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Home My WebLink AboutCity of Tamarac Resolution R-88-0301 2 3 4 5 6 7 8 9 10 11 0WA 0992 MIN 15 16 1,7 18 19 20 21 22 23 24 1 25 26 27 28 29 j0 1 kFA 33 34 35 Temp. Reso. #4916 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-88-- 7��' A RESOLUTION OF THE CITY OF TAMARAC APPOINT- ING AS CONSULTING ATTORNEYS THE LAW FIRM OF MORGAN, LEWIS AND BOCKIUS TO REPRESENT THE CITY IN THE PENDING LITIGATION OF IN RE: COMARK; PROVIDING THAT MORGAN, LEWIS AND BOCKIUS SHALL REPRESENT THE CITY FOR AN INITIAL SUM NOT TO EXCEED FORTY THOUSAND ($40,000) DOLLARS; AUTHORIZING THE APPRO- PRIATE CITY OFFICIALS TO EXECUTE THE LETTER OF UNDERSTANDING ATTACHED HERETO; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Tamarac has determined that it is in the public interest that outside Counsel specializing in the law of bankruptcy and reverse repurchase agreements be retained to protect the City's rights in the pending litigation of In Re: Comark; and WHEREAS, the City Attorney has recommended that the Law Firm of Morgan, Lewis and Bockius be retained as special consulting attorneys to represent the City in said liti- gation. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA: SECTION 1 : That the City Council hereby appoints as special consulting attorneys the law firm of Morgan, Lewis and Bockius, 5300 Southeast Financial Center, 200 South Biscayne Boulevard, Miami, Florida 33131--2339, to represent the City in the pending litigation of In Re4 Comark. Morgan, Lewis and Bockius shall represent the City for an initial sum not to exceed Forty Thousand ($40,000) Dollars. Temp. Reso. #4916 1 2 3 4 5 6 7 8 9 10 11 12 OWN MI! 15 16 17 18 19 20 21 22 23 24 M672 26 27 28 29 0 1 32 33 34 35 1 SECTION 2 : The appropriate City Officials are author- ized to execute and acknowledge the Letter of Understanding from Morgan, Lewis and Bockius which is attached hereto as Exhibit "A". SECTION 3 ; That the City Manager and City Finance Director are authorized to pay invoices for services rendered upon approval of the City Attorney, said payments to ini- tially be derived from the General Revenue fund and when final cost for the litigation has been determined said cost shall be prorated to the appropriate funds involved. SECTION 4 : This Resolution shall become effective immediately upon its passage. PASSED, ADOPTED AND APPROVED this / day of t.Le-4 i.c. ,, 1988. ATTEST: CAROL E. BARBUTO CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to form. RICHARD DOODY CITY ATTORNEY 2132011288/t MORGAN.LEWIS.BO _�. LL. C. BERNARD HART MAYOR -_+- C/%'i H0FFMAN 4. V/M STEIN MORGAN, L•EWIs a BOCKIUS PHILADELPHIA COUNSELORS AT LAW LOS ANGELES WASHINGTON 5300 SOUTHEAST FINANCIAL CENTER HARRISBURG r W YORK 200 SOUTH BISCAYNE BOULEVARD LONDON MIAMI, FLORIDA 33131- 2339 TELEP-ONE.(305) 579-0300 CABLE ADDRESS MORLEBOCK TELEX: 51-2552 MORRIs C. BROWN Du.L DIRECT (305) 579-0370 January 21, 1988 na C r, A Ica Richard Doody, Esq. City Attorney City of Tamarac 5811 N.W. 88th Avenue Tamarac, Florida 33321 Re: fity of Tamarac Florida-Comark Bankruptcy Litigation Dear Mr. Doody: This will confirm our understanding regarding the engagement of Morgan, Lewis & Bockius by the City of Tamarac, Florida ("the City"), to represent the City in connection with the claim filed against it by the Trustee of Comark, a California Limited Partnership in the Bankruptcy Court for the Central District of California with respect to the approximate sum of $1,767.877.00 of investments in reverse repurchase agreements with Comark. The scope of our engagement has included such review of the facts and circumstances of the matter as we deemed necessary in order to carry out our engagement, including, but not limited to investigation and review of documentary evidence, discussions and negotiations with the Trustee appointed for Comark. Pursuant to the City's authorization for an