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<br />. ¿/~~ <br /> <br />The attachment contains a description ofthe responsibilities of the respective members of <br />the financing team. Since these bonds will be sold competitively, the Council does not <br />need to appoint an underwriter to purchase and sell these bonds on behalf of the City. <br /> <br />William Euphrat, the proposed financial adYisor, has reviewed the proposals submitted <br />from bond counsel, disclosure counsel, and city counsel and finds their proposed fees <br />competitive with the market rates for these services. The Finance Director has reviewed <br />Mr. Euphrat's proposal and finds his proposed fees in line with fees the City has paid him <br />for past bond issues and consistent with the level of complexity of this bond sale. <br /> <br />Alternative <br />The PF A Board may reject staffs recommendation to engage these firms to provide the <br />professional services needed to successfully sell bonds for this project. Staff will need to <br />obtain proposals from other firms since staff does not have the expertise to perform these <br />functions. Obtaining proposals from other firms may delay the issuance of bonds by up to <br />two months without any guarantee that staff will be able to identify firms that can provide <br />comparable services at less cost. The City anticipates that the bond proceeds from the <br />first bond issuance will be expended on schedule, and therefore the issuance of the <br />second series of bonds is time-critical to keep the project on track. <br /> <br />Fiscal Impact <br />The cost for each member of the financing team is as follows: <br /> <br />William Euphrat Municipal Finance, Inc. as financial advisor <br />Nossaman, Guthner, Knox & Elliott as bond counsel <br />Jones Hall as disclosure counsel <br />Total Costs <br /> <br />$ 35,000 <br />$ 40,000 <br />$ 27.500 <br />$102,500 <br /> <br />The total costs for each of these services will be provided, as in the customary practice in <br />municipal bond sales, from the proceeds of the bond sale and will only be paid if the City <br />successfully sells these bonds. <br /> <br />fltp ~ <br /> <br />Brian J. Ponty <br />Director of Finance <br /> <br />q¡~ <br />(/'# V <br />Ed Evérett <br />City Manager <br /> <br />Attachments <br />Responsibilities of the Members of the Financing Team <br />