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87-323 WHITE - C�TV �LERK PINK - FINANCE G I TY OF SA I NT FA U L Council �J'7_ 3� CANARV - OEPARTMENT Bl_UE - MAVOR File NO. . C uncil Resolu�tion ' J Presented By � / �. eferred To � � C Committee: Date � � � Out of Committee By Date 1987 - 1988 City of Saint Paul Financial Advisor Agreement WHEREAS, the City requires the assistance of a financial advisor and the City T easurer recommends the redesignation of Springsted, Inc. of Saint Paul; now, therefore, be it RESOLVED, by the Council of the City of Saint Paul, that Springsted, I . of Saint Paul is so designated ,and the Agreement relating to f' ancial advisor for 1987 and 1988iis hereby approved for execution n behalf of the City. I COUNC[LMEN Request�d by Department of: Yeas p�eW Nays � Nicosia Financ and Management Services Rettma�' Itl F8v0[ � Scheibel � � � � Sonnen �__ Against BY �eedes.r4 Wilson MA� ) c 1987 Form Appr y City A orn Adopted by Council: Da e Certified Pass d uncil S cre y BY / Bp App ed by Mavor: Dat MAR ] 3 1987 Apprnv Mayor for Submi ncil� _� s PUSIISHED �t�HR 2 11987 � , ` . SPRINGSTED i CORPORATED �F� ��-�'Z 3 � Public Finance Ad isors 85 East Seventh PI ce,Suite 100 �-�*� Saint Paul,Minnes ta 55101•2143 ��� 612•223�3000 AGREEMENT THIS AGRE MENT (the "Agreement") made and entered into as of January i, 1987, by a d between the CITY OF SAINT PAUL (the "City"), a municipat corporation of the State of Minnesota, and SPRINGSTED INCORPORATED (the "Finan ial Advisor"). The City and Financial Advisor do hereby mutually agree as fol ows: I. The F nancial Advisor shall perform the following services A through H for e ch Issue of the City's obligations during the term of this Agree ent: A. he Financial Adviso�r shall prepare and submit to the City, � ormally or informally: An appraisal of the fiscal feasibility af the tssue based upon information provided by the City. An estimate of the principal and interest ("Debt Service") requirements of the Issue. An opinion of the adequacy of current or proposed cost recovery policies to provide Debt Service as such information is provided by the City. . Alternative methods, if any, available for the provision of Debt Service revenues. . _ _ - :__---_ _. - Alternative methods, if any, for spi-eading the cost of the lssue. An opinion of the impact of the Issue upon the City's: - d. Rating b. Future financing An estimate of the cost impact of the Issue. . An opinion of the marketability of the Issue. B. he Financial Advisor shall prepare and recommend a debt etirement plan (the "Plan") for the Issue subject to acceptance by he City. The Plan shall consider: I. Projected available revenues, including taxes if appropriate, for Debt Service. . Correlation of Debt Service with outstanding and projected indebtedness. Current and projected fiscal policies. Fund-flow adequacy to meet Debt Service. To#a) community resources. . Marketability factors, including: a. Current and forecasted market conditions; � b. Rating; c. Discount requirements; d. Rate limitatior�s; e. Redemption options; f. Length of maturity; -I- � � � �����3 g. Denominations; h. Security covenants; and i. Market acceptability of the purpose of the Issue. 7 Compliance with arbitrage regulations. C. n behalf of the City, and with its cooperation, the Financial dvisor shall perform the research and datQ collection process n cessary to write, publish and distribute the Official Statemenf f r the Issue, which Statement shall be solely the Official S atement of the City and shall be released only after it has been a proved by the City. The Official Statement shall be dastributed b the Financial Advisor to prospective bidders. D. he Financial Advisor sha11 arrange for the publication of the fficial Notice of Sale. E. he Financial Advisor shall attend the opening of bids for the Issue, mpute the accuracy of the bids received and make a r commendation as to the acceptability of the best offer. The f nal decision of acceptance or rejectinn will belong solely to the ity. F. he