RES 2002-0099 - Appoint Kirkpatrick, Pettis, Smith, Polian, Inc for uderwriting services in financing redevelopment projects H t % L r '
°M" " '�� R E 1' 4� , V 1 Finance Department
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l' ritt �►�� Omaha,Nebraska 68183 1004
° � (402)444-5416
>, FESR �' I r;G Telefax(402)444-5423
O '.4NA, NEO5i\?'1S''{ /' StanleyP.Timm
City of Omaha Director
Mike Fahey,Mayor Allen R Herink
Acting City Comptroller
January 15, 2002
Honorable President 1
and Members of the City Council,
Attached is a resolution that names Kirkpatrick Pettis of Omaha as Senior Manager for future
City bond financing needs. The services will be performed for two bond issues for the
Riverfront and related Redevelopment projects.
In addition to the senior manager, other investment banking firms will be included as co-
managers and selling group members for the bond offerings subject to mutual agreement
between the City and the senior manager including one minority owned and managed firm.
Attached is a letter signed by both the senior manager outlining the scope of services that will be
provided along with a not to exceed fee proposal. Final pricing will be brought before the City
Council in the form of a bond purchase agreement when the team has completed its work for the
two bond issues.
The Finance Department recommends approval of this resolution.
Sincerely,
J ii;
4//_r-
Stanley P. imm Date
Finance Director
Approved: / Referred to City Council f Consideration:
Willl
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" ,aul Kratz Date Mayor's Office/T. e D t
City Attorney
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181
KIRKPlTRICK PPTTIS
A Mutual of Omaha Company Investments Since 1925
January 9,2002
Mr. Stanley Timm
Finance Director
City of Omaha
Omaha-Douglas Civic Center
1819 Farnam Street, Suite 1004
Omaha,NE 68183-1003
Dear Mr.Timm:
We at Kirkpatrick Pettis are pleased to have been selected as senior manager to the City of Omaha with respect to
its upcoming financing needs. We are providing this letter to the City as your senior manager to describe our
scope of services and our proposed fee structure. We will include co-managers and selling group members to the
mutual satisfaction of the City and the senior manager. Minority business enterprise participation will be part of
the financing program.
We propose to provide the City with an array of services including among other things:
> Working with you on your official statement including completing due diligence and assisting in the
preparation of that document;
> Structuring the issue to provide for the marketplace and your specific needs;
> Developing with you the rating service presentations for Moody's Investors Service and Standard & Poor's
Corporation;
> Advising you on the timing of this issue;and
> Pricing the issue and marketing your bonds to investors both locally and nationally to achieve a successful
underwriting for the City.
For such services we propose an underwriter's spread—not to exceed an average of$8.25 per bond comprising
takedown,management fee,underwriting and expenses. This fee is firm for this project.
Please do not hesitate to call the undersigned about this letter should you have any questions. As your senior
manager, we are very pleased to be part of the City of Omaha's team to achieve excellent results in the
marketplace.
Sincerely,
Daniel J. Smith,S i ce President
Kirkpatrick Pettis
cc: Ken Bunger
•
10250 REGENCY CIRCLE,SUITE 400•OMAHA,NEBRASKA 68114-5702•402-397-5777•800-776-5777
Investment Since 1925•Member NASD&SIPC•www.kirkpatrickpettis.com
-rC-1SA
CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, the City Council of the City of Omaha intends to issue City bonds to
finance City redevelopment projects including the City's riverfront; and,
WHEREAS, a proposal was received on January 9, 2002, and was reviewed by
the Finance Director; and,
WHEREAS, the Finance Director has recommended to the Mayor that
Kirkpatrick, Pettis, Smith, Polian, Inc. be selected as the senior managing underwriter for the
City financing of these Projects; and,
WHEREAS, the Mayor has concurred with the Finance Director's
recommendation and recommends that Kirkpatrick, Pettis, Smith, Polian, Inc. of 10250 Regency
Circle, Omaha,Nebraska 68114,be selected as senior managing underwriter.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT, the City hereby appoints Kirkpatrick, Pettis, Smith, Polian, Inc. as the
senior manager to provide underwriting services for the City in financing the Riverfront and
other Redevelopment projects and authorizes the acceptance of the attached engagement letter.
APPR V T FO .
/ /0' e2
IT TORNEY ATE
P:\FIN\2595sap.doc
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