HomeMy Public PortalAbout2004_11_12_r152The Town of
Leesburg,
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PRESENTED November 12, 2003
RESOLUTION NO. 2naa-1 57 ADOPTED November 12,2003
A RESOLUTION: AUTHORIZING A ONE -YEAR CONTRACT WITH DAVENPORT &
COMPANY, LLC ON AN EMERGENCY BASIS FOR CASH FLOW
MANAGEMENT AND ADDITIONAL GENERAL FINANCIAL
ADVISORY SERVICES
WHEREAS, the Finance Department believes it is prudent to retain financial services
pertaining to its short and long-term investment portfolio; and
WHEREAS, the Finance Department anticipates the need for professional financial advisory
assistance throughout the next twelve months; and
WHEREAS, the unexpected retirement of the Finance Director, the November 10, 2003
expiration of the existing contract with Davenport & Company, LLC ("Davenport"), the
institutional knowledge Davenport has of the town's finances and investments, and the need for
professional financial advisory services justify awarding a contract on an emergency basis; and
WHEREAS, a short-term scope of work to be completed within three weeks of receipt of
information has been negotiated with Davenport for a fee not to exceed $10,000 for cash
management advise in accordance with the attached proposal dated November 4, 2003 (the
"Proposal"); and
WHEREAS, investment consulting services will continue for twelve months at an hourly
rate not to exceed $30,000, inclusive of the short-term work and financial advisory assistance at an
hourly rate as set forth in the contract; and
WHEREAS, funds will be made available from the existing FY 2004 Budget divided
between the General, Airport, Utilities and Capital Funds in relation to the services provided; and
WHEREAS, the Town Manager recommends award of this contract.
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A RESOLUTION: AUTHORIZING A ONE -YEAR CONTRACT WITH DAVENPORT &
COMPANY, LLC ON AN EMERGENCY BASIS FOR CASH FLOW
MANAGEMENT AND ADDITIONAL GENERAL FINANCIAL
ADVISORY SERVICES
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. For the reasons given above, Council determines in accordance with Section
2.2-4303 (F) of the Code of Virginia that an emergency exists and that a contract should be awarded
to Davenport.
SECTION II. A contract is hereby awarded to Davenport in accordance with the Proposal
for investment advisory services for a twelve-month period at an hourly rate in an amount not to
exceed $30,000 and for general advisory services for one year when requested at an hourly rate as
set forth in the contract.
SECTION ff[. the Town Manager is authorized to execute a contract in a form authorized by
the Town Attorney.
PASSED this 12th day of November 2003.
ATTEST:
erk of Council
R03:Financial Advisory Services resolution.doc
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Town of Leesburg