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HomeMy WebLinkAboutReso 2002-447 RESOLUTION NO. 2002- L/ Lf 1- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH FIRST SOUTHWEST COMPANY FOR FINANCIAL ADVISORY SERVICES, A TT ACHED HERETO AS EXHIBIT" A", ON AN HOURLY BASIS WITH A CAP SET AT $9,500.00 FOR ASSISTANCE IN DEVELOPMENT OF A COMPREHENSIVE FINANCING PLAN FOR THE CITY'S CAPITAL IMPROVEMENT PROGRAM; AND ON AN HOURLY BASIS WITH A CAP SET AT $5,000.00 FOR ASSISTANCE WITH PUTTING TOGETHER A RATING AGENCY PRESENTATION FOR THE CITY AND OBTAINING A CREDIT RATING FROM 'THE RATING AGENCIES; AND TO ASSIST AS THE CITY'S FINANCIAL ADVISOR IN FUTURE BOND ISSUES OR AS AUTHORIZED BY THE CITY MANAGER; AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY, PROVIDING THAT THE AGREEMENT IS REVIEWED BY THE CITY ATTORNEY; AUTHORIZING THE CITY MANAGER TO DO ALL OTHER THINGS NECESSARY TO EFFECTUA TE THE TERMS OF THE AGREEMENT; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Sunny Isles Beach has projects coming up and needs financial advisory services including development of a comprehensive financing plan for the City's Capital Improvement Program, putting together a rating agency presentation for the City, obtaining a credit rating from the rating agencies, and to assist as the City's Financial Advisor in future bond issues or as authorized by the City Manager, and WHEREAS, the City Manager has negotiated an agreement with First Southwest Company and desires to enter into the agreement, attached hereto as Exhibit "A", for Financial Advisory Services on an hourly basis, setting a cap at $9,500.00, for assistance in development of a comprehensive financing plan for the City's Capital Improvement Program, and setting a cap of $5,000.00 for putting together a rating agency presentation and obtaining a credit rating from the rating agencies; and WHEREAS, First Southwest Company will also assist as the City's Financial Advisor in future Bond issues or as authorized by the City Manager. NOW THERE};'ORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Approval of Agreement. The Agreement, attached hereto as Exhibit "A", between the City of Sunny Isles Beach and First Southwest Company, for Financial Advisory Services, on an hourly basis, setting a cap at $9,500.00, for assistance in development of a comprehensive financing plan for the City's Capital Improvement Program, and setting a cap of $5,000.00 for R2002- Agmt wlFirst Southwest Co. for Financial Advisory Services 1 putting together a rating agency presentation and obtaining a credit rating from the rating agencies, is hereby approved. Section 2. Execution by Mayor. The Mayor is hereby authorized to execute said Agreement, providing that the Agreement is reviewed by the City Attorney for form and legal sufficiency. Section 3. Authorization of City Manager. The City Manager is hereby authorized to do all things necessary to effectuate the terms of this Agreement. Section 4. Effective Date. This Resolution will become effective upon adoption. iN " "" - ,~....\. ~ " ,/ , ~ . .,...~ David Samson, Mayor . ~ ATttSTt './ ''--- I':" _,"*.......... .. .\. :--~..,J. .. ,_ '",' '..... . . -" :'~.. I --., ,~3~;~ ~\.l . Rj.chafd Blhwn-~.!'rilla, City Clerk '" .. APPROVED AS TO FORM AND LEG ICIENCY Seconded by: VitL r/{cr J:,feslAs teMi~?~~ AtNJJMfhLl Moved by: Vote: 5-t() Mayor Samson Vice Mayor Iglesias Commissioner Ede1cup Commissioner Goodman Commissioner Kauffman V"" (Yes) :;:(Y es) _(Yes) v (Yes) /(Yes) _(No) _(No) _(No) _(No) _(No) R2002- Agrnt wlFirst Southwest Co. for Financial Advisory Services 2 FINANCIAL ADVISORY AGREEMENT This Financial Advisory Agreement (the II Agreement") is made and entered into by and between The City of Sunny Isles Beach, Florida ("Issuer") and First Southwest Company ("FSC") effective as of the date executed by the Issuer as set forth on the signature page hereof. WITNESSETH: WHEREAS, the Issuer will have under consideration from time to time the authorization and issuance of indebtedness in amounts and forms which cannot presently be determined and, in connection with the authorization, sale, issuance and delivery of such indebtedness, Issuer desires to retain an independent financial advisor; and WHEREAS, the Issuer desires to obtain the professional services of FSC to advise the Issuer regarding the issuance and sale of certain evidences of indebtedness or debt obligations that may be authorized and issued or otherwise created or assumed by the Issuer (hereinafter referred