HomeMy WebLinkAboutC2010-333 - 7/13/2010 - ApprovedTELEPHONE
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Jan ~:a, Jecraa 7'8,209- 7837
October 1, 2010
City of Corpus Christi, Texas
1201 Leopard
Corpus Christi, TX 78401
Re: Approximately $20,125,500* City of Corpus Christi, Texas Waterworks & Sewer
System Revenue Sonds (Texas Water Development Board, Water Infrastructure
Rund Loan Programj, Series 2011
h1 regard to serving as the City's fmancial advisar 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
fmancing plan for the issuance and sale of approximately $20,125,500'" City of Corpus
Christi, Texas Waterworks & Sewer System Revenue Bonds (Texas Water Development
Board, Water Infrastructure Fund Loan Program), Series 2011.
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 Revenue Bonds. We would expect to be 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 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. 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 for 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.
2a~o-33?
Res. 028581-~-- -
07113~1C"~e- Continued ...
M. E. Allison & Co.
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INVESTMENT BANKERS
October 1, 2011
City of Corpus Christi, Texas
1201 Leopard
Re: Approximately $20,125,500" City of Carpus Christi, Texas Waterworks &
Sewer System Revenue Bonds (Texas Water Development Board, Water
Infrastructure Fund Loan Program), Series 2011
Page 2
{b) The City will pay Bond Attorney, Rating Agency fees and Paying
AgentlRegistrar directly or will direct M. E. Allison & Co., Inc. to pay these
fees on behalf of the Gity from the cost of issuance proceeds subsequent to the
closing of the bond transaction.
(c) The City will at alI 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. E. 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 Gity, 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 both copies and the returning
of one executed copy to us.
Respectfully submitted,
M. E. ALLIS & GO., INC.
orized Representative
~l CCEPTED on behalf of the City of Corpus Christi, Texas the 'L-day of
V~~~.v , 2010. r
/~
rized Official
City of Corpus Christi, Texas
ATTEST;
City Secretary
Preliminary, subject to change.
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INVESTMENT BANKERS
EXHIBIT A
FINANCIAL ADVISORY FEE SCHEDULE
GENERAL OBLIGATION BONDS
And Not
More than Morc than
$ $ 250,000 $7,500 plus $20.00 per $1,000 for all over $150,000
250,000 350,000 $9,500 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 far 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 $1,500,800
5,000,000 10,000,000 $27,900 plus $1.65 per $1,000 for all over $5,000,000
10,000,000 20,000,000 $36,150 plus $1.00 per $1,000 for all over $10,000,000
20,000,000 No Limit $46,150 plus $0.85 per $1,000 for all over $20,000,000
REVENUE BONDS AND COMBINATION TAX & REVENUE CERTIFICATES OF
OBLIGATION
In the event the Bonds to he issued are Revenue Bonds or Combination Tax and Revenue
Certificates of Obligation, Refunding or Lease Purchase, the fee shall be the amount computed
from the above schedule, plus 25%.