Subject:
Title
Appropriate funds for Davenport & Company as Financial Advisor (consent agenda)
Body
EXPLANATION AND SUMMARY:
The Town has engaged Davenport & Company to act as their 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.
The Director of Finance recommends approving an expenditure of $70,000 from the $350,000 total 2020 bond issue costs for the services of Davenport & Company, for the 2020 bond sale Services for the 2020 bond sale will be $70,000, as quoted in the attached email.
Strategic Plan Initiative: Vienna is a fiscally prosperous community; Vienna is a safe community, as the main project for the 2020 bonds is the construction of a new police station.
Departmental Recommendation: Recommend appropriation for financial advisory services for Davenport & Company
Finance Recommendation: Recommend appropriation for financial advisory services for Davenport & Company
Purchasing Recommendation: Recommend approval
Town Attorney Recommendation: The Town Council may approve the proposed expenditure of funds in its discretion.
Town Manager's Recommendation: I recommend the Town Council approve an appropriation of $70,000 to retain Davenport & Company, as financial advisors for the 2020 Bond sale, as presented.
Cost and Financing: $70,000
Account Number: 300-000-0000-39400-48002, Project 120BONDS020
Decision Needed by This date: February 24, 2020
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to approve an appropriation of $70,000 to retain Davenport & Company as financial advisors for the 2020 Bond sale from the project and account numbers listed above,"
Or
Other action deemed necessary by Council.