August 8, 2023 at 6:00 PM - Regular Meeting

Description: 
PUBLIC NOTICE

Pursuant to Section 2254.1036 of the Texas Government Code, the Crane Independent
School District (the " Issuer") hereby gives public notice of its intent to enter into a contingent fee contract for legal services at its duly called meeting to be held on August 8, 2023, at 6:00 p.m. at the Crane Independent School District Board Room located at 511 W. 8th St., Crane, Texas 79731.
1. The governing board of the Issuer intends to engage the law firm of Leon Alcala, PLLC to provide the Issuer with legal services pertaining to the Issuer’s issuance of securities on the public or private market.
2. Accessing the public or private markets through the issuance of securities is governed by State and Federal laws and requires the advice of legal advisors that are knowledgeable and experienced in public finance legal matters, including the issuance of securities.
3. Leon Alcala, PLLC has demonstrated to the Issuer their competence, qualifications, and experience as an industry leader in this area of the law.
4. Engaging an attorney in private practice who has meaningful experience in public finance matters pursuant to an hourly fee arrangement would likely result in higher fees to be paid by the Issuer, and such fees incurred would be payable by the Issuer from the
Issuer’s general fund, whether or not the securities are issued.
5. Fees for legal services associated with the issuance of municipal securities, including those of bond counsel such legal services have traditionally been paid pursuant to a contingent fee arrangement, where such fees become payable only upon successful issuance of the securities and are payable solely out of the proceeds of the securities.
6. Entering into a contract for bond counsel legal services with Leon Alcala, PLLC payment of which is contingent on the Issuer’s successful issuance of securities and payable out of securities proceeds, provides the Issuer a superior level of bond counsel legal services without using operating revenues of the Issuer being used to make such payment.
7. For each of the reasons stated above, the execution of an engagement agreement with Leon Alcala, PLLC is in the best interest of the residents of the Issuer.