HomeMy WebLinkAbout31740 / 82-20February 18, 1982
�l 20 RESOLUTION
PURPOSE: AGREEMENT BE�dEEN CITY OF OSHKOSH AND
MILLER & SCHROEDF.R MUIVICIPALS, INC.
INITIATED BY: DEPARTT�NT OF ADMINISTRATION
BE IT RESOLVED by the Common Council of the City of Oshkosh that the proper
City officials are hereby authorized and directed to enter into the attached
agreement with Miller & Schroeder Municipals, Inc. for financial consulting
and advisory services regarding bond sales.
BE IT FURTHER RESOLVED, that money for this purpose is hereby appropriated
from Account No. 094-694, Unclassified Expense, Bond Issue.
SUBhITT�D BY ___--°-------.
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FINANCIAL CONSULTING CONTRACT PROPOSAL
CITY OF OSHKOSH, WISCONSIN
In coordination with the sta£f designated by the municipality, Miller
& Schroeder Pfunicipals, Inc. agrees to perform the follow3ng services:
1. Prepare the bond sale calendar which will indicate dates of all
major financial activities. These activities will be scheduled
around regular committee, board or council meetings.
2. Research and identify potential revenues, grants, fees, loans,
assessments, etc. that could offset property tax demands upon
the citizens.
3. Recommend possible changes in or additions to the existing financial
resources and revenues and their legal structure within the municipality.
4. Provide recommendations as to the need for short or intermediate term
financing prinr to or in conjunction with long-term financing and any
desirable call/redemption privileges.
5. Submit for approval various maturity schedules, coordinated vith the
existing debt retirement, that present choices for repayment of princi-
pal and interest.
6. Coordinate activities with the municipality's bond approving attorney
and the municipality's attorney regarding required resolutions and
ordinances.
7. Advise the municipality as to whether the bonds/notes would best be
negotiated or sold at public sale.
8. Select a sale date, day and ti.me that will attract the most competitive
bidding to assure the municipality of the lowest possible interest costs.
9. Prepare the necessary financial details for the Official Notice of Sale
and initiate required publication.
10. Collect and provide the following intiial information; audi[s, budgets
capital improvement programs, initial resolutions and request for rating
application to the rating services, if requested.
11. Compile, in cooperation with Municipal staff and auditors, the informa-
tion to be included in the Official Statement.
12. Distribute the Official Statement to potential bidders and Institutional
Buyers.
13. Submit final detailed financial, revenues, tax and budget data to the
rating services. At the option of the municipality, this couZd be a
personal interview with the municipality's representatives and Miller S
Schroeder's representatives in New York City.
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14. Answer all verbal and written inquiries from potential bidders
prior to actual hour of sale and supervise the mechanics of the
bond sale, tabulate bids for accuracy, advise the municipality
regarding the acceptance or rejection of bids, notify all bidders.
of the award and return the good faith checks to the unsuccessful
bidders.
_ 15. Arrange for printing of the bonds, supervise delivery, arrange for
bond signing and attend bond closing.
16. Assist the municipality in the immediate investment of bond proceeds
to obtain the highest interest rates and assist with money management.
17. Compile and produce transcript book of all activities and prPSent a
copy to the municipality.
FEE SCHEDULE - PER BOND S<1LE
Following is a su�ary of professional fees for financial consulting and
advisory services:
Per Bond Sale - (Minimum) $6;000*
plus $2.00 per thousand for the first $2,500,000
plus $1.00 per thousand over $2,500,000
Revenue Bond Sale is computed at 125% of above fee schedule
*Exemption - In the instance of Oshkosh, Wisconsin this $6,000
is adjusted to $4,000, in recognition of :Sr. Jansen's exper[ise.
This fee covers all our time and expenses pertaining to the issues;
including preparation of the Official Statement, distribution, of the Official
Statement, preparation of all information to the rating services, coordination
of bond closing details, including assistance in reinvestment of bond proceeds
and attendance at the closing of the issues. Also, to include time and e�cpenses
for a ra[ing trip to New York City by our representative, if necessary.
The municipality shall pay for overhead and expenses pertaining [o the issues;
including bond counsel, printing of the Official Statement, bond printing, ratings,
and publication expenses. Also, time and expenses of city representatives for a
rating trip to New York City, if necessary.
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This consulting proposal is presented to the City of Oshkosh, Wisconsin by
Miller & Schroeder Municipals, Inc., Minneapolis, Minnesota, on the 9th day of
February, 1982.
By ���y � �-�,2�/
Ernest L. Clark, Vice President
The proposal presented is hereby accepted, on behalf of the city, by irs
authorized personnel this day of ___ , 1982.
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