HomeMy WebLinkAboutR-90-0593J•90-6 I S
7/26/90
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90 - 593
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXTEND THE EXISTING AGREEMENT BETWEEN THS
CITY OF MIAMI AND RAYMOND JAMES & ASSOCIATESO
INC. AND HOWARD GARY & COMPANY FOR THE
PROVISION OF FINANCIAL ADVISORY SERVICES FOR
A ONE-YEAR PERIOD+ WITH COMPENSATION FOR SUCH
SERVICES BEING ALLOCATED FROM APPROPRIATED
CAPITAL IMPROVEMENT PROJECT FUNDS.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized to
extend the existing agreement/ between the City of Miami and
Raymond James & Associates, Inc. and Howard Gary & Company for
the provision of financial advisory services for a one-year
period, with compensation for such services hereby allocated from
appropriated capital improvement project funds.
Section 2. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this _ 26th day of
XAVIER
ATTEST:
MA TY HIRAI
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
mac'°
J GE L. F RNANDEZ
CITY ATTO EY
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The herein authorization is further subject to compliance
with all requirements that may be imposed by the City
Attorney, including but not limited to those prescribed by
applicable City Charter and Code provisions.GATT
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This is soAmAtndAkent to the Professional Servides Agrbtirarit
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hereitlaft+�t (11AHtedf4ent") dated 6th of April, 1989 by and between
the City of Miami, a municipal corporation of the State of
f'lotida (hereinafter"CITY"), and Raymond James 6 Associates*
Ine. , and Howard Gary & Company (hereinaf ter "FINANCIAL
a
ADVISORS") . °
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RECITAL
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WHEREAS, Resolution No. 88-787 authorized the City Manager
to execute an agreement with the FINANCIAL ADVISORS to provide
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financial advisory services for a period of two (2) years, 4ti
beginning October 1, 1988, with two (2) one-year renewals
exercisable at the option of the CITY.
WHEREAS, Resolution 90-593 approved the renewal of the one- 4
year agreement.
NOW THEREFORE, the parties agree to extend the Agreement for
one (1) year, beginning October 1,
1990.
-
It is further understood
that
all conditions
outlined under
theoriginalAgreement dated
6th
of April
1989 shall remaining
full force and effect without
modification
except to the extent z..
'
modified herein.```
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MATTY HIRAI, CITY CLERK
ATTEST:
CORPORATE SECRETARY
APPROVED BY:
HUMBERTO HERNANDEZ
ASSISTANT`CITY ATTORNEY
and a e a thin
41
,..
WAX "7 �s �
day of
CITY OF MIAMI# %uhioip41
Cbr btatiott of the state
of .Florida
BY • -
`CESAR H. ODIO14
CITY MANAGER
FINANCIAL ADVISORS:
BY:
RA MMOND JAMES & ASSOCIATES.
INC.
BY:
HOWARD GARY 6 COMPANY:
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
CITY of MIAMI, FICAIDA
INTIER-OFFICE MEMORANDUM
TO Honorable Mayor and Members
of the City Comt>r ission
FROM . Cesar H. Odi
City Manager
DATE : JUL 171190 �
SUBJECT
City Commission Meeting
Discussion Item -
Financial Advisors
REFERENCES :Agreement
ENCLOSURES:
The City Commission adopted resolution No. 88-787 on September 8,
`.
1988, accepting the proposal of Raymond James & Associates and
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Howard Gary & Company for the provision of financial advisory
services for a two-year period ending September 30, 1990.
This action was the result of a request for proposals issued by
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the City in April, 1988 for financial advisory services for a
two-year period with two one-year renewals exercisable at the
option of the City. The following selection committee appoint d
by the City Commission recommended the proposal accepted y
resolution No. 88-7871
Ms. Maggie Baisman
Rev. Richard Barrie
Mr. Thomas Carlos
it
Mr. Howard Glicken
Mr. Jeff Watson
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Financial advisors assist the City in the structuring, timing and
negotiations related to sale of City bonds and other related
financial transactions, particularly:
. Review and evaluation of financial condition,
policies and plans.
Assist in developing a financial plan.
#`
. Assist in dealings with bond rating agencies
. Preparation for bond sale
`
. Development of market for the bonds
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Honorable Mydr and Members
of the city c omi ss on -_
page 2.
Compensation to the financial advisors is based on a fee schedule
etitiad
of $1.00/$1,000 bond sold on a ed pbasis,�e subjecbasit to na
$1.25/$1,000 bond sold on a negotiat
minimum fee of $25,000 per bond issue and upon successful
completion of the related debt issuance. issue financial advisors
specifically related to a pending
are compensated based on the following hourly rates:
President and Senior Vice President
Vice President
Assistant Vice President
_Associates
Analyst
$150
125
100
75
50
out of pocket expenses are reimbursed as approved by the City.
At this time a decision to exercise the option to extend this
agreement for a one-year period must be made.