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HomeMy WebLinkAboutResolution - 4577 - Agreement - First Southwest Company - Financial Advisory Services - 08_11_1994Resolution No. 4577 August 11, 1994 Item #20 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock be and is hereby authorized and directed to execute for and on behalf of the City of Lubbock an Agreement by and between the City of Lubbock and First Southwest Company for financial advisory services, attached hereto, which Agreement shall be spread upon the minutes of the Council and as spread upon the minutes of this Council shall constitute and be a part ofjtisiZ:esoitt n as if fully copied herein detail. Passed by the City Council this 11th day of �Au VID R. L*gSTON, ATTEST: Betty . Johnso , City Secretary APPROVED AS TO CONTENT: 01 / / /�!s e.a bert Massengale, Assista4t City Manager APPROVED AS TO FORM: City Attorney Dov:,W/codocsA swco� Augur[ 2, 1994 Resolution No. 4577 August 11, 1994 Item #20 THE STATE OF TEXAS AGREEMENT FOR FINANCIAL ADVISORY SERVICES COUNTY OF LUBBOCK It is understood that the City of Lubbock (hereinafter called the "Issuer") will have under consideration from time to time the authorization and issuance of indebtedness in amounts and forms which cannot be determined and that in connection with the authorization, sale, issuance, and delivery of such indebtedness of the Issuer, we, First Southwest Company have been requested to submit a proposal to provides professional services to the issuer in the capacity of Financial Advisor. We are pleased to comply with this request and submit the following proposal for consideration. This proposal, if accepted by the issuer, shall become the agreement (the "Agreement") between the Issuer and First Southwest Company effective at the date of its acceptance as provided for herein below. 1. This Agreement shall apply to any and all evidences of indebtedness or debt obligations that may be authorized and issued or otherwise created or assumed by the Issuer (hereinafter referred to collectively as the "Debt Agreement") from time to time during the period in which this Agreement shall be effective. 2. We agree to provide our professional services and our facilities as Financial Advisor and agree to direct and coordinate all programs of financing as may be considered and authorized during the period in which this agreement shall be effective and assume and pay those expenses set out in Appendix A, provided, however, that our obligations to pay expenses shall not include any costs incident to litigation, mandamus action, test case or other similar legal actions. 3. We agree to perform the following duties normally performed by such financial advisors and all other duties as, in our judgment, may be necessary or advisable: a. We will conduct a survey of the financial resources of the Issuer to determine the extent of its capacity to authorize, issue and service debt. This survey will include an analysis of the existing debt structure (if any) as compared with the existing and projected sources of revenues which may be pledged to secure payment of debt service, and where appropriate, will include a study of the trend of the assessed valuation, taxing power and present and future taxing requirements of the Issuer. In the event revenues of existing or projected facilities operated by the Issuer are to be pledged to repayment of the Debt Instruments then under consideration, the survey will take into account any outstanding indebtedness payable from the revenues thereof, additional revenues, as projected by consulting engineers employed by the Issuer, resulting from improvements to be financed by the Debt Instruments then under consideration. We will also take into account future financing needs and operations as projected by the Issuer's staff and consulting engineers or other experts, if any, employed by the Issuer. b. On the basis of the information developed by the survey described above, and other information and experience available to us, we will submit to the Issuer our recommendations on the Debt Instruments under consideration including such as the date of issuance, interest payment dates, schedule of principal maturities, options