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Home My WebLink AboutRES.528.06-04-1990 � � � , BILL NO. 90-127 RESOLUTION N0. ,�� A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A CONTRACT FOR UNDERWRITING SERVICES WITH ZAHNER AND COMPANY, A. G. EDWARDS & SONS AND THE CAPE GIRARDEAU PUBLIC FACILITIES AUTHORITY FOR MARKETING BONDS BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI , AS FOLL06aS: ARTICLE 1 . The City Manager , for and on behalf of the City of Cape Girardeau , Missouri , is hereby authorized to enter into a Contract for Underwriting Services with Zahner and Company, A, G. Edwards & Sons , and the Cape Girardeau Public Facilities authority for marketing bonds . A copy of said contract is attached to this Resolution and made a part hereof . PASSED AND ADOPTED THIS � DAY OF , 19��. � . � F ancis E. Rh es , Mayor ATTEST: Jul . Dale Dep City Clerk I 1 „ -- - �'��e�� Z A H �R� '�� r�O��PA�NY� a�'��a-_ `1�----- = =- �a� 2850 CITY CENTER SqUARE 1100 MAIN STREET KANSAS CITY, MISSOURI 64105 (aie) zzi-a3n May 2, 1990 City of Cape Girardeau Cape Girardeau Public Facilities Authority City Hall 401 Independence Cape Girardeau, MO 63701 RE: Contract for Underwritin� Services Zahner and Company and A. G. Edwards & Sons (the "Underwriters") are pleased to present this agreement to City of Cape Girardeau (the "City") and to the Cape Girardeau Public Facilities Authority (the "Authority"). As Underwriters to the City and Authority, we pledge all of our energy and expertise to completing the City's and Authority's issues on a timely basis. As part of this agreement, we will provide the following services to the City and Authority. 1. We will provide assistance structuring the issues of the City and Authority and in determining the term of amortization, call provisions, and other factors that are relevant to marketing the bonds. We will provide maturity schedules and debt service projections to coincide with the wishes of the City and Authority in this regard. We will analyse and evaluate the various financing mechanisms available and will suggest alternative financing methods, as needed. 2. We will give advice on current market conditions with emphasis on timing of the sale of the bond issue and interest rates for similar issues already on the market. 3. With Bond Counsel, we will prepare and distribute the Preliminary Official State- ment, the Official Statement and any other related documents. 4. We will arrange for the printing of the bonds and their delivery to the Bond Registrar for registration. 5. Zahner and Company and A. G. Edwards & Sons shall submit any necessary documentation to the municipal bond rating agencies and bond insurance com- panies. Should the City desire, we will assist the City and Authority in prepara- tion of a presentation to the rating services and will accompany City officials to any such presentation. The Project Team will be available as necessary to answer any questions of the agencies and to provide assistance to the City and Authority in obtaining a favorable recommendation. 6. We will assist and advise the City and Authority on the investment of bond proceeds and arbitrage rebate compliance. 7. Representatives of Zahner and Company and A. G. Edwards & Sons will attend the closing and all other meetings deemed necessary by the City and Authority to provide assistance in the capacity of Underwriters. Our fee for serving as Underwriter to the City and Authority shall be as follows: Management & Underwriting Fee $3.50 per $1,000 of par issued up to $5,000,000 $2.75 per $1,000 of par issued thereafter Clearance $0.50 per $1,000 of par issue The takedown or commission for selling the City's and Authority's bond issues will be determined at the time of offering. The total takedown will be determined with the mutual agreement of the Authority and the Underwriters based on bond issues priced closely to the date of the City's and the Authority's offering. The Underwriters agree to provide complete takedown information for similar issues in the market prior to the offering of the City's and Authority's issues. Prior to the pricing of the City's and Authority's issues, the Underwriters will present to the City and Authority an analysis which summarizes the municipal bond market conditions, the proposed pricing of the Authority's issue and a comparison of the interest rates on bond issues priced closely to the proposed offering. We will keep the City and the Authority informed throughout the offering of the bond issues as to the market conditions and orders received. Representatives of the Authority and the City are welcome to be present on the underwriting desks of either Zahner and Company or A. G. Edwards during the offering. The City, Authority and Underwriters agree to negotiate in good faith. However, if agreement as to interest rates and takedown does not occur, the Authority and City may terminate this agreement upon written notice to the Underwriters. Our fee shall include all normal expenses including local travel and office expense. The Author- ity shall be responsible for paying the costs of printing the preliminary and official statements, bond printing, out-of-state travel, bond counsel, registrar/paying agent fees, rating or insurance agency fees and any other bond issuance expense. Additionally, as a part of their work with the City and Authority, bond counsel will provide an opinion relating to the accuracy and completeness of offering materials. By this agreement, the City of Cape Girardeau and the Cape Girardeau Public Facilities Authority hereby appoints Zahner and Company and A. G. Edwards & Sons to complete all details related to the issuance of the City's and the Authority's bonds. It is understood that Zahner and Company and A. G. Edwards & Sons will only be compensated upon completion of bond issues. � � This agreement will be in effect until December 31, 1993. Should this proposal be acceptable to you, please indicate by signing below. We look forward to the opportunity to be of service to the Authority and the City. Respectfully submitted, ZAHNER AND COMPANY A. G. EDWARDS & SONS f ` � � �,_,..y,�.-�.k..-t�.,._'�.��.,,b `.,�. r`'�.. . . .... ''� . . : eu,.t w,_ � .. . . ... .. _ William P. Henderson Amelia A. J. Bon�i Vice President Vice President � WPH/j as CITY OF CAPE GIRARDEAU, MISSOURI , ACCEPTED THIS� , ay of �(il��` , 1990. � �' �7 , ,';�- � �� N��K Acting City Manager � SEAL �.;� 4�`"' s�:E:.'��""",�i��r'w x��g�„ .,"d, 'L�r�'x ':,��R 9 � '�."Y �'a'!�-t ;.._ �; �."� -.... �_..�..�.. ,. . 'z^� t �s� .t z �. +(`!' �" A��`'��+-3 1 .. k ,'_ �,.'2'�+�s ' �, 5 ..:�^'.. s �� `�y�.� '� �-.,� �- � Y�*� �� '�� „�,� °� .,�,�.�� r s� - �� « '� , '�:�s. -�r_��.�i�.,e' h,� ^�.-�^. t.. .<,.xA�..'.f «� ...:r��l.�,-�.e.�t�� . ._ . . . . �}a��'7`�^`..a��.�. .._,.<:�F:n`" '�y�%xs5°4� ... . ,,.... .. , .- .s. 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