The URL can be used to link to this page

Home My WebLink About1977-11-08 Correspondence0 0 October 27, 1917 City Councilof Iowa City Civic Center Iowa City, Iowa Members of the City Council: I am the owner of a house. located at 1331 Nohbh Dodge Street Court. Within the next several months I will be installing sanitary services into this house. At present all my neighbors are on septic tanks. This means that I will be installing a septic tank also. A block and one half away and all downhill there is a large city owned sanitary sewer in the valley. This sewer was installed with federal funds under a sewer grant to the City of Iowa City. I hereby petition the City of Iowa City to install a sanitary sewer service for me and for all the neighbors now on septic tanks in this area. I petition that this installation be on an assessment basis and that it be engineered immediately and the work scheduled as soon as possible. Since' ,ours, Druce R. Glasgow M 110. Johnson St. Iowa City, Iowa OCT311977 !='% ABBIE S i0Lr'(, CITY CLERK qo.2 9 0 I'.�nt. I). tilltrr•.u` / L 1'. �71h1 nr•irrlJ.. �n.r• PAUL O. ':PCC M,PI,I •nm YI LLWOOn uAW.1 NONALII V H0141 141 IHOMAL C II0o'.11LAN 101111 W 11.1 IF', JN PAUL O. IPI.IEI 'i PEEP,JP. I.AW14UNCE J. PIMMEP wall 11100.10 WA 40>O] I.lI Y1 ,l4 >IIGtl TIIEODOPE B. MUNI Y niuu,wm dons I rq >nn >u co Mr. Neil G. Berlin City Manager Civic Center 410 East Washington Street Iowa City, Iowa 52240 Dear Neil: 0 MUNICIPAL FINANCE CONSULTANTS „ /��drr�.,, • ,��n.r.i APIA 312 • FINANCIAL A OdDtl June 28, 1977 1 have been going through our files and particularly looking at long standing agreements for our financial advisory services. Our present agreement with the City of Iowa City dates from September 21, 1965 based upon our proposal of June 10, 1965• In that span of twelve years all costs and expenses have gone up yet we have not adjusted our fees for Iowa City, although we have for many other communities. The $3,015,000 bonds sold today of course come under the 1965 agreement. We feel that our services over the past 12 years and for several years preceding that making a total representation of Iowa City of over 16 years, have been of great benefit to your City and will continue to be of benefit. We have no way to calculate with any accu- racy the exact amount of interest savings which our services have meant to Iowa City. We do know that each issue whether brought to market or not has required a great deal of conferring and planning, and our ser- vices are designed to be paid only when bonds are issued, which is the way we want it. We have no doubt but that our services have resulted in many thousands of dollars in savings for the City of Iowa City equal to many times the cost as represented by our fees. Not only have we been able to maintain a broad interest in the market for Iowa City bonds, both revenue and general obligation, but we have succeeded in persuading Moody's Investors Service that your bonds are worthy of their triple A (or highest) credit rating. There are not too many cities in the country that enjoy this rating. Those that do are those communities which have both internal management of the high- est level plus independent professional advice carrying the best reputation and ability. Thus we cannot and do not take sole credit for the present rating on your bonds, but we do feel that it was our pre- sentation and assembling of information that gave the analysts at Moody's the impetus to carry you to the highest rating. 0 0 Mr. Neil G. Berlin June 28, 1977 Iowa City, Iowa 2 - As you are aware, the 1975 SEC amendments, including the Muni- cipal Securities Rulemaking Board and the vastly more comprehensive disclosure requirements, have multiplied the amount of time involved and the responsibilities of the consultant as well as the City. With this in mind, we would like to suggest that you consider the following fee schedule for services subsequent to the issue sold today. General Obligation Bonds - each sale $3.50 per $1,000 first 3.00 per $1,000 over 1.50 per $1,000 over Minimum Fee $3,500. Revenue Bonds - each sale $5.00 per $1,000 first 4.00 per $1,000 over 3.00 per $1,000 over Minimum Fee $5,000. $1,000,000; $1,000,000 to $5,000,000; $5,000,000. $2,000,000; $2,000,000 to $5,000,000; $5,000,000. We hope that you will agree with this schedule and authorize the modest increases which it represents. PDS:mj Best regards, PAUL D 1965 Fee Schedule General Obligation Bonds $3.00 per $1,000 first $1,000,000; 2.50 per $1,000 all over $1,000,000. Minimum -Fee $1,000. Revenue Bonds $3.50 per $1,000 first $2,000,000; 3.00 per $1,000 all over $2,000,000. Minimum Fee $2,500. J 1 Presiden SPEER E ociates, Inc. 0 • PAUL 1). 5r1:1:x (��.7I.I.I nrvrrinc,. �Pr. • MUNICIPAL FINANCE CONSULTANTS PAUL u sr•c L. nw000 c RICHARD n .,OSS RONALD V I. -14ENF. ARIA JI] • r,NANC1AL e'OnIn amity of Iowa City Ci:y Hall lo.... City; Iowa Attention: Hr. Carstan D. Leikvold City Hanager . 