Fiscal Note
This resolution authorizes outside counsel for issuance of Sewer System Revenue bonds. Legal fees associated with these services are tied to the size of the issuance. Legal fees for the 2020 Sewer System Revenue bond issuance totaled $14,720 on $17.4 million of bonds issued. The fee schedule described in the resolution remains the same. The two firms have a separate agreement that determines the distribution of the fees. Legal fees for issuance are paid from bond proceeds.
Title
Authorizing the City and Sewer Utility to retain special outside counsel on a non-competitive basis to represent their respective interests in issuing debt.
Body
WHEREAS, the City of Madison uses general obligations bonds and notes to finance its operations; and
WHEREAS, the City of Madison Sewer Utility uses revenue bonds to partially finance their operations; and
WHEREAS, bond financing requires specialized knowledge and expertise requiring the City to retain an outside expert for advice, and to prepare legal opinions, as required by law, supporting the bond issuance; and
WHEREAS, Attorney Kevin Barney and Kutak Rock, LLP (“Kutak”) have the required specialized knowledge and expertise on these specific types of issues having represented the City and Sewer Utility previously for such matters; and
WHEREAS, Jennifer Pflug Murphy and MWH Law Group, LLP (“MWH”) have the required specialized knowledge and expertise on these specific types of issues, and MWH is the only minority owned law firm in Wisconsin representing municipalities in debt issuances; and
WHEREAS, Kutak has been working with MWH as a co-counsel on debt issuances including for the Wisconsin Housing and Economic Development Authority; and
WHEREAS, in order to diversify the City’s legal services, while also maintaining continuity of representation, Kutak has agreed to enter into a fee sharing arrangement with MWH and divide work in representing the City and its utilities; and
WHEREAS, under sec. 4.26...
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