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HomeMy WebLinkAboutM-92-0793;r CITY OF MIAMI, FLOfiIbA INTER-ORFICE MEMORANDUM ro: FILE FROM y~e-~~ Matty Hirai U ~ City Clerk DATE F e b r U a ry 11, 19 9 3 FILE sua~ECZ: Item 13 - Dec.. 10_1992 ~ommission Meetin Motion 3~-7~~___.~~. ~Financiat_Advisory REFERENCES `e`r_vices~r ENCLOSURES: Upon contacting the City Attorney's office (Carol Kelsey) we were informed that the City Attorney intends to bring this issue back at the March 11, 1993 Commission meeting. Therefore, the action is being drafted in motion form. MH:s1 ~~~ ~ "` ~'171~ (l( tell%~,t:11, f L(1f;If1la. ~l ~f~ .. - 1~1Tf F~-()Ff=1CF ~fl~f(~t?f~t~I711 1O I~onorable P~iayox- and t4embers of the City Commission ~~ ~ FROM Cesar H. Odio City Manager SUf~JEC'i Agenda Item -~ Financial Advisory REFERErdrES Se~V1ceS FN^,LOiURE:S ~~ It is respectfully recommended that the attached resolution be approved accepting the proposal of Howard Gary ~& Company and Raymond James & P.ssociates., Inc. for the provision on Financial Adviscry Services for a two year period. $ACKGROUN~ Resolution 92-404 of June 11, 1992 authorized and instructed the City Manager to advertise and distribute a Request far Proposals for Financial Advisory Services for a two-year period with three one-year renewal periods. The resolution additionally appointed a committee to evaluate responses and to make a recommendation to the City Manager based upon the criteria as defined in the request for proposals. Financial advisors assist the City in the structuring, timing and negotiations related to sale of City bonds. The scope of services in the request for proposals included: Review and. evaluation of financial condition, policies and plans. . Assistance in developing a financial plan. Assistance in dealing with bond rating agencies. Preparation for bond sale. Development of the market and bond sale. I. The selection committee was composed of: Linda Wolf appointed Manuel Alonso-Poch appointed Fausto Gomez appointed Dorothy Baker appointed Salvador Bonilla-Mathe appointed by by by by by Mayor Vice Comm. Cornet. Comm. Suarez Mayor Da Yurre Alonso Dawkins Plummer r=,: _, Agenda. Item Financiaa. Ad;ra_sozy Sez:v~.cc~~s Page --2 - In addition the committee received support from the City's departments of Finance, Law and General Services Administration. II. Evaluation Criteria as stated in the request for proposals coven•ed the following: Experience Scope of Services Proposed fees Assigned staff Minority Partic~_pation III. Proposals were received from the following firms: Evensen Dodge, Inc. and Fidelity Financial Services, Inc. Government Finance Associates, inc. Guzman .and Company Howard Gary & Company and Raymond James & Associates, Inc. IV. Selection Committee's recommendation: The selection committee reviewed the four proposals from which it shortlisted two firms for interviews, Guzman and Company and the co-proposing group formed by Ho~t~ard Gary & Company and Raymond James & Associates, Inc. The selection committee made a final recommendation accepting the proposal presented by the firms of Howard Gary & Company and Raymond James & Associates, Inc. The selection committee also recommended that fees be negotiated