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HomeMy WebLinkAboutROD GUNN ASSOCIATES, INC - 1998-12-07 ' �p�9 &yT�e CounciVAgency Meeting Held: DeferredlContinued to: 10 Approved O Conditionally Approved 0 Denied 2).c p"-4,City Clerk's Signature Council Meeting Date: December 7, 1998 Department ID Number. AS 98-033 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCILIREDEVELOPMENT AGENCY /PUBLIC FINANCING AUTHORITY ACTION SUBMITTED TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS SUBMITTED BY: RAY SILVER, City Administrator&4.%J PREPARED BY: DAN T. VILLELLA,Acting Director of Administrative Services DAVID BIGGS, Director of Economic Development op SUBJECT: APPROVAL OF TAX ALLOCATION BOND ISSUE Statement of Issue,Funding Source,Recommended Action,AltematNe Actlon(s),Anatysis,Environmental Status,Attachment(s) Statement of Issue: On June 3, 1992, the Huntington Beach Public Financing Authority issued revenue bonds. At present, it would be in the best financial interest of the City of Huntington Beach Redevelopment Agency to refinance a portion of these bonds. Funding Source: Bond proceeds. Recommended Action: City Council: Adopt City Council Resolution # 98!L of the City of Huntington Beach approving the issuance of Tax Allocation Refunding Bonds by the Redevelopment Agency of the City of Huntington Beach in the maximum principal amount of$11.000,000. Redevelopment Agency/City Council: 1. Adopt Agency Resolution authorizing the Redevelopment Agency of the City of Huntington Beach to issue and sell Tax Allocation Refunding Bonds for the partial refur>rding of 1992 Tax Allocation Revenue Bonds, Loan Agreements, and approving related documents and actions. Not to exceed $11,000,000. 4-r,,.o0-­d I —� 2. Authorize the Chairman and Clerk to execute the three contracts for legal services' between the Redevelopment Agency, and (1) Rod Gunn Associates, Inc., (2)Jones Hall, attorneys at law, and (3) Fulbright& Jaworski, attorneys at law. 3. Motion by the City Council to approve an increased professional liability insurance deductible in the amount of $250,000 for Jones Hall, and $1,000,000 for Fulbright &Jaworski, and excuse Fulbright & Jaworski from the standard indemnity clause. f) — o Public Financing Authority: Adopt Resolution #_ L , of the Huntington Beach Public Financing Authority approving documents and actions relating to partial refunding of the 1992 Tax Allocation Revenue Bonds. 47—a REQUEST FOR COUNCILIREDEVELOPMENT AGENCY/PUBLIC FINANCING AUTHORITY ACTION MEETING DATE: December 7, 1998 DEPARTMENT ID NUMBER: AS 98-033 Alternative Action(s): Continue with the existing bond structure and do not refinance at this time. Analysis: On June 3, 1992, the Huntington Beach Public Financing Authority issued $33,495.000 Revenue Bonds, pursuant to an indenture of trust dated May 1, 1992. The proceeds were used to make four loans to the Redevelopment Agency;the Huntington Center Loan;Main-Pier Loan,Talbert- Beach Loan, and the Oakview Loan. These loans are secured by the pledge of certain tax revenues. Because a portion of the proceeds of these 1992 Bonds were used to refund a 1988 issue, this portion of the debt cannot be refunded on an "advance" basis. Therefore, only the new money portion of the 1992 Bonds will be refunded at this time. It has been determined that it is in the best financial interest of the City to refinance this portion of these bonds at this time. The issuance of new refunding bonds will result in lower interest rates and thereby result in significant public benefits to the City, Agency and the Authority. The net present value of the savings should approximate$657,704. Staff is also recommending that the City Council approve contracts with the financing team of Rod Gunn and Associates (financial advisor),'Jones Hall (bond counsel), and Fulbright & Jaworski (disclosure counsel). Rod Gunn was