§ 2-582. Selection of professionals.

The city will employ outside specialists to assist in developing a bond issuance strategy, preparing bond documents, and marketing bonds to investors. When selecting a financing team the city will focus on professionals that have the necessary expertise to represent its interests and to successfully market its bonds. The city will retain professionals under procedures outlined in the city's procurement policies and procedures. The city will hire professionals with an understanding of the city's needs, experience with similar types of securities, knowledge of beneficial approaches to debt financing, an understanding of innovative debt financing methods which can reduce costs or provide greater flexibility, and an ability to complete the transaction in a timely manner without undue burden to the city.

(1) Financial advisor. The city will seek the advice of a financial advisor as needed. The financial advisor will advise on the structuring of obligations to be issued, inform the city of various options, advise the city as to how choices will impact the marketability of the city obligations and will provide other services as defined. To ensure independence, the financial advisor will not bid on nor underwrite any city debt issues.

(2) Bond counsel. The city will retain external bond counsel for all debt issues. All debt issued by the city will include a written opinion by bond counsel affirming that the city is authorized to issue the debt, stating that the city has met all state constitutional and statutory requirements necessary for issuance, and determining the debt's federal income tax status. The city attorney, as counsel for the issuer, will affirm the city's legal status and authority for borrowing in the manner contemplated.

(3) Underwriters. Underwriters will be required to demonstrate sufficient capitalization and experience related to debt issuance.

(Ord. No. 2013-03, § 1, 2-5-13)