HomeMy WebLinkAboutO-2005-2825
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ORDINANCE NO. 8 0 0-' ~"J. ~
AN ORDINANCE APPROVING AND AUTHORIZING AN AGREEMENT BETWEEN THE CITY
OF LA PORTE AND RBC DAIN RAUSCHER INC. TO PROVIDE FINANCIAL ADVISORY
SERVICES FOR THE CITY OF LA PORTE, MAKING VARIOUS FINDINGS AND
PROVISIONS RELATING TO THE SUBJECT, FINDING COMPLIANCE WITH THE OPEN
MEETINGS LAW, AND PROVIDING AN EFFECTIVE DATE HEREOF.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
Section 1. The City Council hereby approves and authorizes the contract, agreement or other
undertaking described in the title of this ordinance, in substantially the form shown in the
document which is attached hereto and incorporated herein by this reference. The Mayor is
hereby authorized to execute such document and all related documents on behalf of the City of
La Porte. The City Secretary is hereby authorized to attest to all such signatures and to affix the
seal of the City to all such documents.
Section 2. The City Council officially finds, determines, recites and declares that a sufficient
written notice of the date, hour, place and subject of this meeting of the City Council was posted
at a place convenient to the public at the City Hall of the City for the time required by law
preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas
Government Code; and that this meeting has been open to the public as required by law at all
times during which this Ordinance and the subject matter thereof has been discussed,
considered and formally acted upon. The City Council further ratifies, approves and confirms
such written notice and the contents and posting thereof.
Section 3. This Ordinance shall be in effect from and after its passage and approval.
PASSED and APPROVED this the ~day of ~005.
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Alton Porter, Mayor
ATTEST:
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Martha Gillett, City Secretary
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REQ.ST FOR CITY COUNCIL A&DA ITEM
Agenda Date Requested: Mav 8.2005
Appropriation
Requested By:
Source of Funds: Bond Issue
Amount Budgeted:
Amount Requested:
Department: FI~ A 1\ICE
Report:
Resolution:
Ordinance:
xx
Budgeted Item: YES NO
Exhibits: Contract
Exhibits:
Exhibits:
SUMMARY & RECOMMENDATION
The City issued RFPs for financial advisors on March 6, 2005. Six proposals were received and on April
12, 2005, interviews were held by a select panel of staff members and two council members from the
Fiscal Affairs Committee. The field was narrowed to two firms, and Oain Rauscher was unanimously
selected by the panel based on their 30+ years of existence and their expertise in municipal finance; as
well as, their national exposure. The City appreciates the size of the firm, and the qualifications and
availability of professional personnel assigned to assist us with bond issuance, and the success the firm
has achieved with innovative and creative financing.
The fees for each issue of Obligation vary (see attached fee schedule). The City is anticipating issuing a
$10,000,000 million dollar bond which will cost $35,875 plus expenses. At this time, staff recommends we
proceed with the terms set forth in the contract for sixty months with an option for automatic renewal for
another term.
Action Required bv Council:
Approve Ordinance authorizing agreement with Oain Rauscher for financial advisory services.
5- 4-V 5
Date