selected by the Director of Administrative Services based upon past familiarity with the earlier, similar bond issues. The City Attorneys Office selected bond and disclosure counsel after soliciting proposals from five law firms. All were well qualified, and the fees were similar. Jones Hall was selected based upon qualifications, experience, fees and the fad they were bond counsel for the 1992 Tax Allocation Bonds. The firm of Fulbright and Jaworski was selected based upon experience,fees and outstanding references. It should also be mentioned that both law firms are requesting exceptions for the City Council's policy regarding insurance and indemnity. This is not unusual in the province of bond attorneys. In particular, Fulbright and Jaworski is requesting an increase to a $1,000,000 deductible which is reasonable since they have provided evidence to staff of annual revenue of$250,000,000 per year. Further, Fulbright & Jaworski is requesting elimination of the Indemnity clause from the standard professional service contract, because its inclusion would void their insurance coverage. This leaves the City with only slightly less 'tort law" protection that the contract would provide. Given the firm's size and experience, and the very low likelihood of the Agency defaulting on these bonds, the City Attorney recommends granting this exception. rI Environmental Status: Does not apply TaxAltocatlonRCA -2- 11125n8 2:43 PM REQUEST FOR COUNCIUREDEVELOPMENT AGENCY/PUBLIC FINANCING AUTHORITY ACTION MEETING DATE: December 7, '1998 DEPARTMENT ID NUMBER: AS 98-033 Attachments : City Clerk's pt . 1. Resolution of the Redevelopment Agency 2. Resolution of the Public Financing Authority 3. Resolution of the City Council 4 Contract Between the Redevelopment-Agency & Rod Gunn & Associates, Inc. 5. Contract Between the Redevelopment Agency & Fulbright & Jaworski,Attorneys at Law. 6. Contract Between the Redevelopment Agency & Jones Hall, Attorneys at Law. 7. Preliminary Official Statement 8. Indenture of Trust 9. Escrow Deposit and Trust Agreement 10. Notice of Intention to Sell 11. Notice Inviting Bids 12. Continuing Disclosure Certificate RCA Author: Dan T.Villella TaxAllocatlonRCA -2- W25198 2:43 PM CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK C014NIE BROCKWAY CITY CLERK LETTER OF TRANSMITTAL OF ITFNI APPRONTD BY THE CITY COUI CILI REDEN'ELOP.NIENT AGENCY OF THE CITY OF IIUNTItiGTON REACII DATE: TO: ATTENTION: .51»a.,»P Name ODEPARTINIENT: Street Q - REGARDING: sc City,State,Zip See Attached Action Agenda Stem Date of Approval Enclosed For Your Records Is An Executed Copy Of The Above Referenced Agenda Item. Remarks: Connie Brockway City Clerk Attachments: Action Agenda, Page Agreement Bonds Insurance .� RCA Deed Other Name Department RCA Agreement Insurance Other Name Department RCA Arreemm Insurance Other Name Department RCA Agreement Insurance Other garne Department RCA Agreement Insurance Other j . P�ZdA A. _ _ r Risk Management Dept, Insurance Received by Name-Company Name-Date Glotiowuplcocerltr (Telephone:71 4-536.5227) AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUN71NGTON BEACH AND ROD GUNN ASSOCIATES, INC., FOR FINANCIAL CONSULTING SERVICES REGARDING HUNTINGTON BEACH REDEVELOPMENT AGENCY 1998 TAX ALLOCATION BONDS Table of Contents Section Page I Employment l 2 Fees - I 3 Reporting 2 4 Cooperation by Agency 2 5 Cost the Responsibility of the Agency 2 6 Termination 3 7 Hold Harmless 3 8 Independent Contractor 3 9 Workers' Compensation 3 10 Professional Liability Insurance 4 11 Certificates of Insurance . 4 12 Responsible Attorney . 