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Home My WebLink About[04e] 2019A Bond Pricing Opinion Proposal Council Agenda Item 4e MEETING DATE: May 6, 2019 AGENDA ITEM: 2019A Bond Pricing Opinion Proposal SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None PREVIOUS COUNCIL ACTION: Council called for 2019 improvements to be paid for with General Obligation Improvement Bonds. Northland Securities was hired to assist with the bond issue. BACKGROUND INFORMATION: Tammy Omdal, Northland Securities, is our municipal advisor for the upcoming 2019A improvement bond issues. Federal Securities regulations do not allow Northland Securities to retain the advisor on behalf of the City or to recommend a particular firm to provide the pricing opinion for the bonds. Northland Securities can; however, provide tools to assist the City with requesting quotes for the pricing opinion. Tammy provided a RFQ form and two names of current registered municipal advisor firms to reach out for quotes; Blue Rose Capital Advisors and AEM Financial Solutions. Staff reached out to both firms for a quote and both replied. Below are the summaries of the pricing opinion: AEM Financial Solutions $2,500 Blue Rose Capital Advisors $1,900 The City has worked with Blue Rose Capital Advisors in the past. Both firms have reputable services. Staff recommends the lowest quote for the bond pricing opinion. BUDGET/FISCAL IMPACT: $1,900 ATTACHMENTS: Request for Council Action – 2019A Bond Pricing Opinion AEM Financial Solutions Proposal Blue Rose Capital Advisors Proposal REQUESTED COUNCIL ACTION: Accept quote from lowest bidder, Blue Rose Capital Advisors. Pricing Opinion Proposal $2,190,000G.O.Improvement Bonds,Series2019A Cityof St. Joseph ,2019 5201 Eden Avenue Suite 250 Edina, MN 55436 P: (952) 835.9090 • F: (952) 835.3261 100 Warren Street Suite 600 Mankato, MN 56001 P: (507) 625.2727 • F: (507) 389.9139 www.aemcpas.com Municipal Adviser RFQ City of St. Joseph, Minnesota $2,190,000 G.O. Improvement Bonds, Series 2019A The City of St. Joseph, Minnesota (the “Issuer”) is issuing the above issue (the “Issue”) in a negotiated sale with Northland Securities (“Northland”). Pursuant to Minnesota Statutes, Section 475.60, Subd. 2, the Issuer seeks to retain an “independent municipal adviser” for the purpose of providing an opinion on the fairness of the proposed pricing. The scope of services for this engagement includes the following: 1.Review interest rates, yields and discount proposed by Northland. 2.Provide Issuer and Northland with feedback on the proposed pricing and if disagree provide recommended changes and the basis for the recommendation. 3.Provide Issuer and Northland with approval on final pricing via email. 4.Provide Issuer and Northland with written opinion within five (5) business days of pricing. Firms interested in providing this service must submit a complete and signed form by June 7, 2019 to: City of St. Joseph, Minnesota Lori Bartlett Finance Director Quote for Municipal Adviser Service Firm Name:AEM Financial Solutions,LLC Contact Person:Gail Robertson, JD Contact Phone:952-715-3023 Contact Email:gail.robertson@aemfs.com Fee for thisService:$2,500 In submitting this form, the firm agrees to provide the services requested. Submitted by, Name: Title:President Date:, 2019 2 Team Bios MEMBERBACKGROUNDEXPERTISE Mrs. McGann joined the Firm in Education 2013. She is licensed to practice as •Bachelor of Arts, Buena Vista a CPA in Minnesota. Jean leads the University, Storm Lake, Iowa Financial Solutions group providing •Continuing professional financial management services, education as required by day-to-day accounting and AICPA and Government customized solutions for local Accountability Office governments, businesses, nonprofit agencies and professional service ProfessionalMemberships firms. •American Instituteof Certified Public Accountants (AICPA) •Minnesota Society of Certified Jean McGann, CPA Public Accountants (MNCPA) •Minnesota Government Partner Finance Officers Association (Abdo, Eick& Meyers LLP) •Government Finance Officers President Association of the United (AEM Financial Solutions, LLC) States and Canada Registered Municipal Advisor jean.mcgann@aemfs.com Qualifications Direct Line (952) 715.3059 •20 years of experience in finance and auditing •Over 7 years of experience in operations management •Highly skilled in strategic planning and financial forecasting •Experience in identifying and implementing cost containment processes, efficiencies and streamlining processes •Policy development, internal control evaluation and project management experience •MSRB Municipal Advisor Qualified Representative (Series 50) •Mentor for the Business Program at the Minnesota Center for Advanced Professional Studies (MNCAPS) 3 Team Bios MEMBERBACKGROUNDEXPERTISE Ms. Robertson joined the firm in Education 2018 as the practice leader for •Bachelor of Science in arbitrage compliance services. Her Finance, University of role involves assisting issuers and Minnesota, Curtis L. Carlson borrowers of tax-exempt municipal School of Management debt in complying with the arbitrage •Juris Doctor, Hamline provisions of the Internal Revenue University School of Law Code. Prior to joining AEM Financial Cali Award for Commercial Solutions, Ms. Robertson held Real Estate managerial positions at nationally •Mediation Coursework, recognized public accounting and Hamline University School of consulting firms where she provided Law Dispute Resolution arbitrage compliance and escrow Institute verification services on a national Gail Robertson, JD •Continuing professional level. education Arbitrage Services Director gail.robertson@aemfs.com ProfessionalMemberships Direct Line (952) 715.3023 •Minnesota Government Finance Officers Association (MN GFOA) •Government Finance Officers Association of the United States and Canada Qualifications •19 years of experience in public finance and compliance •Highly skilled in arbitrage consulting, arbitrage reporting and escrow verification •Flawless record of assisting issuers in the clearance of IRS examinations •Development of post-issuance compliance policies and procedures •IRS Registered Paid Tax Preparer •MSRB Municipal Advisor Qualified Representative (Series 50) 4