of prior payment, security provisions, and any other additional provisions designed to make the issue attractive to investors. All recommendations will be based upon our professional judgment with the goal of designing Debt Instruments which can be sold under terms most advantageous to the Issuer and at the lowest interest cost consistent with all other considerations. C. We will advise the Issuer of current bond market conditions, forthcoming bond issues and other general information and economic data which might normally be expected to influence interest rates or bidding conditions so that the date of sale of the Debt Instruments may be set at a time which, in our opinion, will be favorable. d. We understand the Issuer has retained, or will retain, a firm of municipal bond attorneys (the "Bond Counsel"). In the event it is necessary to hold an election to authorize the Debt Instruments then under consideration, we will assist in coordinating the assembly and transmittal to Bond Counsel of such data as may be required for the preparation of necessary orders, resolutions, notices and certificates in connection with the election. e. If so directed by Issuer, we will advise and assist you and your other consultants in the preparation and submission of any application for funding made to a State or Federal Agency. Further, if so requested, a representative of this firm shall accompany and assist you and your other consultants in any meetings or hearings before the appropriate agency, f. We will recommend the method of sale of the Debt Instruments that, in our opinion, is in the best interest of the Issuer and will proceed, as directed by the Issuer, with one of the following methods: 1. Advertised Sale: We will recommend one or more investment banking firms as managers of an underwriting syndicate for the purpose of negotiating the purchase of the Debt Instruments at a public sale in accordance with procedures set out herein. We reserve the right, alone or in conjunction with others, to submit a bid for any Debt Instruments issued under this Agreement which the Issuer advertises for competitive bid. In compliance with Rule G-23 of the Municipal Securities Rulemaking Board, we will request consent to bid in writing, in any instance where we elect to bid, prior to submitting a bid for each installment of the Debt Instruments. 2. Negotiated Sale: We will recommend one or more investment banking firms as managers of an underwriting syndicate for the purpose of negotiating the purchase of the Debt Instruments and in no event will we participate either directly or indirectly in the underwriting of the Debt Instruments. We will collaborate with any managing underwriter selected and Counsel to the underwriters in the preparation of the Official Statement or Offering Memorandum. We will cooperate with the underwriters in obtaining any Blue Sky Memorandum and Legal Investment Survey, preparing Bond Purchase Contract, Underwriters Agreement, and any other related documents. The costs thereof; including the printing of the documents, will be paid by the underwriters. In the event of a negotiated sale of Debt Instruments to a depository bank of the City or other local bank, we will prepare and provide to the prospective purchasers a Limited Offering Memorandum. 3. Private Placement: Upon authorization by the Issuer and acting in its behalf, we will place the Debt Instruments directly with institutional investors for a placement fee of $7.50 per $1,000 par value of Debt Instruments issued and placed, which fee will be in addition to the fees set forth in Appendix A attached hereto. We will prepare and provide to the prospective purchasers a Limited Offering Memorandum and other related documents. It is understood and agreed that the term "Private Placement" does not refer to the negotiated sale of Debt Instruments to a depository bank of the City or other local bank or the sale of Debt Instruments to a State or Federal Agency. g. When appropriate, we will advise financial publications of the forthcoming sale of the Debt Instruments and provide them with all pertinent information. h. We will coordinate the preparation of the Notice of Sale and Bidding Instructions, Official