HomeMy WebLinkAboutRes1995-025
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Sponsored by: Jones
CITY OF SEWARD, ALASKA
RESOLUTION NO. 95-025
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, APPROVING A FINANCIAL ADVISORY
AGREEMENT WITH COASTAL SECURITIES LTD.
WHEREAS, the City of Seward currently has a contract with J C. Bradford & Co. to
provide financial advisory services; and
WHEREAS, since the early 1980's, former 1. C. Bradford Don Grimes has been the
City's exclusive advisor in financial matters; and
WHEREAS, Don Grimes has recently left 1. C. Bradford & Co. and has joined Coastal
Securities Ltd. in Houston, Texas, as a partner; and
WHEREAS, the City wishes to continue its association with Mr. Grimes; and
WHEREAS, the City's agreement with 1. C. Bradford & Co. provides that the City can
terminate the agreement upon 30 days' notice; and
WHEREAS, J. C. Bradford understands the City's desire to remain with Don Grimes; and
WHEREAS, the proposed new agreement with Coastal Securities Ltd. would not take
effect until the termination of the J. C. Bradford agreement; and
WHEREAS, the new agreement does not require that the City use Coastal Securities for
its financial advisory services but merely establishes a relationship and fee schedule if its services
are used;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The agreement between the City and 1. C. Bradford & Co. for financial
advisory services is hereby terminated, and the City Manager is instructed to issue the necessary
notice of termination required under the agreement.
Section 2. The City Manager is hereby authorized to execute a financial advisory contract
with Coastal Securities Ltd. on behalf of the City of Seward. A copy of the contract is attached
and incorporated herein by reference.
Section 3. This resolution shall take effect immediately upon its adoption.
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 95-025
PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 10th
day of April, 1995.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
THE CITY OF SEWARD, ALASKA
L 0. C?J\Ov~
Dave W. Crane, Mayor
Anderson, Crane, Darling, Deeter, King, O'Brien, Sieminski
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(City Seal)