HomeMy WebLinkAboutFire Station ProjectCrowe.
Crowe Chizek and Company LLC
Membel Horwath internatlona~
10 West Market Street, Suite 2000
Indianapolis, Indiana 46204-2975
Tel 317.632.1100
Fax 317.635.6127
ww~,.crowechizek.com
November 1, 2005
PROJECT ASSIGNMENT
City of Jeffersonville, Indiana
This document is a Project Assignment based on an agreement entered into between the City of
Jeffersonville (City), and Crowe Chizek and Company LLC (Crowe Chizek) dated February 11, 2004.
The title of this Project Assignment is:
City of Jeffersonvitle Fire Station
Bond Issue
The scope of financial advisory services provided by Crowe Chizek may include the following:
Analysis of Financing Alternatives
1. Evaluation of and recommendation regarding various financing alternatives and
coordination of revenues as sources of repayment pledged by participating governmental
entities. Recommendations relative to maturity schedules, call premiums, maximum coupon
rates and arbitrage restrictions.
2. Analysis of financing impact on availability of alternative funding sources and the impact on
tax rate structure based on various issuance sizes and maturities, if applicable.
3. Determination of direct and overlapping community debt, debt ratios and per capita ratios
for the purpose of establishing limitations, if any, and credit capabilities.
Planning and Financial Structuring
1. Preparation for and attendance at public meetings to inform the public about the cost and tax
rate effects of the project, including assistance with petition/remonstrance process, if
necessary.
2. Coordination of construction and financing schedules with architects/engineers and other
financing professionals.
3. Negotiations with banks, institutions and insurance companies with respect to credit
enhancement, if applicable.
4. Preparation of Request for Proposals ("RFP") for Paying Agent and Registrar services and
analysis of responses.
Project Assignment (Continued)
City of Jeffersonville
November 1, 2005
Page 2
Disclosure and Presentations
1. Undertaking of due diligence investigations as required in connection with client's disclosure
obligations under SEC regulations including Rule 10(b)(5) and the Securities Acts of 1933 and
1934, as well as the disclosure rules specifically applicable to governmental issuers under SEC
Rule 15(c)2-12.
2. Preparation and publication of prospectus (Official Statement) for sale of securities at
competitive bid including preliminary and final official statements.
3. Application for and management of data presentations relative to ratings by Moody's
Investors Service and/or Standard & Poor's.
4. Attendance at and participation in public meetings of client and sessions of public authorities.
5. Appearances before state regulatory commissions and agencies, as required.
Sale, Closing and Follow-Through
1. Accept, evaluate and advise on award o£ bonds to bidder with lowest net interest cost to the
City.
2. Arrangements for closing of sale, transfer of funds and delivery of securities - book-entry-
only.
3. Advise on investment alternatives available for bond proceeds - project funds, debt service
reserve funds, etc.
4. After issuance, advise on IRS arbitrage tracking and reporting requirements.
5. Advise on the development of an ongoing disclosure program to comply with secondary
market disclosure rules.
FEES
Fees shall be billed for the hours expended on this project. Hourly rates are presented below:
Executive $ 190 -315
Sr. Manager 130 - 190
Manager 105 - 130
Staff 60- 100
Out-o~pocketexpenses At Cost
Project Assignment (Continued)
City of Jeffersonville
November 1, 2005
Page 3
Total fees for this project assignment will not exceed $35,000 without the prior written permission of the
City. Should the project terminate prior to the issuance of bonds, we will invoice the City for the time and
out-of-pocket expenses through the date of project termination. Otherwise, our fees can be paid from
bond proceeds. Services requested which are outside the scope of services listed will be quoted
separately.
In the event the City approves the engagement of Crowe Chizek for this assigrunent, please sign, date and
return the enclosed copy of this letter to us.
Respectfully submitted,
Michael Claytor
Agreed and Ac pt~.
Date: ~
Crowe Cbigek and Company LLC (Crowe Chigek) is a member of Honv~th International Assodation, a Swiss assodallon (Horwath). Eavh member fi~m of Honvath is a
sq~arats and independent legal entiy. Crowe Chigek and its ~f~liatss are not responsible or Babk for any acts or omissions of anj other member of Honvath and hereby
~esificallj disclaim anj and all reOonsibiB~ or llabeli(y for anff acts or omissions of anff other member of Honvath.