to collectively as the "Debt Instruments") from time to time during the period in which this Agreement shall be effective; and WHEREAS, FSC is willing to provide its professional services and its facilities as financial advisor in connection with all programs of financing as may be considered and authorized by Issuer during the period in which this Agreement shall be effective. NOW, THEREFORE, the Issuer and FSC, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, do hereby agree as follows: SECTION I DESCRIPTION OF SERVICES Upon the request of an authorized representative of the Issuer, FSC agrees to perform the financial advisory services stated in the following provisions of this Section I; and for having rendered such services, the Issuer agrees to pay to FSC the compensation as provided in Section V hereof. A. Financial Planning. At the direction of Issuer, FSC shall: 1. Survey and Analysis. Conduct a survey of the financial resources of the Issuer to determine the extent of its capacity to authorize, issue and service any Debt Instruments contemplated. This survey will include an analysis of any existing debt structure as compared with the existing and projected sources of revenues which may be pledged to secure payment of debt service and, where appropriate, will include a study of the trend of the assessed valuation, taxing power and present and future taxing requirements of the Issuer. In the event revenues of existing or projected facilities operated by the Issuer are to be pledged to repayment of the Debt Instruments then under consideration, the survey will take into account any outstanding indebtedness payable from the revenues thereof, additional revenues to be available from any proposed rate increases and additional revenues, as projected by consulting engineers employed by the Issuer, resulting from improvements to be financed by the Debt Instruments under consideration. 2. Future Financings. Consider and analyze future financing needs as projected by the Issuer's staff and consulting engineers or other experts, if any, employed by the Issuer. 3. Recommendations for Debt Instruments. On the basis of the information developed by the survey described above, and other information and experience available, submit to the Issuer recommendations regarding the Debt Instruments under consideration, including such elements as the date of issue, interest payment dates, schedule of principal maturities, options of prior payment, security provisions, and such other provisions as may be appropriate in order to make the issue attractive to investors while achieving the objectives of the Issuer. All recommendations will be consistent with the goal of designing the Debt Instruments to be sold on terms which are advantageous to the Issuer, including the lowest interest cost consistent with all other considerations. 4. Market Information. Advise the Issuer of our interpretation of current bond market conditions, other related forthcoming bond issues and general information, with economic data, which might normally be expected to influence interest rates or bidding conditions so that the date of sale of the Debt Instruments may be set at a favorable time. 5. Elections. In the event it is necessary to hold an election to authorize the Debt Instruments then under consideration, FSC will assist in coordinating the assembly of such data as may be required for the preparation of necessary petitions, orders, resolutions, ordinances, notices and certificates in connection with the election, including assistance in the transmission of such data to a firm of municipal bond attorneys ("Bond Counsel") retained by the Issuer. B. Debt Management and Financial Implementation. At the direction of Issuer, FSC shall: 1. Method of Sale. Evaluate the particular financing being contemplated, g1Vmg consideration to the complexity, market acceptance, rating, size and structure in order to make a recommendation as to an appropriate method of sale, and: a. If the Debt Instruments are to be sold by an advertised competitive sale, FSC will: (1) Supervise the sale of the Debt Instruments, reserving the right, alone or in conjunction with others, to submit a bid for any Debt Instruments issued under this Agreement which the Issuer advertises for competitive bids; however, in keeping with the provisions of Rule G-23 of the Municipal Securities Rulemaking Board, FSC will request and obtain written consent to bid prior to submitting a bid, in any instance wherein FSC elects to