HomeMy WebLinkAboutC2010-143 - 5/18/2010 - ApprovedTELEPMpN[ YE LE GO PIER
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INVESTMENT BANF(ER$
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April 9, 2010
City of Carpus Christi, Texas
1201 Leopard
Corpus Christi, TX 7$A01
Re: Approximately $75,400,1}00 City of Corpus Christi, Texas Utility System
Revenue Improvement Bonds, Series ZD1DA
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In regard to serving as the City's financial advisor and consultant, we submit the
fallowing proposal or agreement far your approval and acceptance.
1. Term. This Agreement shall be terminated by the delivery to the Purchaser of
all the securities described above, whether delivered ali at one time or in installments. It
may be extended for an additional period 6y mutual agreement in writing. This
agreement may be terminated at any time by either of us by giving thirty (30) days
written notice to the other party.
2. Duties. The duties and responsibilities to be performed under this agreement
include consulting and advising the City in the development and implementation of a
financing plan for the issuance and sale of approximately $75,OOO,fl00 Utility System
Revenue Improvement Bonds, Series 2010A.
3. Cmm~ensation. The fee will be based an the size of the issue, and computed on
the attached schedule, Exhibit A. The fee will be due and payable from the proceeds of
the Revenue and Refunding Bonds. We would expect to be reimbursed far actual out-of-
pocket expenses far telephone, photocopies, facsimile transmissions, printing, computer,
if any, and travel incurred in connection with ratings, municipal bond insurance or
Closing of such financing{s).
4. Special Conditions. In addition to the terms and obligations herein contained,
this proposal and agreement is subject to the following special conditions:
a) M. 1r. Allison & Ca., Inc. will incur and pay on behalf of the City the
approved expenses in relation to the issuance of the Certificates and will submit
said expenses for reimbursement at Closing. Approved expenses will include,
but not be limited to, printing, shipping and pasting of Official Statement,
printing of Bonds, and travel expenses in relation thereto, Bond sale
advertisements, municipal band insurance premiums, Attorney General's fees,
etc.
{b} The City will pay Bond Attorney, Rating Agency fees and Paying
AgentlRegistrar directly ar will direct M. E. Allison & Co., Inc. to pay these
201U-14' on behalf of the City from the cast of issuance proceeds subsequent to the
'ing of the band transaction.
M2010-12C
0$J1811i Continued ...
M. E. Allison & Cn. ~NyE1-~~
INVE8TMENT BANKERS
Apri 19, 2D 10
City of Corpus Christi, Texas
12D1 Leopard
Re: Approximately $75,ObD,btlb City of Corpus Christi, Texas Utility System
Revenue Improvement Bonds, Series 2b10A
Page 2
~c} The City will at all times remain responsible for all fees incurred on
behalf of the City in relation to the proposed bond issue. In the event the
contemplated issue is not completed, the City will not owe the financial advisory
fee to M. li. Allison & Co., Inc., but the City will remain responsible for all
expenses incurred by the Firm on behalf of the City as well as all direct
expenses of the City including Bond Attorney and Rating Agency fees.
5. This proposal is submitted in duplicate originals. When accepted by the City, it
will constitute the entire agreement between the City and the undersigned for the purpose
and considerations herein specified. Your acceptance will be indicated by proper
signatures of your authorized officers or representatives on bath copies and the returning
of one executed copy to us.
Respectfully submitted,
ACCEPTED on
2DiD.
ATTEST:
behalf of the City of Corpus Christi, Texas the ~ day of
r
~f~
thorized Official
ity of Corpus Christi, Texas
City Secretary
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M. E. ALLISON & CD., INC.
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INVESTMENT BANKERS
EXHIBIT A
FINANCIAL ADVISORY FEE SCHEDiILE
GENERAL OBLIGATION BONDS
And Not
More than More than
$ $ 250,000 $7,500 plus $20.00 per $1,000 for all aver $150,000
250,000 350,000 59,500 plus $10.00 per $1,000 for all over $250,000
350,000 500,000 $10,500 plus $8.00 per $1,000 for all over $350,000
500,000 700,000 $11,700 plus $7.00 per $1,000 for all over $500,000
700,000 1,000,000 $13,100 plus $6.00 per $1,000 for all over $700,000
1,000,000 1,500,000 $14,900 plus $5.00 per $1,000 for all over $1,000,000
1,500,000 5,000,000 $17,400 plus $3.00 per $1,000 for all over $1,500,000
5,000,000 10,000,000 $27,900 plus $1.65 per $1,000 for all aver $5,000,000
10,000,000 24,000,000 $3fi,150 plus $1.00 per 51,000 for all over $10,000,000
20,000,000 No Limit $46,150 plus $0.85 per $1,000 far all aver $20,OOD,U00
REVENUE BONDS AND COMBINATION TAX & REVENUE CERTIFICATES OF
OBLIGATION
In the event the Bands to be issued are Revenue Bonds or Combination Tax and Revenue
Certificates of Obligation, Refunding or Lease Purehase, the fee shall he the amount computed
from the above schedule, plus 25%.