HomeMy WebLinkAbout1969 Resolution No. 016I
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RESOLUTION NO. 16, SERIES OF 1969
A RESOLUTION APPROVING AND RATIFYING THE PAYMENT BY THE CITY OF
ENGLEWOOD OF THE SUM OF $6,950.00 TO THE FIRM OF BOSWORTH,
SULLIVAN & COMPANY, INC., FOR EXPENSES INCURRED, AND SERVICES
RENDERED BY, SAID FIRM TO THE CITY OF ENGLEWOOD.
WHEREAS, the City of Englewood did, on or about the 24th
day of May, 1969, enter into a written letter agreement with the
firm of Bosworth, Sullivan & Company, Inc., wherein it was agreed
that said firm would act as financial consultants for the City
and for that non-profit corporation known as Englewood Municipal
Building Authority, Inc. and the issuance by said corporation of
its bonds in the amount of approximately $1 million at and for
a fee of $8.60 for each $1,000 bond issued: and
WHEREAS, said agreement provided that should the bonds,
for any reason, not be issued, said firm's ·fees should be in an
amount equal to the substantiated out-of-pocket expenses incurred
by said firm to the date of the abandonment of the bond issue
plus $200.00: and
WHEREAS, pursuant to said agreement said firm undertook
to completely prepare said bond issue and, pursuant to the terms of
said agreement, solicited bids for the purchase of said bonds,
but received no bids therefor, with the result that said firm
agreed to purchase the entire bond issue at and for a purchase
price agreed upon in the aforesaid letter agreement: and
WHEREAS, both the City of Englewood and said firm were
ready, willing and able to complete said bond issue and would have
the entire bond issue purchased by said firm, but approximately
24 hours prior to the date of the issuance of said bond and the
purchase thereof by the said firm, said firm and the City were
prevented from finalizing the issuance of said bonds by the acts
or omissions of a third party over which neither the City nor the
said firm had any control or influence: and
WHEREAS, to the date of the abandonment of said bond issue
said firm expended an amount in preparation therefor in excess of
$1,980.84: and
WHEREAS, in view of the extensive services rendered to the
City and to the aforesaid non-profit corporation prior to the date
of abandonment of said bond issue, which were not contemplated at
the time of the execution of the·-aforesaid letter agreement, said
firm submitted to the City a bill for $6,950.00, which figure con-
stituted approximately 75% of the full fee which would have been
paid to said firm had the bonds been issued, plus the sum of
$200.00 as out-of-pocket expenses for said firm, which bill was
presented in the belief that the prior letter agreement did not
conte mplat e that such e xtensive services would be rendered prior
to the abandonment of the bond issue and that the fees set forth
therein would be fair and equitable under the circumstances: and
WHEREAS, said statement for services and out-of-pocket
expenses was paid, but there was an inadvertant failure to obtain
Council authorization therefor.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ENGLEWOOD, COLORADO, as follows:
1. That Council hereby finds and determines that, although
the statement for services exceeds the legally required fee to be
paid by the City pursuant to the aforesaid letter agreement, the
amounl ol lhe lees !:>el lorlh in the slatcmcnt o f Bosworth, Sullivan
& Canpany, Inc., of August 5, 1968 is fair and reasonable and, due
to circumstances not in the contemplation of the parties at the
time of the execution of the aforesaid letter agreement, it is
fair and equitable that the sum of $6,950.00 be paid to the firm
of Bosworth, Sullivan & Company, Inc., for services rendered and
expenses incurred at the request of the City of Englewood.
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2. That, premises considered, the payment of the sum of
$6,950.00 to the firm of Bosworth, Sullivan & Company, Inc.,
h e r e tofore made is 'hereby fully approved and ratified with the same
effect as if this Council had authorized payment of the same
prior to th e d ate t ha t p a ym e nt was made.
DATE D t h is 7 t h day o f Apr i l, 1969.
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/' Mayor
Attest:
I, Stephen A. Lyon, do hereby certify that the above and
f o regoing is a true, accurate and complete copy of a Resolution
passed by the City Council of the City of Englewood on the 7th
day of April, 1S69.
Attest:
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