To the extent that services of financial advisors are appropriate and required, the
city shall employ such advisor on an annual or project basis. The mayor and the chief
financial officer are hereby authorized and empowered to select such financial advisor
according to the procedure set forth in this section. The chief financial officer,
in consultation with the chief operating officer, shall identify persons or firms
qualified to undertake such work, and shall invite such persons or firms to submit
written competitive proposals based upon criteria as established by the mayor and
the chief financial officer in consultation with the chief operating officer and made
known in writing to such persons or firms. Such criteria shall include, but not be
limited to, the scope of work to be performed and the fee proposed to be charged.
The mayor and the chief financial officer shall review such written competitive proposals
as are submitted and shall propose a financial advisor to the city council. Upon approval
by the city council, the mayor shall be authorized and empowered to employ such financial
advisor in the name of and in behalf of the city and to execute any and all contracts
necessary or incidental to such employment. The financial advisor so employed shall
not be involved in any other financial transactions with the city in any capacity
other than financial advisor during the term of this engagement as financial advisor
and for one year following the end of the contract term. If the financial advisor
resigns during the term of the contract, this restriction shall extend for one year
thereafter.
