ORDINANCE No. 177885

* Authorize contract with Preston, Gates & Ellis, LLP for bond counsel services in an amount not to exceed $700,000 (Ordinance)

The City of Portland ordains:

Section 1.  The Council finds:

1.  Bond counsel services are required by the City for issuance of general fund-backed obligations, revenue bonds and notes, tax increment bonds and notes, special assessment bonds and notes, and conduit issues.

2.  A selection committee comprised of City staff in various bureaus and an outside party reviewed and ranked proposals from four responding firms in accordance with Section 5.68 of the City Code.

3.  Preston, Gates & Ellis LLP was selected to provide all ordinary and customary bond counsel services for work associated with the City’s general fund-backed obligations, revenue bonds and notes, special assessment bonds and notes, and conduit issues.

4.  Sufficient appropriation resides in the Office of Management and Finance’s Debt Management program and/or in the bureaus and agencies who issue debt and are provided services by the bond counsel.

NOW, THEREFORE, the Council directs:

a.  The Mayor and Auditor are hereby authorized to enter into a contract with Preston Gates & Ellis, attached hereto as Exhibit A.

b.  The Mayor and Auditor are hereby authorized to draw and deliver checks payable to Preston, Gates & Ellis, LLP in an amount not to exceed $700,000 during the life of the contract.

Section 2.  The Council declares that an emergency exists in order that bond counsel services may proceed without delay; therefore this ordinance shall be in full force and effect from and after its passage by the Council.

Passed by the Council, September 17, 2003  Gary Blackmer

   Auditor of the City of Portland

Mayor Vera Katz

Office of Management and Finance        By: /S/ Susan Parsons

TG:EJ

September 8, 2003                Deputy

BACKING SHEET INFORMATION

AGENDA NO. 1103-2003

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 177885