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2017.08.07 CC Packet
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2017.08.07 CC Packet
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8/8/2017 3:03:17 PM
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City Council
Document Type
Agenda/Packets
Meeting Date
8/7/2017
Meeting Type
Regular
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CITY OF <br />EST. 1906 <br />14669 Fitzgerald Avenue North, Hugo, MN55038 • (651) 762-6300 • www.ci.hugo.mn.us <br />TO: Honorable Mayor Tom Weidt and Members of the City Council <br />FROM: Ron Otkin, Finance Director <br />SUBJECT: Agreement for Municipal Advisor Services with Springsted Inc. <br />DATE: For the City Council Meeting of August 7, 2017 <br />REQUESTED COUNCIL ACTION <br />Motion to approve an Agreement for Municipal Advisor Services with Springsted, Inc. and authorizing the City <br />Administrator to execute the Agreement. <br />AGREEMENT <br />The agreement clarifies what services will be provided to the City of Hugo (upon request) and sets the level of <br />compensation for the following four primary services: <br />1) General Municipal Advisory Services <br />2) Securities Issuance <br />3) Arbitrage Monitoring Services <br />4) Continuing Disclosure Services <br />REASON FOR AGREEMENT <br />Following the Great Recession of 1998 Congress approved legislation commonly called the Dodd -Frank Wall <br />Street Reform and Consumer Protection Act. The legislation requires that municipal advisors be registered <br />with the Securities and Exchange Commission and disclose to their municipal clients what services they <br />provide and the cost of such services. <br />LENGTH OF AGREEMENT <br />The Agreement will remain in place until terminated by either party for any reason upon thirty (30) days <br />written notice to the other party. <br />RECOMMENDATION <br />The Finance Department has reviewed the proposed agreement and recommends City Council approval. <br />ATTACHMENT <br />Agreement for Municipal Advisor Services <br />
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