Meeting Type: BCC Work Session
Meeting Date: 4/9/2019
Item Status: New
From: Ronald J. Cink, Budget Director
Submitted by: Miranda N. McKinnon, Administrative Support Specialist
______________________________________________________________________
ITEM TITLE
Title
Agreement for Financial Advisory Services between the Baldwin County Commission and Stifel, Nicolaus & Company, Incorporated
Body
STAFF RECOMMENDATION
Recommendation
Take the following actions:
1) Approve the Baldwin County Commission to retain Stifel, Nicolaus & Company, Incorporated as financial advisor to the Baldwin County Commission for the following:
a) financial planning efforts and the potential issuance of one or more series of bond types; and
b) ongoing general advisory services as requested by the County; and
c) investment bidding services as requested by the County.
2) Authorize the Chairman to execute the Agreement between the Baldwin County Commission and Stifel, Nicolaus & Company, Incorporated for Financial Advisory Services. This Agreement will be effective on the date signed by an authorized representative of Baldwin County and may be terminated on seven (7) days’ written notice by either party.
End
BACKGROUND INFORMATION
Previous Commission action/date: N/A
Background:
Due to the rapid economic expansion within Baldwin County and in anticipation of future needs, the services of a financial advisor are needed to assist in review and support of Baldwin County Commission’s fiscal activities. Attached is Code of Alabama Section 41-61-51, Contracts for which competitive bidding not required.
Stifel, Nicolaus & Company, Incorporated is a registered agent with the Alabama Secretary of State. Entity ID Number 884-779.
FINANCIAL IMPACT
Total cost of recommendation: N/A
Budget line item(s) to be used: 51700.5164
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?
Reviewed by County Attorney
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
Action required (list contact persons/addresses if documents are to be mailed or emailed):
Reid Cavnar, Managing Director
Stifel, Nicolaus & Company, Incorporated
P.O. Box 241858
Montgomery, Alabama 36124
cc: Kim Creech and Ron Cink
Additional instructions/notes: N/A