1998 AGN SEP 01 I16 - Laserfiche WebLink

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LAW OFFICES OF BEST BEST & KRIEGER LLP Ms. Anna Vega Finance Direct City of Colton August 20, 1998 Page 2 Subject to completion of the financing to our satisfaction, Best Best & Krieger LLP will issue its approving legal opinion to the purchasers of the Certificates to the effect that all proceedings have been legally undertaken for the authorization, execution, sale and delivery of the Certificates, and that interest paid with respect to the Certificates is excluded from gross income for federal income tax purposes and is exempt from State of California personal income tax. We will also issue appropriate supplemental opinions and certificates as may be necessary or appropriate. Finally, we will confer and consult with City officials with respect to problems which may arise during the period of servicing and payment of the Certificates and provide any and all other services commonly expected of bond counsel. In accordance with the terms of the Legal Services Agreement, our fee for the foregoing legal services will be based upon the total principal amoun[ of the Certificates to be sold, and will be computed as follows: Total Amount of Certificates Authorized $6,000,000 or less $6,000,OOOto $10,000,000 $10,000,000to $20,000,000 $20,000,000 or more Fee $30,000, plus 0.50% of the excess over $6,000,000, plus 0.25% of the excess over $10,000,000, plus 0.125% of the excess over $20,000,000 The fee will be payable only upon completion and sale of the Certificates from the proceeds of the Certificates, and not otherwise. If other services are requested by the City which are not within the scope of those outlined above, they will be performed on a time basis at the hourly rate of the attorneys involved pursuant to the terms of the Legal Services Agreement. In the event this financing is not completed for any reason, the City will have no liability for any fees incurred by our firm with respect to the financing. RVPUB�FJB\48767