HomeMy WebLinkAboutO-2004-2759
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ORDINANCE NO. 2004- ~ 151
AN ORDINANCE APPROVING AND AUTHORIZING A CONTRACT BETWEEN THE CITY
OF LA PORTE AND. FIRST SOUTHWEST COMPANY FOR FINANCIAL ADVISORY
SERVICES, MAKING VARIOUS FINDINGS AND PROVISIONS RELATING '1'0 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, a copy of which is on file in the office
of the City Secretary. The City Manager 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 t~is 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 effective from and after
its passage and approval, and it is so ordered.
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PASSED AND APPROVED, this 26th day of July, 2004.
CITY OF LA PORTE
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Barry a'easley
Mayor Pro-Tern..
By:
ATTEST:
--:nldJdiA. tJ. 1M
Mart a . Gillett
City Secretary
Knox W. Askins
City Attorney
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REQUEST FOR CITY COUNCIL AGENDA ITEM
Requested By:
Appropriation
Agenda Date Requested:
Source of Funds:
2004 C.O. Bonds
Department:
FiAaAl:e
Account Number: Not Applicable
Report:
Resolution:
Ordinance:
xx
Amount Budgeted: Not Applieahle
Exhibits:
Amount Requested: ~ot applirab'e
Exhibits:
Budgeted Item: YES NO
Exhibits:
SUMMARY & RECOMMENDATION
The City has used Moroney & Beissner as Financial Advisors for many years. With the untimely passing of Moss
K. Fetzer, the principal in the firm, it is necessary that we obtain Financial Advisory Services in a timely manner,
since we are in the middle of issuing debt to finance several projects. We currently have an agreement with First
Southwest Company to serve as Financial Advisors to our Tax Increment Reinvestment Zone (T1RZ). At this time,
we would like to enter into contract with First Southwest to complete the impending Bond Sale and any subsequent
services we may need until such time that we can issue and evaluate Requests for Proposals.
This agreement allows us to stay on schedule with the upcoming bond issue, and the ability to take sufficient time to
evaluate respondent's to our RFP when issued.
Action Required bv Council:
Adopt Ordinance approving and authorizing a Contract for Financial Advisory Services with First Southwest
Company for a period beginning July 26, 2004, and ending March 31, 2005.
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