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86-195 WHITE - CITV CLERK PINK - FINANCE G I TY -O F SA I NT PA U L Council (�/-+C CANARV - DEPARTMENT FIl@ NO. �"' '� '~ BLUE - MAVOR - Co nc ' esol tion � Presente y � +�� i Referred To �� v � l� L� %f Committee: Date 1 —�—�� Out of Committee By Date 1986 City of Saint Paul Financial Advisor Agreement WfiEREAS, the City requires the assistance of a financial advisor and the City Treasurer 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, Inc. of Saint Paul is so designated and the Agreement relating to financial advisor for 1986 is hereby approved for execution on behalf of the City. COUNC[LMEN Requested by Department of: Yeas p�� Nays � �� Finance Mana t Services �� [n Favor Scheibel Sonnen _ A gainst BY Tedesco 111l+1�eR— FEB i 3 1986 Form Approved City Attorn Adopted by Council: Date Certified P . e Council Secretary BY � By - A►pprov by iVlavor: Date �" " '; '� Appr y Mayor for Submiss n to cil By B PUBIISH Mf�R - Finance &,Managemen rvice DEPARTMENT C;/"��NO 3460 . . • Gar}� Norst�em � CONTACT 292-7016 PHONE December 31, 1985 DATE �Q/�� /, e ASSIGN NUN�3E�t FOR ROUTING ORDER (Clip All Locations for Signature) : Departme�nt Director 3 Director of Management/Mayor � Finance and Management Services Director �! City Clerk Budget Director 1�'i ty Att�rney WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/ . Rationale) : Resolution designates Springsted, Inc. as the Fina��ial Advisor for the City of Saint Paul. R�C��ri._s.�. � r.-. •.-., ....,� v p,i'� �_ �, I��C� y ��p�� E JAN - � 15�6 �IAYOR'S OFFIC OFFIt; UF �h1� JI;ltCTnR DEPq:2rn,ncN7 �r �,,,,Q� F COST/BENEFIT��BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: L4ND M�qNq�;��t�� L� $etainer fee and service fees are included in annual debt service budgets. FINANCING SO�JRCE AND BUDGET ACTIVITY NUMBER CNARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of Transaction: quired if under $10,00Q) Funding Spurce: . Activity Number: ATTACHMENTS {List and Number All Attachments) : I. Council Resolution 2. Agreement (2) DEPARTMENT R�VIEW CITY ATTORNEY REVIEW �Yes No Council Resolution Required? Resolution Required? �Yes No Yes No Insurance Required? Insurance Sufficient? /f� Yes No Yes No� Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 _ �� . - � . . . � f��-�� SPRINGSTED I INCORPORATED � PUBLIC FINANCE ADVISORS AGREEMENT THIS AGREEMENT (the "Agreement") made and entered into as of January 1, 1986, by and� between the CITY OF SAINT PAUL (the "City!'), a municipa[ corporation of the State of Minnesota, and SPRINGSTED lNCORPORATED (the "Financial Advisor"). The City and Financial Advisor do hereby mutually agree as follows: I. The Financial Advisor shall perform the following services A through H . for each Issue of the City's obligations during the term of this Agreernent: A. The Financial Advisor shall prepare and submit to the City, farmally or informally: , I. An appraisal of the fiscal feasibiliiy of t�e lssue based upon information provided by the City. 2. An estimate of the principal and interest {"Debt Service") requirements of the Issue. 3. An opinion of the adequacy of current or proposed cost recovery policies to provide Debt Service as such information is provided by the City. 4. Alternative methods, if any, available for the provision of Debt Service revenues. _ 5. Alternative methods, if any, for spreading the cost of the Issue. - - . _ . �-- __ 6. An opinion of the impact of the Issue upon the City's: a. Rating b. Future f inancing 7. An estimate of the cost impact of the lssue. 8. An opinion of the marketability of the tssue. B. The Financial Advisor shall prepare and recommend a debt retirement plan (the "Plan") for #he Issue subject to acceptance by the City. The Plan shall consider: I. Projected available revenues, including taxes if appropriate, for Debt Service. 2. Correlation of Debt Service with outstanding and projected indebtedness. 3. Current and projected fiscat poticies. 4. Fund-f low adequacy to meet Debt Service. 5. Total community resources. 6. Marketability factors, including: a. Current and forecasted market conditions, b. Rating; c. Discount requirements; d. Rate limitations; e. Redemption options; f. Length of maturity; 800 Osborn Buifding, �aint Paul, Minnesota 55102 (612) 222-4241 250 North Sunnyslope Road, Brookfield,Wisconsin 53005{414) 782-8222 . . . �,,F�',��I�!_� g. Denominations; h. Security covenanfis; and i. Market acceptability of the purpose of the Issue. 