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Legislation #: 030365 Introduction Date: 3/20/2003
Type: Ordinance Effective Date: 4/13/2003
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
4/3/2003

Waive Charter Requirements City Council

3/20/2003

Prepare to Introduce

3/20/2003

Referred Finance and Audit Committee

3/26/2003

Do Pass

3/27/2003

Held on Docket

4/3/2003

Passed


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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