SUBJECT
title
Consideration to ratify the extension of the Estrada Hinojosa & Company Inc., of Dallas, Texas previous contract from September 30, 2023 through June 9, 2024, with no outstanding payments owed, and to award a new five year contract for financial advisory services for the City of Laredo and approval of the regulatory requirement regarding disclosures as attached in Exhibit B of the contract. Financial advisory services are based on the size of the debt issuance sold and are paid from said proceeds. The new contract period is from June 10, 2024 through July 31, 2029. Funding for these services will be available from proceeds of the debt issuance.
body
PREVIOUS COUNCIL ACTION
On July 12,2016 a five-year contract was awarded to Estrada Hinojosa & Company for Financial Advisory Services.
On August 2, 2021 a two-year contract was awarded to Estrada Hinojosa & Company for Financial Advisory Services and on July 31, 2023 City Council approved a contract extension from August 1, 2023 through September 30, 2023.
BACKGROUND
The City of Laredo employs Financial Advisors to coordinate the issuance of bonds and advise the City on matters related to debt issuance. The firm of Estrada Hinojosa has been the Financial Advisor for the City of Laredo since 1996. The proposed contract includes increases reflected in Appendix A "Compensation". The contract also includes Exhibit B "Disclosure Statement Required by Municipal Securities Rulemaking Board" and "Disclosure Statement Required by the State of Texas".
COMMITTEE RECOMMENDATION
None.
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of a five-year professional service contract with Estrada Hinojosa & Company Inc., for Financial Advisory Services.
end
Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: N
Source of Funds: Bond Proceeds
Account #: Various
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
In consideration for the service rendered by Estrada Hinojosa, the ...
Click here for full text