5 13 Delegation 5 14 Modification 6 15 Agency Employees and Officials 6 16 Immigration 6 17 Nondiscrimination 6 18 Notices 6 19 Entire Agreement 7 SF-98Agrse:RG-11-18 , I AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND ROD GUNN ASSOCIATES,INC., FOR FINANCIAL CONSULTING SERVICES REGARDING HUNTINGTON BEACH REDEVELOPMENT AGENCY 1998 TAX ALLOCATION BONDS THIS AGREEMENT is made and entered into this 7th day of Decenber , 1998, by and between the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH("Agency ) and ROD GUNN ASSOCIATES,INC. ("Consultant'). WHEREAS,Agency has determined to issue tar allocation bonds for the purpose of refinancing certain of its existing tax allocation bonds (the"Financing"); and Agency requires assistance from a financing consultant in the development of a sound and practical financing plan to implement the financing by taking into consideration,program requirements,sources of capital funds,cash flow requirements, annual costs,the allocation of those costs,statutory requirements and restrictions; and Consultant represents it is qualified to perform the services under this contract; and Consultant represents that it is ready,willing and able to provide the financial services to the Agency; NOW,THEREFORE,the parties hereto mutually agree as follows: SECTION 1. Employment. Agency hereby employs Consultant and Consultant hereby accepts such employment to serve as financial consultants for the Financing. In serving as financial consultant for the Agency, Consultant shall perform the services described in the Scope of Services attached hereto as Exhibit A. SECTION 2. Fees. Consultant's fee for serving as financial consultant shall be contingent upon the issuance of the Financing and payable out of bond proceeds. The estimated size of the issue is$10,700,000. Consultant's fixed fee shall be$50,000 for Financial Consulting 1 5F-98A&m:RG-11-18 11119198-92 L Services and$15,000 for the preparation of Tax Increment Projections and related analysis to be included in the official Statement. In addition, Consultant shall be reimbursed for any and all out-of-pocket expenses reasonably incurred in the performance of services required under the terms of this Agreement, but said reimbursables are to be paid from bond proceeds only. In addition,costs shall not exceed Two Thousand Five hundred Dollars ($2,500.00). SECTION 3. Reporting. In performing services under this Agreement, Consultant shall work under the direction and control of the City of Huntington Beach Finance Director. SECTION 4. Cooperation by Agency. Agency agrees to make available to Consultant,without cost, sufficient copies of the resolutions,preliminary and final official statements and other relevant material pertaining to the financing,the Agency,or the bonds,as reasonably may be required from time to time for the prompt and efficient performance by Consultant of its obligations hereunder. SECTION 5. Cost the Responsibility of the Agency. There are several program costs that are required for completion of a financing that shall be the responsibility of the Agency. These include the cost of issuance of bondi,including the cost of printing and distributing the official statement,notice of sale or other notices,the securities or other legal documents,accountants, feasibility consultants,rating services,bond counsel,disclosure counsel,or any other experts retained by the Agency in connection with a financing. SECTION 6. Termination. This Agreement maybe terminated by the Agency at any time by giving written notice to Consultant with or without cause. In the event of termination, all finished and unfinished documents,pleadings,exhibits,reports,and evidence shall,at the option of the Agency,become its property and shall be delivered to it by Consultant. 