analysis of the claim, this office has undertaken such a study and reported back to you on its findings. with the City's approval of the active defense of the claim, we have been engaged to represent the City in that defense. Our fees for professional services to be rendered in connection with this matter will be on the basis of time at our usual schedule of hourly rates which at present would be in the range of $55.00 to $65.00 for a paralegal, $100.00 to $165.00 per hour for an associate, and $175.00 to $250.00 EXHIBIT "A" MORGAN, Lewis & BOCKIUS Richard Doody, Esq. January 19, 1988 Page 2 C_l per hour for partners of the firm. I will be the partner in charge of this matter and Sergio Alvarez -Mena, III, of our Miami office will be involved with respect to the securities and bankruptcy law aspects of this matter. Further, we may from time to time, in our discretion, make use of the particular expertise of various other partners and associates of the firm, in the Miami office as well as our other offices. We will also, in our discretion, and in order to reduce the cost of legal services rendered to you, use the services of paralegals whenever feasible. It is difficult, under the present circumstances, to give you an estimate of the total legal fees in connection with this matter, however, we shall keep you apprised on a timely basis of the amount of time being spent on it in order to facilitate your budgeting process. In addition to our fee, we would expect to be reimbursed for our out -of pocket expenses. These expenses include, but are not limited to, telephone tolls, word processing charges, postage, reproduction of documents, messengers, couriers, travel and similar expenses. Such expenses are generally nominal, but it is difficult to estimate their amount in advance. We would propose to render our bills for professional services and for our costs, expenses and disbursements on a monthly basis with a final bill to be rendered approximatley one month after the matter is finally resolved. In order to confirm that the foregoing represents our understanding, please have the enclosed copy of this letter executed by the appropriate City Official, and return it to me. EXFiI$IT "A" �C54. FYr30'r WPHILADELPHIA WA5HINGTON NEW YORK MORRIS C. BROWN DIAL DIRECT (305) 579-0370 1r MORGAN, LEWIS & BOCKIUS COUNSELORS AT LAW 5300 SOUTHEAST FINANCIAL CENTER 200 SOUTH BISCAYNE BOULEVARD MIAMI, FLORIDA 33131- 2339 TELEPHONE �305) 579-0300 CABLE ADDRESS. MORLEBOCK TELEX 51-2552 January 26, 1988 Richard Doody, Esquire City Attorney City of Tamarac 5811 N.W. 88th Avenue Tamarac, Florida 33321 RE: Comark Ltd. v. City of Tamarac Dear Mr. Doody: To clarify our earlier representation letter, we estimate our representation,of the City of Tamarac in the defense of the claim brought against it by the Comark Trustee, will cost the City approximately $40,000.00 for attorneys' fees, exclusive of costs and expenses. Los ANGELES HARRISBURG • LONDON It is very difficult to estimate the exact amount of time involved in defending such complicated matters. We understand your need for budget projections and the allocation of funds. Our costs estimates are meant to assist you in the budgeting and allocation process. The projections are merely an educated estimate. Of course, we will inform you in the unlikely event we have to revise our cost estimate. With best regards, 1 -remain, Very truly yours, Morris C. Brown MCB/cl The foregoing is agreed to this -day of 1988. CITY Oi�ZARAC, FLO D y BY: Title 6E-,zN.4an ff.fk r ,41,4 yC R EXHIBIT "A" tI, PI-30 It 0 10 MORGAN, LEWIS & BOCKIUS _0 Richard Doody, Esq. January 19, 1988 Page 3 !, We are pleased that you have once again chosen our firm to represent you. With best regards, I am Very tru you s, , i Mo ri C Brown r MCB/cl The foregoing is agreed to this i� day of _� i , 1988. CITY M1,AC, FLORI BY: (, i le) y3��Nf'Rv HER MAYofZ EXHIBIT "A"