Financial Advisor shall arrange for the printing of the bligations of the Issue and delivery of the {ssue. G. he Financial Advisor shall make a specific recommendation to the ity relative to having the Issue rated, and if the City elects to pply for a rating, the Financial Advisvr shall make the application n behalf of the City. . __ .._ _---- -- —-_ _ , H. he Financial Advisor shall compile a Bond Record for the Issue hich shall contain pertinent information to which reference may e needed to be made during the life of the Issue. The Record will i clude a schedule of Debt Service payments. II. The F nancial Advisor shall also perform such other financia) advisory servic s as the City may request. III. Far t purpose of the Agreement, the Financial Advisor shalt be deemed to be n independent contractor and not an employee of the City. Any and a I employees of the Financial Advisor or other persons, while engag d in the performance of any work or services required by the City and o the Agreernent, shall not be considered employees of the City and any d all claims that may or might arise under tf�e 'JVorkmen's Comp nsation Act of Minnesota on behalf of said empfoyees or other perso s while so engaged, and any and all claims made by any third party as a onsequence of any act or omission on the part of the Financial Advis r's employees or other persons while so engaged by the Financial Advis r or nny of the work or services to be rendered under the � Agre ent shall in no way be the obligation or responsibility of the City. IV. The inancial Advisor shall be deemed a contractor for fihe application of al provisions hereto and laws against unlawful discrimination on acco t of race, creed, sex, religion, color or disability. The Financial Advis r agrees to abide by all the terms and conditions contained in Chap er I 83 of the Saint Paul Legislative Code, as amended. -2- - .�..�_...�..._....._��,__.... ._:.._.._,_._____ .___ _... �...__._ .. .,...__..._..� _ _ _'.,.. . _____.___..__ _ _ ._ , . , � �. . ` . � � ('��-y.��3 V. The Fi anciai Advisor warrants that it has not employed or retained any compa y or persons other than bona fide employees working solely for the Fi ancial Advisor to solicit or to secure the Agreement and that the Financ al Advisor has not paid or agreed to pay any company or person any f es, commission, percentage, brokerage fee, gifts or any other consid ration contingent �pon or resulting from the award or making of the A reement. For a breach or violation of this warranty, the City shall ve the right to annul the Agreement without liability or in its � discre ion to deduct from the contract price or consideration or other ise recover the full amount of such fee, commission, percentage, broker ge fee, gift or contingent fee. VI. The F nancial Advisor is currently performing or may ,perform similar I and li e services for other governrnental units. If at any time it should be re sonably determined by the City that any such relationship repres nts a conflict of interest with the duties of the Financial Advisor for th City, the Financial Advisor shall have the option of resigning from ither the conflicting relationship or the Agreement. t_, VII. The Fi ancial Advisor shall perform services pursuant to this Agreement only u on the request of the City Director of Finance and Management Servic s, or his designee. In all transactions with respect to which the Finan ial Advisor is requested by the City to render an opinion or certifi ation, the Financia) Advisor shall do so only if it has been and contin es to be a participant in all conferences and discussions in which other rincipals to the transaction have participated or will participate, and o ly if all data pertinent to the transaction is disclased to the Finan ial Advisor. In the event the Financial Advisor renders an opinion relati to a transaction and thereafter conferences and discussions � -- - - `- -occur elative to the transaction in which the Financidl Advisor is not a -- participant and additional data for