HomeMy WebLinkAboutResolution 5259
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RESOLUTION NO. 5259
Authorize retaining Public Financial Management, Inc. as the City's Financial Advisory
Consultant.
CITY OF MOUNDS VIEW
County of Ramsey
State of Minnesota
Councilor Quick introduced the following resolution and moved its adoption:
WHEREAS, the City periodically issues bonds or refunds (refinances) outstanding bonds and has
determined that it is in the best interests of the City to retain an independent financial advisor to
assist in planning and issuing any such bonds; and
WHEREAS, the City has determined that Public Financial Management, Inc. would provide the
City with the best service at the lowest cost to the City.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View that
Public Financial Management, Inc. is hereby hired as the City's financial advisory consultant.
BE IT FURTHER RESOLVED that if the City issues any bonds, the 1998 fee for such service,
including the planning for such a bond issue, shall not exceed $13,500 plus actual out of pocket
expenses for items such as printing the Official Statement. Fees in future years will be provided to
the City prior to providing any services but are not expected to increase at a rate greater than the
inflation rate.
BE IT FURTHER RESOLVED that if Public Financial Management, Inc. (PFM) assists in
planning for a project and that bonds are issued to finance said project, the City will not be
responsible for any fee to PFM other than the fee associated with the bond issue. If bonds are not
issued, PFM will bill the City at its standard hourly fee, not to exceed a preestablished maximum.
For the Mermaid project, the preestablished maximum fee shall not exceed $4,500.
The motion for the adoption of the foregoing resolution was duly seconded by Gunn and the roll
being call, the following vote was recorded:
V oting Aye: Council members Gunn, Quick, and Koopmeiners and Mayor McCarty.
Voting Nay: Council member Stigney.
Not Voting: None.
Whereas said resolution was declared to have been duly passed and adopted this 24th day of
August, 1998.
ATTEST:
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Mayor ~,/t-T
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(SEAL)
Deputy Clerk