The URL can be used to link to this page

Home My WebLink AboutR-92-04044I92 RESOLUTION NO. A RESOLUTION, WITH ATTACHMENT(S), AUTHORIZING AND INSTRUCTING THE CITY MANAGER TO ADVERTISE AND DISTRIBUTE THE ATTACHED REQUEST FOR PROPOSALS (RFP), IN SUBSTANTIALLY THE ATTACHED FORM, FOR FINANCIAL ADVISORY SERVICES FOR A TWO-YEAR PERIOD WITH THREE ONE-YEAR RENEWAL PERIODS EXERCISABLE AT THE OPTION OF THE CITY; PROVIDING FOR ESTABLISHMENT OF A SELECTION COMMITTEE; AND APPOINTING CERTAIN INDIVIDUALS TO THE SELECTION COMMITTEE. WHEREAS, the current agreement for financial advisory services will expire on September 30, 1992; and WHEREAS, it is in order to distribute a Request for Proposals (RFP) for Financial Advisory Services for a two-year period with three one-year renewal periods exercisable at the option of the City; and WHEREAS, it is in the best interest of the City to have a Seleotion Committee review and evaluate the proposals based upon the criteria as defined in the RFP; and WHEREAS, said Selection Committee will make a report to the City Manager of its reoommendations; and WHEREAS, the City Manager will make a recommendation to the City Commission regarding the appointment of financial advisory f irms ; ATTACHMENT C014TAIaM' CITY COMMISSION MEETING OF JUN111992 Reaotution No. 92— 404 5 NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is hereby authorized to issue a Request for Proposals, in substantially the attached form, to financial advisory firms to procure their services for a two-year period with three (3) one-year renewal periods exercisable at the option of the City. Section 3. A Selection Committee is hereby established with one member to be nominated by each member of the City Commission. Section 4. The following individuals are hereby appointed to said committee: LINDA WOLF Xavier L. Suarez, Mayor JORGE LUIS HERNANDEZ Dr. Miriam Alonso Vice Mayor DOROTHY R. BAKER 1� Miller J. Dawkins Commissioner MANUEL ALONSO-POCH Victor H. De Yurre Commissioner SALVADOR BONILLA-MATHE 1� J. L. Plummer, Jr. Commissioner 1/The term of this appointment commences this date although said appointment becomes effective upon the submission to the City Clerk of the member's name by the City Commissioner indicated above. The City Clerk shall thereupon notify all other 9 2.- 4 04 Commissioners, the City Manager, City Attorney and the Chairperson of the herein Committee. Seotion S. This Resolution shall, beoome effeotive immediately upon its adoption. PASSED AND ADOPTED this 11th day XAVIER ATTE MATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: RAFAEL 16. bIAZ� DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: •n J A. Q ES, III CITY ATT EEY ROD:osk:M2988 , 1992. SUAREZ, MAYOR CITY. O",IAMI_ DEPARTMENT —OF _FINANCE SOLLC��,T�O�FOR_FI�i1 --JAL.,._A�VT�Q-RY_ SE$V CEO I. PURPOSE OF REOUES1- The City of Miami is requesting proposals for the purpose of retaining a firm ("the firm") to act as the City's financial advisor to assist in dealings with rating agencies, to assist in development of debt management and capital improvement programs, and to help develop the means to finance future capital requirements. II. INSTRUCTIONS TO ROP0S&R6 Sealed proposals, subject to the terms and conditions of this Request for Proposal, will be received by the City Clerk, City Hall, 3500 Pan American Drive, Miami, Florida 33133, at the time and date indicated below for furnishing the services within the time specified by the offeror. ISSUE DATE: PURPOSE: TO RETAIN A FIRM TO ACT AS THE CITY'S FINANCIAL ADVISOR TO ASSIST THE CITY IN THE SALE OF DEBT INSTRUMENTS AND RELATED FUNCTIONS, INCLUDING DEALING WITH BOND RATING AGENCIES, THE DEVELOPMENT OF DEBT MANAGEMENT AND CAPITAL IMPROVEMENT PROGRAMS AND MEANS TO FINANCE FUTURE CAPITAL REQUIREMENTS. AGENCY: DEPARTMENT OF FINANCE DATE/TIME OF CLOSING: CONTRACT ADMINISTRATOR: CARLOS E. GARCIA, DIRECTOR OF FINANCE. NUMBER OF COPIES: 10 PROPOSALS ARE TO BE MARKED "PROPOSALS FOR FINANCIAL ADVISORY SERVICES" ANY PROPOSAL RECEIVED IN THE OFFICE OF THE CITY CLERK AFTER THE ANNOUNCED TIME AND DATE OF CLOSING, WHETHER BY MAIL OR OTHERWISE, WILL NOT BE CONSIDERED AND WILL BE RETURNED UNOPENED. THE CITY OF MIAMI RESERVES THE RIGHT TO ACCEPT ANY PROPOSAL DEEMED TO BE IN THE BEST INTEREST OF THE CITY, TO WAIVE ANY IRREGULARITIES IN ANY PROPOSAL OR TO REJECT ANY OR ALL PROPOSALS AND TO READVERTISE FOR NEW PROPOSALS. 