Statement, Official Bid Form, and such other documents as may be required. We will submit to the Issuer all such documents for examination, approval, and certification. After such examination, approval, and certification, we will provide the Issuer with a supply of all such documents sufficient to its needs and will distribute by mail sets of -the same to prospective bidders and to banks, life, fire, and casualty insurance companies, investment counselors, and other prospective purchasers of the Debt Instruments. We will also provide sufficient copies of the Official Statement to the purchaser of the Debt Instruments in accordance with the Notice of Sale and Bidding Instructions. i. We will, after consulting with the Issuer, arrange for such reports and opinions of recognized independent consultants we deem necessary and required in the successful marketing of the Debt Instruments. j. Subject to the approval of the Issuer, we will organize and make arrangements for such information meetings as, in our judgment, may be necessary. AGREEMENT FOR FINANCIAL ADVISORY SERVICES Page 2 k. We will make recommendations to the Issuer as to the advisability of obtaining a credit rating, or ratings, for the Debt Instruments and, when directed by the Issuer, we will coordinate the preparation of such information as, in our opinion, is required for submission to the rating agency, or agencies. In those cases where the advisability of personal presentation of information to the rating agency, or agencies, may be indicated, we will arrange for such personal presentation. 1. We will assist the staff of the Issuer at any advertised sale of Debt Instruments in coordinating receipt and tabulation and comparison of bids and we will advise as to the best bid. We will provide the Issuer with our recommendation as to the acceptance or rejection of such bid. in. As soon as a bid for the Debt Instruments is accepted by the issuer, we will proceed to coordinate the efforts of all concerned to the end that the Debt Instruments may be delivered and paid for as expeditiously as possible. We will assist the Issuer in the preparation or verification of final closing figures incident to the delivery of the Debt Instruments. n. We will maintain liaison with Bond Counsel in the preparation of all legal documents pertaining to the authorization, We, and issuance of the Debt Instruments. Bond Council will provide a legal opinion as to the legality of the issuance of the Debt Instruments at the time of the delivery. o. If requested, we will council with the Issuer in the selection of a Paying Agent/Registrar for the Debt Instruments, and we will assist in the preparation of agreements pertinent to these services and the fees incident thereto. In the event formal verification by an independent auditor of any calculations incident to the Debt Instruments is required, we will make arrangements for such services. q. We agree to do, or cause to be done, all work incident to printing of the Debt Instruments, obtaining as may be required by the Attorney General, registration by the Comptroller of Public Accounts and delivery to the purchaser. r. After the closing of the sale and delivery of the Debt Instruments, we will deliver to the Issuer a schedule of annual debt service requirements on the Debt Instruments. In coordination with the Bond Counsel, we will assure the Paying Agent/Registrar has been provided with a Copy of the authorizing ordinance, order, or resolution. S. We will attend any and all meetings of the governing body of the Issuer, its staff, representatives, or committees as requested at all times when we may be of assistance or service and the subject of financing is to be discussed. t. We will advise the Issuer and its staff of changes, proposed or enacted, in Federal or State laws and regulations which would affect the municipal bond market. U. We will work with the Issuer, its staff, and any consultants employed by the Issuer in developing financial feasibility studies and analyzing alternative financial plans. 