DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: All
SUBJECT:
Approving the Ratification of the First Amendment and Extension of the City of San Antonio Financial Advisor Services Contracts.
SUMMARY:
This ordinance authorizes and approves the ratification of the First Amendment and Extension of the City of San Antonio Financial Advisor Services for a term that will terminate on the first to occur of (a) the approval by the San Antonio City Council of new City of San Antonio Financial Advisor Services Contracts and the execution of those contracts by all parties to them, or (b) December 31, 2019.
BACKGROUND INFORMATION:
The City contracts with qualified firms to provide Financial Advisor Services to assist the City in the management of its various debt programs and the design and issuance of bonds, certificates of obligation, tax notes, and other financial instruments, as may be required. Financial Advisor Services include, but are not limited to, quantitative analysis, evaluation and presentation of financing options, provision of timely credit market information, preparation of offering documents, advice and assistance with the issuance, sale and delivery of debt instruments, as well as, attending meetings and on-going services after the successful delivery of a debt issuance.
On March 31, 2016, City Council approved Ordinance 2016-04-14-0289 and Ordinance 2016-04-14-0290 authorizing Financial Advisor Services Contracts with Coastal Securities, Inc. and Hilltop Securities, Inc., respectively, to provide financial advisor services in connection with the City's financings for a term beginning April 25, 2016 and ending March 31, 2019, with the option to extend for one (1) additional two (2) year term. On March 30, 2017, City Council approved Ordinance 2017-03-30-0188 consenting to the assignment by Coastal Securities, Inc. of all its interest in the Financial Advisor Services Contract to FTN Financial Municipal Advisors...
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