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Note to Contract File #2010 -2276
Contract #2010 -2276, with Ehlers & Associates Inc., for providing Continuing Disclosure Reporting
Services, has been superseded by Contract #2015 -2629, effective February 24, 2015.
Option 1 X We contract with Ehlers to provide the following services for preparation and dissemination
of Continuing Disclosure Reports for all outstanding issues of the City and the Authority for which they are
required to provide continuing disclosure reporting. As long as this Contract is in effect, it shall also include
all future issues for which Ehlers provides financial advisory services and that have continuing disclosure
requirements, and
We additionally contract with Ehlers to provide the services related to the reporting of Material Events at the
fees described in Section B below.
a. Review Continuing Disclosure Certificate and create timetable for preparation of the Disclosure Report.
b. Collect Continuing Disclosure Report information, if required, listed in the Continuing Disclosure
Certificate and prepare necessary reporting documents.
c. Submit Continuing Disclosure Report as required in the Continuing Disclosure Certificate.
d. Provide the City and Authority with a copy of the Report and the filing and submission confirmation.
e. Provide recommendations for future reporting.
Fees for preparing and filing a Continuing Disclosure Report under Option I will be charged as follows:
$1,300 Base Fee per annual tiling,
If Ehlers has trot prepared an Official Statement on behalf
plus misc. office expense, for the first
of the City for the sale of municipal obligations payable
revenue source,
from the same revenue source in the same valuation year
Plus $100 for each additional issue
(i.e. 2008 Payable 2009).
paid from the same revenue source up
to a maximum of $2,000.
Plus $500 per annual filing for the
If Ehlers has not prepared an Official Statement in the
first issue paid from a unique revenue
same revenue year oil behalf of the City or Authority for
source,
the sale of municipal obligations payable from a unique
Plus $100 for each additional issue
revenue source (for which special updated financial or
paid from the same unique revenue
operating data is required to be reported).
source.
No Charge for the above annual filing
If Ehlers has prepared an Official Statement it) the same ;
from the same revenue source.
revenue year on behalf of the City or Authority for the
sale of municipal obligations payable from the same
revenue source.
Plus $500 per semi- annual /quarterly
filing, if required.
Option 2 We contract with Ehlers, on an hourly basis of $175 /hour (or applicable hourly rate in future
years) plus out -of- pocket expenses, to assist us with certain of the services listed in Option I
related to the preparation of our Continuing Disclosure Reports. We will make our request to
Ehlers in writing at least 90 days prior to the date on which we need it in order to complete and
submit our report. We will complete the remaining items listed in Option No. I without the
assistance of Ehlers, and
We additionally contract with Ehlers to provide the services related to reporting of Material
Events at the fees as described in Section B below.
Option 3 „ v We will update and submit all Continuing Disclosure Reports as required by the SEC without
the assistance of Ehlers, and
We contractwith ]Ehlers to provide the services related to the reporting of Material Events
at the fees described in Section B below.
Option 4 We will update and submit all Continuing Disclosure Reports and prepare and file all Materials
Events Notices as required by the S.E.C. without the assistance of Ehlers. If Option 4 is
selected, Ehlers assumes no responsibility for the compilation and submission of Disclosure
Reports or Material Events Notices.
Section S. Reporting Occurrences of Material Events
Regardless of whicli option.pou clioose above for providing your reporting requirements, Ehlers is available to
asslst,y ou with reporting the occurrence of a material event. For preparation and submission of "material events"
notices that do not require extraordinary consultation with the City or Authority, Ehlers will charge a fee of $100 per
notice, This fee will be waived if the material event is in conjunction with the issuance of bonds.
For preparation and submission of a required or discretionary material event notices that require extraordinary
consultation with the City or Authority. we will charge the City or Authority at the current Ehlers hourly rate.
Section G. Term of Agreement
Ehlers reserves the right to adjust fees by notifying the client in writing 60 days prior to the effective date of the
adjustment to fees, Either party reserves the right to terminate this Contract in writing at any time.
An issuer is required to comply with "full" continuing disclosure reporting requirements when the par amount of a
new issue is over $1 million and the issuer has $10 million or more in total debt outstanding. Once the total amount
of an issuer's debt falls below $10 million or if a debt issue is not over $1 million dollars, issues may be subjJect to
"limited" disclosure reporting requirements. If during the term of this Contract that happens and the City and
Authority have no issues outstanding that are subject to "full" continuing disclosure reporting. an Ehlers Financial
Advisor will review the details of our "Limited" Continuing Disclosure Reporting Services and fees with you.
Section D. Limit of Liability
To the fullest extent permitted by applicable law, the total aggregate liability of Ehlers under this Contract shall be
limited to the fees paid by the City and Authority within the year.
The above Contract is hereby accepted by the City of Columbia Heights and Economic Development Authority,
Minnesota, by its authorized officer this day of �� .2010.
By: Title: City Manager / EDA Executive Director
Accepted by Ehlers & Associates. Inc. this ILL day of _ t�`i7 2010.
Title:—_ C`f
Memo
To: William Elrite, Finance Director
City of Columbia Heights
From: Wendy Lundberg, Analyst
Date: March 15, 2010
Subject: Contract for Continuing Disclosure Reporting Services
Enclosed please find the executed original copy of the Contract for Continuing Disclosure Reporting
Services for your records. Feel free to call us if you have any questions or comments on continuing
disclosure.
40 EHLERS
LEADERS IN PUBLIC FINANCE
PI'I'MMM
3060 Centre Pointe Drive
Roseville, MN 55113-1105
Phone: 651-697-8540
Fax: 651-697-8555
w1undberg@ehlers-inc.corr,
-�- �'--7 to
i
January 31, 2012
City of Columbia Heights
590 40th Ave NE
Columbia Heights, MN 55421
Dear City of Columbia Heights:
We at Ehlers, like most of you, have been making efforts to hold down expenses as much as we can
through wage freezes and other cost containment efforts. These efforts have enabled us to keep our
hourly rates the same for three years. For 2012, we are increasing hourly rates by $5.00 to keep up with
our inflation.
Thank you for the opportunity to serve as your financial advisor. If you have any questions or concerns,
please contact your financial advisor, Steve Apfelbacher, our president; or Mark Ruff, our team leader, at
651 -697 -8500.
EHLERS
LEADERS IN PUBLIC FINANCE
Minnesota phone 651 -697 -8500 3060 Centre Pointe Drive
Offices also in Wisconsin and Illinois fax 651 -697 -8555 Roseville, MN 55113-1122
toll free 800 - 552 -1171