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HomeMy WebLinkAbout1999 02 08 Regular Item C COMMISSION AGENDA ITEM C Consent Informational Public Hearing Regular X February 8.1999 Meeting MGR /J ~EPT AuthO~U REQUEST: City Manager requesting the Commission to receive a report from the City Manager on the investment of idle funds and to provide any direction it deems to be appropriate. PURPOSE: This agenda item is needed to address investment issues raised at the January 11, and January 25, 1999 Commission Meetings regarding the investment of the Medical Transport Funds. CONSIDERA TION: In the January 11, 1999 Commission Meeting regarding agenda item C dealing with the lease purchase of a new Medical Transport Unit, the questions was raised relative to the interest earnings on idle cash in the Medical Transport Fund. The City Manager advised the Commission that he would have to check to make sure but speculated that interest earnings were in the neighborhood of 5% in the City's investment accounts. The City Manager stated he would give the Commission a report on the cities investment activities. At the January 25, 1999 meeting regarding agenda add-on item G the investment issue was raised again. The City Manager advised the Commission that he had discovered that the Medical Transport Funds idle cash was not being invested since it was established as a commercial checking account rather than an investment account, the cost of which in previous years exceeded interest earnings, and that he was still looking into the matter. The City Manager will be prepared to provide the Commission with a report and recommendations at the February 8, 1999 meeting. Attached is a copy of the City's current checking and investment accounts, and investment policy for your review. The Manager's report will recommend what changes need to be make. FUNDING: None required. RECOMMENDATION: It is recommended that the Commission receive the City Manager's report and provide any direction it deems appropriate. ATTACHMENTS: 1) Checking and Investment Schedule 2) Investment Policy COMMISSION ACTION: First Union National Bank ~ General Fund Checking Payroll Acct. Depository City of WIS Sweep Acct. Medical Transport Service Stormwater Special Law Enforcement Transportation Improvement Subordinate Debt Service Recreation Land Acquisition Electric Franchise Fee Fund Public Service Tax Fund Escrow Acct. 1997 Improvement Construction Interim Service Fees NationsBanks Transportation Impact Fees Transportation Impact Fees - Repo Police Impact Fees Fire Impact Fees Water and Sewer Gen. Operating Water and Sewer Operating - Repo Water and Sewer Trust Fund Water and Sewer Trust Fund - Repo W & S Capital Improvement W & S Reservation Charges W & S Capital Improvement W & S Renewal & Replacement EYn.Q 001 001 001 001 170 130 103 104 210 105 203 201 001 304 121 City of Winter Springs Bank balances at 12/31/98 Balance Type of Acct. Interest 0.00% **Note - Sweeps to Depository 0.00% **Note - Sweeps to Depository 0.00% varies High 4.7%, low 4.01% 0.00% 1.00% 1.00% 0.50% 0.00% 1.00% 1.00% 1.00% 1.00% 0.00% 0.53% 140 $1,782.00 Bus. Checking 0.00% 140 $384,567.95 Overnight Invest. 4.27% 150 $79,129.68 Business Invest. Acct. 2.00% 160 $136,734.76 Business Invest. Acct. 2.00% 401 $29,859.00 Business Checking 0.00% 401 $879,386.24 Overnight Investment 4.28% 401 $1,006.00 Business Checking 0.00% 401 $539,533.97 Overnight Investment 4.28% 401 $242,830.35 Business Investment 2.00% 401 $21,812.69 Business Investment 2.00% 401 $242,830.38 Business Investment 2.00% 401 $280,255.85 Business Investment 2.00% $0.00 Public Funds Checking $0.00 Public Funds Checking $158,043.07 Public Funds Checking $2,018,000.00 Overnight Invest. $176,141.45 Commercial Checking $124,630.45 Money Market Investment $10,463.34 Money Market Investment $87,639.14 Interest Checking $36,007.21 Commercial Checking $26,615.70 Money Market Investment $290,039.43 Money Market Investment $210,969.94 Money Market Investment $95,630.65 Money Market Investment $28,019.65 Commercial Checking $5,050.66 Money Market Investment MEMORANDUM To: John Govoruhk, City Manager From: Harry Martin, Finance Director ~ Date: August 16, 1995 Re: Investment Policy The attached is the second DRAFT of the proposed Investment Policy for the City of Winter Springs which we need to discus and present to the Commission for adoption by October 1, 1995 as required by CS/SB2090 passed on May 4, 1995 by the Florida Legislature. I have prepared this policy utilizing the basic format that is being used by the Orlando Utilities Commission. I have also had our Financial Advisors review and give their input. The other requirement in connection with this policy will be for me establish a written system of internal controls and operating procedures by January 1, 1996. This will be done in concert with our auditors. Please advise the next step as to how you want to proceed. '. CITY OF WINTER SPRINGS INVESTMENT POLICY SCOPE AND PURPOSE This policy applies to all financial investments of the City of Winter Springs (City), including bond funds and excluding pension funds and deferred compensation assets. It is the purpose of this policy to provide direction to effectively manage the City's financial investments. PRUDENCE The standard of prudence to be used will be the "prudent person" rule