The city council APPROVED the proposed ordinance authorizes an Addendum to Engagement Letter with Bracewell LLP, for legal services associated with the creation of one or more public improvement districts and the issuance of bonds and other debt obligations related thereto.
This is an addendum to the City's existing bond counsel agreement for the purpose of adding additional scope pertaining to public improvement districts. Services will be performed by Bracewell only as directed by the City and such services may include, but not be limited to, the following:
- assisting the City with the development of a PID Policy;
- drafting the Development Agreement and other City documents relating to the PID, including policies and procedures for the creation of a PID by the City;
- drafting documents relating to the creation of the PID and the levy of Assessments;
- attendance at all meetings of the City Council as required or requested in connection with the planning and authorization of Obligations, including consultation on federal income tax matters;
- preparation of the ordinances of the City Council authorizing the issuance of Obligations, together with all other legal documents comprising the transcript of proceedings for authorization and issuance of Obligations;
- preparation of and submission to the Attorney General of Texas of a transcript of proceedings for each series of Obligations to obtain the approval of the Attorney General and registration of Obligations by the Comptroller of Public Accounts of Texas;
- preparation and filing of legal documents required under federal income tax law for the Obligations;
- representation of the City at the closing of the sale of Obligations, including preparation of all closing documents; and
- if appropriate, the delivery at the closing of our approving opinion as to the validity of the Obligations under Texas law, and the exclusion of interest on the Obligations from gross income of the holders under federal income tax law
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