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<br />e <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 5259 <br />Authorize retaining Public Financial Management, Inc. as the City's Financial Advisory <br />Consultant. <br /> <br />CITY OF MOUNDS VIEW <br />County of Ramsey <br />State of Minnesota <br /> <br />Councilor Quick introduced the following resolution and moved its adoption: <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Gunn and the roll <br />being call, the following vote was recorded: <br />V oting Aye: Council members Gunn, Quick, and Koopmeiners and Mayor McCarty. <br />Voting Nay: Council member Stigney. <br />Not Voting: None. <br />Whereas said resolution was declared to have been duly passed and adopted this 24th day of <br />August, 1998. <br /> <br />ATTEST: <br /> <br />.~<<7fk ~:- <br /> <br />Mayor ~,/t-T <br /> <br /> <br />J\ -~ <br /> <br />(SEAL) <br /> <br />Deputy Clerk <br />