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<br />REQUEST FOR CITY COU <br /> <br /> <br />DA ITElYI <br /> <br />Agenda Date Requested: June 13 2005 <br /> <br />Appropriation <br /> <br />Requested By: Cynthi:l AII'XlIIlfIl'r, Asst City M:lJ' > <br /> <br />Source of Funds: Bond Issue <br />Amount Budgeted: <br />Amount Requested: <br /> <br />Department: FIN A NCF <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />xx <br /> <br />Budgeted Item: YES <br /> <br />NO <br /> <br />Exhibits: Contract <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City issued Requests for Proposals for Bond Counsel on May 2, 2005. Four proposals were received <br />On June 15, 2005, interviews of 3 firms were held by a select panel of staff members and two <br />Councilmembers from the Fiscal Affairs Committee. The field was narrowed by staff, Andrews Kurth was <br />unanimously selected by the panel based on their years of existence and their expertise in municipal <br />government. The City appreciates the size of the firm, and the qualifications and availability of <br />professional personnel assigned to assist us with bond issuance, and the success the firm has achieved <br />with innovative and creative financing. <br /> <br />The fees for each issue of Obligation vary. The City is anticipating issuing a $10,000,000 million dollar <br />bond which will cost $10,000 dollars. At this time, staff recommends we proceed with the terms set forth <br />in the contract for sixty months with an option for automatic renewal for another term. <br /> <br />Action Required bv Council: <br /> <br />Approve Ordinance authorizing agreement with Andrews Kurth for bond counsel services. <br /> <br />Approved for Citv Council Agenda <br /> <br /> <br />Date <br /> <br />rQ/tJ~ <br />I <br />