This is for a contract modification for financial advisor services with PFM to increase the fee schedule to include fixed pricing for bond issues up to $100 million.

With this change the minimum fee will remain at $25,000 and the maximum fee will increase to $100,000 with the financial advisor being paid $1.00 per $1,000 of bond proceeds issued. This action will ensure that the City fairly compensates its financial advisor for technical work to secure bond financing for both the City's general obligation needs and the water and sewer system's needs. PFM provides technical consulting, preparation and review of bond offering documents, and expert advice in structuring debt issues to provide the City with the lowest possible cost of debt.

Approval