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HomeMy WebLinkAbout5306RESOLUTION NO. 5306 that: A RESOLUTION APPROVING AN AGREEMENT WITH BOETTCHER & COMPANY TO PROVIDE FINANCIAL CONSULTING AND UNDERWRITING SERVICES FOR THE CITY OF PUEBLO. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, The Agreement to provide financial consulting and under- writing services between Pueblo, a municipal corporation and Boettcher & Company, a copy of which is attached hereto and incorporated herein, having been approved by the City Attorney, is hereby approved. SECTION 2. The President of the City Council is hereby authorized and directed to execute the Agreement for and on behalf of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. INTRODUCED: December 27, 1983 By DOUGLAS L. RING Councilman ATTEST: APPROVED: Members of City Council City of Pueblo, Colorado Re: Agreement to Provide �� nancial Consulting; Urderwritinc Services Gentlemen: We are ple,:.sed to submit this agreement to provide Financial Consulting/Underwriting services to the City of Pueblo in connection with your proposed issuance of General Obligation Bonds for Storm Sewer Improvements and the financing of future projects that are required by the City. We therefore, by this proposal, offer our professional services anc facilities and agree to perform the following duties normally performed by such consultants, and to perform such other duties as, in our judgement, may be advisable or necessary: 1. To assist members of your administrative s`aff and consulting engineers if retained by the City) in a study of the City's revenues, operating expenses and ta:. hasp, and on the bases of such study to devise -arid recoinmend for your approval a plan of t i nanc i ng to cover the proposed bond issue. Such plan shall include a maturity schedule and other terms and conditions, such as options of prior payment and the like, as will, in our opinion, result in the issuance of the bonds under terms and conditions most advantageous to your City consistent with a minimum effective interest rate. 2, Under the direction and legal advise of a firm of recognized municipal bond attorneys, to be retained by us, and whose fees will be paid by us, subject to reimbursement, we will assist you in and sizpe.r.vise the steps necessary to be taker in the legal issuances of bonds the bonds and the final delivery of the bonds to the purchaser. In this connection, it is understood that we will retain a firm of recognized municipal bond attorneys, whose legal services shell also include rendition of an unqualified approvit:g opinion as to the legality of the bonds. Selection of such bond attorneys shall be with approval of the City. 3. At such time as it ;hall bz decided to issue said bonds, we will assemble and transmit to the bond atto::ney s suc'.: data as may be required in the preparation of the necessary resolutions, ordinances, notices and -certificates; and upor. preparation thereof, will suhmit :u.ch documents to your governing body for approp! -Ion ac. pion. 4. To advise you of current bond market condition,s forthcoming bond issues and other general information and economic data which might normally be expected to influence interest rates or bidding conditions so that the date for the sale of the bonds can be set at a time which, in our opinion, will be favorable. 5. Furnish printed bonds with steel engraved borders ready for signature. in consideration of the above services to be performed by us, you hereby agree to permit us to submit a proposal for the purchase of your bonds with the understanding and agreement that when you are ready to issue the bonds, we will submit an interest rate and price which the bonds will bear, said rate and price to be mutually agreeable. In the event you accept our proposal purchase your bonds, we agree to pay all expenses of bond counsel, bond printing, legal publications and waive our right to any additional fee. In the event that you do not accept our proposal to purchase your bonds on mutually agreeable terms as set forth above, it is understood that we shall be retained to assist you in the public sale of your bonds upon the following terms and conditions: 1. Under the direction and legal advice of a firm of recognized municipal bend attorneys, whose fees will be paid by you, we will assist you in and supervise the steps necessary to be taken in the legal issuance of the bonds and the final delivery of the bonds to the purchaser. In this connection, it is understood that we will retain a firm of firm of recognized bond attorneys, whose legal services shall also include rendition of an unqualified approving opinion as to the legality of the bonds. 2. To advise you of current bond market conditions, forthcoming bond issues and other general information and economic data which might normally be expected to influence interest rates or bidding conditions so that the date for the sale of the bonds can be set at a time which, in our opinion, will be favorable. 3. To assist in the preparation of an Official Notice of Sale, and an Officials Statement or Prospectus, containing financial data and other information of the nature and to the extent ordinarily required by municipal securities dealers in bidding on bonds of this type, and a uniform Bidding Form, all of which we are to furnish at your expense in a sufficient quantity to permit mailing by you to a list of prospective bidders which we agree to provide. 4. To attend to the printina of the bonds with steel engrave(: boarders; the cost of printing to be paid by the City, 5. Arrange for the necessary legal publications, which cost will be p:..id by you, so that all legal requirements for publications are complied with. In consideration of Boettcher & Company's assisting the City in the advertised public sale of their bonds, the City agrees to pay to Boettcher & Company a fee which is mutually agreeable but not to exceed $7,500. It is further agreed that the City will pay all expenses incidental to the issuance of their bands. Such expenses shall not include reimbursement for our travel, communication, etc., wit -hin the State of Colorado. Any further financings covered by this agreement shall be under mutually agreeable terms. This agreement shall be in effect for a period of one year from the date of its acceptance by the City of Pueblo, and shall be automatically renewed for successive one year periods on the anniversary date of its acceptance by you unless cancelled by sixty (60) days written notice by either party. City may, however,* This proposal is offered for your acceptance; if accepted please so ird'icate by signing below. Respectfully submitted, BOETTCHER & COMPANY .G7 �/ � Accepted for and on behalf of 27th day of December Approved as to form: the City of Pueblo, Colora 1983. on this pity Atto / rte, ATTEST City Cleark (SEAL) Vke - f esident of Couficil terminate this Agreement upon ninety (90) days prior written notice to Boettcher & Company, provided that such termination shall not be effective as to any proposed bond issue for which Boettcher & Company has performed services under this Agreement, and as to such bond issue this Agreement shall continue in full force and effect until abandon- ment of such bond issue by the City or settlement for such bonds hereunder, whichever occurs first.