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9. Provide the City a present worth analysis of insured/uninsured securities, interest cost <br /> differentials and bond insurance premiums to evaluate the cost-effectiveness of obtaining bond <br /> insurance. <br /> <br /> 10. Recommend the timing of the sale of the securities at interest rates most beneficial to the <br /> City under then-prevailing conditions in the tax-exempt securities marke~ <br /> <br /> 11. Upon receipt of rating(s) of the securities, purchase the City's securities through negotiation <br /> pursuant to a definitive mutually-agreed securities purchase agreement. <br /> <br /> 12. Upon execution of the mutually-agreed securities purchase agreement, mange for the printing <br /> and distribution of the final official statement, arrange for the delivery of the securities and <br /> the City's receipt of proceeds. <br /> <br /> C01nnensation. Pursuant to our proposal, Rauscher Pierce Refsnes, Inc. will act in the capacity <br />of underwriter for the sale, placement, or other disposition of securities, leases, contracts, <br />certificates of participation, or other evidences of indebtedness which may he approved for marketing <br />and/or placement to finance the City's projects. <br /> <br /> Compensation to Rauscher Pierce Refsnes, Inc., if any, as may he authorized for the services <br />outlined above shall he in the form of a discount payable from the proceeeds of the marketing and/or <br />placement of such evidences of indebtedness, in an amount subject to the approval of the City <br />Council. <br /> <br /> I hope our proposal meets with the City's approval. P!eaese call me if you have any questions <br />or need any additional particulars. Thank you for the opportunity to submit our proposal. <br /> <br />Very truly yours, <br /> <br />RAUSCHER PIERCE REFSNES, INC. <br /> <br />Senior Vice President <br /> <br />EBB:agp <br /> <br />Enclosures <br /> <br /> <br />