which states that, investments should be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in management of their own affairs, not for speculation, but for investment, considering the probable rSafety of their capital as well as the probable income to be derived from the investment. This rule will be applied in the context of managing all portfolios. OB.JECTIVES A. Safely - The foremost objective of the City's investment policy is the preservation of ~~. ~ B. Liquidily - The City's investment portfolio and/or portfolio management strategy will provide sufficient cash to meet the City's projected operating and capital requirements to insure orderly conduct of the City's business affairs. C. Return on Investment - The investment program will seek to augment returns consistent with risk limitations identified herein and prudent investment principles. DELEGATION OF AUTHORITY Management responsibility for the investment program is hereby delegated to the Finance Director, who will establish written procedures for the operation of the investment program, consistent with this investment policy and approved by the City Manager. Such procedures will include explicit delegation of authority to persons responsible for the investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Finance Director. The Finance Director will be responsible for all transactions undertaken arid will establish a system of controls to regulate the activities of the investment staff. 1 ETHICS AND CONFLICT OF INTEREST Officers and employees involved in the investment process will not engage in nor give the appearance of engaging in personal business activity that could conflict with proper execution of the investment policy, or which could impair their ability to make impartial investJ.uent decisions. REPORTING The City Manager will submit to the City Commission an annual report with information sufficient to provide a comprehensive review of investment activity and performance for the year. This information will include but not be limited to, securities by class or type, book value, interest income earned and market value as of the report date. A monthly report will be submitted to the City Manager by the Finance Director. FINANCE COMMI1TEE A meeting of the Finance Committee consisting of the City Manager, Finance Director and Financial Advisors will be held at least semi-annually. The Finance Committee will: A. review investment strategies; B. review written investment procedures; C. discuss market conditions; D. review the report to ensure compliance with this policy. BANK SELECTION A. Depository Services - Depository services will be obtained through a process of formal requestfor proposal on a periodic basis, no less than every (5) five years. In selecting the necessary depositories, the credit-worthiness of the institutions will be carefully considered. The Finance Committee will review prospective depositories' credit characteristic and financial history and make a recommendation for the City Commission for approval. B. Investment Services - Bank selection for investment services will be as follows: Bank Approvals - Certificates of deposit purchased under the authority of this policy will be purchased only from Qualified Public Depositories of the State of Florida as identified by the State Treasurer. in accordance with Chapter 280 of the Florida Statutes. 2 All approved investment and banking institutions transacting repurchase agreements will be required to execute and perform as stated in a master repurchase agreement provided by the City. SAFEKEEPING AND CUSTODY All investments purchased by the City under this policy will be properly designated as assets of the City and will be protected through the use of a custody/safekeeping agreement. The City will enter into a formal agreement with an institution of such size and expertise, as is necessary to provide the services needed to protect and secure the investment assets of the City. All securities purchased by the City under this policy will be purchased only in U.S. Denominated funds using the "delivery versus payment" (D. V.P.) or "payment versus delivery" method, to insure that funds or securities are not released until all criteria relating to the specific transaction are met. AUTHORIZED INVESTMENTS The authorized investments shall mean any of the following, if and to the extent that the same are legal investments of the City as to the proceeds of Bond issues and other Specified Funds. 1) direct obligations of (including obligations issued or held in book entry form on the books of) the Department of Treasury of the United States of America; 2) obligations of any of the following federal agencies which obligations represent full faith and credit of the United States of America, including: Export-Import Bank Farmers Home Administration General Services Administration U. S. Maritime Administration Small Business Administration Government National Mortgage Association (GNMA) U. S. Department of Housing & Urban Development (pHA"S) Federal Housing Administration 3) bonds, notes or other evidences of indebtedness rated" AAA" by Standard & Poor's Corporation and "Aaa" by Moody's Investor Services issued by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation with remaining maturities not exceeding three years; " -' 4) U. S. dollar denominated