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HomeMy WebLinkAbout104-00 RESOLUTION• • RESOLUTION NO. 104-00 MICROFTLMED A RESOLUTION APPROVING A LETTER AGREEMENT IN AN AMOUNT NOT TO EXCEED $22,500, WITH STEPHENS, INC. TO PROVIDE FINANCIAL ADVISORY SERVICES ON THE WASTEWATER TREATMENT PLANT EXPANSION PROJECT AT A RATE OF $225/PER HOUR (RESTRICTIVE TO CERTAIN IDENTIFIED INDIVIDUALS) ; AND APPROVAL OF ABUDGET ADJUSTMENT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS* Section 1. That the City Council hereby approves a letter agreement in an amount not to exceed $22,500, with Stephens, Inc. to provide financial advisory services on the wastewater treatment plant expansion project at a rate of $225/per hour (restrictive to certain identified individuals); and authorizes the Mayor and City Clerk to execute said agreement. A copy of the letter agreement is attached hereto marked Exhibit "A" and made a part hereof. Section 2. The City Council here approves abudget adjustment in the amount of $22,500 increasing Professional Services, Acct. No. 5400 5700 5314 00, Project No. 98047 40 by decreasing Waterline Improvements, Acct. No. 5400 5600 5808 00, Project No 990841. A copy of the budget adjustment is attached hereto marked Exhibit "B" and made a part hereof. PASSED AND APPROVED this 1" day of August , 2000. YErr 1-1/4 r ,. F`i_ APPROVED: Fr d Hanna, Mayor heather Woodru , City Clot/ By: t NAME OF FILE: • Sic /4D� CROSS REFERENCE: ses IitR1 3 Date Contents of File Initials g/d0 /a 4 ' Z -Vi Bre / G 26 -r -77 Ass- ) 6 -C, rc,# i' i r4Jr ,4;JAA1c,AI 4Ju;'cn2y.cLD?l/� •.ms sS cif 7-,740 ea p / p(�DQ SXirsrr'/�"`IiXME A1/42--85 ,tJr) 726 -Do A67)2D D 722i914( M'Z 4 ,4 CI- ry e&ioazj ,Q,r -D,)) ?29A42& - �IP .ZIJ/}/5-,ZDD$ he.,-ECr J)er,qr� S%13-40 /& vzgs rs ,,P Idw snz.6 ,4 fr >u,q d cMz 65, ' Skill ' 6 i -/-DD d iI pc 4JzEw-402-) gR-Da2) fr,f69,7 Crry ei&-< ses IitR1 3 EXHIBIT A Stephens Inc. EXA Dennis R Hunt Senior Vice President and Manager July 5, 2000 Mr. John Maguire Administrative Services Director City of Fayetteville 113 W Mountain Fayetteville, AR 72701 RE- Agreement for Financial Advisory Services Dear Mr. Maguire: This letter is to serve as an engagement agreement between the City of Fayetteville, Arkansas ("the City") and Stephens Inc ("Stephens") pursuant to which Stephens will serve as Financial Advisor to the City to assist with the financing of the City's Wastewater Treatment Plant Expansion Project (WWTP). Our firm was selected to act in such capacity as a result of its response to the City's Request for Proposals dated May 23, 2000 ("RFP 2000-12"). Based on the City's RFP and information in our proposal, we have agreed as follows: 1. Services to be provided. Subject to the direction of the City, Stephens will provide advisory services as presented below: Development of a Plan of Finance a) Stephens will assist in developing a financing plan and recommend financing alternatives designed to assure that the City's goals and objectives are met. b) In the course of this preliminary work, Stephens will analyze the City's capacity to support the proposed debt and make recommendations regarding the financing structure, which will insure that the City has available sufficient funds for annual debt service payments and operational flexibility. c) Stephens' professionals will attend public meetings to present information regarding the recommended Plan of Finance. Management of the Financing a) As the City's Financial Advisor, Stephens will manage all aspects of the financing. b) Stephens will assist the City in the selection of other members of the project team including underwriters, attorneys, trustees and other parties as required. Investment Bankers www.stephens.com 2592 North Gregg Avenue • Suite 1 • Fayetteville, Arkansas 72073 • 501-718-7400 • Fax 501-718-7490 800-205-8613 • dhunt@stephens.com AGRE m X 03 • — 2 — July 21, 2000 c) Stephens will develop a financing timetable that assigns specific responsibilities to the project team. The timetable will be monitored throughout the financing process and amended as required. d) Stephens will be responsible for coordinating the work of all members of the financing team including the City's staff and officials, state agencies, bond counsel, underwriters, engineers, accountants, printers, rating agencies and credit enhancement providers. e) Should the City seek ratings and/ or credit enhancement, Stephens will coordinate preparation and presentation of information to the rating agencies and credit enhancement providers. f) Stephens will work with attorneys in drafting documents that provide the City with maximum operational flexibility and insure the integrity of the transaction. Support of City Officials and Staff a) Stephens' professionals will provide information for public briefings and attend meetings as requested by the City. b) Stephens' professionals will keep the financing on schedule in order to meet all public commitments. Implementation of Financing Plan a) Stephens will advise the City on proper timing of the sale of the securities in order to take advantage of maximum investor demand and windows of opportunity in the marketplace. b) Stephens will advise the City on pricing of the issue to provide for lowest possible debt service costs. c) Stephens will manage the closing of the financing and the delivery of funds to the City. d) Stephens will advise the City on interim investment of financing proceeds e) Stephens will be available following the closing of each financing to work with the City should any issues arise. 