1979-12-05 Regular Meeting - Laserfiche WebLink

Browse Search

Honorable Mayor and City Commission City of La Porte La Porte, Texas Gentlemen: In connection with the future growth of the City of La Porte and the resultant need for additional borrowing, we propose to act as financial advisors for the City under the following terms and conditions. We will stand ready at all times to advise with the City Commission on any additional bonds or warrants that it proposes to issue, or refunding of outstanding bonds or warrants, and to make detailed studies of each separate item as presented. In this connection we will assist the City Commission in determining maturity schedule, interest rates, optional provisions and the amount of tax levy required. We agree to periodically submit financial information, as well as general. • information, on the City of La Porte to Moody's Investors Service and to Standard & Poor's Corporation towards the end that the present ratings on La Porte will be extended to include additional issues of bonds and, of course, improved if possible. We will pay all costs incident to the preparation of the financial information and general information and the presentation of this information to the rating agencies, including a trip to New York, if we feel the trip will be advantageous. However, the City will pay any fees charged by the rating agencies for issuing their rating. We will be available at all reasonable times for consultation with the City Commission and the City Officials on all matters pertaining to the City's financial posi- tion. Whenever it has been determined that the City desires to issue any bonds or • warrants or refunding of outstanding bonds, then the City agrees, at its own expense, to make available a firm of recognized market attorneys acceptable to us to prepare all necessary orders and certificates and to issue their legal opinion. In each case we agree to furnish, at our own expense, the printed bonds or warrants forms and to pay all usual and customary expenses incidental to the approval of these bonds by the Attorney General, the registration by the Comptroller of Public 0 Accounts and delivery to the purchaser at a bank in Austin, Texas.