deposit accounts, federal funds and banker's acceptances with domestic commercial banks which have a rating on their short term certificates of deposit on the date of purchase of "A-I" or "A-I +" by Standard & Poor's and "P-l" by Moody's and maturing no more than three hundred sixty (360) days after the date of purchase. (Ratings on holding companies are not considered as the rating of the bank); 5) commercial paper which is rated at the time of purchase in the single highest classification, "A-l +" by Standard and Poor's and "P-l" by Moody's Investor Services and which matures not more than two hundred seventy (270) days after the date of purchase; 6) investment in a money market fund rated" AAAm II or "AAAm--G" or better by Standard & Poor's Corporation; 7) insured Certificates of Deposit and Time Deposits received as required by Chapter 280, Florida Statutes; 8) in the Local Government Surplus Funds Trust Fund (The State Board of Administration "SBA") created pursuant to Chapter 218, Part IV of the Florida Statutes. INTERNAL CONTROLS The Finance Director will establish a system of internal controls, which will be documented in writing. The internal controls will be reviewed and approved by the Finance Committee. The controls will attempt to prevent losses of public funds arising from fraud, employee error, misrepresentation by third parties, or imprudent actions by employees and officers of the City. The internal controls will be reviewed by the City's independent auditors as a part of the annual financial audit. PORTFOLIO COMPOSmON AND DIVE RSIFICA nON Schedules" A" and "B" (attached) establish parameters on the purchase and sale of investments in the operating portfolio and other City Funds. EXISTING INVESTMENTS Any investments currently held that do not meet the guidelines of this policy will be exempted from the requirements of this policy. At maturity or liquidation, such monies so invested will be reinvested only as provided for in this policy. 4 EFFECTIVE DATE This policy will become effective immediately upon its adoption by the City. Signature Date 5 SCHEDULE"A" Operating Portfolio composition and diversifi~ " Authorized Authorized Maturity Investments Bank Range U. S. Treasury All 1 0 years Securities Certificates of Bank 1 year Deposit Agencies All 1 0 years Repurchase Depository Over Agreements · bank Night Commercial Paper All 270 days (Prime) SBA SBA Ovemight Bankers Acceptances As Rated 90 days · Repurchase Agreement (Repo) Collateral required will be at level of 102% of Treasury Securities. Agencies and Instrumentalities whose maturity do no exceed 10 years. 6 SCHEDULE "B" r&tfolio composition and diversification of bond funds Authorized Investments for Debt Service Funds Debt Service funds pertaining to principal and interest are covered under Schedule "A". The following represents investments allowable for construction and debt service reserve funds. Any other related bond funds not included here may only be invested in security listed in this. schedule, maturity and limits will be set based on the type of account. The issuer restriction is the same as Schedule "A". Maturity of construction funds are based on cash flow and may be invested in Repurchase Agreements, U. S. Treasury Securities, Fully Guaranteed U. S. Federal Agencies and Federal Instrumentalities and Commercial paper as specified under authorized investments item 5. Repurchase agreements may be used as stated in Schedule" A". Debt Service Reserves (DSR) maturity schedules may not exceed the maturity or call date of the bonds, as determined by the Financial Advisor. These DSR funds may be invested in U. S. Treasury Securities, Fully Guaranteed U. S. Federal Agencies and Federal Instrumentalities. 7 Regular Meeting City Commission September 25, 1995 94-95-30 Page 14 Mayor Bush asked for a motion to read Ord. 598 by title only. Motion was made by Commissioner Conniff to read Ord. 598 by title only. Seconded by Commissioner Langellotti. Discussion. Vote: Commissioner Langellotti: aye; Commissioner Gennel1: aye; Commissioner McLeod: aye; Commissioner Conniff: aye; Commissioner Ferring: aye. Motion passes. Attorney Kruppenbacher read Ord. 598 by title only. Mayor Bush closed the regular meeting and opened the Public Hearing. Mayor Bush asked if there was anyone from the public who wished to speak on Ord. 598. There was no one who wished to speak on ord. 598. Mayor Bush closed the Public Hearing and reopened the regular meeting. Discussion by the Commission. Motion was made by Commissioner Conniff to approve Ord. 598. Seconded by Commissioner Langellotti. Discussion. Vote: Commissioner Langellotti: aye; Commissioner Gennell: aye; Commissioner McLeod: aye; Commissioner Conniff aye; Commissioner Ferring: aye. Motion passes. Discussion of the City of Winter Springs Investment Policy with Mr. Lentz: Attorney Kruppenbacher stated the Commission has in front of them the investment policy; in darkened highlight are the changes per the last Commission discussion. Mr. Lentz is making one further recommendation; on page 2 where it talks about every 2 years the depository service with the bank - Mr. Lentz's recommendation will be every 3 years. Mr. Lang is present, so you have your financial council as well as Mr. Lentz should there be any question from anyone, they ought to be answered