ORDINANCE NO. 030365
Authorizing
the Director of Aviation to enter into a contract with Fahnestock &
Company, Inc. and Valdes & Moreno, Inc. for the provision of financial
advisory services, with four options to renew for various types of airport
bonds and other types of debt obligations for fiscal year 2004.
WHEREAS,
Ordinance No. 960367 authorized the Director of Finance to execute, on behalf
of the City a contract in an amount not to exceed $35,000.00 with B.C.
Christopher (now known as Fahnestock & Company, Inc.) and Hudson Knight
Securities, Inc. for financial advisory services relating to airport 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,
it is essential that the City qualify financial advisory firms to provide
professional expertise in broadening the market for the Airports bonds and
other types of debt obligations, thus increasing competitiveness and lowering
interest costs and to provide specialized analytical services, which the
Aviation Department 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 Aviation Department; and
WHEREAS,
the Director of Aviation recommends the partnership of Fahnestock &
Company, 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 Aviation Departments co-financial advisors; NOW, THEREFORE,
BE
IT ORDAINED BY THE CITY COUNCIL OF KANSAS CITY:
Section
1. That the Director of Aviation is authorized to enter into a contract, on
behalf of the City, with the firms of Fahnestock & Company, Inc. and Valdes
& Moreno, Inc. to be the Aviation Department co-financial advisors on bonds
and other types of debt obligations issued for the Department 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
additional contracts for specialized 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