bid, for any installment of such Debt Instruments; (2) Disseminate information to prospective bidders, organize such informational meetings as may be necessary, and facilitate prospective bidders' efforts in making timely submission of proper bids; (3) Assist the staff of the Issuer in coordinating the receipt of bids, the safekeeping of good faith checks and the tabulation and comparison of submitted bids; and (4) Advise the Issuer regarding the best bid and provide advice regarding acceptance or rejection of the bids. b. If the Debt Instruments are to be sold by negotiated sale, FSC will: (1) Recommend for Issuer's final approval and acceptance one or more investment banking firms as managers of an underwriting syndicate for the purpose of negotiating the purchase of the Debt Instruments. (2) Cooperate with and assist any selected managing underwriter and their counsel in connection with their efforts to prepare any Official Statement or Offering Memorandum. FSC will cooperate with and assist the underwriters in the preparation of a bond purchase contract, an underwriters agreement and other related documents. The costs incurred in such efforts, including the printing of the documents, will be paid in accordance with the terms of the Issuer's agreement with the underwriters, but shall not be or become an obligation of FSC, except to the extent specifically provided otherwise in this Agreement or assumed in writing by FSC. r-- I (3) Assist the staff of the Issuer in the safekeeping of any good faith checks, to the extent there are any such, and provide a cost comparison, for both expenses and interest which are suggested by the underwriters, to the then current market. (4) Advise the Issuer as to the fairness of the price offered by the underwriters. 2. Offering Documents. Coordinate the preparation of the notice of sale and bidding instructions, official statement, official bid form and such other documents as may be required and submit all such documents to the Issuer for examination, approval and certification. After such examination, approval and certification, FSC shall provide the Issuer with a supply of all such documents sufficient to its needs and distribute by mail or, where appropriate, by electronic delivery, sets of the same to prospective purchasers of the Debt Instruments. Also, FSC shall provide copies of the final Official Statement to the purchaser of the Debt Instruments in accordance with the Notice of Sale and Bidding Instructions. 3. Credit Ratings. Make recommendations to the Issuer as to the advisability of obtaining a credit rating, or ratings, for the Debt Instruments and, when directed by the Issuer, coordinate the preparation of such information as may be appropriate for submission to the rating agency, or agencies. In those cases where the advisability of personal presentation of information to the rating agency, or agencies, may be indicated, FSC will arrange for such personal presentations, utilizing such composition of representatives from the Issuer as may be finally approved or directed by the Issuer. 4. Trustee, Paying Agent, Registrar. Upon request, counsel with the Issuer in the selection of a Trustee and/or Paying Agent/Registrar for the Debt Instruments, and assist in the negotiation of agreements pertinent to these services and the fees incident thereto. 5. Financial Publications. When appropriate, advise financial publications of the forthcoming sale of the Debt Instruments and provide them with all pertinent information. 6. Consultants. After consulting with and receiving directions from the Issuer, arrange for such reports and opinions of recognized independent consultants as may be appropriate for the successful marketing of the Debt Instruments. 7. Auditors. In the event formal verification by an independent auditor of any calculations incident to the Debt Instruments is required, make arrangements for such services. 8. Issuer Meetings. Attend meetings of the governing body of the Issuer, its staff, representatives or committees as requested at all times when FSC may be of assistance or service and the subject of financing is to be discussed. 9. Printing. To the extent authorized by the Issuer, coordinate all work incident to printing of the offering documents and the Debt Instruments. 10. Bond Counsel. Maintain liaison with Bond Counsel in the preparation of all legal documents pertaining to the authorization, sale and issuance of the Debt Instruments. 