Meeting Type: BCC Regular Meeting
Meeting Date: 3/19/2024
Item Status: New
From: Beth Hodges, Budget Director
Submitted by: Lynzie Clark, Senior Budget Director
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ITEM TITLE
Title
Agreement with Stifel, Nicolaus & Company, Incorporated for Municipal/Financial Advisory Services
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STAFF RECOMMENDATION
Recommendation
Approve and authorize Chairman to execute the Municipal Advisory Services Agreement between the Baldwin County Commission and Stifel, Nicolaus & Company, Incorporated to serve as the County’s municipal advisor/financial advisor.
This agreement is effective on the date of full execution, expiring on March 19, 2027, and can be terminated with thirty (30) day written notice by either party.
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BACKGROUND INFORMATION
Background: In light of the ongoing economic growth in Baldwin County, there is a need for a municipal/financial advisor to assist the County in evaluating and supporting fiscal activities including, but not limited to: financial planning services, potentially assisting with the issuance of bonds, ongoing general advisory services as needed, and any additional services as mutually agreed upon in writing by the Baldwin County Commission and Stifel Nicolaus & Company, Incorporated.
Stifel, Nicolaus & Company, Incorporated is a registered agent with the Alabama Secretary of State.
Previous Commission action/date: April 9, 2019 - Approved a Financial Advisory Services Agreement between BCC and Stifel, Nicolaus & Company, Incorporated to serve as financial advisor.
FINANCIAL IMPACT
Total cost of recommendation: N/A
Budget line item(s) to be used: To be determined as services are requested and rendered.
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
Municipal Advisory Services Agreement approved by Lauren Collinsworth March 8, 2024. LEC
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Administration Staff
Action required (list contact persons/addresses if documents are to be mailed or emailed): Administration Staff Is responsible for follow-up.
1) Administration - Have original agreement executed by the Chairman.
2) Mail the signed original agreement to:
Stifel, Nicolaus & Company, Incorporated
Attention: Reid Cavnar, Managing Director
One Lakeview Center, Suite 400
2660 East Chase Lane
Montgomery, Alabama 36117
cc: Beth Hodges, Lynzie Clark
Additional instructions/notes: Administration - upload Agreement to Contracts.