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Resolution 2008-35

(A resolution providing for the exemption of a personal services contract with Seattle Northwest Securities Corporation for investment advisor and underwriter services)


 WHEREAS, the City Council is the local contract review board for the City of Hood River;

 WHEREAS, pursuant to HRMC 2.32.060, personal services for contracts for investment advisor and underwriter services valued at over $25,000 must be procured based on the solicitation of offers;

 WHEREAS, the City is in need of investment advisor and underwriter services for the issuance of up to $6 million in bonds approved by the voters in the November, 2008 election for the Fire Department;

 WHEREAS, the City has previously contracted with Seattle Northwest Securities Corporation (SNSC) for investment advisor and underwriter services with respect to previous bonds the City has issued and, as a result, SNSC is familiar with the City’s operations and finances;

 WHEREAS, SNSC is one of few firms in the northwest to provide investment advisor and underwriter services for municipalities and the City’s bond counsel is familiar with SNSC and has worked with SNSC on other bond issues and recommends SNSC;

 WHEREAS, it would be more cost effective and would result in savings for the City to retain services of an investment advisor and underwriter service provider with familiarity of the City’s operations, finances and needs and SNSC has such familiarity;

 WHEREAS, the City Council should grant an exemption from HRMC 12.32.060 for a contract for investment advisor and underwriting services with SNSC to provide services with respect to the Fire Department’s $6 million bond issue.

 NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:

The contract for investment advisor and underwriting services with SNSC to provide services with respect to the Fire Department’s $6 million bond issue is exempt from the procurement requirements of HRMC 2.32.060 and the Finance Director is authorized to enter into a contract for investment advisor and underwriting services with SNSC.  The authorized estimated cost of the contract is no greater than $73,000.

Approved by the Hood River City Council the 8th day of December, 2008, to take effect immediately.


       ___________________________
       Linda Streich, Mayor
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Jennifer McKenzie, City Recorder