11. Changes in Laws. Provide to the Issuer copies of proposed or enacted changes in federal and state laws, rules and regulations having, or expected to have, a significant effect on the municipal bond market of which FSC becomes aware in the ordinary course of its business, it being understood that FSC does not and may not act as an attorney for, or provide legal advice or services to, the Issuer. 12. Delivery of Debt Instruments. As soon as a bid for the Debt Instruments is accepted by the Issuer, coordinate the efforts of all concerned to the end that the Debt Instruments may be delivered and paid for as expeditiously as possible and assist the Issuer in the preparation or verification of final closing figures incident to the delivery of the Debt Instruments. 13. Debt Service Schedule; Authorizing Resolution. After the closing of the sale and delivery of the Debt Instruments, deliver to the Issuer a schedule of annual debt service requirements for the Debt Instruments and, in coordination with Bond Counsel, assure that the paying agent/ registrar and/ or trustee has been provided with a copy of the authorizing ordinance, order or resolution. SECTION II OTHER AVAILABLE SERVICES In addition to the services set forth and described in Section I herein above, FSC agrees to make available to Issuer the following services, when so requested by the Issuer and subject to the agreement by Issuer and FSC regarding the compensation, if any, to be paid for such services, it being understood and agreed that the services set forth in this Section II shall require further agreement as to the compensation to be received by FSC for such services: 1. Investment of Funds. From time to time, as an incident to the other services provided hereunder as financial advisor, FSC may purchase such investments as may be directed and authorized by Issuer to be purchased, it being understood that FSC will be compensated in the normal and customary manner for each such transaction. In any instance wherein FSC may become entitled to receive fees or other compensation in any form from a third party with respect to these investment activities on behalf of Issuer, we will disclose to Issuer the nature and, to the extent such is known, the amount of any such compensation so that Issuer may consider the information in making its investment decision. It is understood and agreed that FSC is a duly licensed broker/dealer and is affiliated with First Southwest Asset Management, Inc. ("FSAMI"), a duly registered investment advisor. Issuer may, from time to time, utilize the broker/dealer services of FSC and/ or the investment advisory services of FSAMI with respect to matters which do not involve or affect the financial advisory services referenced in this Agreement. The terms and conditions of the engagement of FSC and/ or FSAMI to provide such services shall be determined by mutual agreement at the time such services are requested. 2. Exercising Calls and Refunding. Provide advice and assistance with regard to exercising any call and/ or refunding of any outstanding Debt Instruments. 3. Capital Improvements Programs. Provide advice and assistance in the development of any capital improvements programs of the Issuer. 4. Long-Range Planning. Provide advice and assistance in the development of other long-range financing plans of the Issuer. 5. Post-Sale Services. Subsequent to the sale and delivery of Debt Instruments, review the transaction and transaction documentation with legal counsel for the Issuer, Bond Counsel, auditors and other experts and consultants retained by the Issuer and assist in developing appropriate responses to legal processes, audit procedures, inquiries, internal reviews and similar matters. SECTION III TERM OF AGREEMENT This Agreement shall become effective as of the date executed by the Issuer as set forth on the signature page hereof and, unless terminated by either party pursuant to Section IV of this Agreement, shall remain in effect thereafter for a period of five (5) years from such date. Unless FSC or Issuer shall notify the other party in writing at least thirty (30) days in advance of the applicable anniversary date that this Agreement will not be renewed, this Agreement will be automatically renewed on the fifth anniversary of the date hereof for an additional one (1) year period and thereafter will be automatically renewed on each anniversary date for successive one (1) year periods. SECTION IV TERMINATION This Agreement may be terminated with or without cause by the Issuer or FSC upon the giving of at