16654250
1 ORDINANCE NO. 16,654
2
3 AN ORDINANCE AUTHORIZING THE CITY
4 MANAGER TO ENTER INTO A CONTRACT
5 WITH STEPHENS, INC., TO ACT AS
6 FINANCIAL ADVISOR TO ASSIST IN THE
7 POSSIBLE REFUNDING OF THE 1988
8 CAPITAL 311IPROVEKENT BOND ISSUES;
9 WAIVING COMPETITIVE BIDDING; AND
10 FOR OTHER PURPOSES.
11
12 WHEREAS, in 1987 the Board of Directors authorized the City
13 to select Stephens, Inc., to serve as a financial advisor for
14 the City's 1988 capital improvement bond issue (after having
15 followed a competitive selection process); and
16 WHEREAS, as a condition of serving in this position
17 Stephens, Inc., was prohibited from the opportunity to
18 underwrite the bonds; and
19 WHEREAS, after the bonds were successfully sold Stephens,
20 Inc., continued to provide financial advice and assistance to
21 the City administration including assistance with maintaining
22 the ratings on the bonds at no cost to the City; and
23 WHEREAS, Stephens, Inc., assisted the City in securing an
24 upgrade for one of the ratings the bonds in 1992, which proved
25 to be very beneficial to several City agencies, such as the
26 Little Rock Sanitary Sewer Committee and the Little Rock Water
27 Commission that refunded revenue bonds during 1993; and
28 WHEREAS, Stephens, Inc., is recognized by ratings agencies
29 and others in the financial markets as the financial advisor for
30 the bonds and it is in the best interest of the City to maintain
31 the continuity of such recognition in the financial markets;
32 and
33 WHEREAS, it is impractical and unfeasible to competitively
34 bid for another bond advisor and still maintain the continuity
35 and assistance that Stephens, Inc., has provided since these
36 bonds were first issued.
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r 251
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to enter
into a contract with Stephens, Inc., to provide financial
advisory services to the City in connection with a possible
refunding of the 1988 capital improvement bond issue. The cost
of this service will be paid from the sale of the bond proceeds.
SECTION 2. The Board of Directors finds that it is
impractical and unfeasible to competitively bid for this
advisory service. The refunding of this bond issue requires the
unique knowledge of the bond projects since the inception in
1987 - a knowledge unique to Stephens, Inc., which provided this
service while at the same time foregoing the opportunity to
underwrite the bonds.
PASSED: May 3, 1994
APPROVED:
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