92- 404 L.l 11TZRPRUT_ATION OF_ REQUEST FOR PF3OPOSAL r Technical. and contractual questions pertaining to this request for proposal shall be referred to the following individuals: Carlos E. Garcia Director of Finance (305) 579-6350 or Pete Chircut Debt Service Coordinator (305) 372-4672 III. SCOPE OF SERVJCES The firm shall be responsible for performing or for assisting City staff and/or bond counsel in completing the following tasks: A. REVIEW AND EVALUATION OF FINANCIAL CONDITION, POLICIES AND PLANS: Review the City's overall financial condition, legal requirements, and policies, with particular emphasis on the financing of capital improvements and the issuance and administration of debt. The firm shall make recommendations, as appropriate, which would Enhance the marketability and rating of future bond issues, including desirable legislative amendments. Review of the City's plans for financial capital improvements as a component of the City's Comprehensive Plan and the 6-Year Capital Improvement Program. Perform other such duties as necessary, including attendance and presentation before the City Commission, City Manager and City staff for maintaining/improving creditworthiness and other related financial matters. B. DEVELOPING A FINANCIAL PLAN The firm shall help develop a plan of financing in consultation with City officials, external auditors, and bond counsel. The plan will be based on the City's capital improvement program, studies pertaining to revenue projections, and the existing corporate, financial and legal structure bf the City. 59_ 404 u El Each issue will be analyzed on its merits, including a market test to determine its marketability. Assist in determination of method of sale. Coordinate selection of underwriters, if a negotiated sale is selected. Research and advise on aspects of tax exemption and arbitrage. Assist in obtaining Internal Revenue Service rulings, if necessary. Assist in the preparation and analysis of feasibility studies in cooperation with City officials and administrative staff, bond attorneys, accountants, architects, engineers and other professional as requested by the issuers. Advise staff of pertinent market factors and expected trends in interest rates and yields for different maturity dates. C. DEALINGS WITH RATING AGENCIES Prepare the City for all presentations to the rating agencies necessary to analyze the financial soundness of the City's financing program and participate in those meetings. Discuss methods of maintaining and/or improving the City's rating with those individuals who determine the bond ratings. D. PREPARATION FOR BOND SALE Prepare a timetable and a list of duties of all parties involved in the financing and develop a time schedule for the sale of bond issues, giving consideration to cash needs, expected market conditions and availability of audited financial data. Evaluate bond covenants necessary to provide flexibility for the City and assure positive reception with rating services and investors. Carefully analyze the financing to determine the best methods of strengthening its marketability consistent with current economic and capital market conditions and rating agency criteria. . Testify at validation hearings, as requested. -3- 9?- 404 Provide assistance and recommendations with the selection of ancillary service providers such as registrar, trustee and printer. Act as liaison with staff, City Commission, Bond Counsel and other advisors to prepare reports and documents necessary to support the issuance of bonds and recommend appropriate technical financing features designed to enhance marketability, such as time and place of bond bids, good faith check, denomination and spread of coupons, payment and terms, and call provisions. E. DEVELOPMENT OF THE MARKET AND BOND SALE Advise on the appropriate terms and conditions of the sale, including maturity schedule, underwriter discount, redemption provisions, interest rate bidding requirements and basis for award. Advise on the timing of the bond sale, taking into consideration such factors as changing economic conditions, investors active in the market and other similar issues scheduled for sale during such period. Coordinate with bond counsel the preparation of authorizing resolutions and other documents involved in the sale of bonds or other methods of financing. In cooperation with staff, evaluate the text of the Preliminary Official Statement describing the bonds, Notice of. Sale, and other material information designed to provide analysts, investors and the rating services with appropriate disclosure of a