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ORDINANCE NO. 19,894
AN ORDINANCE TO DISPENSE WITH THE REQUIREMENT OF
COMPETITIVE BIDDING AND AUTHORIZE THE MAYOR AND
CITY CLERK TO ENTER INTO AN INVESTMENT MANAGEMENT
AGREEMENT WITH STEPHENS CAPITAL MANAGEMENT FOR
MANAGEMENT OF THE CITY'S ASSETS IN THE ARKANSAS
LOCAL GOVERNMENT HEALTH MANAGEMENT TRUST; AND
FOR OTHER PURPOSES.
WHEREAS, the City of Little Rock may dispense with the requirement of
competitive bidding in exceptional situations where such procedure is not feasible, and
WHEREAS, the City finds that competitive bidding for Investment Management
Services to manage its contribution to the Arkansas Local Government Health
Management Trust (the "Trust ") to achieve GASB 45 compliance is not feasible as
Stephens Capitol Management ( "SCM ") is designated by the Arkansas Municipal
League as the Investment Manager for the Trust.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
19 Section 1. The Board of Directors finds that competitive bidding should be
20 dispensed with in selecting an investment management firm to manage the City's
21 contribution to the Trust administered by the Arkansas Municipal League, as an
22 exceptional situation exists and competitive bidding is impractical and infeasible.
23 Section 2. The City is hereby authorized to dispense with competitive bidding
24 and enter into a contract with SCM for investment management services for the City's
25 funds invested in the Arkansas Local Government Health Management Trust.
26 Section 3. Severability. In the event any title, section, paragraph, item, sentence,
27 clause, phrase, or word of this ordinance is declared or adjudged to be invalid or
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To Authorize Contract with Pulaski County
For Alternative School Services
I unconstitutional, such declaration or adjudication shall not affect the remaining
2 portions of the ordinance, which shall remain in full force and effect as if the portion so
3 declared or adjudged invalid or unconstitutional was not originally a part of the
4 ordinance.
5 Section 4. Repealer. All ordinances, resolutions, bylaws, and other matters
6 inconsistent with this ordinance are hereby repealed to the extent of such inconsistency.
7 PASSED: December 21, 2007
8 ATTEST: APPRnWD.
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11 Nan Woo Mark Stodola, Mayor
City Clerk
12 APPROVED AS TO LEGAL FORM:
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15 Thomas M. Carpenter, City ttorn
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To Authorize Contract with Pulaski County
For Alternative School Services