AGENDA MEMORANDUM

MEETING DATE:   January 22, 2007

FROM:                        Bill Pfeilsticker, Finance Director

SUBJECT:                  Resolution authorizing  execution of  the Scope of Services Agreement with DA Davidson & Co. for Financial Advisor Services not to exceed $25,000.

Staff Recommendation: 

Staff recommends approval  of Phase II Scope of Services Agreement with DA Davidson & Co. for Financial Advisor Services not to exceed $25,000.

Analysis:

D.A. Davidson & Co. as the official City Financial Advisor will provide necessary financial consultant services and work cooperatively with RW Beck Co. and City staff to analyze current and projected financial status as well as the status and five-year projections of the adopted Capital Improvement Plan.  

The final work product will be a Consulting Engineer’s Report / Feasibility Study for the proposed Series 2007 bond issues, subject to Commission approval.  These reports will include an overview and general update of the City’s Electric Utility System and Utility System (Water, Wastewater, and Gas) Five-Year Capital Improvement Programs. They will include a historical summary and new five year projections similar to those contained in the Consulting Engineer’s Reports prepared prior to the 2004 bond issues.  The contents of the reports are described in detail in the Phase II Scope of Services

Options:

1.   Adopt the resolution as presented; or

2    Such alternative action as the Commission may deem appropriate.

Fiscal Impact: 

The City will be billed actual costs not to exceed $25,000 in aggregate. All costs associated with the non-taxable bond issue are reimburseable from bond proceeds, if the bonds are issued.

Submission Date and Time:    1/18/07 10:07 AM____

Department: ______________________ Prepared by:  __________________                      Attachments:  Yes____   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Newspapers: _________________________________                                                      _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________________                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. __________________ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________

RESOLUTION NO._______________

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AMENDMENT TO THE SCOPE OF SERVICES FINANCIAL ADVISORY AGREEMENT DATED FEBRUARY 9, 2004 WITH  D. A. DAVIDSON CO. TO PROVIDE FINANCIAL ADVISOR CONSULTANT SERVICES AND PROVIDE FOR INCIDENTIAL EXPENSES IN CONJUNCTION WITH SERIES 2007 BOND ISSUE NOT TO EXCEED $25,000; AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

THAT the Mayor and City Clerk are hereby authorized to execute the Scope Of Services Financial Advisory Agreement Dated February 9, 2004 As Amended for not to exceed $25,000 with D.A. Davidson Co. whose address is 3504 Lake Lynda Drive, Suite 155, Orlando FL 32817, for Financial Advisor consultant services and incidental expenses in conjunction with Series 2007 bond issues.

 THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 22nd day of January 2007.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk