|
CITY of RAPID CITY Agenda Item Summary |
|||
|
|
|||
|
Meeting Date: 09/10/2014 |
Commission, Board or Committee: Legal & Finance Committee |
||
|
Staff Contact: Pauline Sumption |
PW Committee or L&F Committee: |
||
|
Petitioner: N/A |
City Council 1st Reading: 09/15/2014 |
||
|
Location: |
City Council 2nd Reading: |
||
|
Agenda Title: |
|||
|
Authorize Mayor & Finance Officer to Sign Engagement Letter with Dorsey & Whitney LLP for Bond Counsel Services for the Proposed Civic Center Expansion Project |
|||
|
Summary: |
|||
|
The next step in looking at a financing package for the Civic Center Expansion Project (and possibly other projects) is to hire Bond Counsel for services to include: review and advise as to structuring, including sources of funding and security; research as to constitutional, legislative and municipal authorities; advise as to compliance with or amendment of City ordinances; counseling and drafting in connection with any election proceedings; drafting of resolutions, ordinances and operative documents for bond issuance; analysis of any “private use” concerns with respect to the Civic Center, including review of any proposed sponsorships, naming rights or advertising agreements or policies, management agreements with private operators or any portion of the bond financed properties; delivery of an opinion as to the tax-exemption of interest on the bonds. |
|||
|
Funding Source & Fiscal Impact (if applicable): |
|||
|
Originally to be paid for from Vision Funds, with reimbursement from the financing proceeds if the City moves forward. Maximum of $20k if it fails in an election and estimated at $75k-$100k if the City moves forward with the financing. |
|||
|
Recommendation: |
|||
|
Action: Authorize Notes: |
|||
|
Options: |
|||
|
|
|||
|
Attachments & Links: |
|||
|
|
|||
|
|
|
|
|
|
|
|
|
|