HomeMy WebLinkAboutC2010-144 - 5/18/2010 - ApprovedTELEPHpNE ' ' TELEGOPiER
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INVESTMENT BANKEiq$
~ana nia, ^Jecrad 78,149-78.9
Apri19, 2010
City of Corpus Christi, Texas
1201 Leopard
Corpus Christi, TX 78401
Re: Approximately $14,1100,t?00 City of Corpus Christi, Texas General
Improvement Bonds, Series 2tIIt}
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In regard to serving as the City's financial advisor and consultant, we submit the
following proposal or agreement for 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 all at one time or in installments. It
may be extended for an additional period by 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 $14,000,000 General
Improvement Hands, Series 2014.
3. Compensation. The fee will be based on 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 Hoods. We would expect to he reimbursed for actual out-of-pocket expenses for
telephone, photocopies, facsimile transmissions, printing, computer, if any, and travel
incurred in connection with ratings, municipal bond insurance or Closing of such
finaneing[s).
4. Sneeiat Conditions, iin addition to the terms and obligations herein contained,
this proposal and agreement is subject to the following special conditions:
(a} M. E. Allison & Co., 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 far reimbursement at Closing, Approved expenses will include,
but not be limited to, printing, shipping and posting of Official Statement,
printing of Bonds, and travel expenses in relation thereto, Bond sale
advertisements, municipal bond insurance premiums, Attorney General's fees,
etc.
(b} The City will pay Bond Attorney, Rating Agency fees and Paying
AgendRegistrar directly or will direct M. E. Allison & Co., Inc. to pay these
on behalf of the City from the cost of issuance proceeds subsequent to the
2010-14~ing of the bond transaction.
M~010-119
05/18/10 Continued ...
M. E. Allison & Ca. >1~~F~in
INVESTMENT BANKERS
April 9, 2b 1 b
City of Corpus Christi, Texas
12U 1 Leopard
Re: Approximately ~14,Ubb,llOb City of Corpus Christi, Texas General
lmpro~ement Bonds, Series 2fl10
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 Ciry will not owe the financial advisory
fee to M. E. Allison & Co., Inc., but the Ciry will remain responsible for all
expenses incurred by the Firm on behalf of the City as well as all direct
expenses of the Ciry including Bond Attorney and Rating Agency fees.
S. 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. Ynur acceptance will be indicated by proper
signatures of your authorized officcrs or representatives on both copies and the returning
of one executed copy t^ us.
Respectfully submitted,
M. E. ALLISON 8c CD.,11VC.
ACCEPTED on behalf
2b 1 b.
ATTEST:
By
Auth zed Representative
of the City of Corpus Christi, Texas the ~ day of
r
..
A ^ axed Dflicial
ity of Corpus Christi, Texas
City Secretary
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INVESTMENT BANKERS
EXHIBIT A
FINANCIAL ADVISnRY FEE SCHEDULE
GENERAL OBLIGATION BONDS
And Not
More than More than
$ $ 25a,0Q0
25a,0aa 35o,4a4
354,a4a SDD,40a
s4o,DaD 7oa,o44
744,D44 l,a4o,aao
1,OOO,aaa 1,SOO,a00
1,54a,44a S,aDD,a0a
5,4a4,0Qa 10,00D,D0a
10,000,DOD 20,04D,000
20,Oaa,400 Na Limit
$7,500 plus $2a.aa per $1,044 for all aver $15a,a00
$9,5Da plus $1O.Oa per $1,404 for all over $2SO,a00
$10,5DD plus $8.40 per $1,DOD for all over $350,000
$11,7x4 plus $7.OD per $l,oaa for all over $504,OOD
$13,100 plus $6.00 per $i,DDD far ail over $7aa,00D
$14,900 plus $S.Oa per $1,000 for all over $1,O0O,OOa
$17,400 plus $3.44 per $1,004 for all over $1,5Do,OD4
$27,440 plus $1.65 per $1,D00 far all over $5,0(1D,aa4
$3G,150 plus $1.44 per $1,0x0 for all aver $10,000,x00
$4fi,150 plus $0.85 per $1,DD0 far all aver $2a,04a,040
REVENUE BONIIS ANO COMBINATION TAX & REVENUE CERTIFICATES ^F
OBLIGATION
In the event the Bonds to be issued are Revenue Bonds or Combination Tax and Revenue
Certificates of obligation, Refunding or Lease Purchase, the fee shall he the amount computed
from the above schedule, plus 25%.