4. In addition to the services set out above, we agree to provide the following services when requested: a. We will provide our advice as to the investment of certain funds of the Issuer. We will, when so directed, purchase those investments authorized to be purchased and we will charge a normal and customary commission for each such transaction. b. We will provide our advice and assistance with regard to exercising any call and/or refunding of any outstanding Debt Instruments. C. We will provide out advice and assistance in the development of, and financing for, and capital improvements programs of the Issuer. d. We will provide our advice and assistance in the development of the long-range plan of the Issuer. AGREEMENT FOR FINANCIAL ADVISORY SERVICES Page 3 e. We will provide any other financing planning services as may be requested by the Issuer. 5. The fee due to First Southwest Company in accordance! with Appendix A attached hereto, any other fees as may be mutually agreed and all expenses for which First Southwest Company is entitled to reimbursement, shall become due and payable concurrently with the delivery of the Debt Instruments to the purchaser. This fee does not apply to the advance refunding of any of the Issuer's debt. The fee for advance refunding and payment of associated expense is to be negotiated separately. 6. This Agreement shall become effective at the date of acceptance by the Issuer set out herein below and remain in effect thereafter for a period of five (5) years from the date of acceptance, provided, however, this Agreement may be terminated with or without cause by the Issuer upon thirty (30) days written notice. In the event of such termination, it is understood and agreed that only the amount due to First Southwest Company for services provided and expenses incurred to the date of termination will be due and payable. No penalty will be assessed for termination of this Agreement. 7. This Agreement is submitted in duplicate originals. When accepted by the Issuer, it, together with Appendix A attached hereto, will constitute the entire Agreement between the Issuer and First Southwest Company for the purposes and the consideration herein specified. Acceptance will be indicated by the signature of authorized officials of the Issuer together with the date of acceptance on both copies and return of one executed copy to First Southwest Company. ACCEPTED pursuant to a motion of the City Council of the City of Lubbock on this the 1 tt.h day of August , 19 FIRST SOIXUWEST COMPANY: VICE PRESIDENT ATTEST: ilk Betty . Johnson, City Secretary APPROVED AS TO CONTENT obert Massengale, Assl9 ant City Manager APPROVED AS TO FORM: lald . Vandiver�irst Assistant City Attorney DGV:aw/dgv1/F1NANCE1Ldoc August2,1994 AGREEMENT FOR FINANCIAL ADVISORY SERVICES Page 4 APPENDIX A FEE SCHEDULE AND EXPENSE ITEMS In consideration for the services rendered by us, it is understood and agreed that our fee for each issue of Debt Instruments will be as follows: Base Fee - Any Issue $ 3,750.00 Plus $6.50 per $1,000 up to $ 500,000 or a total of $ 7,000.00 for $ 500,000 ounas; Plus $6.00 per $1,000 next $ 500,000 or a total of $10,000.00 for $ 1,000,000 Bonds; Plus $3.50 per $1,000 next $ 1,500,000 or a total of $15,250.00 for $ 2,500,000 Bonds; Plus $2.50 per $1,000 next $ 2,500,000 or a total of $21,500.00 for $ 5,000,000 Bonds; Plus $2.25 per $1,000 next $ 5,000,000 or a total of $32,750.00 for $10,000,000 Bonds; Plus $1.75 per $1,000 next $10,000,000 or a total of $50,250.00 for $20,000,000 Bonds; Plus $1.25 per $1,000 next $10,000,000 or a total of $62,750.00 for $30,000,000 Bonds; Plus $1.20 per $1,000 next $20,000,000 or a total of $86,750.00 for $50,000,000 Bonds. Fees for revenue issues shall be the amount shown above plus a 10% additional charge. No hourly fee will be charged for any of our services or for the furnishing of any other financial services. Expenses Items Paid By Preparation, printing and distribution of Official Statements and accompanying documents (Advertised Sale) First Southwest Company Bond Counsel fees and charges First Southwest Company Rating Fees City Travel of City Officials to Rating Meetings City Travel of First Southwest Company representatives including travel to ratings meetings First Southwest Company Printing of Debt Instruments First Sou thwPst Cnmoanv Attorney General's examination fee and fees of any