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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 81-305 <br /> AUTHORIZATION TO RETAIN BOND COUNSEL <br /> <br />on August 27, 1981, the City Council authorized the <br />City Manager to retain bond counsel on a contingency <br />basis; and <br /> <br />WHEREAS, <br /> <br />the firm of Orrick, Herrington and Sutcliff, selected <br />as bond counsel, requires payment whether or not a <br />bond issue is sold; and <br /> <br />since the developers of. bond financed homes will receive <br />the benefit, it a~pear. s appropriate that they take the <br />financial ~isk involved if the bond issue cannot be <br />sold; and <br /> <br />Wt~REAS, <br /> <br />Dean Winter Reynolds, Inc., investment banker for the <br />mortgage bonds, will be discussing this with the <br />developers and asking them to agree to pay the bond <br />counsel, if necessary. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: Authorizes the City Manager to sign the letter agreement <br /> with Orrick, Herrington and Sutcliff, but that actual <br /> execution of the agreement be made only if the developers <br /> agree to pay any fees that might be required. <br /> <br />Section 2: This resolution shall become effective immediately <br /> upon its passage and adoption. <br /> <br />THIS RESOLUTION ADOPTED SEPTEMBER 8, 1981 BY THE FOLLOWING VOTE: <br /> <br />AYES: Councilmembers - Kephart, Mohr, Wood and Mayor Mercer <br />NOES: None <br />ABSENT: Councilmember Butler <br /> <br /> ames R. <br /> George, Deputy City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />~rvey E.,~vine, City Attorney <br /> <br /> <br />