HomeMy WebLinkAbout9/22/2010 - STAFF REPORTS - 2.B. ?A L M SA'A
iy
61
u n
+ 5
HCO0ORAYEO`q
r�<,FOR CITY COUNCIL STAFF REPORT
DATE: September 22, 2010 CONSENT CALENDAR
SUBJECT: APPROVAL OF AGREEMENT TERM EXTENSION WITH HARRELL &
COMPANY ADVISORS, LLC FOR FINANCIAL CONSULTING SERVICES
FROM: David H. Ready, City Manager
BY: Department of Finance and Treasury
SUMMARY
Suzanne Harrell of Harrell & Company Advisors, LLC, has acted as Financial Advisor
providing the City with a variety of financial consulting services including the structuring
of bond issues and the preparation of the ongoing Continuing Disclosure Statements, as
well as other reports to the various rating agencies. This is a request to approve an
amendment to extend the term of the contract for three years.
RECOMMENDATION:
1. Approve the amendment to the agreement with Harrell & Company Advisors,
LLC, for Financial Consulting Services, extending the term of the contract for
three years.
STAFF ANALYSIS:
Continuing Disclosure Statements on various bonds issued by the City need to be
prepared and issued on an annual basis. Also, the various ratings agencies may
request financial updates on an ad hoc basis and in the current economic environment
these requests have been made more frequently. These disclosure statements and
ratings agency analyses are complex reports that require a high level of expertise and
detail.
Extension of the term of this contract will help ensure that the Continuing Disclosure
Statements and ratings agency requests are prepared in a timely manner. The City
continues to reserve the right to terminate the Agreement at any time, with or without
cause, upon thirty (30) days written notice to Harrell & Company.
tTFI�/i NO.
City Council Staff Report
September 22, 2010 -- Page 2
Approval of Harrell &Company Advisors, LLC Agreement Amendment
FISCAL IMPACT:
All of the rates and fees for services performed will remain the same. The cost of the
various reports range from $750 to $1,200. Total costs paid out in the 2009-2010 fiscal
year were $24,079. Costs associated with bond issues are paid for as part of the bond
issue. Report costs have been appropriately budgeted for in the FY 2010-2011 budget.
Geoffrey S. Kiehl, Director of Finance Thomas Wils , Assistant City Maager n
David H. Ready, City er
Attachments:
Agreement Amendment #1
CONSULTING SERVICES AGREEMENT—AMENDMENT #1
Harrell & Company Advisors, LLC
THIS AMENDMENT TO AGREEMENT FOR CONSULTING SERVICES
("Agreement") is made and entered into on September 22, 2010, by and between the City of
Palm Springs, a California charter city and municipal corporation ("City"), and Harrell &
Company Advisors, LLC, a Financial Advisor, ("Consultant"). City and Consultant are
individually referred to as "Party" and are collectively referred to as the "Parties".
AGREEMENT
Section 4.4 of the Agreement is hereby amended to read as follows:
4.4 Term. Unless terminated in accordance with Section 4.5 of this Agreement, this
Agreement shall continue in full force and effect for three years until September 22, 2013.
All other terms of the original contract shall remain in place.
Revised:6/16/1 a
720599,1 3
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates stated
below.
"CITY"
City of Palm Springs
Date: By:
David 1-I. Ready
City Manager
APPROVED AS TO FORM: ATTEST
By: By:
Douglas C. Holland, James Thompson,
City Attorney City Clerk
"CONSULTANT"
Harrell & Company Advisors, LLC
Date: By
Suzanne Harrell,
Managing Director
2 Revised.6/16/10
720599.1
4