other State and Federal Agency City Paying Agent/Registrar's fees and charges City Election costs - supplies; election ballots election officials salaries; costs of Notice of Election published in newspaper, etc. City Other Possible Expense Items* Expense Items Paid By Reports of Independent Consultants City Information Meetings Verification of calculations Delivery of Debt Instruments City City City *These expense items are unlikely to occur under present circumstances and have not occurred before, but are listed for clarity. -7- FINANCIAL ADVISOR FEE COMPARISON First Southwest Public Finance Management M.E. Allison Principal Financial Group Variance between FSW and other selected financial advisors $11.38 MILLION $27.2 MILLION $40.2 MILLION BOND ISSUE BOND ISSUE BOND ISSUE 35,165 59,250 74,990 ` Does not include travel costs. 145,204 49,053 63,640 (13,888) (85,954) 11,450 FINANCIAL ADVISOR FEE SURVEY FINANCIAL CITY ADVISOR FEES Abilene First Southwest NIA Amarillo First Southwest NIA Arlington Government Finance Group $90 an hour. City does most of work in house—O.S. preparation, etc. GFG takes competitive bids. Austin Public Finance Management See attached fee schedule. Corpus Christi M.E. Allison See attached fee schedule. Dallas First Southwest NIA El Paso Have been unable to get an answer after several attempts. Fort Worth First Southwest NIA Garland First Southwest N/A Houston Masterson Mooreland Quarterly fee of about $100,000. The City issues about $1 billion in debt yearly. Midland First Southwest N/A Odessa None Do it in house. San Angelo Principal Financial Group See attached fee schedule. SENT BY:Xerox Telecopier 7021 1 4— 4-94 :10:32AM 5124992373- 806 762 36234 �.�(3 �.�G i•r�n.�CE /.1 GT ARTICLE III. FEES FOR SERVICES 3.1. The fee due to PFM as set out herein, and any other fees as may be mutually agreed upon and aU expenses for which PFM is cadded to reimbursement, shall become due And payable concurrently with the delivery of Debt Instruments to ttu purchaser. 3.2, In consideration for the sdrvices rendered by PFM, it is understood and agreed that our fee for each sale of Debt Instruments will be as follows: First $ 25,000,000 S.85 per $ 1,000 (Minimum Fee $ I S,000) Next $ 25,006,000 $35 per $1.000 Next $ 50,000.000 S.65 per S 1,000 Over $100,000,000 $.50 per S 1,000 3.3. The following expenses pertaining to the issuance of debt will be paid by the Issuer. On a competitive sale, PFM will initially pay all related expenses and bill the Issuer for such expenses, along with the financial advisory fee after successful delivery of the bond proceeds. On a negotiated sale, , fees and expenses will be deducted from bond proceeds at the time of delivery. Fees required for special consultants will Initially be paid by PFM and reimbursed by the issuer within thirty (30) days following the sale and delivery of Debt Instruments. Bond rating fees (Moody's S&P. and Fitch) Printing and distribution cost of offering documents and securities Verification Agent charges Publishing cost of any legally required notices Paying Agent and/or Escrow Agent charges Bond Counsel r. SENT BY:Xerox Telecopier '1021 : 4— 4-94 5124992373- 606 762 36237tt Special Counsel to the City Airfare, lodging, meals and other costs related to travel Anomey General's Fee 3.4. A simultaneous sale of similarly -secured bonds or certificates shall be billed as one Issue, rather than several Issues. An advance refunding issue shall entail an additional Iump sum charge for analytical services to be negotiated between the Issuer and PFM. 3.5 Fees for the defeasance of debt, including analytical services but excluding Bond Counsel and Verification Agent charges, will be billed at a flat rate of S 15,000 plus expenses. 3.6. In additlon to the fees described above an annual fee wUl apply for short-term debt Issues, such as commercial paper and variable rate demand notes, of $.20 per $l,000 par amount of debt, payable on the anniversary date of the initial issuance thereof, based on the average amount outstanding for a one year period. 