2. Compensation. As compensation for our services, Stephens shall receive $225.00 per hour for services rendered by professionals employed by Stephens, identified as Dennis Hunt, Mark McBryde and Ron Pyle, plus out-of-pocket expenses incurred in connection with the provision of such services by Stephens. Out-of-pocket expenses shall to limited to out of the city travel and priority mail costs. Each out of pocket expense shall be subject to approval by the City. Stephens will invoice the City for its services on a monthly basis or at other such intervals acceptable to the City, and invoices will be due and payable within 30 days of receipt by the City. Each invoice will present a description in reasonable detail of the services performed, including dates and professionals providing such services, and of the expenses incurred. — 3 July 21, 2000 3. Term. This contract shall remain in effect until the earlier of the completion of the WWTP financing or up to three years from the date of this agreement with an option for renewal by the City for an additional two years In the event that current plans to finance the WWTP principally through ADEQ are not feasible, the City and Stephens may mutually cancel this agreement which would permit Stephens to compete in the sale of bonds or other financing by the City. If the foregoing accurately describes our agreement for this financing, please sign and return one copy as indicated below. Sincerely, ranniS 04 Dennis Hunt Senior Vice President IVU) / Agreed and Accepted on 0,47a/ / , 2000. City of Fayetteville, Arkansas/ By: DH/whw /171/Afr • City of Fayetteville, Arkansas Budget Adjustment Form EXHIBIT B Budget Year 2000 Department: Public Works Division: Water & Sewer Program: Sewer Mains Construction Date Requested July 20, 2000 Adjustment # Project or Item Requested: Additional funding is requested for the Wastewater Treatment Plant Expansion project for Financial Advisor Services. Project or Item Deleted: None. Funds proposed for this adjustment are funds remaining after the purchase of the Wheeler Water District. Justification of this Increase: The estimated cost of the Wastewater Treatment Plant Expansion Project is approximately $89 million. The City has advertised for financial advisor services to assist in evaluating various financing options for the project. Justification of this Decrease: The purchase of Wheeler Water District is complete and the funds are not needed for that project. Account Name Increase Expense (Decrease Revenue) Amount Account Number Professional Services 22,500 5400 5700 Account Name Project Number 5319 00 98097 90 Decrease Expense (Increase Revenue) Amount Account Number Project Number Waterline Improvements 22,500 5400 5600 5808 00 99084 1 Approval Signatures Department Director Date Budget Office Use Only Type: A B C E Date of Approval Posted to General Ledger h�1 Posted to Project Accounting 1 H Entered in Category Logtgl Blue Copy: Budget & Research / Yellow Copy: Requester H:\BUDGE7\PROJECTS\Bud_AdJ\BA_200U\WWlP2_FA.WK4 FAYETTEVII.LE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE • TO: Mayor Fred Hanna and City Council FROM: John Maguire, Administrative Services Director DATE: July 20, 2000 SUBJECT: Financial Advisor Services - Wastewater Treatment Plant Expansion Stephens Inc submitted a proposal in response to the City's request for proposal for financial advisor services. The City advertised for financial advisor services in RFP 2000-12 and the requests for proposal were sent to several financial advisor firms nationwide. City Council is requested to approve a letter agreement with Stephens Inc for Stephens Inc to provide financial advisor services in conjunction with the wastewater treatment plant expansion project. The wastewater treatment plant expansion project is listed in the City's Capital Improvement Program 2000-2004 at a total estimated cost of $89,800,000. In 1995, the City authorized CH2MHi11 to perform a Sewer System Study. The study was completed in 1997 and recommended improvements to our existing wastewater treatment plant (the Paul Noland Plant), construction of a new plant in the Illinois River basin, and improvements to the