to those suggested by another proposing firms. V. Compensation A. Services listed in the Scope of Services section of the request for proposals will be compensated out of bond proceeds as follows: $1.00 per $1,000 bond on first $25 million of bond sale, plus $ .75 per $1,000 bond on amount over $25 million up to $50 million, plus $ .50 per $1,000 bond on amounts over $50 million Minimum fee per bond issue = $17,500. ~ 92-- i93 Ar~enda TtPm P9.nancial. Advisory Services Page -~-- B. Services not inc~uded in Scope of Services section of the request for proposal. will. be paid at the following hourly rates: Sr. Vice President/President $1£35 hour Vice President $145 hour Associate $125 hour y~_ 793 ~7F1 ~TCCTRJT~' I~.I'~~. ~:~I~ ~`~~ 3~~Ii~i~~I~1CI11L I1DV~~SORY :~1_;RV]_C1;.-~ ~I&I 1~t~. g RFP _,.~,a....~__~._~.,.,..~_a.....,...._...~.......~ .............__.._~....,_,~.,.__.__,..a.,.._..w_..~._,.e.~._._.. AA~~ ~ II? (S a ®P$N~ A ~ JUDY _31 ~~]^9 ~~ ? ...__-__-_ .~._....__~._._.,._.~..®___.,..__,._A__._,_._..~__...~.~,.. ` ~,,. _,. ~rc~~~~ ~z~ ~a~rn~~~r~ ~_. I~XAA~Pi SID X2,4©II2Q~ ~A-'~HI~R ° S ~H~C~ GOVLivtI~I~i1T F7i1AiJC1,~ ASSOCIATES c-~' ter--- ~... s~~'_._ ___~_~_ ~ ._._~_.~_...__--- ~---- --__--_-__--I~---p---------- f ~ -----~---.- -L-------------- ----__._._...v___-~_------- ~, ---------°------------~ _~..~_.~__.r~..v~..__~.. r.~~._~......o~....._.__._~ __.~-_~._.__-.~~.-_..,..~~.-_~._~ ...-,---._ ..-..._.___~ _ ~-?~____~~'mc®Svod ( 1 ~,) anv•Iop®s oa behal!' o! (ga oa rtcsiv ids) GSAj5olid Waste-Procurement riivisioh~_~+~~®a ~___~-~~~~~ (Cit~r Dspartffi~at) i _. D~1pu~,Ir p t ,, '`' Matty Hi.r_a~. City Clerl; } J"uly 24, 1992 Financial ,Advisory /,, Proposals ~~ % Carlos F. Garcia Finance Director ,,, In relation to our conversation of today, we are hereby informing you that the proposals for financial advisory services are to be received up to 5:00 P. M. on July 31, 1992 at the office of the City Clerk. These proposals do not need to be opened acid read at that time. This RFP was approved by City Commission resolution 92-4 U4 of June 11, 1992. Our apologies to you for any inconveniences caused by the delay in officially notifying your office. /mm cc: Cesar H. Odio ;~-~ ' ' ~.~~ ~ ~ ' ~ ~ ~ 1~~ _-~ N ~ ~y C~-~~ ~ `~~ a e ` ~ -yam f"". r ?• ..~ "~ V ~ lf~ V J~Y ~~~ 192 ~V~ V ~ yy ~ I yy q (1 f ~~~ 4 ~ f~411~~ ~ ~~ L• , ( 1 CI~tY C4_E:flt I~l ~ 1 . - , SIT t OF ~~~li1P•1 -- --- _ _ ,~ _ _ - r ~_.~..r.~ -- --- .; ' ,~ ___ __ __ -~ ` , Many Hirai July 24, ?.99?_ City Clei: k Financial Adv~isox.-y ;~ Proposals - i Carlos E. Garcia Finance Director ~ „~_~,, In relation to our conversation of today, we are hereby informing - you that the proposals for financial advisory services are to be received up to 5:00 P.M. on July 31, 1992 at. the office of the City Clerk. These proposals do not need to be opened and read at that time. This RFP was approved by City Commission resolution 92-404 of _ June 11, 1992. _ Our apologies to you for any inconveniences caused by the delay in officially notifying your office. ~. / mm cc: Cesar H. Odio t` ,-v m ~ r~ r ~ _ ,i ~ ~ c-> - . -~ ~-> r ~ ; . ~`~ -~ ~~ ~ ~ . C..rt O •. , "'~ '' 1 ! ;'i i i ~~ j l t 1 ,1 1 (.1'I r i~~~ t,1-i.f~a f's i~~(~IC~iP. iNl E-:Fi-f)f='E~fC~L- MCMft)~i1~t~t?Li~~i ': ~i lfl ~~'. ~ f ~ ~ 1"i s;i T i C ~ c1 .