05-12-1987 Meeting - Laserfiche WebLink

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• ~ ~ ~ ~ ~ Board of Directors La Porte Area Water Authority La Porte, Texas Gentlemen: i~ ~ . ) In connection with the financing requirements of the La Porte Area Water Authority, we propose to act as financial advisors for the Authority under the following terms and conditions. We will stand ready at all times to advise with the Board of Directors on any bonds or other evidences of indebtedness that it pro- poses to issue, including refunding of outstanding bonds, and to make detailed studies of each separate item as presented. In this connec- tion we will assist the Board in determining maturity schedules, interest rates, optional provisions, reserve fund requirements, and other terms and conditions to be contained in the bonds. When bonds are proposed to be sold through normal commercial channels, we agree to submit applications to both Moody's Investors Service, Inc. and Standard & Poor's Corporation, requesting their assignment of ratings to the proposed bond issue. The application will include current financial and general economic information on the Authority and its environs. If we deem it is advantageous to the issue, we will make a personal presentation in New York City to both Moody's and Standard & Poor's. We will pay all costs incident to the submission of the application as well as the trip to New York, however, the Authority will pay any fees charged by the rating agen- cies for the issuance of their ratings. We will be available at all reasonable times for consultation with the Board and the Authority's staff on all matters pertaining to the Authority's financial position.. When it has been determined that the Authority desires to issue any bonds or other evidences of indebtedness or refunding of outstanding bonds, then the Authority 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.