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HomeMy WebLinkAboutRES.104.08-15-1984 , . . • . BILL NO. 84-73 RESOLUTION NO. � A RESOLUTION AUTHORIZING THE CITY MANAGER ON BEHALF OF THE CITY OF CAPE GIRARDEAU, MISSOURI TO ENTER INTO A CONTRACT WITH ZAHNER AND COMPANY TO PROVIDE FINANCIAL ADVISOR SERVICES IN CONNECTION WITH THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE UNIVERSITY/CITY MULTI-USE CENTER BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS: SECTION l. The City Manager on behalf of the City of Cape Girardeau, Missouri, is authorized to enter into a contract with Zahner and Company for services as a financial advisor to the City in connection with the issuance of general obligation bonds for the University/City Multi-Use Center. A copy of this contract is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THI5 �DAY OF �, 1984. i ✓`��7/7/�i1�LIf � C//fr�-�c� MAYOR ATTEST: ..P Deputy CITY CLERK CONTRACT This Contract made and entered into this day of , 1984, by and between the City of Cape Girardeau, Missouri, a Municipal Corporation, hereinafter called "City" and Zahner and Company, a Missouri Corporation, hereinafter called "Zahner. " City and Zahner agree as follows: 1. Zahner will act as financial advisor to the City in all matters connected with the issuance of the five million dollar general obligation bond issue for the University/City Multi-Use Center. In its role as financial advisor Zahner agrees to perform the following services: A. Zahner will work with City staff, bond counsel and others as City may direct, to assist and develop financing plans that will enable City to meet current and future budget objectives and capital needs. Implicit in the development ot these plans are the following steps: (1) Review of all financial obligations, bonded debt, temporary notes or other financial commitments that impact the cash flow of the City; (2) Review of financing plans and alternatives sub- mitted to the City by investment bankers and other parties; (3) Identify unique problems or other special circum- stances that may require special attention in the financing plan; (4) Develop and evaluate financing alternatives to current and future financing problems of the City. B. When the financial plan is approved, Zahner will take the steps necesary to accomplish each financial segment within the framework of the financial plan. These steps will include, but not be limited to the following: (1) Structure the proposed financing to be sold including maturity schedules, call premiums, bond covenants, and interest rate projections; (2) Develop a timetable of .events for the financing ` including advertising, public sale and closing activities; , (3) Advise the City on the timing of the Bond Sale; {4) Develop with Bond Counsel the necessary bond documents for the issuance of Bonds including the Notice of Sale and Resolution; (5) Develop with Bond Counsel the Official Statement and disclosure according to MSRB rules; (6) Prepare and present to the rating agencies the proposed bond issue for their review and rating if needed. (7) Arrange for all printing and dissemination of the Official Statement, ,blue sky and other documents necessary for the sale of the Bond Issue; (8) Arrange for the printing, signing and delivery of the Bonds to the successful bidder; (9) Complete all closing arrangements with Bond Counsel; (10) Assist the City in the investment of the funds at the completion of the sale if needed. C. After the borrowing is complete Zahner will continue to work with the City in monitoring the financing. 2. The key people assigned by Zahner to this project will be Will B. Tschudy, Kenneth Britt, William P. Henderson and Frank Toplikar. City shall call on Zahner for advice on a regular basis. One or more of the above named individuals will be available at all times on an "as required" basis for advice and counsel on the proposed financing and shall be available for meeting with City staff and others on a timely basis. 3. For the services to be rendered under this contract, City agrees to pay Zahner the sum of Six Thousand Dollars ($6, 000. 00) . The City shall pay for all bond issuance expenses including� printing of bonds, rating services and related travel expenses, CUSIP charges, official statement printing, bond counsel and other related expenses. City shall also reimburse Zahner for • 2. , transportation and living expenses in connection with out-of-town travel. 4. None of the work or services covered by this contract shall be subcontracted or assigned. IN WITNESS WHEREOF, the parties hereto have executed this contract on the day and. year first above written. CITY OF CAPE GIRARDEAU, MISSOURI � . G y A. Eide, City Manager ATTEST: Verna L. Landis, City Clerk ZAHNER AND COMPANY (Typed Name & Title of Signer] ATTEST: [Typed Name & Title of Signer] � 3.