HomeMy WebLinkAboutO-2005-2831
E
REQUEST FOR CITY COU
DA ITElYI
Agenda Date Requested: June 13 2005
Appropriation
Requested By: Cynthi:l AII'XlIIlfIl'r, Asst City M:lJ' >
Source of Funds: Bond Issue
Amount Budgeted:
Amount Requested:
Department: FIN A NCF
Report:
Resolution:
Ordinance:
xx
Budgeted Item: YES
NO
Exhibits: Contract
Exhibits:
Exhibits:
SUMMARY & RECOMMENDATION
The City issued Requests for Proposals for Bond Counsel on May 2, 2005. Four proposals were received
On June 15, 2005, interviews of 3 firms were held by a select panel of staff members and two
Councilmembers from the Fiscal Affairs Committee. The field was narrowed by staff, Andrews Kurth was
unanimously selected by the panel based on their years of existence and their expertise in municipal
government. 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. The City is anticipating issuing a $10,000,000 million dollar
bond which will cost $10,000 dollars. 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 Andrews Kurth for bond counsel services.
Approved for Citv Council Agenda
Date
rQ/tJ~
I
ORDINANCE NO. f.Do!J"- 0183/
AN ORDINANCE APPROVING AND AUTHORIZING AN AGREEMENT BETWEEN THE CITY
OF LA PORTE AND ANDREWS KURTH LLP. TO SERVE AS BOND COUNSEL 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 ~']II-day otfUn(, 2005.
City of La Porte
~L?~
Alton Porter, Mayor
ATTEST:
~ED
Y'W &A~
ox Askms, City Attorney
by ~r~
ArTIT. c/-ry ~rrV