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RESOLUTION NO. 5259 <br /> Authorize retaining Public Financial Managements the City's Financial Advisory <br /> Consultant. <br /> CITY OF MOUNDS VIEW <br /> County of Ramsey <br /> State of Minnesota <br /> Councilor introduced the following resolution and moved its adoption: <br /> WHEREAS,the City periodically issues bonds or refunds (refinances) outstanding bonds and has <br /> determined that it is in the best interests of the City to retain an independent financial advisor to <br /> assist in planning and issuing any such bonds; and <br /> WHEREAS,the City has determined that Public Financial Management, Inc. would provide the <br /> City with the best service at the lowest cost to the City. <br /> NOW THEREFORE,BE IT RESOLVED by the City Council of the City of Mounds View that <br /> Public Financial Management, Inc. is hereby hired as the City's financial advisory consultant. <br /> BE IT FURTHER RESOLVED that if the City issues any bonds,the 1998 fee for such service, <br /> including the planning for such a bond issue, shall not exceed $13,500 plus actual out of pocket <br /> expenses for items such as printing the Official Statement. Fees in future years will be provided to <br /> the City prior to providing any services but are not expected to increase at a rate greater than the <br /> inflation rate. <br /> BE IT FURTHER RESOLVED that if Public Financial Management, Inc. (PFM) assists in <br /> planning for a project and that bonds are issued to finance said project, the City will not be <br /> responsible for any fee to PFM other than the fee associated with the bond issue. If bonds are not <br /> issued, PFM will bill the City at its standard hourly fee, not to exceed a preestablished maximum. <br /> For the Mermaid project, the preestablished maximum fee shall not exceed$4,500. <br /> The motion for the adoption of the foregoing resolution was duly seconded by and the roll being <br /> call,the following vote was recorded: <br /> Voting Aye: . <br /> Voting Nay: . <br /> Not Voting: . <br /> Whereas said resolution was declared to have been duly passed and adopted this 24th day of <br /> August, 1998. <br /> ATTEST: <br /> Mayor <br /> (SEAL) <br /> City Administrator <br />