} ,~i C.~ ~% f : ~ t., ]' y Aj '~ _ ~ r _ t ~ r nrrP~Prn'.C ~ (,'~i1 ll)`. f;. <;<lt'c'"~<~ 111 1_•'lti::lRl'l' 1!i F't'.C;1.t71" ~~ .~ i!u.ln~,u~~l; i alt' ic~(l tU C)tlZ c.'c:>Ctvc>t'^<tt.ic.~t- c~2 t.c,cl<~y, ~•~ct ~t1 c~ ltc:'---c~hy i --f~,---~ii ,~~; i..it~+i. t tlc~ Fir'opoc3~t1:; fc_~ti~ i it~~zrtc;ial ;:iclvi:;c~t'y ~,crv.ir:c~r~ Flt'f t.<~ i.ic: _~ t t ~±<+?, ,~t, t.d~e ol_~ f. i ~_,r, vf. tt~-~>. :-•~ i.vE~c~ uI' t:c~ :, : t-tt T'. P~~. clt- .Ti.t 1~• , ~_~ 1 t. j' l~' t t?1'k . Td7F~.t: t? ~)T'n})C>:~%1 ~ :~ C]C) tlo~ Ilt'f-'_t'I t.. (') ~)E'. C)I)HCtE?f~ i'I TIC 1. (.'r~l~ i-!t: t: ~ ltl" . . > > T':1'(' ~,:~;t:; :_;hlii~cw<~ci by C1 (.y Gc:~lct~ti i S:; ic~tt rc3: ic~l.ttt. 1 cat'1 '3 :' -4 ~~1 r,f ,7 ~_- ~~-t~. i ! , ~ ~ ~i ?. . t;itr ~Z}rc~)cieJje?;'; t:o yc~1] fClt citi~~ illr~c))1VC1lli'.n<~E~~~ c.;~illrsr,>C3 t]y f'1'tf~. t,1C31~'~;, in r~lilc.~l~i-ty n~t:ifyinq your c:>[fi~:t•.. ~ r:}m c C c:~.tt II . Ofi i n ~~ ' ~ ' ` t ~. ~, ,, ., ~ r_ r r ~_ ` ~ ~ ~~ ~~ ~ f,~rgfq ~ ~ r t a ~ r i ~ fV~ rrfr, l ~ ~' ^~} ,% ,i ~' } / ~:~J ttnltt~t~; 1,1~;~'1~it~ctir:ti~t' r Ui.tlt Z''nx 1.11)(ftll;tt: :)72 aGr-iG t _ r) 1 } + ~. -• JJ , ~• _- t'C) c /~GZ l'~cr~ _ _ L-1 cam. ~, _ ._ C.' _ _ '~ f •~ ,~ .. ~; • ~ ~ • .__- , .. •1 , r ~f _. - - -, • itltilll:lt ta!•' l~nt~i~::. lttc~i,tt~1 ~ l.w CC1Vl~:lt ;;tll•:J,'t';•, _ -- ---c'-`-7--- __.___ ._ r r~ itf:tihlll:.> t «~ • ~- -- - _._ __ __~.~, -__-.__- -------- -. - __ ___ __---- - - ____- - - ----- - - . j _.... --- ' t r .. t1~!'nItlF•i[!1t U1 ~Itl/111C'E//~it+~uf+flugi)1,1,1+1~r/I'.Ct boM l)tr~ifn/1.11,~+i1,(i+irlcfi,-jJ1.)•U)00 ' t.1[r.4ntlt Gc>vtnrcr.ittlt tlrl~tl(_4 c~tt1Cl.itS n5S -I C)f flit Ui`llfttt71S1,~itS !'+tl#l? CAtll~t)n .. .. . . - 'Ir'!n; 717 ~7~1i- r ~,. ~~!! •~.'~ ~ r+.,,1'~l, i2•.~ .!.•''!~ 1 ('+ ,l1 .: ~' .i. 1 .. ! ir'! . . ~vSD4'(`.9'Y16Xa[?~!~ ~,'tl~i~~t?~ ~~i!~(i~(1F'l.~~':`>4 ~6iC. h~nw York, N York 1( (7~2j RC~A~&i(~ TELECC~~~' FOIE IMMF,I:~~/~TF L~~;I_.IV~KY ('. I ~;~~ DATE: ~~~. 199 _ 'rQ; ~;STHr:R GUEIttt~f~b _ FAX NO: 305-858-1b1.0 ~~2QM: ~h~st~r_3ohz~son - FAX NO: 212-S0~-b317 TOTAL # OF I'AC~ES INCL~JllING LEAD.~~. F~OJECT: ,.._ COMMENTS: .., ~a~ -`~ ~ ---~ --, - ~ t...l O New Yort: Princeton San FrAnel~co riiew York New Jer®ey California T t t l_ - ~ -} - '+ ~ F k' I 1 1 : ~ ~. :i~ :i~ :2! :i~ :i~ :i~ :i~ :i~ ~ ,1 '=+ ~ t ;_' ~~ - - - ... _~ 4 ~' . ~~r 1 ,. ,,,! _ 7 t a ~, ~}, ` f _ r r 1 . ~ 1 ~! . 1 ~~tr~~r { "~ .. ~~~ ~~ ~; ~~~.~JF~(It:l•; 1tt:l',~l+~t'tit;tl'1' P~ 1~'!!X. t'UVI:Il ~,t!11;1:'1' • ut-~t t.''nx ~-ut•1-,i:tt: ~z7a..,it~!c-.~ ~~~ • r. ~ y _. _..._-.-.. ...... _._.. .._La ._~_. ._ ~~_. --.__. t' -. 111;.. f i1 .,~.~ ,U _-__ _., ._. ___ -.--_ _ -_._-.______ L IUt~tttr;lt t_)i'~ i}~~c,t,s Lr1C'r.ul).ltl~; c:c_tvf:-t ,~111,i':•1' ~'' f ~ ' ,-• -~ . - __-._ .-_ _.._..._-.-~-.__-.-_------ ------_ -v--------___.._.._._ -- - - • t ~ '.t.'1 I i .l ~. a fjtt'nltit~~itf1 f~l I1-1/1tICf~I',ctn~~r~rlr~81,~~I,t„~~~r.c~ u~~„ ,tu,i,nif,1!-,~~~I, ri~~~t~lti ,t 111.) uTUO !•1(tuiEftGVVIiU!-tt+iilnt/'.tIClctrll~:rn4n55ticit tilttN~lltll5lt,ItTAItU<,I~tl,hll~ - - - • ~'r 1 i t I # ,..