3.7. It is understood that certain transactions had been initiated prior to the term of this AgmcmenL Specifically, those transactions include a Utility System Refunding bond issue (dated August 14, 1992), a Texas Water Development Board loan application for $7,225,000, an escrow swap analysis of the Issuces; Series 1979 Refunding bond issue, and a defeasance issue. Charges for services assumed by PFM related to these issues are shown as Exhibit "D". 3.8. In the event that PFM is asked to provide assistance In matters not related to the issuance of debt by the Issuer or provide assistance in areas which may or may not be Included herein, such services shall be provided at a fee to be negotiated. Such assistance will not Commence without prior authorization by the Issuer and prior determination by PFM that such services are within our ability to render. Fees related to such services shall be payable upon the delivery of the next issuance of Debt Instruments sold by the Issuer following completion of such special services. All miscellaneous expenses will be paid by the Issuer. SENT BY:Xerox Teiecopier 7021 ; 4— 4-94 ;10:33AM ; 5124992373-+ 806 762 362341 A NON -TRANSACTION SERVICES In the event services not related to the issuance of bonds are required, PFM would propose the following hourly rates with not to exceed amounts negotiated for each particular task: _Exoerlence Level Hourly Rate. Managing Director $175 Senior Managing Consultant 160 Managing Consultant 150 Consultant 130 Financial Analyst 110 Staff 20 PFM is committed to providing quality service to the City at reasonable costs. If any or all parts of this cost statement prove to be inappropriate or unacceptable, we will gladly work to negotiate a mutually acceptable fee for our services, EXPENSES The following expenses pertaining to any debt issue are customarily paid by the City. On a competitive sale, PFM will initially pay all related expenses and bill the City for such expenses, along with the financial advisory fee after successful delivery of the bond proceeds. On a negotiated sale, fees and expenses will be deducted from bond proceeds at the time of delivery. SENT HY:xerox ie!ecopier 7021 . 4— 4—y4 .';0: 51249ii2373- 606 762 36237g Customary expenses for any bond issue include the following: Bond rating fees (Moody's, S&P. and Pitch) Printing and distribution cost of offering documents and securities Publishing cost of any legally required notices Paying Agent and/or Escrow agent charges Special Counsel to the City Ai fare, lodging and meals related to out-of-state travel Attorney General's Fee In an effort to control expenses to be paid by the City, PFM, as a matter of policy, would provide the following: (a) Provide the highest level of senice possible to insure that the City's bond issues are sold at the lowest possible interest rate therefore controlling the largest expense (interest) of any debt offering. (b) We would seek competitive bids from a variety of banks and all insurance companies to insure the lowest costs possible for paying agent charges and insurance costs for each debt issue. (c) PFM's computer capabilities allow us to maintain all information required to be presented in the City's official statements, notice of sale, and bidding instructions. We can therefore compile this data 'in- house" and provide a disk of the information to a prospective printer thus eliminating type -setting costs. (d) PFM has entered into an agreement with two Austin based minority firms to provide low-cost printing for the City's official statements as well as other documents which might be needed in future debt issues. Based on preliminary cost estimates it appears that the City's normal official statement printing costs can be reduced by a third of such costs in the past For additional information please see Question 7. Public Financial Management, Inc. Page 86 Oj 3/ 30% 19 17: 48 CITY FINANCE - 806 ?62 3623 GORP�S CNR�STI M F.• sic.