HomeMy WebLinkAboutResolution #1095RESOLUTION NO. 1f1A5
A RESOLUTION APPROVING AN AGRE~]'T BE'TWEII~i THE CITY OF CANTON AND ASSOCIATID
MUNICIPAL CONSULTANTS AND DIRECTING THE P~IAYOR AND CITY CLERK TO EXECUTE AND
DELIVER SAID AGREENIENrT.
WHEREAS, the Canton City Council has determined that it is necessary and
in the best interest of the City of Canton to enter into an agreement with
Associated Municipal Consultants hereto attached and herein incorporated as
Exhibit "A".
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANrTON,
Fulton County, Illinois, as follows:
1. That the agreement hereto attached as Exhibit "A" between the City of
Canton and Associated Municipal Consultants is hereby approved.
2. That the Mayor and City Clerk are hereby authorized and directed to
execute and deliver siad agreement on behalf of the City of Canton.
3. That this Resolution shall be in full force and effect immediately upon
its passage by the City Council of the City of Canton, Fulton County, Illinois, and
approval by the Mayor thereof.
PASSID by the City Council of the City of Canton, Fulton County, Illinois at
a regular meeting this 2nd day of July 1985 upon a roll call vote as
follows:
AYES:
NAYS:
ABSENT:
Aldermen Chapman, May,
Zilly, Kovachevich.
None.
None.
Bohler, Workman, Sarff, Falcone,
APPR/OVER:
/, J
Donald E. Edwards, Mayor
ATTEST:
Nan White City Clerk
- The undersioned City, First Party, hereby employs A.SSOCIATEO MUNICIPAL
COti'SULTANTS, Second Party, in connection with plans for the issuance of General
oblication bonds in an amount approximating $1,650,000 upon the following terms
and conditions:
Second Party shall act as financial adviser to First Party, and In said
capac(ty shall perform the following services, not to include the performance
of any legal, architectural or promotional services:
I. Financial advisory services, including establishment of bond sale
timetable, a study of various retirement schedules, considering
outstanding debt, changing assessed valuation, saleability of various
schedules and their effect on the taxpayers.
2. Preparation and submission of all information needed for obtaining
a rating by Moody~s Investors Service and other rating institutions
as required/to include municipal bond insurance.
3. Preparation of prospectus, and submission to all potentially
interested banks and investment houses, including the aceuisition
and compilation of the financial information needed for the
preparation of said prospectus.
4. Personal conferences with bidders and solicitation for bond bids.
5. Placing of information concerning the sale in trade publications.
6. br~ssenger service for bidders on sale date.
7. Supervision of the sale.
8. Supervision of printing, registration, signing and delivery of bonds.
9. Assistance with investment of idle funds from bond proceeds, if
desired.
10. Cooperation with local and/or bond counsel in matters related to the
issuance of said bonds.
Associated Municipal Consultants agrees to pay all of the following expenses:
all salaries, wanes, travel expenses, living expenses, and office expenses of
Asp-ociated ?Municipal Consultants, its agents, employees and associated con-
sultants, all forms and literature customarily furnished for use by the City;
and all expenses of circularizing bond purchasers and of personally soliciting
said prospects.
First Party agrees to pay for printing and registration of bonds, for
opinion of bond attorney, and for other expenses of said bond issue not assumed
by Associated iunicipal Consultants.
First Farty agrees to pay Second Party for services with recard to said
bond issue a sum of $5,000. Said sum to be payable within thirty (30) days
after the safe of the bonds.
Th i s agreer,ent s i fined th i s 3rd day of , Jul__~__ , 1985. by the
undersigned representatives of the City of Canton and by the duly authorized
representative of Second Party.
CITY OF CANTON
Fulton County, Illinois
First Party
y6 ____~-~ ~ ___________.______-~. _._._
?.nayor
ASSOCIATED MUNICIPAL CONSULTANTS, INC.
Second Party
E3y , : t~ ,, J
-- Stephen~l~,-~Larson, Prosident~_~
ay ~~U:: _
Li ty Clerk