Subject:
Title
Approve Spending with Davenport & Company as Financial Advisor for 2025 Bond Issuance
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
Sept. 15, 2025 Work Session
Oct. 6, 2025 Set Public Hearing
Oct. 20, 2025 Work Session
Oct. 27, 2025 Council Meeting
Nov. 10, 2025 Public Hearing
EXPLANATION AND SUMMARY:
The Town of Vienna has engaged Davenport & Company to act as its financial advisor for bond sales and other financial matters since 2015. The Town has a letter agreement with Davenport, which is in force until canceled by the Town.
As part of the bond ordinance approved by Council on Nov. 10, 2025, Council approved Davenport as financial advisor, but the amount needs to be appropriated.
The Director of Finance recommends approving an expenditure not to exceed $104,000 ($100,000 plus 4% contingency) from the $300,000 total 2025 bond issue costs for the services of Davenport & Company for the 2025 bond sale. Financial Advisory services for the 2025 bond sale will be $104,000 as quoted in the attached letter.
Departmental Recommendation: Recommend approval of Davenport & Company, LLC for financial advisory services for the 2025 debt issuance.
Finance Recommendation: Recommend approval of Davenport & Company, LLC for financial advisory services for the 2025 debt issuance.
Purchasing Recommendation: Recommend approval.
Town Attorney Recommendation: The Town retains a financial advisor to assist it with the issuance of its public obligation bonds. The Town Council may approve the proposed payment of fees to Davenport & Company in its discretion.
Town Manager's Recommendation: I recommend the Town Council approve an appropriation not to exceed $104,000 to compensate Davenport & Company as the Town’s financial advisors for the 2025 bond sale, as presented.
Cost and Financing: not to exceed $104,000
Account Number: 300-026-1021-39400-48002, project 126BOND020
Prior Funding Approval: Annual General Budget (Year), Amendments, CIP Budget (Year), or ARPA. 2026 CIP Budget
Decision Needed by this date: Dec. 8, 2025
PROPOSED/SUGGESTED MOTION
Recommended Action
“I move to close the public hearing.”
And
“I move to approve an appropriation not to exceed $104,000 to compensate Davenport & Company as the Town’s financial advisors for the 2025 bond sale from the project and account number listed above.”
Or
Other action deemed necessary by Council.