HomeMy WebLinkAboutIII (G) Approval to Enter into an Agreement with First Union to Terminate Financial Servces Consulting Agreement and Authorization for Mayor and City Clerk to Execute a Contract with First Southwest Company Agenda 9-17-2002
e Center of Good Ltv, Item III G
Mayor �M. Commissioners
S Scott\anderyritt Danny Howell, District 1
Manager
/./ Scott Anderson, District 2
CityMana er ,�j y Rusty Johnson, District 3
Jim Gleason ��"�:� - ( Nancy J. Parker, District 4
MEMORANDUM
TO: The Honorable Mayor and City Commissioners
FROM: Wanda Horton, Finance Director jfilf
DATE: September 10, 2002
RE: Contract for Financial Services Consultant
The City Commission approved a contract between First Union National Bank and the City of
Ocoee for Financial Services Consulting in September 2000. Financial Advisor, Mark Galvin,
represented First Union. Mr. Galvin plays a vital role in performing financial analysis, advising
staff in the preparation, execution and marketing of debt instruments to finance various capital
improvements for the City. Mr. Galvin has been responsive to the City's needs and has
demonstrated his knowledge and understanding of the financial market. Staff is pleased with the
relationship established with Mr. Galvin and the relationships he has established with other
members of the City's financing team.
Mr. Galvin has terminated employment with First Union and is now employed with First
Southwest Company located in Orlando. The Commission has the following options available:
1. Continue the contract with First Union and work with another of their advisors.
2. Terminate the contract with First Union (requires a 60 day notice) and enter into a
contract with First Southwest Company identifying Mr. Galvin as our advisor.
3. Terminate the contract with First Union (requires a 60 day notice) and go through
the Request for Qualifications process to select another firm/advisor.
Staff feels that it is in the City's best interest to continue the relationship with Mr. Galvin as the
City's Financial Advisor and support option #2 above.
Action Requested
Staff recommends the Mayor and City Commission authorize staff to:
❑ Enter into an agreement with First Union to terminate Financial Services
Consulting Agreement.
J Authorize the Mayor, City Clerk and staff to execute contract with First
Southwest Company and Mr. Mark Galvin for financial advisory services and any
termination agreement required with First Union.
The City of Ocoee • 150 N Lakeshore Drive •Ocoee, Florida 34761
phone. (407)905-3100• tax: (407)656-8504• •wu.ci.ocooe(l.us