City's sewer collection system. Including the sewer system study and equipment upgrades at the Paul Noland Plant, the City has invested and/or committed approximately $7.5 million worth of improvements recommended by the consultants. Financing the remaining improvements recommended is challenging. This agreement with Stephens Inc will provide the necessary expertise to evaluate various financing options available for the planned improvement. The most promising financing option available to the City for the Wastewater Treatment Plant Expansion Project is participation in the Arkansas Department of Environmental Quality loan pool. Approval of this agreement will afford the City the opportunity to evaluate various financing options to determine the best financing mechanism for the identified improvements. ins • • Financial Advisor Services List of Firms Proposals were Sent Out To: Stephens Inc. Attn: Dennis Hunt 2592 N Greg, Suite 1 Fayetteville, AR 72703 Wachovia Securities Inc. Attn: Andy Bethell #1 East Center, Suite 302 Fayetteville, AR 72701 abethell itl(a,a,msn.com American Governmental Financial Services Co. rdotvCa agfs.com Robert Doty -President Henderson Capital Partners, Inc. hcp@hendersoncapital.com On line form filled out and sent to them. Sage Advisory Services %rgsmith@sageadvisory.com Robert Smith, III- President MAI- Financial Advisory Services munadv®pinn.net On line form filled out and sent to them. The Financial Legacy Group www.networthadvisors.com/hdvisor.htm On line form filled out and sent to them. PFA.Inc. Faxed to Phil Bennett- President Koch, Inc. Brad Heyka- heykab@kochind.com Bank of Oklahoma Paul Iwanaga BOK Tower -8N 1 Williams Center Tulsa, OK 74103 piwanaga a,BOKF.com • • CITY OF FAYETTEVILLE, ARKANSAS 2000 - 2004 CAPITAL IMPROVEMENTS PROGRAM PROJECT DETAIL 1 PROJECT TITLE: Wastewater Treatment Plant Expansion PROJECT COST REQUESTING DIVISION: Water/Sewer & Engineering 2000 $ 3,300,000 2001 3,200,000 FUNDING SOURCE: Bond Fund 2002 37,300.000 23,000,000 PROJECT CATEGORY: Water & Sewer Improvements 2003 23,000,000 2004 INITIAL YEAR PRIORITY: 1 TOTAL PROJECT COST $ 89,800,000 PROJECT TYPE: REPLACEMENT EXPANSION Y PROJECT DESCRIPTION & JUSTIFICATION : The purpose of this project is to address the needs for future Wastewater Treatment improvements which were outlined in a Wastewater Facility Plan completed in 1998. This Wastewater Facility Plan focuses on the impacts of growth on the City of Fayetteville wastewater system. Utilizing the 85,090 population projected in the City's General Plan 2020. it establishes a vision of future wastewater facilities to accommodate increasing wastewater flows. This project has funding budgeted in a tentative Bond Issue fund. Different methods of funding will be analyzed and will be better determined in the future. PROJECT STATUS (IF IN PROGRESS) : Currently, $3,900,000 is budgeted in 1999 to fund engineering and land acquisition cost for wastewater treatment plant improvements and expansion. EFFECT OF THE PROJECT ON ANNUAL OPERATIONS Additional operating expenses associated with the operation of an additional plant. 1 Cee W tt �i�'Q \• /�/ p}, W 9M ram 6 •� �'�•y/ _"p. --- a... 1/ea,:,.� 4 m f _ . ' I OOkra. a ,� L. Off.: •. % E .yl \ ., / •a.F�. E E €P% i'-. � / j �dw A %_• F.mvye.n 't % - l in w linlial. g eN CP y: all It'\; ewn.a C y .1 .� 171 1 1 t ,CLP t 1 1 1 1 1 CITY OF FAYETTEVILLE, ARKANSAS Request for Proposals For Financial Advisor Services May 23, 2000 Request for Proposal Number RFP2000 -12 SECTION I. BACKGROUND AND SUMMARY OF WORK: Notice is hereby given that the City of Fayetteville is seeking requests for proposals from persons/firms desiring to be considered to perform financial advisory services necessary to evaluate funding options for the Wastewater Treatment Plant Expansion (WWTP) project. The WWTP project is estimated to cost at least $60 million. The City may retain a single individual or firm as financial advisor who will be responsible for delivering the above services, whether performed by that individual or firm or by others working in the employ of that firm. SECTION II. GENERAL REQUIREMENTS FOR PROPOSING 1. Notice to Those Submitting: Information provided in these specifications is to be used onlyfeo la fro for purposes stated. It is further expected that each proposer will read these specifications PROPOS with care. The City of Fayetteville (hereinafter referred to as the "City") believes that the data contained in these specifications are sufficient for preparation of proposals. The information is believed to be accurate and is based on the latest available information but is not to be considered in any way as a warranty. Therefore, the proposer, in submitting a proposal, assumes the risk of any inaccuracies in the information provided herein which might result from failure to provide any other information which