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Legislation #: 030364 Introduction Date: 3/20/2003
Type: Ordinance Effective Date: 4/6/2003
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
3/20/2003

Prepare to Introduce

3/20/2003

Referred Finance and Audit Committee

3/26/2003

Advance and Do Pass

3/27/2003

Passed


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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.

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Approved as to form and legality:

 

 

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Assistant City Attorney