for any reason,' Consultant shall be paid at the rate of $125 per hour for Securities Marketing Services required by this Agreement and rendered prior to such date of cancellation of securities sale or termination of Agreement. The amount payable under this paragraph will not exceed $7,500. E. The hourly rate and fee maximums stated above are subject to an annual increase based on the national Consumer Price Index. The first such annual increase will be applicable for the year ending December 31, 1990 and will reflect only the change in the Consumer Price Index for the prior twelve-month period. General Conditions A. Standard of Services. Consultant's professional services are being provided according to the prevailing standard of practice normally exercised in the performance of professional services of a similar nature in a similar locale. B. Indeoendent Contractor. It is agreed that Consultant, in the performance of services pursuant to this #~imement, shall at all times act as, and be, an independent contractor and not an agent or e~ of the City. Neither Consultant nor any of Consultant's officers, employees, agents or su~ctors shall obtain any rights to benefits which accrue to employees of the City and Consultant ..!llereby expressly waives any claim it may have to any such rights, C. Assi.qnability. Consultant has the expertise to perform the services agreed to be performed by Consultant under this Agreement, and City is relying upon the skills and knowledge of the Consultant to perform said services. The City agrees to assign this Agreement to another public entity for issuing securities on behalf of the City to finance any of the CIP Projects covered by this Agreement. -5-