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for the issuance of the bonds will come before the Council and the Agency for approval <br />in July. Bonds are expected to be sold in August. <br />Ftscal Impact <br />The costfor each member of the financing team is as follows: <br />Nossaman, Guthner, Knox & Elliot, bond counsel $45,000 <br />William Euphrat Municipal Finance, Inc., financial advisor 42,500 <br />Jones Hall, disclosure counsel 27,500 <br />Fraser & Associates, fiscal consultant 15,000 <br />Stone & Youngberg, LLC, bond underwriter (.9% of bonds issued) 315.000 <br />Total Costs $445,000 <br />All of these firms were selected based on the quality of service provided to the City on <br />previous bond issues. Additionally, William Euphrat Municipal Finance and Fraser & <br />Associates each provide consulting services to the Agency on a continuing basis for a <br />variety of projects. Fee proposals were additionally obtained from Nossaman, Guthner, <br />Knox & Elliot, Jones Hall, and Stone & Youngberg, which staff evaluated as reasonable <br />and competitive. The total costs for each of these services will be provided, as is the <br />customary practice in municipal bond issues, from the proceeds of the bond issue. <br />Alternative <br />The Agency Board may reject staff's recommendation to engage these firms to provide <br />the professional services needed to successfully sell bonds for this project. Doing so, <br />however, will require staff to obtain proposals from other firms, as staff does not have <br />the expertise to perform these functions. Obtaining proposals from other firms would <br />delay the issuance of bonds by up to two months. <br />Brian X Ponty <br />Director of Finance and <br />Financial Planning <br />Susan Moeller <br />Redevelopment Manager <br />5 --- <br />E Everett <br />City Manager <br />Attachment <br />Responsibilities of the Members of the Financing Team <br />