ITEM TITLE:
Approval of Contract with Hilltop Securities for Financial Advisory Services in the Amount of $150,000
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $150,000
Unencumbered Balance: $150,000
Funding Source: 205.2050.43200
RECOMMENDATION:
Approve contact
SUMMARY STATEMENT:
• The attached contract concludes an RFP/RFQ process for Financial Advisory services, primarily for new debt issuance, but with the possibility of engagement on other projects as needed.
• The RFP was directly forwarded to twelve firms, and was also published on the City website.
• There were three respondents, all of whom were interviewed by a panel consisting of Finance Director, Financial Analyst, and Interim City Manager. Hilltop Securities was the unanimous choice of the panel.
• The contract reflects a three-year engagement with the possibility of two one-year extensions.
• The contract is written with a NTE amount of $150,000, funding from the Debt Service Fund. An appropriation is contained in a budget resolution also on the September 3rd agenda.
• Advisory services for the proposed $15MM bond issue will total approximately $21,000, plus travel reimbursements. The NTE $150,000 figure allows for multiple future debt issues.
• The contract has been reviewed by the City Attorney, and is approved as to form.