might have been available. Each proposer shall provide the name and telephone number of the appropriate contact person for the firm. 2. Submission of Proposals and Ouestions: If your firm is interested in submitting a proposal to provide Financial Advisor Services, please return your written proposal to the address below by the date and time set forth. City of Fayetteville Purchasing Division Peggy Vice, Purchasing Manager 113 West Mountain Street Fayetteville, AR 72701 Ten (10) copies of each proposal must be received by the Purchasing Division at Room 306, 113 West Mountain Street, Fayetteville, Arkansas, by 4:00 p.m. on June 19, 2000. All proposals will become the property of the City. All proposals shall remain firm and subject to acceptance for 90 days after receiving. • • The proposal submission should be clearly labeled RFP 2000-_ on the outside of the envelope. 3. Proposals Not Considered: All proposals received after the time specified shall not be considered. Where proposals are mailed, the proposer assumes all risk for nondehvery by the U.S. Post Office to the designated office by the deadline established. Only those proposals considered responsive to the Request for Proposal (RFP) will be eligible for consideration in the selection process. 4. Rejection of Proposal: The City reserves the right to reject any and all proposals received in response to this RFP if determined to be in the best interest of the City. The City may not award a contract solely on the basis of this RFP and does not intend to pay for information solicited or obtained. The information obtained will be used to determine suitability of the proposal. Nonacceptance of any proposal does not convey criticism nor imply deficiency of that proposal. Nonacceptance of any proposal will mean that another proposal was deemed more advantageous to the City. 5. Amendments: The City may require changes in the Scope of Services to be performed hereunder. Such changes which are mutually agreed upon by and between the City and the firm, shall be incorporated by an amendment to the contract. 6. Insurance: Please provide as part of your response to the Request for Proposal, evidence of insurance showing type and amount of coverage for workers compensation, general liability, completed operations, professional liability, and errors and omissions insurance. 7. Independence: The firm should provide certification that it is independent of the City of Fayetteville, the City's elected officials, and the City's employees as part of the proposal. 8. Applicable Laws and Venue: The contract shall be made subject to all applicable Federal and Arkansas State Laws, the Charter and Ordinances of the City of Fayetteville as amended, and all applicable rules and regulations promulgated by all local, state, and national boards, bureaus, and agencies. The contract shall be enforceable in Fayetteville, Arkansas and if any legal action is necessary by either party with respect to the enforcement of any or all terms and conditions herein, exclusive venue for same shall lie in Fayetteville, Arkansas. The contract shall be governed and construed in accordance with the laws and court decisions of the State of Arkansas. SECTION III. SCOPE OF SERVICE: The following is a general list of services to be provided by the selected financial advisor. It is not intended to be all inclusive. • The Financial Advisor shall assist the City and Counsel in developing a financial plan for the WWTP project. 2 • • • The City may request the Financial Advisor to appear and/or assist the City by appearing before or responding to any oversight body, financial rating agency or other interested body. The Financial Advisor may be requested to explain the Financial Plan and any other work products and the assumptions and projections used in their development. The Financial Advisor shall document the development ofthe work products so that an objective third party can verify that appropnate care was exercised in their development. • At the direction of the City, the Financial Advisor will assist and participate in the preparation of all documents and may serve as a clearinghouse for any credit facility or loan documents. The extent of involvement in document preparation will be dependent on the nature and form of the borrowing used by the City to finance the WWTP project. • If the City elects to issue the bonds by sealed bid, the Financial Advisor will assist the City in the actual structuring of the issue and other tasks necessary to issue the bonds. • If the City elects to issue any bonds or other creditor documents, including and not limited to; notes, mortgages or commercial paper, by negotiated sale, the Financial Advisor will advise the City with respect to the terms proposed for the offering. The Financial Advisor may be requested to review the work of the underwriter selected by the City and