tonight. Commissioner Ferring asked Mr. Lentz, that on the investment policy of the City of Winter Springs the scope and purpose, this policy applies to the City of Winter Springs with the City in parentheses which are not required to meet short term expenses including bond funds but excluding pension funds in deferred compensation rates. Discussion. Mr. Lentz stated that the "not" should be removed. Hany Martin, Finance Director, stated that why it says "not", what that is meant is monies that are not necessary in the day to day operation, what some people might refer to as surplus monies but is not really surplus, it is excess monies that is not required for day to day operation that we would invest, that is why is says are "not" required to meet short term expenses. This would cover investments of all other monies, that are not required to meet short term or daily operational expenses. Discussion. Mr. Martin says it is less than thirty days, the day to day operation of money that is needed. Mr. Martin said what this is saying is that this policy covers all those investments that are not considered short term or day to day operations. Commissioner Ferring asked if the scope and purpose of the investment policy for the whole document or just for short term. Mr. Martin said it is for the whole document. Discussion. Attorney Lang said that all you really are doing right now is the investment policy for other than the short term funds. Your short term funds, the Finance Director keeps in a bank account, you don't Regular Meeting City Commission September 25, 1995 94-95-30 Page 15 need an investment policy for that, this policy goes into the direct result of the California experience and what you are dealing with is you are setting up what is considered to be an investment policy for funds that go into investment accounts as opposed to a bank account. Your short term funds, which would be your operating funds, go into the bank and wouldn't be covered by this policy. Mr. Lentz stated as a result of what happened in Orange County, CA, and other losses incurred by municipal governments through acquisitions of improper securities and proper securities, taking risk on the bond market by State Law required to develop an investment policy, followed by written procedures which will be presented at some later point to the Commission. This policy is written with the understanding that you will get your principal back. We have been working with Mr. Martin and your City Attorney for some time and drafting this policy, which other local governments are also utilizing. Mr. Lentz went over the policy. The first one is the prudence - the prudence rule here is we are not going to speculate with the securities that are being held in the City's account and the preservation of capital is the most important element to the direction of the investment policy. The objectives are safety, the preservation of capital, liquifY, the fact that you all manage your investments to meet your cash flow so you are not buying 30 year US treasury obligations to meet obligations coming due in the next few months. The return on the investments is consistent with the safety and liquify so you will not be earning 15% in a 6% environment; if that should happen I think you would want to question it quite rapidly. Delegation of Authority - as I said the management responsibility is going to be directed to City Manager, which is typical in most situations or the Finance Director. Written procedures for the investment policy is not only approved by the City Manager but all so will be approved by the City Commission. Ethics and conflicts of interest - that officers and employees will not engage nor give the appearance of engaging in personal business with people that they are dealing with. Monthly reposts will be submitted to the City Manager from the Finance Director and the Finance Committee will meet every quarter to review the investment policies and also discuss written procedures, market conditions and review compliance that the policy has been met We recommended that the depository services be selected every 3 years rather than 2, typically it's done on most clients that we represent between 3 and 5 years, so that will be a normal process but it certainly your descression to do it at any point you want; that would put less burden on your Finance Department. Safe Keeping - all investments have to be protected for the use of custody and safe keeping also all securities have to be purchased in the US dominated funds; and also delivery will be made vs payment - meaning that if you buy securities from "X" they will not get paid until they deliver the securities, you exchange the securities for cash, so that elevates the problem of some day someone receiving your cash and not delivering your cash. Authorized investments - are primarily triple A in nature, the highest grade so that your principle is protected. Internal controls - are not only going to be reviewed by the Finance Committee and the City Commission but annually be reviewed by your City Ordinances. Again this is the first step, the second step will be to establish written procedures and I'd be happy answer any questions, this is a very conservative policy but I think it will serve you and the City well in the long run and you will not be caught with securities