such transaction is deveioped, the Finan ial Advisor reserves the right to. withdraw and disavow any opinion _ theret fore rendered and shall be indemnified by the City for any c{aims and d mages for which the Financial Advisor may become liable by I reason of its said opinion, notwithstanding any (anguQge in the ' Agree ent to the contrary. VII1. A. or performance of the services described in Sections i.A through I H the Financial Advisor shall be compensated as follows: I A retainer fee of $8,500 due annually in JanuQry, 1987 and I 988. $I 00 per hour for of f icers. $90 per hour other professional staf f. $35 per hour for support staff. B. or all other services performed pursuant to the Agreement, xcept as such services may be pursuant to sections (X herein for hich different rates are established, the Financial Advisor shall e compensated at the hourly rates of: I $I50 for senior offiicers. $125 for project manager. $90 for other professional staff. $35 for support staff. -3- -- _ ..�..___ _�. __ .. .,....._�.. _ ..___, ._._. � _ . _.s . 4 ,�.�.,...-...,-,,,... __.. _ . _._. _._._.._ __ _.�_ _ . 4 • . � ' . . . _ ���� 3 C. he Financial Advisor shall cooperate with the City ta maximize t e City's contribution to the performance of the services escribed herein in order to minimize the hours charged to the City y the Financial Advisor. O. I addition to the Financial Advisor's compensation for its services, t e Financial Advisor shall be reimbursed for actual expenses, ther than normal overhead, incurred by reason of the Financial dvisor's performance of services for the City, which expenses s all inctude without exclusivity of other appropriate expenses: I Advances made on behalf of the City including those for: a. Publication and distribution of Officiat f`Jotices; b. Printing of obligations; c. County Auditor Certificates; and d. Delivery and security expenses. Travel expenses. � Postage, telephonic, messenger and copying costs. IX. The Fi ancial Advisor's schedule of compensation for advance refunding issues, if any, shall not necessarily be the same as set oufi herein, but shall b negotiated between the City and the Financia) Advisor issue by issue. X. Nothin in this Agreement shall preclude the City and Financial Advisor from utually amending the terms hereof or from entering into separate agree ents for specific projects. � XI. --A. illings by the Financial Advisor for servi�es I.A through t.H-of this -- greement and advances by the Financial Advisor relafive to such s rvices shall be at the time of delivery of fihe obligations of each _ i sue. All other billings by the Financial Advisor shall be monthly. B. I emized statements, identifying dates and hours worked and e penses ineurred in connection with the performance of services rsuant to the Agreement will be furnished to the Cifiy by the inancial Advisor. C. I order to establish legal authority to honor requests for r imbursement for advances made for actual expenses incurred by t e Financial Advisor, the City will be supplied support documents, s ch as itemized invoices or other billings which clearly identify s rvices rendered. D. ecessary air travel shal) ordinarily be reirimbursed at regular coach r te. E. xpenses reimbursable to S-I shall not include entertainment and I i uor expenses. XII. The Fi ancial Advisor shall have no interest in the purch�e or resale of any Iss e offered by the City, nor shall it or any of its emplayees use the inform tion gained by ceasan of the Financial Advisor's employment by the Ci y for personal gain or benefit. This Agreement shall not be deeme to exclude the parties hereto from entering into separate contra ts between them relative to a specific Issue or Project. -4- __ _- _____. _,__._.. _ _ _._.�.� _...___.� __.��..�_�._.�.�� ..___ _ _ . . _ _ _ _ . _ _.. _.._._,�. . _ n...�,�._._„�,e.�.�,.. 1 y �. ' . . %(� �7-��3 This Agreem nt shall continue through December 31, 1988. IN WITNES WHEREOF, the parties have caused this Agreement to be executed as f January I, 1987. . BY: Mayor , � Director of Finance and Management Services _,____,_ €" SPRINGSTED INCORPORATED ! BY: � � — � r : :. . ief Executive Offic�r,-' Approved a to form: � , � � Ass' tant C ty Attorney 5- �_._....