ITEM TITLE:
Consider renewing a professional services agreement for bond counsel services with Floyd & Driver Law Firm, PLLC, of Norman, OK.
INITIATOR: Timothy Wilson, Acting City Attorney
STAFF INFORMATION SOURCE: Timothy Wilson, Acting City Attorney
BACKGROUND: The Floyd & Driver Law Firm, PLLC, has served as the City's Bond Counsel for the past eight (8) years. They are a very well-established firm that is capable of providing bond counsel services with respect to a wide range of long-term capital improvement financing and other debt related matters. The firm also provides assistance in resolution / ballot preparation for ad valorem and CIP elections.
The Floyd & Driver Law Firm, PLLC professional services agreement dated May 1, 2024, identifies the scope of bond counsel services that will be provided to the City and its trusts for FY 2024-2025. For General Counsel Outside Work, the fees remained unchanged with a rate of $375/hour for Partners and $250/hour for Counsel. There is an increase in the additional fees set forth in the agreement for their assistance for the issuance general obligation bonds and revenue bonds, said fees being based on a percentage amount of the bonds being issued. The increases are shown below as well as in the attached proposed agreement.
For General Obligation Bonds the percentage of the principal amount of general obligations issued up to Five Million Dollars ($5,000,000), a fee of .40% of principal amount [unchanged]; plus .30% of the principal amount over and above Five Million Dollars ($5,000,000) [an increase from .25%].
For Revenue Bonds the breakdown is:
(1) 0.90% for the first $5,000,000 bonds or notes issued [unchanged]; plus
(2) 0.75% for the next $5,000,000 bonds or notes issued [an increase from .72%]; plus
(3) 0.60% for the next $5,000,000 bonds or notes issued [an increase from .54%]; plus
(4) 0.40% for the next #5,000,000 bonds or notes issued [an increase from .36%] ; plus
(5) 0.25% for all bonds or notes...
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