*-~ ,...,_.,,_._ `.,s......a~ a:..,.,.~. ~ ~ ~ f (~ ~ i 1 f _ r t i. ..I__...J...,1 ,1 r 1 1 1.. ~~.: I_~. ~ .p-.1 i 1 "' "i , ~ ^~ ~~~Ci"~~ ~~ ` ~6e~~ tr^ ' ~•~,1 nn11y ~tcayt Poiurtl •+y, Oun.t ty en,1 1 egsl Ithlldtly3 ' n.lml, t)a.fu County, floilaa. snare ur r1.unlaA COUNTY ©P' bADE~ Etah>IO itlo undcr~IpnnA nutherity ¢ernannRy nppeered Uclotme V. I`orboyra, who on onih enyn Ihet ef/e In tho tvper• vlaor of l ogel AdvvrUeing of the Mlaml nvrlaw, a daily (except Snturdey, 4undey eni. legal Nolldays} newspaper, puhtlehed nt Mternl to Dedn Coumy, Florida; that lha attached copy or edrr~ltirrernertt, (rnlnv a tevnt AJrertlep,»ent oP Notlco In the mallcroP (:ITIi' t)E~ Ci.(~ti SOl ,1t;1:'TA7`I~~1'~ IY)R FINANC?AL A~)V`f ,(CRY SEItVICE.ti in Iho ...... ... ;{..x..;t ... . . . ..... ......... Court, ~ was put~llahrd In eatd nowepepor In She leeue8 of June 26, 1992 AlNtnt lurthar Easyt that tha eetd Mleml iievlew to ~ nnwepeper pubhahed al Jutlaml In veld Dede County, Florida, end i}~e1 lne ecld nawepepor has herplo}ore bean conUnuoueiy ~bUahad {n eetd Da a County, Ftorlde each clay (e>ccepl ~eturdaty, Eundey end Legal Holldey>.) and )tar bean entered se oetond Naaa mall matter e1 the post oitlce (n Mleml In eNd Dad• County Flar!de, for a pperbd of vne ear next pr6COdinp the fist pUbl~cetlon a1 the allethod co drerllAam101' and eigert fur+her ease That eke has n pal nvr premlie~ any porenn,,IJrm or COtpOrnllon en nt, r No, Cammltelon or rejr~nrl,toF the t+urpoee o_f q q Iht edveglsemenl for _~; • . ./`1 ~ _ .__ _ .. .. 1 ~~ 7: .,_~ rr~ `~ ,crr1 ' CITY O~ MIAMI `.I •~` ~ . DCPARTMEI'J7 OF F1PlANC~ SOtiCITATION FQR FINANCIAL ADV13(~F1Y $ERVICIe~ Tho City of Mlarnl Is royue5ling proposals for tha purpo5r! of rr,talning a tUm t4 rtc1 as !}ro Clty'9 flnAncial pdvlsor for an prglnrtf 1 perlgd of two years with thrQ~ onC soar renewals. For cople9 of the Gol(cltatiorl for Fh~anrlal AAvigory S9rvlccrs, please contact Carlos E. GBrcla, Ulrectot of FlnanGO 0t (3Q5) 579 G~50, or Pete Chlrcul, Ot (:1(35) 31241372. oAre~tlM~ OF CI_n5iP~tG~ July 3t, 1'392 5 0o P.M. • ~ CARLOS E. (~ARCIA ' t ~ Director of Finance Ad No. t iGg G/25 a+rwn lu end nubecrtbed before mn thle . .i~) -~~tlny of ~ ~ ~. .~ B{-1e (SEAL) Ctl`r(MI~.IUIJ t~Q. LC 1~11(t9 Ai'( Ct);~.~;c ~ i `; ~1',7 ~ d IX~'~A N .r~. i l:'~~ Octetlna Y• ferbeyro pe.gonnlty known to mo. rJ2-Q-062633M ~~~ 1 1 1 1 ~ ' ! ! ~' _ I ' 1 f_t 1 - '-- - ~ ~ t~_i'Y QF T1TAr-1T . t1,~.t'A,l~'i~tQIaT1T ~~~ rzN>~r;r~F St)TI):<,:~;~'11.`~'..~Vtd t'4?TZ__F'TtJ~`~??t:.t.~1, .L~t~Y:I.~t~RX .`t~F;tt~nl~t=3. .. .'.._ I i ~. Tl~c c'tt;y of t~Ii~mi i-~= r{~c3uE~~_;~t~_itllJ pi•c~pos~-.[~~ J'~~r. l.l-e I:,url~c~~n cat rc~t:<airling ~ f.irm ("thc' f~a.rm") t.o pct: ;~~ t.hn Cit'y':: i';.t~r~nc:.ial advisa~- t~ ~~s;;:;i-. in dc.~l i~~q:3 wj.th t-~zt:i,~~ ~3gc:~i~ries, to assist Y. t! r1ev~~It-~~~~nC~nt, of c3eiat; m<-~nac;c.~mcnt ~~nt3 ccipi t:a 1 imProv~mc>I7t: hrogralris, a1~d to help c3Fwelcsp ta~~.a ITIt.'.dll~y t0 f~nc11'{(". E? t•1_It:UZ"l? C,';i):11t',I_ll T'E:.'c3u.trc~mcrrit..~. II. Tr~~~a~t~t~_~;:r._~~~rts_._~r_~.__~'F~9PO1ci?s_- Sr~..jl~~d proposals, sttky;jtnut~ t~.c~ 1.)