to advise the City as necessary or as requested. • The Financial Advisor may be requested to coordinate all closing events including signature details, pre-closing and closing formalities, the wire transfer proceeds, the necessary communication with City Officials, and the review of closing documents. • The Financial Advisor shall not participate or be affiliated with any underwriter for the bonds or other lending institution or any purchaser of the bonds by competitive bid. SECTION IV. SELECTION PROCEDURES AND CRITERIA Proposals will be reviewed by a committee that may consist of representatives of citizens, City Council, and City staff which will make a recommendation for selection to the City Council. Selection will be made pursuant to the City's professional selection policy with relevant factors as follows: (1) Qualifications in relation to the specific project to be performed: 25% (2) Experience, competence, and capacity for performance: 20% (3) Proposed method of doing work: 10% (4) Past record of performance: 25% (5) Price: 20% 3 • • ANTIDISCRIMINATION POLICY The City is an Equal Opportunity Employer. It is the policy of this City that there be no discrimination against any person or entity on the basis of race, color, national origin, religion, gender, age, disability, or sexual orientation. SECTION V. SPECIFIC REQUIREMENTS FOR PROPOSAL Proposals will not be considered unless the following basic and qualifying conditions are met in full and are set out explicitly in the proposal as being processed by and having been previously performed by the consultant or consulting firm. 1. Summary Statement: The City requests proposals for Financial Advisory Services. Any questions and correspondence may be directed in writing to Stephen Davis, Budget Manager, at 113 West Mountain Street, Fayetteville, Arkansas 72701, by fax at (501) 575- 8273, by e-mail at sdavis@ci.favetteville.ar.us or by telephone by calling (501) 575-8296. 2. Firm Requirements and Guarantees: The Firm shall submit a schedule of fees for services rendered that will set forth the fees to be charged for each hour of service performed. The fee schedule should address any staff member of the successful firm that may be used in performing the task outlined in this RFP and as set forth in Appendix A. The Firm shall submit the details of and cost of any "extra services" or "add-on services" not included in your basic price. 3. Oualifications: Respondents to this request will provide the following information concerning their qualifications. • Respondents shall acknowledge an understanding of the intent of the required work and illustrate why the firm or talent should be enlisted for the Bond Program. • If your fine has experienced any significant financial problems or other problems that could negatively affect its ability to carry out its duties and responsibilities to the City, please specifically identify the problem(s) and discuss why each problem(s) should not affect your selection. • Are there pending charges, investigations or litigation by or involving the United States Securities and Exchange Commission or other regulatory body or court (local, state, or federal) regarding the conduct of your firm or its management? If so, please provide a list and brief explanation. 4 • • • Qualifications of anticipated staffing will be a significant consideration in the selection process. Provide the names of the principals of the firm including the partners, junior partners, president, vice presents, and other significant personnel along with a detailed statement of the qualifications of the firm and of each individual who will be assigned to carry out charges of the resulting contract. In the event staff members are unable to fulfill the term of the contract, substitutions of equal skill levels will be entertained subject to approval by the City. • Describe how the firm is organized. Provide the scope of services the firm offers in the municipal bonding field and the years of continuous experience to indicate the firm's qualifications in a given category. List any prior experience capabilities that distinguish the firm from competitors. • Provide a representative list of clients (minimum of 6) served by you in the municipal bond market for a period not to exceed the last five (5) years and indicate those that are currently under contract. Indicate if the issues were sealed bids, negotiated placements or a combination thereof. Include the names and telephone numbers of appropriate individuals in the client firms so the City may contact them as references, if necessary. Specify for each client listed: (1) underwriter used; (2) bond council used; and (3) the role of your firm i.e. financial advisor only or financial advisor and underwriter. • Provide the number and amounts of any wastewater treatment plant and collection system or water and/or sewer