11EMIC' June 10, 1965 This letter is our proposal tendering our professional services financial consultants in connection with all revenue and general obli- jdtion bends issued by the City of Iowa City during the term set out herein, and upon approval by the City, it will become a contract between the City of Iowa City and Paul D. Speer E Associates, Inc, in accordance wit'. its :crms. 0-:r services are to be entirely professional and our advice is x: rendered entirely in the best interests of the City, as it has in oast. Each bond issue is to be considered in accordance with the .•..,, of :he City and the views of the entire municipal market regard - i the 1>.,•ticular type of bond. An outline of our services is fur - ,ed he,'ein but additionally, we include all the usual functions in ilar financings. fl) We will confer with your officials, attorneys and engi- ,aers so as to understand each project completely and the ;cope and type of needed financing and, based thereon, will present and discuss with you tentative financing programs or combinations thereof and recommend the most suitable. L2) We will recommend and out,ine any additional reports which .ay be required from your engineers, attorneys or accountants. (3) We will discuss each financing with your attorney and bond .. unsel and will specify provisions to be included in the legal p oceedings for most atlraclivl and successful financing. (4) We will prepare financial data including re.tirr:.rnt sched- ules, estimated tax rates, future financing availability and required revenues for the information of yourselves and civic groups, all of which will be based upon the pertinent 1'svt. 1). tint:tcty, Associat•, Inc. • Iowa City, Iowa Attn: Mr. Carsten D, Lcikvold June 10, 1965 - 2 - projections and rates pruparrd hq your engineers. We will meet With civic groups as you may request in order to explain this data. (5) We will research thL financial inforwatlon and economic data bearing upon your w.,,nicipality and the successful market- ing of the bonds, and will submit same to you in the form of a proposed Official Slateniu;t concerning each issue. (6) We will reconrnend t'ie !irne, place and method of selling the bonds which, in our Jpi^ien, will be the most advantageous to the City of Iowa Civ;. (7) We will circulate th<- information regarding the City and the particular issue to prospective underwriters and investing institutions. We will furnish adequate data to the rating services in order to secure the best investment rating pas- sible, but no particular rating is guaranteed. (8) Upon approval by you of the type and amount of each fi- nancing, the Official Statement and the time and method of sale, we will conduct all further steps necessary to complete the financing, including our recommendation as to the best acceptable bid for the bonds, and will supervise the delivery of the bonds. Since we never underwrite or buy or sell bonds for our own ac- count, we will not offer to do so, and we will have no interest in any proposal of purchase, our services being solely and entirely for your benefit. You will be responsible for the fees of your attorneys, bond counsel, engineers, accountants and architects and are to pay all of your other ordinary expenses, including advertising, printing and distri- bution of Statements, and execution and delivery of bonds and including election expenses, if such are involved. For all of our services, we are to be paid a fee at the time ;he bonds are issued and delivered to the purchaser. In consideration of our long association and the term of this proposal, our fees are to be in accordance with the following schedule: Revenue Bonds: $3.50 per $1,000 par value for all bonds of a single issue up to and including $2,000,000, and $3.00 per $1,000 par value for all bonds of that issue in excess of $2,000,000, with a minimum fee of $2,500 for any revenue bond issue. General Obligation Bonds: $3.00 per $1,000 par value of all bonds of a single issue up.to and including $1,000,000, and I'AUL D. SPHI'I< LAs soci ates, Inc. • Iowa City, Iowa Attn: Mr. Carsten D. Leikvold June 10, 1965 -3 $2.50 per $1,000 par value for all bonds of that Issue in excess of $1,000,000, with a minimum .fee of $1,000 for any general obligation bond issue. The above fee schedule is to be effective immediately upon ac- ceptance of this proposal and will apply to sewer bonds mentioned in our proposal dated October 31, 1963, which proposal is superseded upon ac- ceptance hereof. Our employment under this proposal is to continue for a period of three years from the date of acceptance and thereafter until cancelled by the City upon six months prior written notice, and is intended to in- clude any financing completed or authorized prior to expiration. Respectfully submitted, PAUL D, SPE Associates, C. 1� Vice President RiIG: rkr The above proposal accepted this 02, Jst day of. )o p r , 1965. ATTEST: City Clerk