material nature. Work with staff, City Counsel, Bond Counsel and other related parties to finalize the Official Statement. Assist the City in meeting full disclosure requirements and conforming to suggested guidelines when preparing the Official Statement either as an advisor or principal author. Distribute the Official Statement to potential purchasers of the City's securities across the nation. Directly contact those lead underwriters most likely to be syndicate managers. Maximize efforts to market the City's debt issuance most effectively. -4- 92- 404 W Conduct informational meetings with the investment community, including investment bankers (dealers and dealer banks) and institutional investors (banks, bank holding companies, and insurance companies) in New York and elsewhere, if necessary, to establish bidding interest on this offering. Provide trade publications with information as to the city's financing schedule and proposed bond sale dates. Assist staff in answering questions of potential investors and underwriters regarding the bond issue. Upon receipt of the bids or proposals for the _ issue, review bids and recommend to the issuer the best bid for acceptance, if any. Provide the City with a debt service schedule based upon the interest rates, etc., of the winning bid. IV. GENERAL TERMS AND CONDITIONS A. PROPOSAL BINDING 60 DAYS Proposals shall remain binding sixty (60) calendar days after the date of closing. B. MINORITY COMPLIANCE The City has a minority participation goal of 17% Black, 17% Hispanic and 17% Women -Owned firms on all contracts. For additional information please contact the City's Procurement Management Division at (305) 575-5174. C. AWARD The contract shall be awarded to the most responsible and responsive firm complying with all provisions of the Request for Proposal provided the price is reasonable, and it is in the best interest of the City to accept the proposal. The City reserves the right to waive any informality in proposals received whenever such action is in the best interests of the City. The City has the right to reject the proposal of a firm who, investigation reveals, is not in a position to perform the contract. In determining responsibility, the following other qualifications, in addition to price, will be considered by the City. -5- 92-W 404 9 a) The ability, capacity and skill of the firm to perform all aspects of the contract. b) The character, integrity, reputation, judgement, experience and efficiency of the firm. c) The quality of performance on previous contracts. d) The previous compliance by the firm with laws and ordinances pertinent to the contract. D. TERM The term of this contract will be for a two (2) year period from the date of execution, which may be extended for three additional one (1) year periods at the option of the City. Each party shall have the right to terminate this contract at any time upon thirty days written notice. V. EVALUATION CRITERIA The following information will provide the basis for the evaluation of proposals. A. EXPERIENCE Please provide a list of all current contracts held as financial advisor by client and term of contract. B. SCOPE OF SERVICES Provide a listing of scope of services routinely provided to clients. The selected financial advisor will not participate in an underwriting capacity on any City of Miami financings for the duration of the contract. C. STAFF Please provide the resumes of individuals to be assigned to this contract. D. MINORITY PARTICIPATION Describe the proposers compliance with the City's minority participation goals as described herein. E. PROPOSED FEES Provide a proposed schedule of fees and charges by type of service Competitive Sale, General Obligation Bond $,/ Bond Negotiated Sale, Revenue Bonds $/Bond Competitive Sale, Revenue Bonds $/Bond _ Negotiated Sale, Refunding Bonds $/Bond Competitive Sale, Certificates of Participation $/ Bond Fees proposed on a per bond basis will cover the cost of all the services listed under Section III. SCOPE OF SERVICES of this Request for Proposals, unless explicity excluded. In addition, list any other fees or charges for other services. As an alternate you may provide perdiem or hourly rates to cover all services. -7- b2-- 494 TO; Matty Hirai City Clerk FROM: Mil er J. Dawkins Commissioner CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM DATE: July 16, 1992 FILE SU11E`T:Appointee to Financial Advisory Board REFERENCES: Itita.