Legal Documents of Mountain City

Code of Mountain City

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 6 Debt Management Policy » § 5-610 Professionals.
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Title 5
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Title 5, Chapter 1
5-101
§ 5-101
Mountain City
Title 5 : Municipal Finance and Taxation
Chapter 6 : Debt Management Policy

5-610 : Professionals.

  1. Financial professionals. As needed, the town may select financial professionals to assist in its debt issuance and administration processes. In selecting financial professionals, consideration should be given with respect to:
    1. Relevant experience with municipal government issuers and the public sector;
    2. Indication that the firm has a broadly based background and is therefore capable of balancing the town's overall needs for continuity and innovation in capital planning and debt financing;
    3. Experience and demonstrated success as indicated by its experience;
    4. The firm's professional reputation;
    5. Professional qualifications and experience of principal employees; and
    6. The estimated costs, but price should not be the sole determining factor.
  2. Miscellaneous.
    1. Written agreements.
      1. Any financial professionals engaged by the town shall enter into written agreements, including, but not limited to, a description of services provided and fees and expenses to be charged for the engagement.
      2. The town shall enter into an engagement letter agreement with each lawyer or law firm representing the town in a debt transaction. No engagement letter is required for any lawyer who is an employee of the town or lawyer or law firm which is under a general appointment or contract to serve as counsel to the town. The town does not need an engagement letter with counsel not representing the town, such as an underwriters' counsel.
      3. The town shall require all financial professionals engaged in the process of issuing debt to clearly disclose all compensation and consideration received related to services provided in the debt issuance process by both the town and the lender or conduit issuer, if any. This includes "soft" costs or compensations in lieu of direct payments.
    2. Conflict of interest.
      1. Financial professionals involved in a debt transaction hired or compensated by the town shall be required to disclose to the town existing client and business relationships between and among the professionals to a transaction (including but not limited to financial advisors, swap advisors, bond counsel, swap counsel, trustee, paying agent, underwriter, counterparty, and remarketing agent), as well as conduit issuers, sponsoring organizations and program administrators. This disclosure shall include that information reasonably sufficient to allow the town to appreciate the significance of the relationships.
      2. Financial professionals who become involved in the debt transaction as a result of a bid submitted in a widely and publicly advertised competitive sale conducted using an industry standard, electronic bidding platform are not subject to this disclosure. No disclosure is required that would violate any rule or regulation of professional conduct. (Ord. #1269, Jan. 2012)