HomeMy WebLinkAbout101-80 RESOLUTIONr. • -
RESOLUTION NO. Milo
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE A MEMORANDUM OF UNDERSTANDING WITH
POWELL & SATTERFIELD, INC. FOR INVESTMENT BANKING
SERVICES IN CONNECTION WITH THE ISSUANCE OF TAX
EXEMPT BONDS TO FINANCE A DOWNTOWN PARKING GARAGE.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE. CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized
and directed to execute a Memorandum of Understanding
with Powell & Satterfield, Inc. for investment banking services
in connection with the issuance of tax exempt bonds to
finance the cost of a downtown parking garage. A copy of
the Memorandum of Understanding authorized for execution
hereby is attached hereto, marked Exhibit "A" and made a
part hereof. .
PASSED AND APPROVED thisIday of 4665,45a)4665,45a)�.� , 1980.
r�"ATTEST:
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APPROVED:
MICROFILMED
Powell & Satterfield, Inc.
INVESTMENT BANKERS
1575 FIRST NATIONAL BUILDING LITTLE ROCK, ARKANSAS 72201 375-0201 AREA CODE 501
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September ,15, 1980
Honorable City Manager
Members of the Board of Directors
City of Fayetteville
City Administration Building
Fayetteville, Arkansas 72701
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Gentlemen:
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Re: Fayetteville, Arkansas
Proposed Downtown Parking Garage
This letter is to set forth an agreement whereby Powell &
Satterfield, Inc. will serve as Investment Banker in the issu-
ance of tax-exempt municipal bonds by the City of Fayetteville,
Arkansas to finance the cost of a proposed downtown parking
garage.
We shall design the bond issue and work with you, inves-
tors, potential owner -operators and bond counsel to the end
that we may promptly submit an acceptable bond purchase propo-
sal for all of the bonds at an interest rate and purchase price
to be mutually agreed upon. We will advise you as to credit
and security features necessary or desirable for the structur-
ing of this debt and to allow flexibility for any subsequent
financings.
In consideration of our services rendered, you agree to
work with us exclusively so long as we are performing satis-
factorily or until such time as we are unable to mutually agree
upon terms and conditions of a bond purchase proposal. In any
event, after giving notice to us, you will then be free to re-
ceive proposals from others with no obligation whatsoever to
compensate us for services rendered.
Member, National Association of Securities Dealers, Inc.
Public Securities Association
P
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Honorable City Manager
Members of the Board of Directors
City of Fayetteville
Page 2
If the foregoing is in accordance with your understanding,
please execute the acceptance below. We are looking forward to
the continuation of a mutually beneficial relationship.
Sincerely,
POWELL & SATTERFIELD, INC.
Thomas C. Pate
Vice President
Accepted this,..23 day of 41,46• , 1980
CITY OF FAYETTEVILLE, ARKANSAS
By
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Ex 1,;13-13, -/f-