2 SF-98Agree:RG—11-18 11119-M-N2 SECTION 7. Bold Harmless. Consultant shall protect,defend, indemnify and hold harmless Agency,its officers,officials,employees and agents from and against any and all liability, loss, damage,expenses, costs(including without limitation costs and fees of litigation of every nature)arising out of or in connection with Consultant's performance of this Agreement or its failure to comply with any of its obligations contained in this Agreement,except such loss or damage which was caused by the sole negligence or willful misconduct of the Agency. SECTION 8. Independent Contractor. Consultant is, and shall be,acting at all times in the performance of this Agreement as an independent contractor herein and not as an employee of Agency. Consultant shall secure at its expense and be responsible for any and all payment of income tax, social security, state disability insurance compensation ,unemployment compensation, Workers' Compensation,and payroll deductions for Consultant and its officers, agents and employees,and all business licenses, if any, in connection with the services to be performed hereunder. SECTION 9. «'orkers' Compensation. Consultant shall comply with all of the provisions of the Workers' Compensation Insurance and Safety Acts of the State of California, the applicable provisions of Division 4 and 5 of the California Labor Code and all amendments thereto;and all similar state or federal acts or laws applicable; and shall indemnify,defend and hold harmless Agency from and against all claims, demands,payments,suits,actions, proceedings and judgments of every nature and description, including attorneys' fees and costs presented,brought or recovered against Agency, for or on account of any liability under any of said acts which may be incurred by reason of any work to be performed by Consultant under this Agreement. SECTION 10. Professional Liability Insurance. Consultant shall furnish a professional liability insurance policy covering the work performed by it hereunder. Said policy 3 SF-98Agme:RG-11-18 11/19/98-N2 shall provide coverage for Consultant's professional liability in an amount not less than $1,000,000 per occurrence and in the aggregate. A claims made policy shall be acceptable if the policy further provides that: 1. The policy retroactive date coincides with or precedes the professional services contractor's start of work(including subsequent policies purchased as renewals or replacements). 2. Consultant will make every effort to maintain similar insurance during the required extended period of coverage following project completion, including the requirement of adding all additional insureds. 3. If insurance is terminated for any reason, Consultant agrees to purchase an extended reporting provision of at least two (2) years to report claims arising from work performed in connection with this Agreement. 4. The reporting of circumstances of incidents that might give rise to future claims. Under no circumstances shall this insurance contain a self-insured retention,or a "deductible"or any other similar form of imitation on the required coverage in excess of $10,000. SECTION 11. Certificates of Insurance. Prior to commencing performance of the work hereunder, Consultant shall furnish to Agency certificates of insurance subject to approval of the Agency Attorney evidencing the foregoing insurance coverages as required by this Agreement;said certificates shall: I. provide the name and policy number of each carrier and policy; 2. shall state that the policy is currently in force; and 3. shall provide that such policies shall not be suspended,voided or canceled by either party,reduced in coverage or in limits except after thirty days prior written 4 SF-98Agrcc:RG—11-18 11/19t98-#2 notice;however,ten days prior written notice in the event of cancellation for nonpayment of premium. Consultant shall maintain the foregoing insurance coverages in force until the work under this Agreement is fully completed and accepted by Agency. The requirement for carrying the foregoing insurance coverages shall not derogate from the provisions for indemnification of Agency by Consultant under the Agreement. Agency or its representative shall at all times have the