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Home My WebLink AboutR-87-0291-r j# d-87-268 �} 3/31/87 877-2911 RESOLUTION NO. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA APPROVING THE ATTACHED BOND COUNSEL SLIDING -SCALE FEE SCHEDULE FOR LAW FIRMS SERVING AS PRIMARY BOND COUNSEL TO THE CITY AND AUTHORIZING AN ADDITIONAL FEE NOT TO EXCEED TEN (10) PERCENT OVER THE FEE SCHEDULE ONLY IN THE EVENT THAT A PARTICULAR _ BOND ISSUE IS DETERMINED BY THE CITY COMMISSION TO BE ESPECIALLY COMPLEX AND INVOLVED UPON THE POSITIVE RECOMMENDATION OF THE CITY ATTORNEY AND THE FINANCE DIRECTOR OR THE DESIGNEES THEREOF. WHEREAS, the City Commission has previously ranked the following law firms to serve as primary bond counsel for the City of Miami through the second City Commission meeting in November, 1987: Greenberg, Traurig, Askew, Hoffman; Lipoff, Rosen Quentel; Holland & Knight; Broad and Cassel; and WHEREAS, the City Attorney has developed a sliding -scale fee schedule for the payment of legal fees for primary bond counsel which fee schedule represents a firm guideline relative to the payment of counsel fees; and WHEREAS, the sliding fee schedule represents a fair, competitive and reasonable attorney's fee for primary bond counsel and is further representative of the fee customarily charged in the South Florida area for similar legal services; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Notwithstanding any prior City resolutions to the contrary, primary bond counsel for the City shall be paid for their legal services in accordance with the attached sliding-soale fee schedule. Section 2. Primary bond counsel shall be allowed to request an amount not in excess of ten (10) percent over primary bond counsel's fee as set forth in the attached schedule only in the event that a particular bond issue or reissue proves to be especially complex, novel and difficult by the standards applicable to an attorney specializing in public finance law. However, in such event, primary bond counsel shall be required to obtain City Commission approval by motion or resolution without which the City shall not be liable for payment of such additional fee. Section 3. In the event primary bond counsel claims an additional fee in accordance with Section 2 of this Resolution, bond counsel must demonstrate to the satisfaction of the Finance Director, or designee. and the City Attorney, or designee, that the legal services for a particular bond issue have been _M particularly novel and difficult for the skill requisite of an ® attorney specializing in public financing law and additionally that the time and labor recuired of Primary bond oounsel significantly exceeded normal expectations and projections. Section 4. Upon adoption of this Resolution, appropriate City of Miami department directors, their personnel, underwriters, bond brokers and law firms serving as primary counsel of the City of Miami are hereby requested to note that unless otherwise modified by the City Commission, the attached sliding-soale fee schedule for bond counsel shall govern the payment of bond counsel legal fees through the second City Commission meeting scheduled for November of 1987 and thereafter for such time until the City Commission modifies or rescinds the use of said schedule. Section 8. Notwithstanding anything to the contrary in this resolution, or in the attached schedule, the City Attorney, or designee, shall be authorized to negotiate, with the 137r291LI If; concurrence of the Finance Director, or designee, at their discretion, primary bond counsel legal fees which are less than the amounts set forth in the sliding-soale fee schedule. If such negotiations transpire but are not concluded to the mutual satisfaction of all concerned, the attached schedule shall apply. PASSED AND ADOPTED this 11 t day of arch ��, C77. XAVIER L. SUP. A S TY HIRAI, CITY CLERK PREPARED AND APPROVED BY: ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY AP AS TO FORD AND CORRECTNESS: CITY ATTORNEY RSR/yv/bss/M375 M 1987. SimcE HXd ,mm 1Fli� $ 25,000,OOD @$1.25 $ 31,250 flImmmt-jLff f1 7HIM 25,ODO,OOD @ 0.75 18,750 FCM 25,000,000 @ 0.50 1Z500 FEE 25,000,OOD @ 0.25 6,250 SDMi 25,=OOD @ 0.25 6,250 $1.' ,Om;00D $=.ODD immage $D.67 SKM Eno jmczwcpmm HUNWEM mm Ung BEARE= CF OZ HUL= KR A 9,003,CXD F Final Mbe @$1.50 $ 37,50D Vwiatge ire Flamm Cd$1.75 $ 43,750 Gm1m1 agigtim _Y� @$1.50 $ 37,5W @ 1.25 31,250 @ 1.50 37,500 @ 1.25 31,250 @ LOD 25,00D @ 1.25 31,250 @ 1.Dv 25,0OD @ 0.75 18,750 @ LOD 25,000 00.75 18,750 @ 0.50 12,50D @ 0.25 6,250 $131.,25D @ 0.75 18,75D @ 0.50 12,500 $18$,750 1 2m m mm Legal five frr ism cf $25,ODO,000 ar Less, the sim of that issue, dmll be MOOD @ 0.50 12,5OD @ 0.25 4 250 $M25D $D-M Za,s paynait aE bald aunsel gofess� regal fees fDr brg rewm axd ign shall start at the ]ram ar base flee sdmaLge amrt. Aunt to the p momins set fib in Sactirns 2 and 3 aE t1w regalutim aid cterdu g ca the caglaalty, rnvelty arri Nulty of the bcrd issue, the flees Ray be adjmtied ipt to the Rednm rar for this aatepcy. CD �!N 87-268 Exhibit 1 to Resolution No.87-291 10 @$2.00/1.75 $ 50,000/ 43,-M @ 1.75/1.50 43,75W 37,500 @ 1.50/1.25 37,500/ 31,25U @ 1.25/1.00 31,25W 25,000 @ 1.0%.75 @ 0.75/0.50 $1.3F/1.1?5 25,000/ 18,75U 18,7V 1Z5W 06,2W/163675D i 9 CITY OF MIAM1. FLORIDA INTER -OFFICE MEMORANDUM _ TO. The Honorable Mayor and DATE: march 17, 1987 FILE: Members of the City Commission SUBJECT: Bond Counsel Fees Resolution - FROM: Lucia A. Dougherty REFERENCES: City Attorney ,i ENCLOSURES: BACKGROUND: Attached, for your consideration and passage, is a Resolution approving a sliding -scale fee schedule for those law firms who serve as primary bond counsel for City of Miami -.bond issues. If adopted by you, this sliding -scale fee schedule would apply to those certain law firms who have been previously selected to serve as rotating City of Miami bond counsel through November of 1987: Holland & Knight; Greenberg, Traurig, et al.; and Broad &' Cassel. f The sliding -scale fee for bond counsel is not absolute but shall = serve as a firm guideline for fees charged by primary bond - counsel and shall be subject to an additional ten (10) percent or less over the law firm's fee only in the event a particular bond issue is determined by the City Commission to be especially - t complex or involved. 7711 RECOMMENDATION: It is respectfully recommended that the City Commission adopt the attached Resolution setting forth a sliding -scale fee schedule _ for City of Miami primary bond counsel. This sliding fee scale proposal is considered to be fair, competitive and reasonable in the opinion of the City Attorney and further reflects the average - fee charged in the South Florida area for similar bond counsel i services. LAD/yv/P272 Encl. f4 ` CITY OF MIAM1, FLORIDA INTER -OFFICE MEMORANDUM ' TO Honor&14 a Mayor and DATE March 28, 1987 eW87-268 Membe f the City Commission SUBJECT Corrected Bond Counsel ` Fee Schedule FROM a . ghe ty REFERENCES City Commission Agenda City Attorney 3/31/87, Item #9 ENCLOSURES 1 i I Attached for your consideration is a corrected sliding-soale bond counsel fee schedule, which replaces an exhibit to a resolution you are considering for passage on March 31, 1987. This corrected fee schedule deletes• the previous category of Special Obligation Bonds which, after deliberation, I consider to be a term of reference which is too general in nature to be used as a separate category for determining the amount of counsel fees. LAD:RFC:bss:P382 s L�' 8'7-291 15-1 i I111� '� •�rDl '�' T� /' •�' r:?1'�, I:r• 5I' 4W46 •' U I E13Ed R3tk-- G33aal Flmd Rage Fate Gmem] Sim CIE aZotim PASWU a rimmm Cb O tim Bmd Toom Bamb Bads BC2d3 AeSsrhng Bmb 1FAM $ 25,000,OUD @$1.25 $ 31,250 @$1.90 $ 37,5W @$1.75 $ 43,750 @$1.50 $ 37,500 SKM 25,000,OW @ 1.00 25,000 @ 1.25 31,250 @ 1.5U 37,5W @ 1.25 31,250 7BFD 25,000,0W @ 0.75 AM @ LOD 25,OW @ 1.25 31,250 @ 1.W 25,OW FCLRH 25,000,00D @ 0.50 12,500 @ 0.75 18,750 @ 1.00 25,000 @ 0.75 18,750 Elm 25,000,OW @ 0.25 6,25D @ 0.50 12,5W @ 0.75 18,750 @ 0.50 1.2,5W SIM 25,000,00D @ 0.25 6, 29U @ 0.25 6,290 @ 0.50 12, 50D . @ 0.25 4 250 $M.00D,00D $1W.OM $M29D $lM675D $131•25D jwmp $0.6/ $D.WS %.125 SIM 1 2m du -dim lopl fie for ism of $25,WU,000 ar lese, rob4flistarrfity the sim of tilt ice, d11 be $18,000 IB p polt aE bond a xnwi lza& ssiasi legal fam for Raf rx&g lmatae Bmrd is4duU start at tine lower cr base ft sdw2ge avast. R>raant to the p`a mUvs set frirth in 5betm 2 and 3 cf t1ts rewh trim and djmxbry cn de ampladty, naelty and dLffiwlty Of the brnd issue, the flees nay be adjjs6ed tp tD the mmeu m nnp fir this aatapry. +erg @1$2.00/1.75 Ummm $ 50,000/ 43,750 @ 1.75/1.50 43,75W 37,500 @ 1.50/1.25 37,50U/ 31,25U @ 1.25/1.00 31,25W 25,00D @" 1.OU/0.75 25,000/ M.750 @ 0.75/0.50 18,750/ 12,5W =15. gffl 75D ,%.344.1?5 t