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Home My WebLink About1991-01-28 91-81 ORDER91-81 Assigned to Councilor Cohen, January 28, 1991 COUNCIL ACTION Date 1-28-91 item No- ltem/Subject: Order, Appointing the Firm of Pierce, Atwood, Scribner, Allen, Smith and Lancaster as Bond Counsel. Responsible Department: Finance Commentary: For aumber of years, the City has used the firm of Ropes and Gray of Boston a its bond counsel. As you know, t the City i now n the process of issuing bonds for the secondary treatment Plant and must %elect bond Counsel. We have received a proposal from Christopher E. Howard of Pierce, Atwood for these services The proposal is attached. We believe this proposal is n the City's interest both in 3 terms of price, knowledge of the StateRevolving Loan Fund Program, and easy availability Of the firm through its location in Portland We would recommend your approval of the attached order. parrtmenl-Head __________________________________________________ Manager's Comments: I concur and also recommend approval. /� -_ `'City Manager Associatetl Information: Order, Memo from John Quartararo, Proposdl Finance Director City Solicitor 3oi�oeu�ea Fer: _____________________________________________ PASSAGE 91-81 Assigned to Councilor CITY OF BANGOR (TITLE,) Order, Appointing the Firm of Pierce, Atwood, Scribner, Allen Smith and Lancaster we Bond Cpumel. By the City Council of the City of Bangor: ORDERED, THAT the firm of Pierce, Atwood, Scribner, Allen, Smith and Lancaster is hereby appointed Bond Counsel for the City of Bangor. Such appointment shall be for purpose of the pending secondary treatment plant construction to be financed through the State Revolving Lean Program of the State of Maine. This appointment shall also apply to any other borrowing to be issued by the City of Bangor for the remainder of calendar year 1991. `C' fl `•. 91-81 IN CITY COUNCIL t January 28. 1991 .APPOINTING THE FIRM OF PIE&CE. ATNOOD. P888¢d "�', _ SCRINNER� ALLEN. SMITH AND LANCASTER AS tUND-COUNSEL City LT Y 6 S 21 sea 91-81 CITY O J MAINE MORMON, MAINE (Much FINANCE DEPARTMENT - WIL ZWMZ o John Duarunro, Finance Dlrecror L ✓. i!� October 3, 1990 To: Ed Barrett, City Manager Fr: John puartararo, Finance Director Re: Appointment of Bond Counsel ttached isa Copy Of a letter of proposal received from Christopher E. oward, of Pierce, Atwood, et al Concerning their acting as the city's bond c sel for the proposed band ie through the State Revolving Fund loan for the secondary treatment plant The proposal is a charge of 85,000 or actually charges at 8163.00/hour whichever is lees. Pierce, Atwood represented the city in negotiating the consent decree with RPA, until recently and are knowledgeable about the overall problem the city faces and the corrective action being taken. Pierce, Atwood represented several of the borrowers in the first SRF Program spring 1990. Finally. Pierce, Atwood is recommended by our financial advisor. Joe Castors (Fleet/Norstar). Although Ropes and gray has represented the city I would note that their charges for the spring 1990 issue of 89.265.000 was $12.249.95. Their oat for the 1989 issue of 813,025,000 was 814,943.96 plus 81,339.20 for the 85,050,000 BAR for the parking garage. - I would recommend that the City Council appoint Pierce, Atwood, Scribner, Allen, Smith A Lancaster as bond counsel for the issuance of permanent bonds through the State Revolving Fund for construction of the secondary treatment plant. September 27, 1990 John Quatararo Finance Director City of Bangor 73 Harlow Street Bangor, Maine 04401 Dear John: I very much enjoyed having had the opportunity to speak with you last week regarding the possibility of providing bond counsel services for the city of Bangor. I appreciate your having taken the time out of your busy schedule to speak with me. At the conclusion of our conversation, you requested that w submit a proposed fee structure for the city's upcoming $25,000,000 bond issue to be included in the State of Maine State Revolving Loan Fund's spring issue. As you know, SRF financings involve more intensive use of local bond counsel than typical bond bank issues. Our extensive involvement in the first SHE financing conducted by the State resulted in bill of approximately $10.000_. Much of the basic planning and structuring, for the program was set up at that time and there would be no reason to re -invent the wheel in connectiop.with yyur'YI Tee Accordingly, we propose a fee equal to the leggy, of $5,000 or charges accumulated on an hourly basis at $1S5-peY hour: -This structure should provide the City with both the certainty of a cap and the upside potential of paying only our hourly rates in the event the accumulated charge does not exceed the $5,000 cap. 9i -Sl PIERCE. ATWOOD. SCRIBNER, ALLEN, SMITH 6 LANCASTER ONE MONUMENT enuAaE PORTLANO, MAINE Oav01 IIID„.SI WAS, UPS .IN 11 EUGENIE. I. 071773 SHINIETH I NE1.1 ..".I A IOUISJANEILLOW SHOUNIGH, LENSI.A .,.A. TELESCOPING 207177a.3419 III IN I A A LHWYLEE. I.T. SELLS. I NOUN HIRE A, FAWNIPH I LAPPS”. 1. JOHN W SHILLINGS INHEN Am. HUNG. A ... IWRAW . ..WA .1.11 A ... THIN JOHN I HANAN. AGANA, I IWAINE, I,AGAIIII SHOES "PENN. U A", — IN, A'. .1 G WN HONG LANE AIGNI.ENSURE 111. 1 A ... AN.' WW ISSUES"INTUIT I HUI "HELENA HAPATTLER 11 ,IlIWT UNNEH SAW HINEWEL. NIGHT A'HUIIUNI F INGALLS SEES I HUNt MARGARET HI US HILNJA.�. I,.,U. H AUG. 11111. WAS INNINGS ISE, A I..". SHE I ISITHOVE1.111 GOP, I.SEEPURR I WHO.. 1171111 1112 1 AN A 111.1 EAPENIA, HANNA.INNN � I "All A. ANN., A IOWA., .1.1 NEIAHNI September 27, 1990 John Quatararo Finance Director City of Bangor 73 Harlow Street Bangor, Maine 04401 Dear John: I very much enjoyed having had the opportunity to speak with you last week regarding the possibility of providing bond counsel services for the city of Bangor. I appreciate your having taken the time out of your busy schedule to speak with me. At the conclusion of our conversation, you requested that w submit a proposed fee structure for the city's upcoming $25,000,000 bond issue to be included in the State of Maine State Revolving Loan Fund's spring issue. As you know, SRF financings involve more intensive use of local bond counsel than typical bond bank issues. Our extensive involvement in the first SHE financing conducted by the State resulted in bill of approximately $10.000_. Much of the basic planning and structuring, for the program was set up at that time and there would be no reason to re -invent the wheel in connectiop.with yyur'YI Tee Accordingly, we propose a fee equal to the leggy, of $5,000 or charges accumulated on an hourly basis at $1S5-peY hour: -This structure should provide the City with both the certainty of a cap and the upside potential of paying only our hourly rates in the event the accumulated charge does not exceed the $5,000 cap. 91-81 John quatararo Page 2 September 27, 1990 I am hopeful that this proposal is acceptable to the City. Again, I.am pleased and excited that we may have the opportunity to represent the City in connection with this issue. I look forward to healing fromyou. very E. HOC , Ward CEH/]sg