City Council:
ORDINANCE AUTHORIZING THE COMPTROLLER
TO EXTEND THE AGREEMENT WITH CAPITAL
MARKETS ADVISORS, LLC FOR FINANCIAL ADVISORY
AND TECHNICAL SERVICES RELATED TO CITY
BOND AND NOTE FINANCING
Whereas, in correspondence dated September 8, 2026, the Comptroller formally requested authorization for the City Comptroller, on behalf of the City of Mount Vernon, to extend the existing agreement with Capital Markets Advisors, LLC for financial advisory and technical services related to the City’s bond and note financing activities through December 31, 2027, upon the terms and conditions set forth herein and in the agreement; and
Whereas, the City of Mount Vernon (the “City”), through the Office of the City Comptroller, requires professional financial advisory and technical services in connection with the City’s bond and note financing activities; and
Whereas, Capital Markets Advisors, LLC (“CMA”) provides the City with financial advisory services and technical assistance relating to the application, attainment, issuance, and administration of municipal bonds and notes; and
Whereas, the Office of the City Comptroller has determined that continued access to such professional services is necessary to assist the City in complying with applicable requirements and to facilitate the financing of City priorities through the issuance of bonds and notes; and
Whereas, the services to be provided by CMA include, but are not limited to, reviewing relevant financial and other information necessary to advise the City concerning funding requirements associated with bond and note issuances; preparing and assisting in the preparation of financing documents required for municipal bond issuances; preparing DTC Letters of Representations and debt statements; and providing other financial advisory and technical assistance as may be requested by the City; and
Whereas, the Office of the City Comptroller has requested authorization to extend the existing agreement with CMA through December 31, 2027, under the same compensation schedule and terms as provided under the previous agreement; and
Whereas, the compensation schedule under the agreement shall remain unchanged from the previous agreement and shall include fees that are, in certain instances, contingent upon the closing of a financing issue; and
Whereas, for new money bond issues, CMA shall receive a base fee of Ten Thousand Dollars ($10,000.00) plus Seventy-Five Cents ($0.75) per each One Thousand Dollars ($1,000) of bonds issued, subject to a minimum fee of Seventeen Thousand Five Hundred Dollars ($17,500.00); and
Whereas, for note issues, CMA shall receive a base fee of Five Thousand Dollars ($5,000.00) plus Forty-Five Cents ($0.45) per each One Thousand Dollars ($1,000) of notes issued, subject to a minimum fee of Nine Thousand Five Hundred Dollars ($9,500.00); and
Whereas, for refunding bond issues, CMA shall receive a base fee of Seventeen Thousand Five Hundred Dollars ($17,500.00) plus One Dollar and Twenty-Five Cents ($1.25) per each One Thousand Dollars ($1,000) of bonds issued, subject to a minimum fee of Twenty-Nine Thousand Seven Hundred Fifty Dollars ($29,750.00); and
Whereas, CMA shall receive a fee of Two Thousand Eight Hundred Fifty Dollars ($2,850.00) for continuing disclosure services, including all required Material Event Notices; and
Whereas, printing, web hosting, distribution, and miscellaneous expenses are estimated at Six Hundred Seventy-Five Dollars ($675.00); and
Whereas, all fees and expenses payable pursuant to the agreement shall be charged to Budget Account A1421.484 - Bond and Note Issuance Expenses, subject to the availability of appropriated funds; and
Whereas, the City Council finds that extending the agreement with Capital Markets Advisors, LLC through December 31, 2027, is in the best interests of the City and will provide the City with continued access to necessary professional financial advisory and technical services; now, therefore, be it
Section 1. Authorization to Extend Agreement. The City Council of the City of Mount Vernon hereby authorizes the City Comptroller, on behalf of the City of Mount Vernon, to extend the existing agreement with Capital Markets Advisors, LLC for financial advisory and technical services related to the City’s bond and note financing activities through December 31, 2027, upon the terms and conditions set forth herein and in the agreement.
Section 2. Scope of Services. Capital Markets Advisors, LLC shall provide financial advisory and technical assistance to the City, including, but not limited to:
1. Reviewing relevant financial, legal, and other information necessary to advise the City concerning funding requirements for all aspects of bond and note issuances;
2. Preparing and assisting in the preparation of financing documents required by the City in connection with municipal bond issuances;
3. Preparing and assisting with DTC Letters of Representations and debt statements;
4. Providing continuing disclosure services, including required Material Event Notices; and
5. Providing such other financial advisory services and technical assistance as may be requested by the City in connection with its bond and note financing activities.
Section 3. Compensation. Capital Markets Advisors, LLC shall be compensated in accordance with the following schedule, which shall remain unchanged from the previous agreement:
A. New Money Bond Issues: A base fee of $10,000.00, plus $0.75 per each $1,000 of bonds issued, with a minimum fee of $17,500.00.
B. Note Issues: A base fee of $5,000.00, plus $0.45 per each $1,000 of notes issued, with a minimum fee of $9,500.00.
C. Refunding Bond Issues: A base fee of $17,500.00, plus $1.25 per each $1,000 of bonds issued, with a minimum fee of $29,750.00.
D. Continuing Disclosure: A fee of $2,850.00, including all required Material Event Notices.
E. Printing, Web Hosting, Distribution, and Miscellaneous Expenses: Estimated expenses of $675.00, as applicable.
Certain fees shall be contingent upon the successful closing of the applicable bond or note issue.
Section 4. Funding. All compensation and authorized expenses incurred pursuant to the agreement shall be charged to A1421.484 - Bond and Note Issuance Expenses, subject to the availability of duly appropriated funds and all applicable City fiscal controls.
Section 5. Term. The extension authorized herein shall remain in effect through December 31, 2027, unless earlier terminated in accordance with the terms of the agreement or applicable law.
Section 6. Comptroller Authorization. The City Comptroller is hereby authorized to execute any documents necessary to effectuate the extension of the agreement with Capital Markets Advisors, LLC, in a form approved by the Corporation Counsel, and to take all actions necessary and appropriate to implement the purposes of this Ordinance.
Section 7. Compliance with Law. The agreement and all services performed pursuant thereto shall be subject to all applicable federal, state, and local laws, rules, regulations, policies, and procedures governing municipal contracts, procurement, financing, and public expenditures.
Section 8. Severability. If any provision of this Ordinance, or its application to any person or circumstance, is held invalid, such invalidity shall not affect any other provision or application of this Ordinance that can be given effect without the invalid provision or application; to this end, the provisions of this Ordinance are severable.
Section 9. Effective Date. This Ordinance shall take effect immediately upon adoption by the City Council and subsequent approval by the Board of Estimate and Contract.