least thirty (30) days' prior written notice to the other party of its intention to terminate, specifying in such notice the effective date of such termination. In the event of such termination, it is understood and agreed that only the amounts due FSC for services provided and expenses incurred to the date of termination will be due and payable. No penalty will be assessed for termination of this Agreement. SECTION V COMPENSATION AND EXPENSE REIMBURSEMENT The fees due to FSC for the services set forth and described in Section I of this Agreement with respect to each issuance of Debt Instruments during the term of this Agreement shall be calculated in accordance with the schedule set forth on Appendix A attached hereto. Unless specifically provided otherwise on Appendix A or in a separate written agreement between Issuer and FSC, such fees, together with any other fees as may have been mutually agreed upon and all expenses for which FSC is entitled to reimbursement, shall become due and payable concurrently with the delivery of the Debt Instruments to the purchaser. SECTION VI MISCELLANEOUS 1. Choice of Law. This Agreement shall be construed and given effect in accordance with the laws of the State of Florida. 2. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Issuer and FSC, their respective successors and assigns; provided however, neither party hereto may assign or transfer any of its rights or obligations hereunder without the prior written consent of the other party. 3. Entire Agreement. This instrument contains the entire agreement between the parties relating to the rights herein granted and obligations herein assumed. Any oral or written representations or modifications concerning this Agreement shall be of no force or effect except for a subsequent modification in writing signed by all parties hereto. FIRST SOUTHWEST COMPANY ,.... By: Hill A. Feinberg, Chairman and Chief Executive Officer Z01J. By: Edward Marquez Senior Vice President By: " Edward D. Stull, Jr. Senior Vice President By: Title: 11 t-y ~ 1''11/-0 vi ;_./ .. 4 .. Date: . ATTEST: ", tj(i,,,,,~'~ lk. APPENDIX A FEE SCHEDULE The fees due to FSC for the services set forth and described in this Agreement with respect to each issuance of Debt Instruments during the term of this Agreement shall be calculated in accordance with the schedule set forth below. Unless specifically provided otherwise herein or in a separate written agreement between the Issuer and FSC, such fees, together with any other fees and may have been mutually agreed upon and all expenses for which FSC is entitled to reimbursement, shall become due and payable concurrently with the delivery of the Debt Instruments to the purchaser. A. The fees due to FSC for Specific Debt Financings will not exceed those contained in our customary fee schedule as listed below. (1) $15,000 $1.25 per $1,000 $1.00 per $1,000 $0.75 per $1,000 for for for $0-10,000,000 of debt instruments issued $10-25,000,000 of debt instruments issued $25-40,000,000 of debt instruments issued Over $40,000,000 (1) Minimum $15,000 per transaction If the Issuer decides to obtain financing from the Florida Municipal Loan Council (FMLC) Pool Program, FSC will provide the Issuer with a credit on the above referenced fees. The amount of the credit will be determined by taking the Issuer's percentage of the overall bond issue and multiplying it by the financial advisory fee obtained by FSC in conjunction with the total FMLC bond issue. B. Compensation on a time and expenses basis, for non-bond related services, FSC's hourly fee schedule, plus out-of-pocket expenses is as follows: Position Senior Vice President and above: Vice President: Assistant Vice President: Analyst: Administrative Staff: Rate per Hour $175.00 $165.00 $150.00 $100.00 $ 60.00 Due to the nature of financial advisory services and our business, FSC bills in half-hour increments. C. In addition, FSC will act as sole bidding agent for the structuring and investment of certain Debt Instrument proceeds. FSC agrees to structure and conduct all bids for any of the funds authorized by the Debt Instrument documents and to comply with Treasury Regulation 1.148-5 that applies to computing the yield and value of such investments and determine required documentation. The successful investment provider shall pay FSC a fee equal to 0.05 percent of the weighted average dollar amount reasonably expected to be invested each year of the investment agreement. The fee paid by the winning provider will be the