financing programs handled as a financial advisor. • Provide a copy of no more than two (2) recent Official Statements in which the firm served as financial advisor and which are closely related to the City's proposed financings. • Provide a copy of your firm's policy prohibiting discrimination against individuals or entities based on race, color, national origin, religion, gender, age, disability or sexual orientation. H:U3UDGETPROJECTS\RFPsUmpact Fee linancial.advisor.2.RFP.wpd 5 • APPENDIX A SCHEDULE OF PROFESSIONAL FEES AND EXPENSES For Financial Advisor Services Executive/Partners: $ Managers: $ Supervisory: $ Staff: $ Other (specify): Out-of-pocket expenses Transportation: $ Other (specify): H:IBUDGETPROJECTS\RFPsUmpact Fec\ inanciaLadvisor.2.RFP.wpd 6 Hourly Rates STAFF REVIEW FORM XX AGENDA REQUEST CONTRACT REVIEW GRANT REVIEW For the Fayetteville City Council meeting of August 1, 2000 FROM: John Maguire Name Admin Services Admin Services Division Department ACTION REQUIRED: A resolution approving a letter agreement with Stephens Inc. for Stephens Inc to provide financial advisory services on the wastewater treatment plant expansion project financing. The rate per hour is $225.00 and is restricted to certain identified individuals. The authorization requested is not to exceed $22,500and will be paid from the project budget. Approval of a budget is also requested. COST TO CITY: $NTE22,500.00 Wastewater Treatment 2,421,724.00 Plant Expansion Cost of this Request 5900-5700-5314.00 Account Number Category/Project Budget Category/Project Name 2,403,729.00 Funds Used To Date Program Name 98047 17,995.00 Water & Sewer Project Number Remaining Balance Fund .S THF A ti& BUDGET REVIEW: Budgeted Item X Budget Adjustment Attached kOR Y uWget Manager Administrative Services Director CONTRACT/GRANT/LEASE REVIEW: GRANTING AGENCY: Purchasing Officer Date Internal uditor ate Date ADA Coordinator Date Date Grant Coordinator Date STAFF RECOMMENDATION: Staff recommends approval of agreement and budget adjustment. ate Cross Reference New Item. W' No Prev Ord/Res #: Orig Contract Date: Orig Contract Number: • • STAFF RUIN FORM Description Counts: Budget Coordinator Accounting Manager City Attorney Purchasing Officer ADA Coordinator Internal Auditor Reference Counts: Meeting Date Page 2 FAYETTEVA.LE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE To: John Maguire, Administrative Services Director From: Heather Woodruff, City Clerk Date: August 8, 2000 Attached is a copy of the resolution approving the letter agreement with Stephens, Inc. The original will be microfilmed and filed with the City Clerk. cc: Steve Davis, Budget and Research Nancy Smith, Internal Audit n I3 • "'V 't ry by • RESOLUTION NO. 104-00 • A RESOLUTION APPROVING A LETTER AGREEMENT IN AN AMOUNT NOT TO EXCEED $22,500, WITH STEPHENS, INC. TO PROVIDE FINANCIAL ADVISORY SERVICES ON THE WASTEWATER TREATMENT PLANT EXPANSION PROJECT AT A RATE OF $225/PER HOUR (RESTRICTIVE TO CERTAIN IDENTIFIED INDIVIDUALS) ; AND APPROVAL OF A BUDGET ADJUSTMENT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council hereby approves a letter agreement in an amount not to exceed $22,500, with Stcphens, Inc. to provide financial advisory services on the wastewater treatment plant expansion project at a rate of $225/per hour (restrictive to certain identified individuals); and authorizes the Mayor and City Clerk to execute said agreement. A copy of the letter agreement is attached hereto marked Exhibit "A" and made a part hereof. Section 2. The City Council here approves a budget adjustment in the amount of $22,500 increasing Professional Services, Acct. No. 5400 5700 5314 00, Project No. 98047 40 by decreasing Waterline Improvements, Acct. No. 5400 5600 5808 00, Project No 990841. A copy of the budget adjustment is attached hereto marked Exhibit "8" and made a part hereof. PASSED AND APPROVED this It day of August 2000. F` APPROVED: By: e� v By:` heather Woodruff, City ClerW it • • Hanna, Mayor • • Stephen Davis Submitted By City of Fayetteville Staff Review Form City Council Agenda Items or Contracts Not Applicable City Council Meeting Date Division Action Required: Fis /i/3oios Cotir Stephas al u.51 Finance & Internal services Department Approval of a contract extension with Stephens Inc for financial advisory services in conjunction with the WSIP. No Cost Cost of this request Account Number Project Number Budgeted Item $ 22,500.00 Category/Project Budget 19,912.00 Funds Used to Date 2,588.00 Remaining Balance Budget Adjustment Attached Program Category / Project Name Program / Project Category Name WSIP { Fund Name 4 a e Director ti City Attorney sAittraraL Finan a and Internal Service Director Mayor 1/- 24— c, Date 1/ - Date Dat Previous Ordinance or Resolution # Original Contract Date: Original Contract Number: At It av /04-oO Received in City Clerk's Office Comments: