HomeMy WebLinkAboutR-94-0093I f
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PASSE 'AND ADOPTID thi 17tH day
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STEPfIm P. ,MAYOR
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PREPARED AND APPROVED BY:
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DEPUTY
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APPROVED AS TO Faft AND OORR�C.t'NESS s
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CITY
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94- 93
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Honorable Mayor and Members -
of the City Commission
Page -2-
In accordancewith ordinance No. 10538, bidders must
demonstrate inclusion of minority and women owned small:
business enterprises in the bond sale and disclose extent of
participation of those.- firms. (Minority and Women:.owned
small business enterprises are defined as being at least
fifty-one percent (51%) owned by Blacks, Hispanics.or..,Women;
whose management is controlled by one or more Blacks,
Hispanics or Women; that employ a maximum of twenty five
(25) employees, or have a net worth not in excess of two
million dollars).
If the lead underwriter providing the lowest responsible and
responsive bid does not maintain its primary office .in ,the
,.City of Miami, the City Commission may offer to another lead
underwriter whose primary office is located in the -City.:. of
Miami`, commencing with the lowest local bidder,, the
opportunity ..of accepting the contract at the lowest ,bid
amount, provided that the original bid from the local bidder
does not exceed 'one hundred and 'ten percent (110%).' of the
low bid.
Individual' resolutions approving the issuance of :.the-. . refunding
bonds will be submitted to the City Commission ,for its approval
once bond counsel is selected and the transaction has been
structured.
Bond Counsel Selection
The 'City Commission has in the past authorized the City Attorney,
on a case by case basis,.to seek bids from qualified bond counsel
firms to .represent. the City. This process has produced
.s g g g high. -standard
if savings in legal fees while obtaining a
of service.
We..are,hereby,_recommending .that the City Commission establish a
policy authorizing the City Attorney to seek bids for bond
counsel services `upon request from the City Manager. Once bids
are received; the City Commission will simultaneously approve
engagement of,,the bond counsel firm with the lowest bid, and the
bond resolution for the proposed debt issuance." Bond
underwriters' for negotiated bond sales will also be required to
procure legal services through a competitive process. This
.policy .will, continue to provide low cost legal services and will
expedite the debt issuance process
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�r 94- 93
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