RES 87532 - Laserfiche WebLink

(a) The legal fee of Bond Counsel shall be a scaled percentage of the amount assessed as set forth in the engineer's report as finally approved under Section 10312 of the Streets and Highways Code. (b) The legal fee shall be an amount equal to two and one-half percent (2.50%) of that portion of the amount assessed not exceeding $1 million, plus one percent (1.00%) of that portion of the amount assessed exceeding $1 million, but not exceeding $10 million, plus one-half of one percent (.05%) of that portion assessed exceeding $10 million, but not exceeding $20 million, plus one-fourth of one percent (.025%) of all amounts assessed exceeding $20 million. The fee shall be not less than $5,000. (c) Costs shall be reimbursed to Bond Counsel as follows: 1) The cost of transportation, meals and lodging. 2) The cost of preparing auditor's record, if required: 7 cents per assessment for each year of the bond issue, with a minimum of $30.00. 3) The cost of long distance telephone calls: at billed cost. 4) The cost of photocopying: 10 cents per sheet. The cost of other services for which Bond Counsel makes arrangements under this agreement (such as bond printing costs) shall be billed to the Client and shall be paid by Client directly to the payee. (d) Payment by Client of the legal fee is contingent upon the levy of assessments and the sale and delivery of improvement bonds representing unpaid assessments in the assessment district. If for any reason, assessments are not confirmed and bonds delivered, Bond Counsel shall be paid no legal fee. Both the legal fee and costs are payable upon delivery of the bonds. 4. Bond Counsel certifies that it has no interest, either direct or contingent, in any property or contract arising from or affected by the assessment district, except as Bond Counsel under this agreement. Bond Counsel does not represent any owner of property within the proposed boundaries of this assessment district, 3