that... Mayor Bush said on page one - delegation of authority - you call it an investment program; this is an investment policy isn't it, so shouldn't program really be policy there. Mr. Lentz said it could be -l I fY\ U'liL Regular Meeting City Commission September 25, 1995 94-95-30 Page 16 policy. Attorney Kruppenbacher said to keep it consistent we will change it to policy. Mayor Bush said then in the next to the last sentence "such procedures shall be approved" shouldn't it be "such procedures and policy shall be approved..." Mr. Lentz said that is fine. Mayor Bush said on the next page under reporting"... the City Manager shall submit... .annual report" I'm wondering if quarterly might be better with some comparative analysis at that time. Attorney Kruppenbacher said he believe that the Commissions previously expressed intent was that you would receive a copy of the monthly report that goes to the City Manager from the Finance Director which is in the last sentence so we can add to that "a monthly report will be submitted to the City Commission and City Manager" Mayor Bush said in the reporting it talks about a comprehensive review of investment activity and performance for the year and I'm wondering if the Commission might want to see that quarterly vs yearly, it is just a suggestion. Attorney Kruppenbacher said if he remembers correctly from the last meeting, the plan was that you would get the same monthly report the Manager gets from Finance, there is no reason for you not to get it. Mayor Bush said on page 3 at the top, the last sentence, it says "The Finance Director will be responsible for all transactions undertaken - wouldn't that be the City Manager to be responsible"? Attorney Kruppenbacher suggested that it could be the City Manager or his designee. Mayor Bush said on page 4, internal controls - it says "the Finance Director will establish a system of internal controls", I think that should also be the City Manager. Attorney Kruppenbacher said then it will say "the City Manager or his designee" shall establish... Commissioner Ferring said on page, last paragraph, it addresses procedures and says" will include explicit delegation of authority to persons responsible for investment transactions" then on to say "..the finance committee.." is this going to be limited to just the City Manager and Finance director and Financial Advisors? Will that be the crux of the Finance Committee? Attorney Kruppenbacher said that is how it's... Commissioner Ferring said on the top of page 2, first paragraph "The Finance Director will be responsible for all transactions undertaken and ......" should that be a comma after that and ".....will establish a system of controls to regulate the activities" I think we just said that the City Manager will do that or designee. Commissioner Ferring said on the bank selection, I curious, I want to know as to why you want to extend the length for three years; if the annual reports go to the commission once a year and are audited once a year, why can't we have that same basis for the banks. Mr. Lentz said it is just a time consuming thing, you could have the same basis but .._Commissioner FelTing said suppose the bank is not performing the way we want and if we have it every three years, why can't we just have it annually like the reports are to the Commission. Attorney Kruppenbacher said what we can do to achieve your objective is let them pick it for a three year but in our depository agreement we will write in language that gives us the right to cancel it in thirty days notice. Discussion. Commissioner Ferring said on page 3, second paragraph it say the master purchase agreement provided by the City; and asked where was the master purchase agreement. Attorney Lang said you \von't get that until you start actually doing some investment pursuant to the designation of the depository institution and how you are going to invest your funds, then you will get a master purchase agreement to put in place. On page 5, schedules A & B attached, I didn't see any schedules attached. Attorney Lang said that will be when your Finance Committee gets together and establishes Regular Meeting City Commission September 25, 1995 94-95-30 Page 17 procedures. Attorney Kruppenbacher asked Mr. Lentz and the Finance Director if they had a problem with deleting the paragraph "Portfolio Composition and Diversification"? Mr. Lentz said that wouldn't be a problem. Mr. Martin said that has already been compared but didn't go with what went to the Commission. Commissioner Ferring said the last is "Existing Investrnents....any investments currently held that do not meet the guidelines of this policy will be exempted from the requirements of this policy. At maturity or liquidation, such money so invested will be reinvested only as provided for in this policy." What I would like to know is, what securities are not in these guidelines and how much of the securities is involved. Mr. Martin stated none, there are no funds invested in anything other than what is here. Commissioner Ferring said why is it in. Attorney Lang said that was just incase there was something, we had to put some broad language otherwise it is an automatic call provision, so if the Finance Director has missed an investment that may not, which at this point we believe everything is properly