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CONSENT AGENDA <br />Indian River County <br />Inter -Office Memorandum Q� <br />Office of Management and Budget DD <br />TO: Members of the Board of County Commissioners <br />DATE: January 12, 2016 <br />SUBJECT: Financial Advisory Agreement - FirstSouthwest <br />FROM: Jason E. Brown - Director, Management & Budget <br />Description and Conditions <br />On December 6, 2005, the Board of County Commissioners approved an agreement with <br />FirstSouthwest (then First Southwest Company) to provide financial advisory services for the <br />County. This agreement was for an initial term of five (5) years, with ten (10) one-year <br />renewals. FirstSouthwest has provided excellent service during this period including numerous <br />debt issues. At this time, staff recommends that the Board of Commissioners approve a new <br />agreement with FirstSouthwest. Like the prior agreement, the initial term would be five (5) <br />years, with ten (10) one-year renewals. <br />Funding <br />The cost of services under the proposed agreement is unchanged from the prior agreement. <br />Transaction fees under the agreement are shown in the table below. These costs are typically <br />paid from the proceeds of the bond issue upon closing of the transaction. The contract also <br />provides for additional services on an as -needed basis at an hourly rate. It should be noted that <br />the County has not been charged these fees during the term of the prior agreement. <br />$1.20 per $1,000 1 for the first <br />$20,000,000 of debt instruments, plus <br />$0.75 per $1,000I for amounts I greater than $20,000,000 of debt <br />instruments <br />Minimum $15,000 per transaction <br />Recommendation <br />Staff recommends that the Board of Commissioners approve the attached Financial Advisory <br />Agreement with FirstSouthwest. <br />Attachment <br />Financial Advisory Agreement <br />APPROVED AGENDA ITEM: <br />BY: W <br />Jose h A. Baird <br />County Administrator <br />FOR: January 19, 2016 <br />81 <br />