HomeMy WebLinkAbout1888 Ordinance Employing Gilmore and Bell for Arbitrage Rebate AnalysisBILL NO. 2022-066 ORDINANCE NO. / 7?
AN ORDINANCE EMPLOYING GILMORE AND BELL, P.C. AS SPECIAL LEGAL
COUNSEL IN CONNECTION WITH ARBITRAGE REBATE ANALYSIS
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE,
MISSOURI, AS FOLLOWS:
SECTION 1— APPOINTMENT. That Gilmore and Bell, P.C. is hereby employed as special
legal counsel for the City of Riverside in connection with Arbitrage Rebate Analysis, and the
Mayor is hereby authorized to execute the attached engagement letter agreement on behalf of
the City.
SECTION 2. FURTHER AUTHORITY. The Mayor, City Administrator, Finance Director,
and other employees and agents of the City, are hereby authorized and directed to execute such
other documents, certificates and instruments and take such actions as may be necessary or
desirable to carry out and comply with the intent of this Ordinance.
SECTION 3 — EFFECTIVE DATE. This ordinance shall be in full force and effect from and
after the date of its passage and approval.
BE IT REMEMBERED that the above was read two times by heading only, PASSED AND
APPROVED by a majority of the Board of Aldermen and APPROVED by the Mayor of the
City of Riverside thisaj:p day of1,U6cz)K LW- , 2022.
or Kathleen L. Rose
ATTEST:,, ... ,
Robin Kincaid,"C � Clerk
�L
GILMOI,EBELL
2405 Grand Boulward, 5uiW 1100
Kama On, Missouri 64108-2521
(016) 221-1000 / (816) 221-1018 FAX / ailraoraball.
December 6, 2022
Via Email: bkontaariversidemo.eav
Mr. Brian Koral
City Administrator
City of Riverside, Missouri
2950 NW Vivion Road
Riverside, Missouri 64150
Re: $18,370,000 Industrial Development Revenue Refunding Bonds (Riverside Horizons
Infrastructure Project), Series 2017 (the "Bonds") issued by The Industrial Development
Authority of the City of Riverside, Missouri
Dear Mr. Koral:
Gilmore & Bell would like the opportunity to continue to serve as Rebate Analyst for the City of
Riverside, Missouri to determine any arbitrage rebate liability for the above -referenced Bonds. Federal
tax laws require an arbitrage calculation be completed and, if applicable, a payment to the Federal
Government be made at least every five years and upon final redemption or maturity of the Bonds.
As Rebate Analyst, we will continue to prepare annual arbitrage calculations each November 1.
It is our understanding the Bonds will mature on May I, 2025. We will prepare a final installment
calculation as of the maturity date. In addition to rendering our legal opinion along with the final
installment calculation, we will prepare a Form 8038-T for filing with the IRS if a rebate payment is
required.
Our fee for serving as Rebate Analyst will be $900 per year ojdata analyzed, payable at the time
each calculation is completed. A statement will be provided at that time.
If the foregoing teens are acceptable, please sign a copy of this letter in the space provided below
and return a copy to us. Please contact me if you have any questions.
�Sincerely,
%
4r '
Emily Honk
Compliance Services Administrator
cc: Erika Benitez
David Martin
Arbitrage Computation Services Proposal
December 6, 2022
Page 2 of 2
Acknowledged and Agreed as of hECEMLVJD 2022.
GILmop,EBELL