Financial Services Director recommends approval of Municipal Advisory Services Agreement between the City of Coalinga and Wulff, Hansen & Co.
The City currently has an existing agreement with Wulff, Hansen & Co. which expires December 31, 2020.
Wulff, Hansen is proposing a new municipal advisory services agreement to run through December 31, 2022 to allow for sufficient time to complete the bond financing.
Addendum No. 1 authorizes Wulff, Hansen to develop a plan of financial for capital improvement projects, including energy efficiency, to the water and sewer enterprises utilizing any available funding sources, in the approximate amount of $16,000,000. Their fee will be $52,500.
Addendum No. 2 authorizes Wulff, Hansen to assist in refunding the 2012 Water and Wastewater Revenue Bonds. The approximate amount of the refinancing is not anticipated to exceed $14,000,000. Their fee will be $57,500.
Addendum No. 3 authorizes Wulff, Hansen to provide general municipal advisory services related to outstanding bond issues at a rate of $300 per hour capped at an estimated a not-to-exceed amount specified in writing provided to the City upon request for services related to a specific project. Fees will be billed on a monthly basis as needed.
Do not approve the Municipal Services Agreement.
V. FISCAL IMPACT:
The fees associated with this agreement and addendum 1 and 2 will be paid from the bond financing and there will be not fiscal impact to the General Fund. Fees related to addendum 3 will be paid from the fund related to the bond issue.