Fort Walton Beach Council minutes — 04-10-1990 Regular — reading text

to Walton Beach Police Department is one of the most professional small law enforcement agencies he has encountered in his 20 years in local and federal law enforcement. They have consistently taken the lead among local law enforcement agencies in implementing innovative ideas and programs designed to improve the quality and level of police services being provided I the citizens of Fort Walton Beach. In closing, on behalf of all members of the Crime Pre\Tention Committee, he wished to thank Council for the opportunity to serve on the Committee. Mr. Wyatt moved to instruct the City Manager to schedule a Special Meeting on Thursday, April 12, 1990 at 5: 15 p. m. to discuss the recommendations contained in the Crime Prevention Committee Report. was Motion seconded by Mr. Rosenbaum and carried unanimously with Smith, Rosenbaum, deVaux, Wyatt, Maney, Merrnrether, and Wyninegar in favor. The City Manager said he would also like to address Council regarding the consolidation issue and feels if the levels of service are equal or better, it is a good concept. Mr. Jim Kitchens. 195 Brocks Street, SE, asked if an understanding could be arrived at during the meeting stating that each Police Chief would have an equal standing along with the Sheriff. The City Manager stated the consolidation is currently only a study. PROCLAMATION The City Attorney read proclamation proclaiming a MEDICAL LABORATORY WEEK April 8th through April 14th, 1990 as Medical Laboratory Week. The Mayor presented the proclamation to Ms. Susan Kahlmeier. PROCLAMATION The City Attorney read proclamation a proclaiming GENERAL FEDERATION OF April 24th as General Federation of Women' s Club WOMEN' S CLUBS Centennial Day. The Mayor presented the proclamation to Mrs. Grace Brown. RES. 84- 42 Mr. Rosenbaum stated he asked this item be placed on IND. DEV. REVENUE BONDS the agenda he had as some concerns regarding recent I tax laws passed by Congress. He rematked the recent Industrial Development Bond issue almost became a nightmare, partially because of the Guidelines under 1 Bond Proceeds, e) All Legal Fees associated with the project; f) Total Financing Fees; and j) The Cost of Reimbursements to any state or other governmental agency for expenditures directly related to the proj ect. 222 4- 10/ 11- 90 IDRB ( CONT.) Mr. Rosenbaum referredto the Tax Reform Act passed by Congress in 1986 which almost did away with tax exempt Bonds; part of the tone of the legislation is nON limiting 2% of the bond issue so the applicant is limited to 2% of those types of fees or $ 30, 000. He said he felt /11 e. f, & j should be elimi:nate: l from the Guidelines. He then reviewed Guidelines under # 3 Other Considerations. b) The applicant shall pay a reasonable fee to counsel for the Issuer based upon the time expended, the size of the issue, and the necessity of an opinion as to the compliance with all applicable Federal, State, and City laws, rules, regulations. and ordinances. He said he did not see where the size of a bond issue has to do with the legal opinion; the City should be billed for the opinion and have the applicant reimburse the City. He relayed a situation where the City Attorney provided the City an opinion and billed the applicant for it, and he has a problem with that. He stated this almost stopped the bond closing because the City Attorney felt the City was not going to pay him and he insisted on payment, or he would withdraw his opinion. He said almost exclusive to Okaloosa County is this business of a set fee; Bond underwriters and attorneys will tell you it isn' t done that way for very good reason. He said he resentel : it and everything quotel: by him in the paper is substantially true. He said he thought what was done, by his definition. was unethical; and he understood from talking with his own Counsel, it was not legally unethical. He said he has a problem with it and would not like to see it happen again; he is aware of another potential Industrial Bond issue that may be from $ 3 - $ 5 million, and he would hate to see it stopped because an attorney, particularly the City Attorney, bills a percentage of the bond issue. Mr. deVaux note:l that on the last page of the Procedures under item # 5 Bond Counsel and Preparation of Bond Sale Documents, it states " it is the policy of the City that it shall allow the applicant to select bond counsel for Fort Walton Beach Industrial Revenue Bond issues of the City. The fees and disbursements of Bond Counsel are to be paid by the applicant." He said the applicant can pick and make their own arrangements with an attorney. Mr. Rosenbaum said there are no Bond Counsel in Fort Walton, it ishighly specialized field of law that a requires certification. Mr. Wyatt said the opinion the City requires has to be by the City' s counsel. Mr. Rosenbaum agree:l that was correct, the legal opinion from the City' s counsel which was in fact create:l by a Bond Counsel in Atlanta who was the bond counsel for the Okaloosa Guidance Clinic and the Bond Underwriter. He said a Bond Attorney is unique in that he represents all sides, they are in a category by themselves. but that is not what he is talking ab ou t .  223 4- 10/ 11- 90 IDRB ( CONT . ) Mr. Rosenbaum said the Bond Counsel in this particular