__.�_.....__, .._____._._.._.� .. .._._ _ _ . _.. _. ..�__ �....�_. � �T�._,. . , .,. __. _ _.,_...._.�. ..__ _ � Finance & Mana �men Servic s �EPARTMENT ��'11� � ' Gary Norstrem � aONTACT N� 3475 292-7016 � P�HONE � dATE �� �� 7- 3 3 ASSIGN NUMBER FOR ROUTIN ORDER C1� All Locations for Si nature : Department Director ' 3 Director of Management/Mayor � Finance and Manageme Services! Di�rector 4 't Clerk � Budget Director ity Attorney WHAT WILL BE ACHIEVED BY AKING ACT 0 ON THE ATTACHED MAT RIALS (Purpos / , Rationale) : Resolution esignate�s �pringsted, Inc. s the Financial Advisor for the City'io�f Saint Paul, 198 - 1988 . '� ' � , ,', ' �'' \� �°�'1 � �' COST/BENEFIT, BUDGETARY D PERSONN L IMPACTS ANTICIPATED: Retainer fe and ser i e fees are inclu ed in annual.���ce budgets, ! FE818 �987 i . ; CITY ATTORNEY , FINANCING SOURCE AND BUD ET ACTIVIT UMBER CHARGED OR CRE ITED: (Mayor's signa- � ture not re- Total Amount of Transa tion: quired if under ', $10,000) Funding Source: 'i '� � Activity Number: ATTACHMENTS List and Nu er All At a hments : 1 . Council Resoluti�pn' �"- R�C��^ _ 2 . Agreeme t (2) '�, r�E g 1 % 1�$7 ', ', � OFFlCr c.f� r M� p����OR � DEP"�^TAAEWT �1F F�i��ANCE ' ; AfVD +�,A..:,�_ly;EPr'� SERVICE$ j , ,� DEPARTMENT REUIEW CI Y ATTORNEY REVIEW ' X Yes No Council Re lution Requ�,red? Re olution Required? es I(�No Yes No Insurance quired? In urance Sufficient? �es No Yes No Insurance tached: , , i : (SEE REVER E �,SIDE FOR INSTRUCTION ) Revised 12/84 ' , , I I . � �,_�� 3 -�:3�r��� - CITY OF S�.INT P�.UL : � . . :�n r r ni ' OB'FICE OF T33T CITY COIINCIL � Committee Repart �`i�an e l�ana ement & P�rsonnel Committee. . MARCH 5, 1987 l. Approval of minu es from meeting held February 26, 1987. approved 2. Resolution autho izing proper city officials to execute an amendment to the Consolidated Coo eration Agreement between the city and the Public Housing Agency for the p rpose of re�ucing the PILOT payment to benefit the low-incame housing program n Saint Paul (laid over from February 26, 1987). passed out w/o rec. 3. Resolution amend ng Section 16.D of the Civil Service Rules pertaining to alternates for C mmission hearing and/or meeting (laid over from February 19, . 1987) . see o d. in substitution of this res.--ord. passed out w/o rec. 4. Resolution amend ng the Civil Service Rules concerning procedures for appealing discharge or red ction or suspension. approved • 5. Resolution amend g the Civil Service Rule� concerning procedures for appealing discharges, redu tions or suspensions through the official. grievance procedure ;.document.=laid er to 3/19- - ----_ - � _- - 6. Resolution establ shing the rate of pay in Grade 34, Section I D 1, Clerical Group of the Sala y Plan and Rates �f Compensation Resolution for the title of Recruitment an Selection Coordinator. approved 7. Resolution amendi g the 1986 Long Range Capital Improvement Budget and trans- ferring $80,000 f om ma3or sewer repair to Forster 'Street sanitary sewer. anproved 8. Resolution amendi g CDBG Year XII Program and addir�g $75,000 to Dayton's Bluff NHS to assist low moderate income homeowners. �pproved 9. Resolution adopti g the 1986 Joint Deb�t Advisory Co�mmittee Report. approved 11. Letter of the Sta e Department of Revenue transmitting Application No. 329023 of Eric B. Hollan for reduction of assessed valuation of certain real estate in the city of Sa t Paul. discussed 12, Letter of the Stat Department of Revenue transmitting Application No. 329036 of Mark W. Reiling for reduction of assessed valuation of certain real estate � in the city of Sai t Paul. discussed CITY HALL SEVENTH FLOOR SAIN'T PAUL,MINNESOTA 55202 .�.rs . __._ _�_.___..,�.....,...R���._,.,. �,.._._,_.....�.e.��..._,..._.....�...,....._....__._.. _____----.....a..- .._. .�.,.R...w ...�__.._. . __,.._._.�r_, .....� �r--W- �i. � .«-.......T..e. .