Loading...
HomeMy WebLinkAbout10495 ORDINANCE NO. 10495 AN ORDINANCE APPROVING AN AGREEMENT BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION, AND HILLTOP SECURITIES INC., MUNICIPAL ADVISORY SERVICES AND AUTHORIZING THE MAYOR TO EXECUTE SAME BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Agreement between the City of Pueblo, a Municipal Corporation, and Hilltop Securities, Inc., for the rendering of Municipal Advisory Services to the City of Pueblo, attached hereto, having been approved as to form by the City Attorney, is hereby approved. SECTION 2. The Mayor is hereby authorized to execute said Agreement for and on behalf of the City and the City Clerk is authorized to affix the seal of the City thereto and attest same. SECTION 3. The officers and staff of the City are authorized to perform any and all acts consistent with this Ordinance and the attached Agreement to implement the policies and procedures described therein. SECTION 4. This Ordinance shall become effective on the date of final action by the Mayor and City Council. Action by City Council: Introduced and initial adoption of Ordinance by City Council on June 12, 2023. Final adoption of Ordinance by City Council on June 26, 2023. ____________________________ President of City Council Action by the Mayor: ☒ Approved on _June 29, 2023____. ☐ Disapproved on ______________ based on the following objections: ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ____________________________ Mayor Action by City Council After Disapproval by the Mayor: ☐ Council did not act to override the Mayor's veto. ☐ Ordinance re-adopted on a vote of ____________, on _____________ ☐ Council action on _______ failed to override the Mayor’s veto. ____________________________ President of City Council ATTEST ________________________________ City Clerk City Clerk's Office Item # R12 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: June 26, 2023 TO: President Heather Graham and Members of City Council CC: Mayor Nicholas A. Gradisar VIA: Marisa Stoller, City Clerk FROM: Alexandria Romero, Director of Finance SUBJECT: AN ORDINANCE APPROVING AN AGREEMENT BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION, AND HILLTOP SECURITIES INC., MUNICIPAL ADVISORY SERVICES AND AUTHORIZING THE MAYOR TO EXECUTE SAME SUMMARY: This Ordinance approves an agreement between the City of Pueblo and Hilltop Securities, Inc. for municipal advisory services. PREVIOUS COUNCIL ACTION: Council has previously approved similar agreements for advisory services for issuance of municipal securities and debt financing. BACKGROUND: Hilltop Securities, Inc., through its Senior Managing Director, Jason Simmons, and Senior Vice President, Mattie Prodanovic, will provide municipal advisory services from the pre-issuance planning stage to the repayment stage, to the City for issuance of municipal securities to fund the construction of the new fire stations. FINANCIAL IMPLICATIONS: The fees for these services are generally absorbed as part of the cost of debt issuance and are approved through the financing ordinances. Other work performed would need to be budgeted through departmental budgets. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. STAKEHOLDER PROCESS: Not applicable to this Ordinance. ALTERNATIVES: Failure to adopt this Ordinance will result in the City Council not authorizing the agreement for municipal advisory services. RECOMMENDATION: Approval of the Ordinance. ATTACHMENTS: 1. HTS Municipal Advisory Agreement - City of Pueblo - 05.23.2023