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<br />REQ.ST FOR CITY COUNCIL A&DA ITEM <br /> <br />Agenda Date Requested: Mav 8.2005 <br /> <br /> <br />Appropriation <br /> <br />Requested By: <br /> <br />Source of Funds: Bond Issue <br />Amount Budgeted: <br />Amount Requested: <br /> <br />Department: FI~ A 1\ICE <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />xx <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits: Contract <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City issued RFPs for financial advisors on March 6, 2005. Six proposals were received and on April <br />12, 2005, interviews were held by a select panel of staff members and two council members from the <br />Fiscal Affairs Committee. The field was narrowed to two firms, and Oain Rauscher was unanimously <br />selected by the panel based on their 30+ years of existence and their expertise in municipal finance; as <br />well as, their national exposure. The City appreciates the size of the firm, and the qualifications and <br />availability of professional personnel assigned to assist us with bond issuance, and the success the firm <br />has achieved with innovative and creative financing. <br /> <br />The fees for each issue of Obligation vary (see attached fee schedule). The City is anticipating issuing a <br />$10,000,000 million dollar bond which will cost $35,875 plus expenses. At this time, staff recommends we <br />proceed with the terms set forth in the contract for sixty months with an option for automatic renewal for <br />another term. <br /> <br />Action Required bv Council: <br /> <br />Approve Ordinance authorizing agreement with Oain Rauscher for financial advisory services. <br /> <br /> <br />5- 4-V 5 <br /> <br />Date <br />