~t~ t,ezin;~ at~ct cur~~3itionr of t;hi:a Request. foz• Prol~os<--I, ~~~i11 bra r~ecF~ivGd 1-~y the City ~-------, Cler);, City tall, 35QO I'an nmc'r.ic~an Fir:iv~, Miami, Florida x3133, at the timf~ and d~~te .indi.catecl I~c~lUw far iurl~ishinc~ t~hc~ sc~a~virc~s with i.t~ the t~,imF~ spe~ci_fi.etl Icy trhe of.fez~or. ISSUE UA`I'I; PIJRFOSf~,: TO RETR.IN A FIRM. TO ACT AS 'I'I1C CITY'S F:Ft•IAr1c~A1, ADVISOR TO ASSIS`I' THE CITY I?J 'FIE SAi~E OF DEIST INSTRUMEr1TS AND RELATED I~UNC`I'IC)NS, INt,I~UU:[NG DFALItdG WITH B(7ND RATING AGENCIES, THE QEVELOPMk:NT C)F [7E13'P TdAIJAGEMI;td'I' AND C:AI?i'I'AL Tt~4i'IZO~'EMENT PRGGPt11MS AND 1YIEF+NS TO F:[tJANCla I'UTURE C.APYTATJ RIrQt11 F2t.MEi1T:3 . 11Gt~;NCY : U1; PARTMI~,NT OF I•'INANCL C~ATF/`TIME OI' C:LOSTIJG: ,7tJL,Y 3 ] , I9~2 - ~: 00 P. M. C'UtJTRACT AUMINISTRATnR: CARLOS )~:. GARCZk, DIRf'GTOR C)r' FZNAPJ('.F . rdtJM13£;K O1' COP11S : 1 t] I'RC)POSAL,S ARE TO SE MARKED "PIZOI'USALS FUR FIrJAi•IC].AL At?V 1 >faR~` SI~I:VTCES" ANY PROPOSAL RECErvEt~ ztJ TItE oFF'ICI oI~~ Tt-IE ctTTY cr,Elzl~ A1~'ra;R Txl/ Ar1NOVNCI;a Z'IML AND DA'rI~ r~F cLOarNr, ial-II;`rtIER BY MAIL OR O'TIlER1+1ISE, t'1 I:I,L I30T lE3P COt1~, FDERED ArdD WZL1. 1~E KETURIJF:U tINOPF:NEI?. T11E CI'T'Y C)F c~IAMZ RESERVES T1IE IZIGIIT `~i'c7 ACCEP'T` ArrY PI20POSAL Dl'Ei`91~.D TO [3E It~l THE L31'_:S`I' Itl7`I;R1;ST C1I' `1'ftE CITY, TC) WAIVE ANY IIZREGt1LA12ITIES ItJ AI'JX PROPOSAL t)R TO REJECT ANY f)R AI,I. PROPOSALI AiJD Tcl F21.?l~UVIR`I'ISI~ F'C)R NE4d PROPOSALS. t ~ c ~ J J.r. .• J.r J J ., J ~ a --- _ ~ d" i. .},t~',1'~;FcI'I11::',l';(~;1'.i_U}•( ~'1f F2t~;~)t,~F;7T J~ c7P.. t'''Etc>E'~>f311Ia J' _ ~r•t 'I'c~~~hn i C<~l, r3riC~ (_ ~~JJtt'~~c:t'.rlcj:i, cluc_,;_~t i art~~ tJC?]: t~l~ 1 n { il~! ra th~.FJ r,'c~ti~,~;t, ft~r- ~.,z:t~pa`.;al t.lt~~l. i tJE~ L~r.~Cer.'z-c~tl t:a ttrH fc>1 l ~:~Wi nt; t3t75~ r7`7 --~~50 r_, r Yet. «: Ghirc~ut_ t)(~bt. Serv:i.~:c:t Cc~orc:} i tt~at.or TtZa firm shall Ue rc~:~p~ans.i}~1~: for k~et'foJ;:-nti.-tc~ ~>r i'or- ~i:3;~i:,t: i ng G i ty <-;t~~ f f <~ncl/nr bcarac} catin~;e l ,in cezml~a et:.~ ng t};c.' rulluwil~g tr~sk;s: A. R~VIEtV ANP f',VALUA'rION of Fl~rrnNC:I11L cC~tdUTTI{)N, F~(~i,rcik~~ AND FIrAN6: Revi_et~r the Cit~}T`s oveir~all. tirianaia7 ~~r~,ulit:ic~n, legal reciuirement_s, and poli.c~ic~~, w.it:h particular emphasis, on #:he financing at capital irnpr.QVPm(~nt:.r and the issuance, and administration of debt. `1'he furl shall m~~Jke recomrttendationa, as ap~araprizit.e, which would enhance the mar}cet.abi.lity and rating ~f fut-~zre k~c~nc] issues, j.nc:lading desirable ].egi~lati.ve nm?ndme~nts . Rev.iet~t of the City's plans foL finar-cial capita) intpravGments .~~ r- r_ompanc)nt of the Ci.tyts CoraprPhensive Plan and the G-Ye2~r C~J},~,i.t~i ImprovemHnt F'r oc~ram . Perform other such cEuties as nec~nsary, inJ^11.rdi.ng attendance and p~~~eseni~ation before the City Cotnmissiosi, City Manager and City stai'f for maintai.ninr~/impz:ovinc~ creditwJazthiness and other 1'el ated 1• financial mn~:terr . B, ICIVELOPINCG A I' INI~NG>'AL PL11t1 T1ze firm shall }7elp develop a F~lari cif 1'inane:i.:ig in consul tatic~n ~•r,il-h City officials, ex1~ernal auditors, and bona cou nsE~l. 'i'he plan will be kzased on tYte Cit:y's, capital impiUVerrtcnt program, studies pert:aininq to rE~vcnt.ic~ projeri:ians, and thc: existing r.or~oz-atE?, fi n~3nc.ial and leJ~al 5t.X'UCti.ill`E'. of the C:i~y. i { ! ~ I t _. t ~ { ...