Title
Approval for the Mayor and/or City Administrator to sign a contract with First Southwest Company to provide Financial Advisory Services to the City of Roswell on an as needed basis.
Finance
Body
Item Summary:
AG Edwards was previously the City's Financial Advisor. Wachovia merged with AG Edwards and no longer provides Financial Advisory Services to municipalities. RFQ08-353 was issued and three responses were received. Two firms were selected to present oral presentations to the Evaluation Committee. First Southwest Company is the most responsive responsible proposer to perform the duties of Financial Advisor for the City of Roswell. The Financial Advisor will be used on an "as needed basis" and the City will be charged by the hour for services provided. The hourly rate ranges from $75 to $300 per hour depending on the level of staff member engaged. For example, it would cost approximately $43,000 for financial advisory services in a typcial $20 million GO Bond issuance.
Committee or Staff Recommendation:
On September 15, 2009 the Administration and Finance & Recreation and Parks Committee recommended placing this item on the September 21, 2009 Mayor and Council Agenda. (The September 21, 2009 Mayor and Council Meeting was cancelled due to emergency weather conditions.)
Financial Impact:
Funds will be appropriated on an as needed basis during the fiscal year when financial advisory services are rendered.
Presented by:
Julia H. Luke, Director of Finance