7. Compliance with arbitrage regulations. C. On behalf of the City, and with its cooperation, the Financiai Advisor shall perform the research and data collection process necessary to write, publish and distribute the Official Statement for the lssue, which Statement shall be solely the Officiat Statement of the City and shal! be released only after it has been approved by the City. The Official Staternent shall be distrib�ted by the Financial Advisor to prospective bidders. . D. The Financial Advisor sha{I arrange for the publication of the Official Notice of Sale. E. The Financial Advisor shall attend the opening of bids for the tssue, compute the accuracy of the bids received and make a recommendation as to the acceptability of the best offer. The finat decision of acceptance or rejection will belong solely to the City. F. The Financial Advisor shall arrange for the printing of the obligations of the Issue and delivery of the tssue. G. The Financial Advisor sha11 make a specific recommendafiion to the City relative to having the Issue rated, and if ihe City etects to apply for a rating, the Financial Advisor shall make the application on behalf of the City. - � H. -- The Financial Advisor shatt°compile a Bond F�ecord for the tssue - - which shall contain pertinent information to which ref�rence may be needed to be made during the life of the lssue. The Record wil! include a schedule of Debt Service payments. II. The Financial Advisor shall atso perform such other financia[ advisory services as the City may request. IIL For the purpose of the Agreemen"t, the Financial Advisor shatl be deemed to be an independent contracfior and not an employee of the City. Any and all employees of the Financial Advisor or other persons, while engaged in the performance of any work or services required by the City and of the Agreement, shall not be considered employees of the City and any and all claims that may or might arise under the Workrnen's Compensation Act of Minnesota on behalf of said employees or oiher persons while so engaged, and any and all claims made by any third parfiy as a consequence of any act or omission on the part of the Financial Advisor's employees or other persons whi le so engaged by the Financia! Advisor or any of the work or services to be rendered under the Agreement shall in no way be the obligation or responsibility of the City. IV. The Financial Advisor shall be deemed a contractor for the apptication of all provisions hereto and laws against unlawful discrimination on account of race, creed, sex, religion, color or disability. The Financial Advisor agrees to abide by all the terms and conditions contained in Chapter (83 of the Saint Pau) Legislative Code, as amended. _2_ � _ ' � . . �°"�---- :�'�� -< <� V. The Financial Advisor evarrants that ifi has not employed or retained any company or persons other than bona fide employees working sole[y for the Financial Advisor to soficit or to secure the Agreemen� and that the Financial Advisor has not paid or agreed to pay any company or person any fees, commission, percentage, brokerage fee, gifts or any other consideration contingent upon or resulting from the award or making of the Agreement. For a breach or violation of this warranty, the City shall have the right to annul the Agreement without liability or in its discretion to deduct from the contract price or considerafiion or otherwise recover the full amount of such fee, commission, percentage, brokerage fee, gift or contingent fee. Vf. The Financial Advisor is currently performing or may perform similar and (ike services for other governmental units. If at any time it should be reasonably determined by the City that any such relationship represents a conflict of interest with the duties of the Financial Advisor for the City, the Financial Advisor shall have the option of resigning from ei-ther the conflicting relationship or the Agreement. , Vll. The Financial Advisor shall perform services pursuant to this Agreement only upon the request of the City Director of Finance and Management Services, or his designee. In all transactions wifih respect to which the Financial Advisor is requested by the City to render an opinion or certification, the Financial Advisor shall do so only if it has been and continues to be a participant in all conferences and discussions in which other principals to the transaction have participated or will participate, and only if all data pertinent to the transaction is disclosed to the Financial Advisor. In the event the Financial Advisor renders an opinion relative to a transaction and thereafter eonferences and discussions occur " ° relative to the transaction in which ihe Financial Advisor is not a participant and additional data for such transaction is devetoped, the Financial Advisor reserves the right to withdraw and disavow any opinion theretofore rendered and shall be indemnified by the City for any ctaims and damages for which the Financial Advisor may become (iable by reason of its said opinion, notwithstanding any language in the Agreement to the contrary. VI11. A. For performance of the services described in Sections t.A through I.H the Financial Advisor shall be compensated as follows: I. A retainer fee of $8,500 payable January"2, 1986. 2. $97.50 per hour for officers. 3. $78.00 per hour for non-officer computer personnel. . 4. $36.40 per hour for all other personneL B. For all other services performed pursuant to the Agreement, except as such services may be pursuant to sections [X herein for which different rates are established, the Financial Advisor shal! be compensated at the hourly rates of: I. $125 for officers. 2. $78 for non-officer computer personnel. 3. $36.40 for all other personnel. -3- • ` • . . (.