Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 17-671    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 10/16/2017 Final action: 10/16/2017
Title: A Resolution Approving a Professional Services Agreement with Speer Financial, Inc. as the Village's Municipal Bond Advisor for Bond Issuances and Other Related Services and Authorizing its Execution
Attachments: 1. Speer Resolution 101617, 2. Speer Prof Services Agreement, 3. Speer Engagement Letter 2017 Issue
Submitted By
Steven Drazner, CFO

Reviewed By
LKS

Agenda Item Title
Title
A Resolution Approving a Professional Services Agreement with Speer Financial, Inc. as the Village's Municipal Bond Advisor for Bond Issuances and Other Related Services and Authorizing its Execution

End
Overview
Overview
The Village has utilized the sevices of Speer Financial, Inc. as its municipal advisor for bond issuances for approximately twenty years, going back to 1996. This firm has extensive knowledge of the financial history of the Village.

Body
Staff Recommendation
Approve the Resolution.

Fiscal Impact
Fees will vary based on the dollar amount of each bond issue. For a $10M issue, municipal advisory fees under the Speer agreement would total $20,000, or .2% of the issuance amount.

Background
The existing agreement with Speer Financial, Inc. dates back to 1996. In effort to keep contractual language current and to have formal authorization from the existing Village Board, it is recommended that a new agreement be executed although the fee structure will not change. The fees charged by Speer Financial are variable and based on the bond issuance amount according to the following schedule:

Fixed fee of $5,000 regardless of bond issuance amount
Variable fee of .25% on the amount of bonds issued between $1 million through $5 million
Variable fee of .10% on the amount of bonds issued equal to or in excess of $5 million

Furthermore, the professional services agreement with Speer Financial would be for a one year term with automatic one year renewals unless terminated by either party with ninety (90) days notice.

The primary services that a municipal advisor provides are as follow:

1) Calculates the potential cost/benefit of advanced or current refundings for existing Village debt and provides recommendations

2) General financial planning and advice as needed

3) Determines the timeline for new debt issuances

4) Prepares preliminary and final official stat...

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