__.....,.. __ __ _.. __..,.,..,::._~ +~r e,;~5~.._......,.,I t ; ~ i t 1 ~ t _.___.__ I T:._.~_I o e I J !.. f~ : , .• 1 ~ 1 1 1 ~ J _ ~ ~ . J ~rr.~' ~, y l_T~1',l~k;~t1'Itk~`~t'~r~t,l~t~~ ~~1" [ti,c~~)f~::,T' ~-~c~i?_ ~~?«a,'~>r3r~r, `1'e~:itn i c:~~~t1 ~~rtti t.~c~ntr~~c;t,t~a 1 clu~:~st i<ans llca~-tt~ 1 tt t t1~1 ~'.~? thi.r`+ r-~~<~ltf~~; i. for i~t°o~~n;;,~'~ ] :=:lt<~ 1. l bc:~ rr~ f'+~ra-c~<1 t:o t:11H ~tl.l '1 nW i nC; ill%liV~.C~U>:ll:t: ~~2°l.os F:. G,~rc1+~ I>i i e~c-:Y.o~~ hf P'1 tl1nar~ (.105) r79-G~SO c~ r P~~Ce C:h11.'c~ttt. C)ektf- Sez v i<:7c~ c:'c,«r~d i rt~-~ t.or 3U5) 37 -4672 The fi.rrn shall bF~ rc}spc>n ik~lc~ Lor poric,~:ma_tlr3 car fo7- ~3:;;~i~;t:inc; City staff anc9/or 1•>cancl coiin~sc:~ 1. 1 n c~amf.t,l et.j ng thc~ Yc~ll.c~t•~ing t.ask:c: A. RE`I3I;W AND ~VAI,tJR'P'I(?N ()F FINI~NCII~L C:c7IdC1ZT1UN, I'OLtC'Ir~~ AT1[~ PIJ1N6: Rev]ew the cit.y's overall. zirtanvi.H7. r.onciit:ion, lec~~~l rec3uirements, and pol icier, wi ttt par. t icuiat° emphasis nn the finar3cing of rapi.tal irnprovc~ment~; and the issu~~nce and aciministratirJll of debt. The firm s;,al.l makes ~•ecomtnendations, as appz:capriatE~, which Yrould enhance the marketahi lity and rat:incl of future Bonet is sues, i.ncl,tildi.rtg dc~sirablc~ legi.slati.vc ~mendm~nt~. Review of the city's plan: .fog- finan~iaZ cx,pital improvements a:; a companc'nt of the City°s Comprehensive !'1an anci the G-Year Capital InPr~vement Proc7i zlm. Perform other such duties as nec~~ss.'';ty, inol.ttdi.ng attendance and presentation before the City ~'otnmissian, City Manager and City staff for r~aaintaininc~/impzoving credit:worthisless and othe~- i'elat~ed financial. mrt1=.:err;. 13. nt•:vr,r,aF~IN~ A t, INArac:C1~L PL.Ak1 T2ie firm shall hE-lp dc~veZop a plan of fitlatsc:i.ng in consultation l-r,ith Git~~- offirial~, eternal auditors, and bona c.ounscl. 'The plan will be based on thc~ C.it:y's capiL-al atnprc~vernc~nt. program, studi.e:~ pert:aininC~ to revo~nue projections, and the existing r.orporate, fi nancial ~lncl lfgal striict.t~re of ttte Pity. -., -. ~' k;tlC}Z a ~;~;ue w i i) 1,e z~rltlJ-yrE~Cl ~~t- t t N m~•z'# g.~x, inc~ tttd i rrrt .~ rnctx~?ti~:~t: re~~;,t. t ca rtc~t~ F~ t~~m i rice i i.:~ tnax~ket~~l-'i l ? r.y. A~:;,,i~~t: Irz d~:t.c-~l-mi nlit:ion c~i m~ct)ICici of ;a~zlc,~. Cpclr-cl i_n,:;t.c~ ::;c=~ t a:°~(:t.{.can <',f ianc~r,rt~rx~i r.r:~z-;~, i f a t'l tr? C~f O t...t <Z t : E' (~ .`. i r-1 i k? .i t3 ; f. ~ f* (' t_ t: ~~ . Rtt:~eaz~c-;h F.zrtd adv:isc~ ~>n ~;:~lac~c:~t; c_,f r.ax E: A:c~~n,F'~t:i_on ~3nci arhit"t"'czc~c~. As~:=,i.,t. i.t~ c-Ibt^ttitliPl<_.~ :lntf~r_-nal Rc~vc~nUe :~c~r-v t c;c~ i'tz:, i nc~~,, i P r~er..c~;~.~c<ry. . Ar:cc;:i.st: i n LhF~ ~rc~p~I L. tlti c~r~ tanci anal ytrin of fea:tiiail ity st.uciic~.~ in c:c:,<-,pc~i•afi.ior7 with <:it.y c.~fficials and acimini:.~trative st~.af.1', bond at.t.nrney:3, acc:aunt:atlt,~, a r•ctl i tc~ct~~, enc~ i nE~cyr;3 ~arlri of?ter ~rc,t~?~:;z<.-~nr11 <~s 1'ey~ac~~ted kIy t.hP i3{act's. Advise ^taLf of p~1r•t-.i rteni: m~~rkc~t f._zrtc~t ~ t~nct expar.t.E~d tr~~rzd~> in i nt; c~r-Etist rat.ea ~~nd yJ olds f car clitfE~ret~t-. matlar~i.ty cl!