�""," ;�/�, _,��l'-%. C. The Financial Advisor shal! cooperate with the City to maximize the City's contribution to the performance of the services described herein in order to minimize the hours cnarged to the City by the Financial Advisor. D. In addition to the Financial Advisor's compensation for its service's, the Financial Advisor sha11 be reimbursed for actual expenses, other than normal overhead, incurred by reason of the Financial Advisor's performance of services for the City, which expenses shall include without exclusivity of other appropriQte expenses: 1. Advances made on behalf of the City including those for: a. Publication and distribution of Official Notices; b. Printing of obligations; c. County Auditor Certifieates; and d. Delivery and security expenses. 2. Travel expenses. 3. Postage, telephonic, messenger and copying costs. IX. The Financial Advisor's schedule of compensation for advance refunding issues, if any, shall not necessarily be the same as set out herein, but shaft be negotiated between the City and the Financial Advisor issue by issue. X. Nothing in this Agreement shall preclude the City and Financial Advisor from mutually amending the terms hereof or from entering into separate agreements for specific projects. _, X(. A._ Billings by the Financial_Advisor for services 1.A through I.H of_#his - Agreement and advances by the Financial Advisor relQtive to such services shall be at the time of delivery of the obligations of each issue. All other billings by the Financial Advisor shall be monthly. B. Itemized statements, identifying dates and hours worlced and expenses incurred in connection with the performance of services pursuant to the Agreement will be furnished to the City by the Financial Advisor. C. In order to establish legal authority to honor requests for reimbursement for advances made for actual expenses incurred by the Financial Advisor, the City will be supplied support documents, such as itemized invoices or other billings which clearly identify services rendered. D. Necessary air travel shal I ordinari ly"be reimbursed at regutar coach rdte. E. Expenses reimbursable to S-I shall not include entertainment and liquor expenses. XI1. The Financial Advisor shall have no interest in the purchase or resale of any (ssue offered by the City, nor shall it or any of its emptoyees �se the information gained by reason of the Financial Advisor's employment by the City for personal gain or benefit. This Agreement shall not 6e deemed to exclude the parties hereto from entering into separate contracts between them relative to a specific Issue or Project. . _4_ , . ' ' . • ' (`/`"d�' �`� J This Agreement shall continue through December 31, 1986. IN WITNESS WHEREOF, the parties hove caused this Agreemen# to be executed as of January I, I 986. � . BY: Mayor Director of Finance and Management Services � SPRINGSTED INCORPORATED � � . � /' B1G:' hief Executive Officer �•" ' Approved as to form: / Il�y As ' ant City Attorney -5- �-- ��;- i y.� ` f,,, CITY OF SAINT PAUL �� OB'B'ICE OF THE CITY COITNCIL �� .t: .. .. • i �ommlttee Regart F:i�.an�e l�a.na ement & P�rsannel C�mmitt�e. I _ .. . � February 6, 1986 1. Approval of minutes from meeting held January 23, 1986. approved 2. Resolution amending the Salary Plan and Rates of Compensation Resolution pertaining to vacation. approved i 3. Resolution amending the 1986 budget by adding $4,400 to the Financing Plan and to the Spending Pl.an for Executive Adeministration Department-Budget Section-Data Processing. approved $.---�teae�ntiea-amending-t�e-��${r�adget-i��►-trarc��err�ng-'��i�;��3�-f ren��e��.ee-te �ee�n�ea�-aad-�appert-�taff-te-8ityeaide-�n�erma.t#ea--�e��tees- � 5. Resolution authorizing payment of $2,500 to Joseph H. Scheunemann for halance of severence pay. moved out without recammendation , 6r< �solution appxov�� the_��t Gity of Saint PaiiT.-.�inancial Advisor Agreement; '9�p�''i1°�!�`t��:�.��c.=�• des�ignee. approve� ---._ __. -. -_ - 7. R�solution amending the Salary Plan and Rates of Compensation resolution by inserting Martin Luther King,Day as a paid holiday in Section I, Subsection l, Holidays. approved . 8. Resolution amending the Salary Plan and Rates of Compensation resolution by establishing the rates of compensation for the revised title Secretary and for the new title of Secretarq (Stenographer) in Section I C 1 and deleting the current rate of compensation for the old title Secretary. � �approved � 9. Resolution amending the Salary Plan and Rates of Compensation Resolution to change the compensation for the position of Human Rights Analyst-Researcher. laid over to 2/13 10. Resolution .approving Memorandum of Understanding pertaining to seniority provisions related to the merging of Housing and Fire Inspection Services between the City and AFSCME Local 1842. approved 11. Resolution amending Section I of the Salary Plan and Rates of Compensation Resolution by replacing 1985 Standard Ranges for Clerical, Technical, Professional, Police and Fire groups with the 1986 Standard Ranges. apProved Cny �,I,I, SEVENTH FLOOR - SAINT PAUL,MINNESOTA 5510Z �.°s