Minutes - 5-22-14 Reg. Meeting - Laserfiche WebLink

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WOMUE Pr B K: 00026 PG ('ARiVtF May 12, 2014 SANDR=a Page 2 & RICE Upon delivery of our approving legal opinion, our responsibilities as bond counsel will be concluded with respect to that particular Bond issue; specifically, but without implied limitation, we do not undertake (unless separately engaged) to provide continuing advice to the County or any other party concerning any actions necessary to assure that interest paid on the Bonds will continue to be excluded from gross income for federal income tax purposes. In rendering the opinion, we will rely upon the certified proceedings and other certification of public officials and other persons furnished to us without undertaking to verify the same by independent investigations. In performing our services as bond counsel, our client will be the County, and we will represent the County's interests. We assume that other parties to the transactions will retain such counsel as they deem necessary and appropriate to represent their interests in this transaction. Our representation of the County does not alter our responsibility to render an objective opinion as bond counsel. SALE OF BONDS We anticipate that the Bonds will be sold to one or more successful bidders who purchase them in a competitive sale to be held by the Local Government Commission. The successful bidders may include one or more financial institutions that we may represent from time to time. We will not be representing such institutions in connection with the issuance of the Bonds or their purchase thereof. COMPENSATION Absent unusual circumstances that may hereafter arise, for services rendered in connection with this financing, we would propose a fixed fee of $45,000. This will include all of our work in connection with the authorization of the bonds and the issuance and sale of one series of bonds. If all the bonds are not sold at one time and additional series of bonds are necessary, or if it is necessary to issue bond anticipation notes, additional fees will be charged as mutually agreed upon by us and the County. If the bond referendum fails, we will charge a fee of not to exceed $15,000 to cover the fees incurred in connection with the bond authorization process. We also will bill the County for out -of- pocket expenses incurred in connection with the engagement, such as express delivery charges, photocopying charges, travel expenses and expenses relating to the preparation of closing transcripts. COMPLETION OF SERVICES At the conclusion of our work for you on this matter, we will return to you, upon request, any materials it has furnished us in connection with this representation. Thereupon, we will store files respecting this matter for a minimum of six (6) years following the conclusion of our representation of you in this matter, and we will provide you with access to those files upon request. After six years from the conclusion for our representation in this matter, we will review the stored files with respect to whether they should be retained or destroyed. We disclaim any