City council authorizes city manager to negotiate municipal-advisory contract with Specialized Public Finance

BK City Council on Jan. 28 authorized the city manager to negotiate a contract with Specialized Public Finance for municipal financial advisory services, a motion the council approved unanimously.

The decision follows a request in December to publish a request for proposals for financial-advisory services. Finance Director Travis Askey told the council staff received four qualified responses and interviewed three specialized firms. "We published, and then we got 4 qualified responses," Askey said during the meeting.

Why it matters: the financial advisor will assist the mayor and council on matters such as debt issuance and credit ratings and can influence timing and structure of capital projects funded by market debt. Askey and council members said the advisor works primarily for the mayor and council rather than for city management.

Staff and the interview committee recommended Specialized Public Finance, with Jennifer Ritter identified by staff as the proposed primary contact at the firm. Council discussion included recognition of Samco, the city's long-serving municipal advisor, and thanks to Chris Lane for more than 25 years of service.

Council action: a council member moved that the city authorize the city manager to negotiate the contract with Specialized Public Finance; the motion was seconded and carried unanimously. The record shows the motion was adopted by voice vote with all present voting in favor.

Next steps: the city manager will negotiate contract terms with Specialized Public Finance; council did not specify the final contract amount or term at the meeting.

Provenance: The staff presentation and procurement background were discussed in the block beginning "Here and council, good evening...we published...we got 4 qualified responses". The motion and vote were recorded later in the meeting with the roll call "All those in favor? Aye. Any opposed? That carries unanimously."