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Homewood council approves several administrative contracts and actions unanimously; staff to return on follow-ups
Summary
At its Feb. 2 meeting the council approved retention of an investment adviser, a payroll-services contract, surplus equipment sales, a construction change order for a stormwater project, and several resolutions and administrative items; all motions passed 5-0.
The Homewood City Council approved a package of administrative items on Feb. 2, voting unanimously on a set of contracts, surplus dispositions and project changes. Councilors approved the motions by voice vote; staff said follow-up documents and public notices will be completed as needed.
Key items and outcomes:
Porter White — investment-advising contract: The council authorized the mayor to enter a contract with Porter White to provide investment-advisory and related services and to consolidate the city’s investments under a custodian (staff said Fidelity Investments would be custodian). Porter White representatives described their role as a registered fiduciary adviser and said their fee structure would be transparent and roughly equivalent to the city’s current costs. Staff said the initial work would include an investment-policy update and a consolidation of accounts; preparing a formal…
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