right to demand the original or a copy of all said policies of insurance. Consultant shall pay, in a prompt and timely manner, the premiums on all insurance hereinabove required. SECTION 12. Responsible Party. Consultant hereby appoints Suzanne Harrell as the individual primarily responsible for the services rendered hereunder. Primary responsibility for the work shall rest with Ms. Harrell,and no work will be assigned to other individuals within the firm without the written consent of the Finance Director. SECTION 13. Delegation. This Agreement is a personal services agreement,and the services provided hereunder shall not be performed by or delegated to any person or entity other than Consultant without the express prior written approval of the Finance Director. SECTION 14. Modification. No waiver or modification of this Agreement or of any covenant,condition,or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith. SECTION 15. Agency Employees and Officials. Consultant shall not employ any Agency official or any regular Agency employee in the work performed pursuant to this Agreement. No officer or employee of Agency snail have any financial interest in this Agreement in violation of California Government Code Section 1090, et seq. 5 SF-98Agree:RG-11-18 111191,98-#2 SECTION 16. Immigration. Consultant shall be responsible for full compliance with the immigration and naturalization laws of the United States and shall,in particular,comply with the provisions of 8 U.S.C. § 1324a regarding employment verification. SECTON 17. Nondiscrimination. Consultant agrees not to discriminate against any person or class of persons by reason of sex, age,race,color,creed,physical handicap,or national origin in employment practices and in the activities conducted pursuant to this agreement,in accordance with Government Code § 19702. SECTION 18. Notices. Any notices or special instructions required to be given in writing under this Agreement shall be given either by personal delivery to Consultant or to the Agency Attorney as the situation shall warrant,or by enclosing the same in a sealed envelope, _ postage prepaid,and depositing the same in the United States Postal Services,addressed as follows: TO AGENCY: TO CONSULTANT: Daniel Villella, Finance Director Suzanne Harrell City of Huntington Beach Rod Gunn Associates,Inc. 2000 Main Street 3010 Old Ranch Parkway,Suite 330 Huntington Beach,CA 92648 Seal Beach,CA 90740 Telephone: (714) 536-5555 (562) 598-7677 Facsimile: (714)374-1590 (562)431-5446 SECTION 19. Entire Agreement. This Agreement contains the entire agreement between the parties respecting the subject matter of this Agreement and supersedes all prior understandings and agreements,whether oral or in writing. 6 SF.98Agree:RG—11.18 1 I/19/98-#2 IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed by and through their authorized officers the day, month and year first above written. ROD GUNN ASSOCIATES, INC. REDEVELOPMENT AGENCY OF a California corporation THE CITY OF HUNTINGTON BEACH 1�1�- A A Name: Chairperson (print or type Its:(Circle one)Cha' residen)Any ATTEST: Vice Presi ent AND Agency Clerk By: APPROVED AS TO FORM: Name: eVl Vl G LA-n n (t'7 (print or typ P1_4en y Attorney Its:(Circle one)Secretary/Any Assistant Secretary/ Chief Financial Officer/Any Assistant Treasurer //— REVIEWED AND APPROVED: INITIATED AND APPROVED. c2e=v G Executivellrirector Director of Economic bevelopment 7 SF-98Agree:RG—11-18 11/19/98-#2 EXHIBIT A SCOPE OF SERVICES I. Financial Assessment. Consultant's financial assessment of the Agency will begin with data collection,review and analysis of the Agency financial statements,top taxpayers, status of development,overlapping debt,the redevelopment plans,other debt instruments such as City loans,outstanding bonded indebtedness, and annual administrative expenses of the Agency. 