ORDINANCE NO. 030364
Authorizing
the Director of Finance to enter into a contract with Springsted, Inc. and
Valdes & Moreno, Inc. for the provision of financial advisory services for
various types of City bonds and other types of debt obligations for fiscal year
2004 with four options to renew.
WHEREAS,
Ordinance No. 960366 authorized the Director of Finance to execute, on behalf
of the City a contract in an amount not to exceed $35,000.00 with A.G. Edwards
& Sons, Inc. and The Knight Group, Inc. for financial advisory services
relating to water and sewer revenue bonds for a twelve month period with
options to renew for four additional one-year terms and the City has exercised
all of the options; and
WHEREAS,
Ordinance No. 960368 authorized the Director of Finance to execute, on behalf
of the City a contract in an amount not to exceed $19,500.00 with B.C.
Christopher (now named Fahnestock & Company, Inc.) and Hudson Knight
Securities, Inc. for financial advisory services relating to general obligation
bonds for a twelve month period with options to renew for four additional
one-year terms and the City has exercised all of the options; and
WHEREAS,
it is essential that the City qualify financial advisory firms to provide
professional expertise in broadening the market for the Citys bonds, including
general obligation, revenue bonds (except for those bonds issued for the
Aviation Department), leasehold revenue bonds and other types of debt
obligations, thus increasing competitiveness and lowering interest costs and to
provide specialized analytical services, which the City cannot provide for
itself; and
WHEREAS,
on January 21, 2003 the City sent out a Request for Qualifications (RFQ) to
select a financial advisor for the City; and
WHEREAS,
the Director of Finance recommends the partnership of Springsted, Inc. and
Valdes & Moreno, Inc. who have been selected on the basis of their
qualifications determined by their responses to the RFQ to be the Citys
financial advisors; NOW, THEREFORE,
BE
IT ORDAINED BY THE CITY COUNCIL OF KANSAS CITY:
Section
1. That the Director of Finance is authorized to enter into a contract on
behalf of the City, with the firms of Springsted, Inc. and Valdes & Moreno,
Inc., to be the Citys co-financial advisors on general obligation, revenue
bonds (except for bonds issued for the Aviation Department), leasehold revenue
bonds and other types of debt obligations for fiscal year 2004 and to exercise
options to renew the contract for up to four (4) additional one-year terms.
The contract will authorize the execution of contracts for specified analytical
services on an issue by issue basis and for additional services as needed, all
subject to the appropriation of adequate funds for such purposes.
__________________________________________________________________
Approved
as to form and legality:
________________________________________
Assistant
City Attorney