only compensation received by FSC in connection with its engagement of a bidding agent. The payment of charges for financial advisory services described under Specific Debt Financings, of the foregoing Agreement shall be contingent upon the delivery of the debt instruments and shall be due at the time that the debt instruments are delivered. The payment of charges for other services shall be due and payable in accordance with the mutual agreement therefor between FSC and Issuer. The Issuer shall be responsible for the following ancillary expenses, if and when applicable, whether they are charged to the Issuer directly as expenses or charged to the Issuer by FSC as reimbursable expenses: Bond counsel Disclosure counsel Bond printing Bond ratings Computer structuring Credit enhancement CPA fees for refunding Official statement preparation and printing Paying agent/ registrar/trustee Travel expenses Underwriter and underwriters counsel Miscellaneous, including copy, delivery, and phone charges The charges for ancillary expenses, including computer structuring and official statement printing, shall be levied only for those services which are reasonably necessary in completing the transaction and which are reasonable in amount, unless such charges were incurred at the specific direction of the Issuer. The payment of reimbursable expenses that FSC has assumed on behalf of the Issuer shall NOT be contingent upon the delivery of bonds and shall be due at the time that services are rendered and payable upon receipt of an invoice therefor submitted by FSC. ADDENDUM TO CONTMer THIS Addet'dum to the contract between the City of SuDny Iales Beach (hereinafter referred ~ as the '-city") and First Southwest Company ("FSC. and "ConsultaDt") is made, this 2..-2; day of ~ .2002. 1. ~u.mJJ1CAUO~. FSC agrees to iDdemnitY aDd hold harmless, the City. its ofticas. agents. and emplo)":CS &om. and against. any and all claims. adicms. liabilities. losses aad expeases includiD& but not limitccllO. alIOmeYs fees for personal. economic; or bodily iujmy, wronatW death. loll of or daJDa&e to propcny. at law or ill equity, which may arise or may be alleged to have risen from the negligat ~ errors, omissious or otJu:r wrongfial CODduct of FSC age.atS or other pasonal entity actiD& UDder FSC"s con1rol in COanectiOll with FSC'. perfomwIce of scMees UDder this A8JCCIDCDl The patries agree that tal peraDt (10%) oCtile total compeasatioo is a specific; CODIideratiOD 1iOm the City to FSC 1br this iWmnity. 2. OWNElIIlDP OF D()CVME1qS ~ EQlIlPMENr. All documents ptepan:cl by the FSC pursuaDt to this AgJeemCDt aDd RlatecI services to this Agrcc:ment are intc.Dded ad fI!PI'C*iDIed for the 01lrDerShip of the City 0DIy. Any ocher 1I&C by CcmsuItaDt or other parties shall be approval in writing by the: City. 3. CONfLICJ: OLINTEJ-IESI. FSC covenants that it preseI1tIy has DO interest aDd shall not KquR any intereSt,. ctim:tJy or indiRctly wbieb should ccm1Jict in lID)' manner or degree with the pcrfonDance of 1he services. FSC fiuther co\leaants that in the perfomwlce of this Apeement. no per50D having any such interest shall kDowiDgly be employed by the FSC. IN WITNESS WBEREOF. the panies hereto have exearted this Addeadum OD the day and yar fiIst written above. ~:~ ~~~.~ ,~~ FIRST SOUTJIWEST COMPANY: \ ~ - BY:~ .~J{ Hill A. FeinbaJ. CbaiImm CbiefExecutive Officer BY: .. '.., FORM AND :; ? ~ Financial Mvimt AJ.!cnJum - f:'ac :5a&IdIwe51 rY OF SUN P•_ TO: City of Sunny Isles Beach 17070 Collins Avenue, Suite 250 Sunny Isles Beach, Florida 33160 (305) 947 -0606 City Hall (305) 949 -3113 Fax (305) 947 -2150 Building Department (305) 947 -5107 Fax MEMORANDUM The Honorable Mayor and City Commission FROM: Christopher J. Russo, City Manager CO— DATE: May 14, 2002 City Commission David Samson, Mayor Danny Iglesias, Vice Mayor Norman S. Edelcup, Commissioner Gerry Goodman, Commissioner Lila Kauffman, Commissioner Christopher J. Russo, City Manager Lynn M. Dannheisser, City Attorney Richard Brown - Morilla, City Clerk RE: FIRST SOUTHWEST COMPANY FINANCIAL ADVISORY SERVICES AGREEMENT RECOMMENDATION It is recommended that the City Commission adopt the attached resolution approving an agreement with First Southwest Company ( "First Southwest ") for financial advisory services. REASONS The City is in need of general financial advisory services, and specifically, for two projects: (1) development of a comprehensive financing plan for the. City's Capital Improvements Program and (2) putting together a rating