2. Revenue Projections. Consultant will analyze and project tax increment revenues of the Agency for use in structuring debt and for presentation in the Official Statement. 3. Refunding Cash Flows. Consultant will prepare refunding cash flows in conformance with federal tax requirements and determine the potential savings by refunding or restructuring existing debt. In preparing the cash flows,Consultant will take into consideration alternative call dates,the use of`open market"securities, as well as SLGS, additional yield that may be allowed by the refunded bonds,transferred proceeds and alternative refunding techniques. 4. Financing Plan. The review of the Agency will address the annual financial requirements, including payments under other bonded indebtedness,housing set-aside requirement of the Agency, amounts the Agency may owe the City, levels of funding required for administration,etc. The financial analysis for the Financing will address sizing considerations for any proposed bonded debt,the financial implications,strategies for submitting the financing to the rating agencies and/or bond insurance companies (this will include a review of the financial implications of different bond ratings and bond insurance). 5. Bond Structure. Consultant will size the bond issue, structure those terms and conditions which most advantageously meet demands or current market conditions and the objectives of the Agency. 6. Document Review. Consultant will review and comment on all legal documents prepared by bond counsel to ensure conformance with the proposed financing structure. 7. Timing of Sale. The Agency will be advised of market movements,trends and developments and recommendations as to the timing of the sale of bonds in relation to market conditions will be made. 8. Official Statement. Consultant will prepare the preliminary and final Official Statement, the notice of sale and bid form to be used in connection with the offering of the bonds. The Official Statement will be prepared in conformance with the adopted guidelines of GFOA. SF-98Agrce:RG-1 1-18 11/19.198-NI 9. Disclosure Issues. Consultant will provide technical support in defining disclosure issues necessary to meet GFOA guidelines, as well as work with the Agency to fulfill its continuing disclosure responsibilities under Securities and Exchange Commission Rule 15c2-12. 10. Rating and Insurance Agencies. Consultant will assist in submitting documents, conducting negotiations and attending meetings with rating agencies and bond insurance companies as may be required. Consultant will also assist the Agency in preparing for dialogue with the rating analyst. 11. Pricing. Consultant will coordinate the plans of the bid opening, evaluate the bids submitted,check for mathematical accuracy,advise the Agency of the bids and make a recommendation as to award. NVe will revise cash flows for final pricing information and order securities for bond defeasance escrow. 12. Bond Closing. The arrangements for closing and delivery of the bonds will be reviewed and coordinated. Consultant would pay particular attention to needed certificates and representations of other parties to ensure certification of information relied upon in the financing. 13. Bond Administration. Advise the Agency in administration of the financing after bond closing,working closely with the Finance Department and the Agency's auditors. SF-98Agree:RG-11-18 11/191g8-N1 ACORD. CERTIFICAT6-bF LIABILITY INSURAhieE PRODUCER THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE ER. OR Aris Insurance Services A TLER THEHIS COVERAGE AFFORDED BY THE POLLICE SCERTIFICATE DOES NOT AMENDTEN BELOW. P.O. Box 8865 INSURERS AFFORDING COVERAGE Calabasas CA. 91372 INSURED NISWERA Executive Risk IndemnLty,Inc. Rodd Gunn Associates, Inc. INSURER -' �- 3010 Old Ranch Parkway Suite 330 W48MERC: Seal Beach, CA. 90740 SISURER0. I INSURER E' COVERAGES THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED.NOTWITHSTANDING AMi REQUIREMENT,TERRA OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN.THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. JLTR ie11T TYPR OF INSURANCE POLICY NUYiE11 �ICTr iiFE4�11VE ICr �R4T7011 LR;TIT OENEMLLIASEJTr EACHOCCURRENCE E COMMERCIAL GENERAL LIABILITY FIRE DAMAGE(Any am My E CLAIMS MADE DOCCUR - MEDEXPIAryOMP&MA) E PERSONAL S ADV INJURY E GENERAL AGGREGATE S GENL AGGREGATE LIM IT APPLIES PER. PRODUCTS-COMPIOP A{ S 7 POLICYLATIECT Paa M Loc A VTOMORE.E LIABLITY ANY AUTO COMBINEDSINGLE LNIIT : oc(ES Oorn ALL OWNED AUTOS BdDE.Y N,xJRT : SCHEDULED AUTOS SP'I'P—) HIRED AUTOS BODILY E4.>1JRY = NDNOWHEO AUTOS aoeNtiN) PROPERTY DAMAGE ` (P-Dowd" OARAOELLIBH.lTY AUTOONLY-EAACCOENT E ANY A UTO OTHER THAN EA ACC S AUTO ONLY. AGO t EXCESR LiAllT1Y EACH OCCURRENCE S OCCUR CLAIMS MADE AGGREGATE f E DEDUCTIBLE RETENTION >< S WORKERS COMPENRATION AND TQRY .1Sj I ER R?I►LOYER r LIAS;tn E L EACH ACCIDENT Is E L.GititAyE-Ew trrtUti era s E L OISEASE-POLICY LIMIT 3 OTNEA Prof. Liability Po11151-128744-98 6-20-98 6-20-99 Limit $1 ,000,000 CSL DMCPJ/TION OF OPERATIONS&OCATIONWEINCLESIEICLUS*mS ADDED SY INDONiE1MENTAPECML PROVISIONS Professional Services: Financial Consultant for Municipal Bonds CERTIFICATE HOLDER ADDITIONAL INSURED•INSURER LETTER- CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICES BE CANCELLED BEFORE THE IIPRATION DATE TNERE!OF,TNI n4Ut O INSURER W-L ENDEAVOR TO MAR.N-DAYS WRITTEN The Redevelopment Agency of the NOTICE To THE CERTFE;ATE Neum NAMm TO THE LEFT.BUT FAILURE TO DO BO SHALL City of Huntington Beach E roa NO OBLIDATION OR LIAZLM OF ANY KIND UPON TIE BISURTR.m AGENTS OR RIPRESENTA ;ROVE ,.... D AS TO FOR LAuTwORIZED EFRE •, A.I �App �ey ACORD 2Sv(7197) r Cwjy k,:.y A a ACORD CORPORATION 1988 MAY/0 I NOV 18 '9 B 2 mumul W YUL. wmr the same number ber shown on this a •semeft PaGE.©©t E47 03 #Arum wo -ROD.GUNN ASSOCIATES INC Agert Poky N=brr I Aaw+.s. 3010 OLD RANCH PKWY STE 330 I • SEAL BEACH CA 90740 97 15 326 01493-68-60 of the Mmpany i deslgnated in the r:,�u.d Dodarations I A w gp 3010 OLD-RANCH EARKWAY SUITE_330 SEAL BELCH • CA 90740-• • - (Wa a Woov wrro 06w-ft v44d rmn) - - €ffocvw Osta�_l 1-9-98 _ Elmit of lbbilfty S2,000,000 twh oCcurrera ADDMONAL INSURED ENDORSEMENT. � CIAL SaEt+tr NEQ In oortsiftstart of-ft premum we agree with you to the ro1!oMW: _ 1- The huranm Pwided by this poky for bodily"M MbiW and popwrty Ubi!ity i ndec._ °Coven 0-43j.-J,wss LIAN hwurence will also apply to the add'nionW frduted In n9d beaw but, . oMy vri�;, peci to an occu rum*arising out of the owrie+ship,maintenarme or use of ttrat.pert of.-->. - ' 2. This insurarioe does not apply at: . -'(a)Arry acc wr me whiff takes plane after you cease to ooaipy.tie iesseeod foea ffem -(b)Any bral stteratatm,new cOrRtruetion or de4nd4tion oQeradorts Pwiarmed by or for Iny atddibona!'li mm d r weed below. _ - - I.•Ttie addtlonal+rmW w7 not be Doretued or deartled to bu a 5 Lk td fire Caapitry 6ling tits poky:: � r 4: The addibmai tnstetd wffl not by or boomm We for any pmrrrium Payments due iW rft poky.= } 5 If thin policy IS.Wmhro for any reason we vriii give THIRTY daysno6m kv writing to Voo v*ltionat mace named below. 1 ~ R TO POR?.1 APPROVED AS Cit Attorney J GAILHU-RON, �Y j(2uao11'd �'0�;ndaq 8 BY- peputy City At.oraa� h2us0; I 17 ki+� NOl�.(1H ll 0 ; •� /Ilzylqr A f`~This e+idaft 4 t ant is past of your policy.It stpenwdus and oamots anyttthq to the eonffary.fthr otherwie+r �• - -_ ' lu jtwt 10100thK Wm of the poGry. TONY ROMERO I INSURANCE AGENCY.. . LICENSE #0610502 181;1•A IRVINE BLVD. TUSTIN, CA 92780 _`f_--(714) 544.5661 '-'-FAX 544-9325; i • RE DEVELOpftNT .AGENCY OF THE CITY Of cHUNTINGTON BEACH lhsuted • 3000 MAIN STREET ; •HUNTINGTON BEACH CA 47648 t a' Report'- I *r.As au Botha+ sac'rasr •d W vu . r * TOTAL_ PAGE.001 **