invested, ifby chance he had missed something you may have to call something at a loss in order to come into compliance and this is really a "catch all" to make sure that we don't create a crisis for ourselves by passing it. Commissioner McLeod said in the Banking Section, it is his understanding that every three years we will go out for bid to a bank, then what you are saying you are going to add language to it to say that either or party in thirty days can withdraw. Attorney Lang said yes. Commissioner McLeod said why can't we add additional language if the Finance Committee and the City Manager is happy with the services they are being provided that they have the option to extend that for a three, one year extensions, which therefore saves the City money and time going through a process based on good rapport by both parties. Attorney Kruppenbacher said he would quality it subject to the Commission approving. Discussion. Attorney Lang said that is a policy that could be implemented. Originally it was put in so the Commission had the right every three years to decide what they wanted to do with the depositories; you could say that every three years you will decide whether you are going to extend the existing depository or advertise or new depository institution, that is a policy decision the Commission has to make. When it was drafted the intent was to give the Commission the option to go out every three years so that every three years you would be reviewing your depository institution to see if you are happy with it; there is no reason why you couldn't say that it would be a three year contract with the right to extend for one years periods up to a maximum of six years if the performance has been satisfactory to the City Commission. Attorney Kruppenbacher said we will change tins to say that the City Commission reselVes the right to go out for bid every three years or to extend in successive one year agreements for no more than a six year term for the depository without going out for a bid. Commissioner Conniff asked the City Attorney if he is satisfied with this policy. Attorney Kruppenbacher said your legal people are quite happy with this document the way it is drafted. Attorney Kruppenbacher said you can move to approve this subject to the comments of the Commission being incorporated to the final printed document and will return to you at the next meeting a copy for your information. Regular Meeting City Commission September 25, 1995 94-95-30 Page 18 Motion was made by Commissioner Conniff to approve the investment policy as amended. Seconded by Commissioner Ferring. Discussion. Vote: Commissioner Ferring: aye; Commissioner Conniff: aye; Commissioner McLeod: aye; Commissioner Gennell: aye; Commissioner Langellotti: aye. Motion passes. Ji' Second Reading and Public Hearing Ord. 599- Adopting the City of Winter Springs, Florida Investment Policy: providing for conflicts. providing for severability. and effective date: Mayor Bush asked for a motion to read Ord. 599 by title only. Motion was made by Commissioner Conniff to read Ord. 599 by title only_ Seconded by Commissioner Langellotti. Discussion. Vote: Commissioner Gennell: aye; Commissioner Conniff: aye; Commissioner McLeod: aye; Commissioner Langellotti: aye; Commissioner Ferring: aye_ Motion passes. Attorney Kruppenbacher read Ord. 599 by title only. Attorney Kruppenbacher said that the Commission would move to approve the Ord. subject to the amendments to Exhibit "A", which is as the Commission previously put in the record tonight. . Mayor Bush closed the Regular Meeting and opened the Public Hearing. Mayor Bush asked if there was any person from the public wishing to make a comment on the Ord. There was no comment from the public. Mayor Bush closed the Public Hearing and reopened the regular meeting. Motion was made by Commissioner Conniff to adopt Ord. 599 with the corrections in Exhibit "A". Seconded by Commissioner McLeod. Discussion. Vote: Commissioner Gennell: aye; commissioner Langellotti: aye; Commissioner Conniff: aye; Commissioner Ferring: aye; Commissioner McLeod: aye. Motion passes. ApprovallDisapproval Assignment of the Financial Consultant Agreement from Capital Market Consultants, Inc.. to First Southwest Company: Commissioner Ferring said this states pursuant to Sections 9 and 10 of the Financial Consultant Agreement~ and said all he sees is one page of the Financial Agreement and said he thinks it would be a good idea if the Commission received a copy of the Financial Agreement and when does this Financial Agreement end. Attorney Kruppenbacher said it continues until terminated by the City Commission. Commissioner Ferring said he would appreciate if everybody on the Commission receives a copy of the Financial Agreement. Mayor Bush said the City Manager will see the Commission get a copy of the Financial Agreement. Discussion. Motion was made by Commissioner Langellotti to approve the assignment of the Financial Consultant Agreement from Capital Market Consultants, Inc., to First Southwest Company. Seconded by Commissioner Conniff Discussion. Vote: Commissioner Conniff: aye; Commissioner Ferring; aye; Commissioner Langellotti: aye; Commissioner Gennell: aye; Commissioner McLeod: aye. Motion passes. First Reading Ordinance 600 - Abandoning and Closing that portion ofN. Third Street Bounded on