agency presentation for the City and obtaining a credit rating from the rating agencies. First Southwest has submitted a proposal to provide these services. ADDITIONAL INFORMATION In connection with the development of a comprehensive financing plan for the Capital Improvement Program, First Southwest will complete a debt capacity analysis of available revenue streams, work with staff to analyze various funding alternatives, and develop a financing plan. This work will be billed on an hourly basis, with a cap set at Nine Thousand Five Hundred Dollars ($9,500.00), plus expenses. In connection with putting together a rating agency presentation and obtaining a credit rating, First Southwest will take the lead in putting together the presentation and work with City staff and the rating agencies to arrange site visits to the City. This work will also be billed on an hourly basis, and has a cap set at Five Thousand Dollars ($5,000.00), plus expenses. First Southwest is an experienced financial advisor, having been an investment banker since 1946. They provide financial advisory services to the Florida Municipal Loan Council and to the cities of Naples, Cocoa Beach, and Tavares. CJR/pw Agenda Item First Sw - Financial Advisor Agenda Memo Date :FFIRST SOUTHWEST COMPANY August 21, 2002 Mr. Richard Brown - Morilla City Clerk City of Sunny Isles Beach 17070 Collins Avenue, Suite 250 Sunny Isles Beach, FL 33160 Dear Mr. Brown - Morilla, UG 2 2 202 City of Sung nY lsics Scach) Enclosed please find the three original copies of the Addendum to Contract for the Agreement with First Southwest Company for Financial Advisory Services per Resolution No. 2002 -447. All three have been completed with the witnesses' signatures as requested. Please feel free to contact me if you have any questions or require anything further from US. Sincerely, Roy E es Admin' rative Assistant INVESTMENT BANKERS SINCE 1946 15280 N. W. 79th Court • Suite 107 • Miami Lakes, Florida 33016.305- 819 -8886 • Fax 305- 819 -9992 01ANY IS4F S U _ yF 59�� FLOG \� SAP C'TY OF 50A Pao City of Sunny Isles Beach 17070 Collins Avenue, Suite 250 Sunny Isles Beach, Florida 33160 (305) 947 -0606 City Hall (305) 947 -2150 Building Department (305) 949-3 1 13 Fax August 27, 2002 Mr. Edward Marquez First Southwest Company 15280 NW 79th Court, Suite 107 Miami Lakes, FL 33016 City Commission David Samson, Mayor Danny Iglesias, Vice Mayor Norman S. Edelcup, Commissioner Gerry Goodman, Commissioner Lila Kauffman, Commissioner Christopher J. Russo, City Manager Lynn M. Dannheisser, City Attorney Richard Brown- Morilla, City Clerk Re: Agreement with First Southwest Company for Financial Advisory Services per Resolution No. 2002 -447 Dear Mr. Marquez: Enclosed please find an executed, original copy of the above - referenced agreement and the Addendum, along with a certified copy of Resolution No. 2002 -447 for your records. If you have any questions, please do not hesitate to contact me. Sincerely, Richard Brown - Morilla City Clerk RBM:mw Enclosures c: Christopher J. Russo, City Manager Jean Watson, Finance Director Cecille Hayles, Contract Administrator [original copy] } 17070 Collins Avenue . Suite 250 . Sunny Isles Beach, FL 33160 TEL: 305 947 0606 . FAX: 305 949 3113 C I T V O F S U N N Y I S L E S B E A C H SONNY iS <F -� 9 n U J S 0 s9�* FLOA\ CITY COMMISSION DAVID SAMSON MAYOR DANNY IGLESIAS VICE MAYOR NORMAN S. EDELCUP COMMISSIONER GERRY GOODMAN COMMISSIONER LILA KAUFFMAN COMMISSIONER Christopher J. Russo City Manager Lynn M. Dannheisser City Attorney Richard Brown - Morilla City Clerk August 14, 2002 Mr. Edward Marquez First Southwest Company 15280 NW 79th Court, Suite 107 Miami Lakes, FL 33016 RE: Agreement with First Southwest Company for Financial Advisory Services per Resolution No. 2002 -447 Dear Mr. Marquez: Enclosed please find three (3) original copies of the Addendum to Contract for the above - mentioned agreement. Please either have the corporate seal placed on each agreement or complete the two (2) witnesses' signatures on each copy and have all copies returned to my attention. Upon our receipt of the completed Addendum to Contract, we will forward an executed, original copy of the Agreement, the Addendum, along with a certified copy of Resolution No. 2002 -447 for your records. If you have any questions, please do not hesitate to contact me. Thank you for your prompt response. Sincerely, Richard Brown - Morilla City Clerk RBM:mw Enclosures c: Christopher Russo, City Manager [copy of letter only]