17-Move to approve a financial advisory contract with Southwest Securities

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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Presented By: Agenda Item No.: Ol/04/10 Council Date: Finance Gene Anderson 17. O1/11/10 RECOMMENDED MOTION: Move to approve a financial advisory contract with Southwest Securities, Inc. POLICY ISSUE(S): Fiscal Management The attached contract sets out the exact nature of the City of Paris' relationship with Southwest Securities, Inc. with regard to the upcoming refunding of a substantial portion of the City's outstanding long-term debt and the upcoming issuance of new debt for the Collegiate Drive Project. This contract is not mandatory for the refunding issue or new issue to take place or for Southwest Securities to act as the City's financial advisors; however, staff is recommending its approval for two reasons. First, federal regulators do not require but like to see such agreements in place between taxing entities and their financial advisors. Second, the current Council has not been through either the refunding process or the process for issuing new debt. This document spells out the type of services provided by a financial advisor thus allowing the Council to see why the City needs a financial advisor in these circumstances. BOARD/COMMISSION RECOMMENDATION: N/A EXHIBITS: Resolution ACTION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $NA ❑ Department Report Z Resolution Budgeted Amt. $NA ❑ Presentation ❑ Ordinance y'I'D Actual $NA ❑ Public Hearing ❑ Other Acct. Name NA Acct. Number NA FISCAL NOTES: None REVIEWED AND APPROVED BY: Z Administration Z City Clerk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire ❑ Municipal Court E Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Urilities City of Paris - _„k, ~ J Revised 2/04/08