~teU. c.:. UF:AI.II~tc~S SV7TI3 R11?`ItdG 11Grt1CxL~; t?repai-e the Ci t.y ia~:• all ~~r~~:~entc~tionc~ tcj thr~ i-atinr~ ~~clc,.ncies nec~~.~.,ary to anal-yz>~ t1~c, <ir~arzr:ia7. = sc.~trtldne:y:~ of thc3 city' f inancinc~ pi'cxiram and pa rt. is i pate i. n t-_11ca:zE, meet- i ngs . • Discuss method: of maiht_aining t~nd,~Qr imp;roving the City's rating c•~ith those i.ndi.vidual7 whca det:erminc~ k:lie Mond 1<~tingt. r~. ~=lzr.;~~H1~~rlc>N I~iJR tjf~Nn SALE Prepare a timetable and a list a[ duties a1' X7.1 part:i.es involved in the. ~inarzc~ing and develop a time sc~hedtzle f~c~r thc, s~tl.E.'- of i_lond issues, diving ccartsideration to cash needs, expected max-3~:~t condit:i.ons and avai.l~~bila.ty of audited financial data. Fvalizat.e hand covenant: nec;E,.~:~aiy to pr<>vidn flexibility for t:ho City and assure positive reception with rating se~rvic:e, and investors. C:arefzzl ly analyze r.tze f in.lncit~q to d~t.C=rminel the bF~st mc~tl~ocis of ~.trenc~tlzeninq i.ts marketability cclnsist-c~nt with current economic and capital ma>_ket. condition:: ~~nd Y~ztinc~ ,3c~~ncy ci-it~e~rie~. . `t'c~:;tiY}~ at valid<tiol~ hearizl~~.7, ~n ~~sytzccst.nd. _a_ s + . . I .L tt~ ~f~ i f. t, f, f.. ) A f -' _ ~~ 1't'r)V 1 <lrt i1:3::;:i.:;t-;tt1(l(.' rutrl r c~c~<,m'mr-:nci~-t. a c~J~s t~rith t°atca .F~lc~c~~.ic~rt c)f ~lrJ(:~i'!1<lry ~st:J~V,l.cr~ l,r-n~rid~t':.: ~;ttc~:ll art r*;~cjl;at.t•~tt', t't-ft;;t..t'c'~ and j'~x-;1t'tf.r~x'. 11 c. 1. rr5 Ll,i_i.1.;'i()rJ T.a.ittl :~ti3t~f , <::it;.y Cc)n~111i:"1t7ir~n, f3r~nC~ CC7lJn:;E'-l <1nt:i C)tllc~t' ~i<~V i ~;c~t::; t_c) prr=iiaa:'fi J:'E~pt~J't:3 t1 t1Cj dC)C~iJiTTf?tlt:; JlE?(=r.'..<~~;cli ~ t: C) SLiI~~~Url: t:.11f' i:.3`.;Ui.IItC;F; t~f" bands r~ncl rc~r..ommc~nci ap}~rc)~)x-i.al.c~ t.c~r.hnica] fit~.ltts~ing i'e~lt:tirF=s cic~sz~rtecl to c~nla~~nc:c~ Jnar•k~t:~~k~i?..i.t.Y, c,>~tch ~~:-; t:.ime ~lnc~ place (~f br)nd k~ici;'~, goad Faith c~hF~c.+k, denvmi nit' i.on ~-cnd r,i~rE~aci of c:c~ut'~c~n:_,, paytneni: rlnd tt~rm~>, anc9 ct~17 1)J.r:,vi~zc~n~. I; . [)I:VfiLc~PNiENT c~F 'I'IJJ MARKLTT 1trYt) K41dD BALE Advise on thr~ a~propr:i~~tG t:k~t'm and condil.ion~s cJf t:h~3 said, inc~ludinc~ mattrJ:•it.y <;c,hc~dtJle~, under~wrater dis"uttnt., redempti.otl provifsions, irlta~r'est. 1<'~tr.: 1?icedi nc3 rr't]u1 Yf?IT1C'.tlt";•~r3Il<'i }~~351`-~ f Qr c11JdId . Advise nn t.lfo timing of t~hc Uond sc~lc~, tasking iJ~to c-:onsidE~ration st.tc;li factor;~ a; cllarlginc~ c~~oorcomic~ conditions, investors ~:Lctiva in the max:}:eL' rxncj other sitnl]<~r a.~,sur:~; scheduled for sale during L~ucll pex l.od . C.c)ordinatG with bpnci cutznsPl t.l~G prHp~srat.l.on of authUrizing L-eso]ut.i.c~n5 and other documents invoivc~d in the ;-~c~lo cif bnr7ds or ot.rter method-y of fJ.nan~~,ncl. In coc.~~)eration wit.n sl.aff , evalu~~te Che text of the Preliminary Off. i<.ial statement d~scrihing t:he bands, Notice oi• Sale, and other material information de.~icJrted to provide analysts, investors Arid the i°atinc~ ,ervices with appropritxte disc:J.osure of a material natuxe. Work with staff, Ci.t~y Counsel, t3pnd Counsel anti other rc'lai:od parties.