�iE� ENCLOSURES: My appointee to the City's Financial Advisory Board is: Mrs. Dorothy R. Baker President Miami Dade Chamber of Commerce 9190 Biscayne Boulevard Miami, Florida 33138 (305) 751-8648 cc: Carlos Garcia, Finance Director Dorothy Baker •Vj N8313 4 3te a IV8111 X11W 6C z tad 91 IN Z661 03AI3038 1 CITY OF t.4IAMI. FLORIDA LINMFFICE MEMORANDUM Matty Hirai I99Z JU14 I6 PA 4- 30 June 16, 1992 TO: City Clerk I DATE: FILE: MA TY F�MR{�1 lL Y CLERK SUBJECT: Your Memorandum of June 6u�&� GITTOF 14IAMI, FLA. 12, 1992 FROM: REFERENCES: Miller J. Dawkins Commissioner ENCLOSURES: I have been told by you and others that a commissioner is not allowed to vote on an issue if the commissioner is not present in the chamber when the issue is being discussed. Your June 12th memorandum asked that I fill in a name relative to Item #14 on June llth agenda, since I was absent during the discussion. I will won't fill in the space now, but will announce my appointee at a commission meeting. �n 1/7 s k Ll CITY OF MIAMI, FLORIDA yMFFOCE MEMORANDUM Natty Hirai 1992 JUNi 16 p11 4, ; 30 June 16, 1992 To: City Clerk DATE: FILE: h2tj�� 'L) '� CLERK SUBJECT: Memorandum of June CITY'OF HIAMI, FLA. 12, 1992 FROM: REFERENCES: Miller J. Dawkins Commissioner ENCLOSURES: I have been told by you and others that a commissioner is not allowed to vote on an issue if the commissioner is not present in the chamber when the issue is being discussed. Your June 12th memorandum asked that I fill in a name relative to Item #14 on June filth agenda, since I was absent during the discussion. I will won't fill in the space now, but will announce my appointee at a commission meeting. i CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: THE HONORABLE MILLER DAWKINS DATE June 12, 1992 Ki= Commissioner sUR)ECT Pending Appointments FROM :VATTY H IRA I REFERENCES City Clerk ENCLOSURES. The following issue transpired during the City Commission meeting held June 11, which necessitates your immediate attention: AS TO AGENDA ITEM 14 m—caT —TFT-TEeTea ea"ch for Commissioner to nominate one individual to serve as a member of ,.'selection committee: to review proposals to financial advisory firms to provide servi't6t I'di" ' t ie City of .° A11111'1�. You were absent during this discussion. Please write in the space below the name, address and phone number of the person you wish to serve on said committee. PendTng—AppoTntm'e—nt------------ Address------------____-------- CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: THE HONORABLE J.L. PLUMMER Com issioner FROM: MATTY HIRAI City Clerk DATE : June 12, 1992 FILE SUBJECT : Pending_AQQaintments REFERENCES: ENCLOSURES: The following issue transpired during the City Commission meeting held June 11, which necessitates your immediate attention: AS TO AGENDA ITEM 14 -This St —em—ZiM each for' Commissioner to nominate one individual to serve as a mem er o a selection committee to review proposals to financial advisory firms to provide services for the City of Miami. Please write in the space below the name, address and phone number of the person you wish to serve on said committee. '/ �endin9—aPpointmeni— '1�1lf& -- 2ESi�E�Y� C,Eo — �� iav'/G _3.5 Address 30 5-s9 - e Yee hone ------------------------ MH:sl oat j 0 0 S C' T ter.'' FL pR D4, 1 4 • INTER -OFFICE MEMORANDUM TO Honorable Mayor and Members DATE Rp 7 of the City Commission MAY 2 � I1:2 SU6.:ECT FROM Cesar H. Odi City Manager,, PEE 'EREWCES IV-L?SURES RFP for Financial Advisory Services It is respectfully recommended that the attached resolution be adopted, authorizing and instructing the City Manager to advertise and distribute the attached Request for Proposals (RFP) for financial advisory services, for a two-year period, with three one-year renewals exercisable at the option of the City, and appointing a selection committee. The current agreement for financial advisory services with the firms of Raymond James & Associates, Inc. and Howard V. Gary & Company will expire on September 30, 1992. The Department of Finance has prepared the attached request for proposals for financial advisory services which we are recommending to you for approval. This resolution also provides for the appointment of a five -member selection committee with individual nominations by the Mayor and Commissioners. This Committee will make a recommendation to the City Manager based upon review and evaluation of the proposals. A final recommendation to award the contract will be made to the City Commission by the City Manager. 92- 404 I