- � Sow E..XH BTT A FINANCIAL ADVISORY FEE SCHEDULE January 1, 1990 (CF.NFRAL OBLIGATION More Than- $ -0- RONU And Not More Than S 250,000 250,000 350,000 350,000 500,000 500,000 700,000 700.000 1.000,000 1,000,000 1,500,000 1,500,000 5,000,000 5,000,000 10,000,000 10,000,000 20,000,000 20,000,000 No Limit DE�2 $3,660 plus $14.60 per $1,000 for all over $150,000 $5,120 plus $8.05 per $ 1.000 for all ova $250,000 $5,925 plus $4.40 per $1,000 for all over $350,000 S6,600 plus S4.30 per S1,000 for all over $500,000 S7,4S0 plus $4.10 per $1,000 for all over $700,000 $8,680 plus S3.95 per $1,000 for all over $1,000,000 $10,655 plus $2.50 per $1,000 for all over $1,500,000 $19,405 plus $1.40 per $1,000 for all over$5,000,000 $26,405 plus $0.95 per $1,000 for all over $10,000,000 $34,905 plus $0.60 per $1,000 for all over$20,000,000 In the ev the Bonds to be issued Ire Revenue Bonds or Combinadbia.,Tim and Revenue Certificates of Obligat a fee shall be the amoaZt computed from the above sch lus 25%. 2 a ' 94 uy 3�• I Ii a I T Y i iF ' NId NI IGELG :41rjr r,r..4: `,' 4 PAGE 1 N CAP r N^.+C:AI CAP'. f IVFEE, EXPENSES ,01D COMPENSATION FEE PROPOSAL For the services contemplated in the Agreement and Scope of Services contained within this proposal, The Principal/Eppler, Guerin & Turner, Inc. shall accept a fee based on the following schedule, And not Mori Than M rc.thall Ea $0 $ I ,=),000 $8,000 1,000,000 10,000,000 $8,000 phis $0.50 per each $1,000 over S1,000,000 10,000,000 20,000.000 $12,500 phis S0,25 per each $1,000 over $10.000,000 20,000,000 No Limit S 15,000 pits S0.25 par each S 1,000 over $20,000,000 in The Principal/EGT's standard Financial Advisory contract, the Issuer is expected to bear customary and ordinary expenses of an issue. These may include, among others: o Cost of printing offering documents o Cost of printing bonds, certificates or notes o Attorney General's fee o Bond Counsel fees o Trustee/Paying Agent set up fees o Rating fees o Out-of-state travel costs o Up to $1,250 of out-of-pocket expenses of The Principal/EGT As Financial Advisor, The PrincipallE(,T always puts the required services above out to bid whenever possible. Exceptions would include bond counsel, rating fees and the Attorney General fee. 014:46 ID:CI1 r OF :.H; H; ,E;_% Fa � a F'HuE 1 J� CITY OF 0 k ANQELO I615UANC-&—AOM 1 R ^•f=��nL F,', Ai P1L G'�-t' 1.993 —CertWi2mt-91 1993 Sewer Revenue Of obligation Rofundls►a Bond Ratings $ 6,700.00(2) $ 22,800.00(3) Printing 0/S 4,643.00 5,183.00 Act:tg.-Refunding N/A 4,500.00 Financial Advisor* 9,400.59 12,700.23 Bond Attorney* 7,406.50 21,219.36 Other -Public, Misc. 113.40 395.00 TOTAL COST 130,263.49 �E66,797.59 ISSUE SIZE $2,700,000.00 8,680`00.0�0 *Includes travel & out of pocket expenses Post -It- Fax Note 7671 Date , `1 it pa°pes� Co. t 0 C Co Phone N J Pno/ne N 1� FaX N �0 J✓ FaM�1, SS" ��i�I HNCE SENT 8Y' ti, 2'9' 2:52PM M F ALLISON & Ci,t^,� 1 812 882 7320:9 2.. crTy.0 pppUS CHRISTI 04101is2 p 18��.Aty, �+�' ��r�?ttNT rip`t tit g r5r.r General Horst Marina k �t12DCJa,r9reteat 1� �l�v�t.i�.si� Sl�eti t j PAR AM ti NT OR Vi'40 t 229,638.O00 $3,000,000 S500,000 42,1.136.000 ISSUTA ENSES , 62,$43 2t1,000 1'620 _ 204.2A3� Nb 1 m, 016couNT AtN "" "�,�".4�kr,}:d#'7«9/tFa7V. 'S�}#�'�7LM1't�'�4�tfib%ri71t.{• �+r�iid' i�Niiriliid: 4e $38,1'I$ 64,8t)Q t60 $4U,t 78 `d i t 1.63 1.60 0.00 1.60 { 41.345 5.130 O 48,476 { 1.71 0.00 1.71 4 Ms ��f j;r 8.xfr 7.2'r 7.40 6.39 0.00 0.00 c.00 0.00 $225,242 $31,440 43,080 $200,6i2 9,33 10.46 7.90 9.60 YTtMAT6D IO6Us:11'S Cxr�r SIS " ��IefA . '!. PI III OIL t�,�ywJfACllpt�"f74'i�!�e�9rlA'�77Ski1A�liNllH�iatxY.'xlri7fi��i!IIS+Y(Y6et:3;FXQG'�X'wltt43SS m � $4fl'60 i" . Allison {S 2 PRy1>~Q' litrWr I Arnoritruat 5,0� HO�titt �ylntil Agent And Registrar PropAitl Foo& 7ltir4t City, Texas lmidtru � w ,art / Nat M&rw1ok 00g Earxow' Itylta Yove propwd) &000 a aw s Sond s(from iernie 10.000 IAorli4} MIkA Metro) Rain^� 10 miu"iTOTAL a�ittal memo 767'I,; iiit lt" brand tax trargf t °} oaoa, ' fi �+ s.�—V.','8, 7tG' I Gum J } .rp r 5 r , iLq, a. �. co_ Office of Accounting City of Lubbock P.O. Box 2000 Lubbock, Texas 79457 806-767-2156 August 4, 1994 Mr. Joe W. Smith First Southwest Company 402 Cypress Street, Suite 103 Abilene, Texas 79601 Dear Mr. smith: Attached is the proposed contract for Financial Advisory Services with First Southwest. Please review and sign if it meets your approval. We must receive the signed contract no later than Tuesday, August 9, 1994 in order to make the August 11, 1994 City council meeting. We appreciate your attention to this matter on such short notice. Sincerely, a r-'a Jimmy Rodriguez Assistant Treasurer a