=. to flnali.7e the (JffiClr~1. Statement. Assist the City in m~.eting iul~ disc.los?sure reyui.reJnent.s and ronformir,g to suggF.sted qui.deli.nes when preparinc3 tho c7f:fi~:ia7. Statement dither as an advisor pr principal ~ittthaJ`. C~istribute the oi:ficaal stat-.ement t;ra potetltia]. i~urc;hasc~z-s of the City';. secur3_tic~~ across the. nation. t~irectly c~c~nt.art those 1c,ad underwz'i_ters~ most ] ikr~].y tc~ be syndicate managers. Maximize effc~rt.~==, tc~ m.~rkei: the, City's ciek~t. i:a~:~utlric-e most c;f fect•iveYy. ~4- e l t } ! ~r~ t' ~ 1 ~~ cl) U. T11RM __.._ .I P _ ~ ~ . `.i~ilc:' cll.i~.l ~ t.y, t:rdl,csc;it.y sftlti ;;1•. i 1 7 r,f, t l,r? S'~.L"1ii ~'<", jir'.t'f'r~t t!i ~~r I :I ~a:_;}',i.~c.~t.~; c., l.' t.1sr_~ i nnt:rldc~l' . 't'ht'~ ~"tlild"c~c::t'.c?t", i.rrtE~.cft'it'y, rt~f,trr~t.i~',n, jcr~-~cta~mi"rtt-, ox~lE~rienc~F~ ~nci r.•ff`ici<~nt;y <>f' t.lfc? tfa~m. Tl~a ~U~~lit.y of pc~t-i'c,r ta~ct-c:tr OTi l>r;c~v~t:,r~~ s-:ont't-~t-~#-.~;, '1'lte prr.~viotts c.:clm~~l:iar'!r'c~ liy t.tre t'i~_rti w.l.t.lr anw~s c~ncl cax'd i n"~nc~.~. t~ert~inc~nt~ tc~ true c:aartrac.t~. '~'h~' t.C:rt11 O~ this cc_,tctt-~t~t wi]..l 1",«~ frs1. a ~:•rc~ (~) y+-+tdr• }~er-ac~c~ ~'rc71n t~-tie d~ri~c~ of exe~c-;lat.abn~ wtric~lr may k~f~ cxt'E?nc9~~~t f'c,r t_hroc~ t~t~cl it' i.tat-Z.l orl~ ('1) yeax° per i crd:> a t: t;t~e Drat it.~n of: the Cit=y . t,ac}t ~-~art:y ~11,~ I I tf%~vc~ the x~i c3i~t to t:ermi.natE~ thi <; r..ont:rcdc,t c~rt any t it~it-, >_tt~on t 11 .l C t.y l~~rx_~ WT' i t~t.C=11 dlt)'~ ~ C,E': . V. T'ZIAT~~IATT.GN C'TtITERTA `I'k~e fc~l3c~winc~ ini:ormatiorl tail.). ~~rovLt3.e t.h~ hi; _3i.n for thc~ a~vtdluat.ic~n of propo~c~ls. A. EnPERx}JNCr P:1-ease ~?iGV1dE? ~'3 11~t. of a].I C:ur'rerr~:. c;clnr.~-acr.s held as F:in~dnr.ial advisor- by cl innt and germ of cont.:rac~t.. fi. Fs'C:UI'E GF S3;RVTCE~ Provides a listi.it~g of sGCipe c.~f ~;eCViut::~ kotrt:-finely prcavidnul to cl ient.s. The r;elec.t;ecl financial advisor will nit participate in an lrndc~°writ~ing caNa<:ity crn any Cit.}" of Miami. tiinanr.ings for i:he dtaraticrn oi' trle contract. G . 3TAI''F Plrwasc: pr~.~vxde "c.ire L-~~sum,;~~ hP irlc3ivictuni s to he a:rs it~net'i Lv tt-is con~h.ract.. D. I~IIftGRtTY PAR`1`1L'Tf'ATIOtd Descrkic~ the prc~pnsc~r~; comp7_ .ian['c~ F~ it.1z tl7e city t n minority i7art:iri~~at:ic~iZ goal; ~js doscr-iboc3 t~arcyin. _b_ i f ~ .. 1. ~ ~ ~~'rl7v'it~FJ ~; ~11'O~)("1.`.:C*rj .;'f~'t~c-'.(i~IlK,% e.)i- L'c:e..':: r9 r1<.i r_ilarC~e.~1~ k'~~, Yt~~' off' et~z-v~<«~ t.4mj~~'tlt.ivc> ~,:tlt'r~ Cy!-*n~.~tr:,l (?t~lt_i~,tt:,inn Tlot~tl ~/k~~nc~ ?dc~r,~c~t.i:tted .;~..tl t', T.2cavc~r11.1a:> f~~-,t~d.~ $/l~~~nci (.'OTllr)F.?t, t t_. ~ Cyr :;~3 1 f? ~ ~f'VE:'llllE' ~3t_!IiC;~ 1~~L)r1C.~ Nf1C~c~~ i E;t.c~cl S ~t lc.~ , RE'titnCl l ncl ~C~I1c.iS $ j lif.J71d C'omryc?t:.itivc.~ S~'flc~, Cc~Yt-i.i`ic:~tes a£ ~:~r~:: j,~'o~.~oe;~C9 cart r,t l,~t.• hc~~nd b<aa.~c3 wi]-]. c,uv,`•" 4-.}~+~ c+c~nt- ~! ,~ 1 1 t:he aet'vic,er. Li:;t.t:~.d under. St~c:tic~n 1 i Si~c.)PF: '!~' ~~},RVI~Cr;S ~f t.h.i Rc~c}ue~st ic~r• I>r'o~ws~lli;, unlc~~'~r; gel i~:it.Y t=xr_tu~iFd. ' i ~ ~ i ori, l i.;;t. any ot:hc>r: if::c.:~ or ~:}t~tt•c~rr~ fc^>r• ot'.}tc~t' r~;ar v ic`A~. ~~:; rtn altE rn<~i:c~ y~tt may pr~~vict~.: ~~erdl.em o~ }7nttl-i}~ ~tt.N.a t.u c::cwer all. servlcr~;~. 7,-