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Home My WebLink AboutR-89-0357J-89-284 3/22/89 89 -357 S RESOLUTION NO. -. A RESOLUTION SELECTING AND APPOINTING UNDERWRITING TEAMS FOR THE FORTHCOMING CITY OF MIAMI'S NEGOTIATED BOND ISSUANCES, EXCEPT FOR THE POND SALE RELATED TO THE FEDERAL LAW ENFORCEMENT PROJECT, AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE CONTRACTS FOR SAID UNDERWRITING SERVICES. s WHEREAS, the City of Miami, Florida, expects to market several negotiated bond sales during 1989; and WHEREAS, the Miami City Commission approved the issuance of a request for proposals for the purpose of selecting underwriters to be appointed on a rotating basis to underwrite the sales of such bonds; and WHEREAS, the City Commission appointed a selection committee to evaluate the submitted proposals related to the appointment of these underwriters; and WHEREAS, a separate request for proposals for underwriting services related to the issuance of bonds for the Federal Law Enforcement Project was separately approved and issued, and the results of the evaluation of those submitted proposals will be taken up separately by the City Commission in the near future; NOGI, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA Section 1. This Resolution is adopted pursuant to the Charter of the City, Section 218.385 of the Florida Statutes, and other applicable provisions of the law. Section 2. It is hereby ascertained, determined and declared that it is in the best financial interest of the City to accept the proposals of the following firms which are hereby appointed to serve, in the order listed, as underwriters to the City of Miami for its forthcoming negotiated bond issuances, except for the bond sale related to the Federal Law Enforcement Project; CITY COMMISSION MEETING Or APR 1� 1989 RESOLUTION No. � ��ms REfr'ARKS: F Group A. Book -running senior manager = Chase Securities, Inc. Co -senior manager = M. R. Beal & Company Co -manager _ American Government Certificates & Funds. Group B. Book -running senior manager = Paine Webber Capital Markets, Inc. Co -senior manager = Grigsby, Brandford & Co. Co -managers = AIBC Investment Services Corp. Guzman & Company Group C. Book -running senior manager = Merrill Lynch Capital Markets. Co -senior manager = Carmona Ferrand Montes Securities Corp. Co -manager = W. R. Lazard & Laidlaw, Inc. Section 3. The City Manager is hereby authorized to negotiate contracts with the underwriters for their services. Section 4. This resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 13th day of April 1989. XAV E L SU tZ A Y 0 R A T T E,.S� MATTY HIRAI, CITY CLERK PREPARED A14D APPROVED BY: ROBERT F. CLARK, CHIEF DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: J RG1; L. FERNANDEZ CrtTTORNEY HIM 57 — CITY OF MIAMI. FLORIDA i INTER -OFFICE MEMORANDUM Honorable Mayor and Members ►f' II'n 9: 3ON TO` of the City Commission °ATE: APR - 4 1d69`�° SUBJECT: Bond Underwriters Selection FROM: Cesar H • Odi REFERENCES: For City Commission -_ City Manager Meeting of 4/13/89 ENCLOSURES: Recommendation: It is respectfully recommended that the attached resolution g selecting and appointing underwriting teams for the forthcoming ' City of Miami's negotiated bond issuances, except for the bond sale related to the Federal Law Enforcement Project, and authorizing the City Manager to negotiate contracts for said underwriting services, be approved. W. Background: At the City Commission meeting of January 12, 1989, the �Ir ; Commission authorized the City Manager to distribute and Y g ®; advertise a request for proposals (RFP) for the provision of bond underwriting services. Resolution 89-40 also authorized the `= ' appointment of a selection committee, which was composed as follows: Members Appointed by Mr. Jeff Bartel Mayor Suarez Mr. Anthony Robinson Vice -Mayor De Yurre�, Mr. Brian Hankerson Commissioner Dawkins Mr. Pedro Roig Commissioner Kennedy E:>i ' Mr. Jonathan Kislak Commissioner Plummer Y=- Mr. Kislak was selected by the committee as chairperson. Ulm The RFP was mailed to sixty seven (67) firms and was advertised in the Bond Buyer publication. As a result, twenty eight (28) - joint and sole proposals were received. - The selection committee shortlisted the proposing firms to - thirteen (13) proposals, of which nine (9) were to be considered as senior managers and four (4) as co -managers. In their final selection, the committee selected three (3) proposals as senior managers and five (5) as co -managers. These firms were then grouped and are hereby recommended to be engaged on a rotating basis, as follows:} -_ _ i i Underwriter Selection page 2• Group A. Book -running senior manager = Chase Securities, Inc. (local office). Co -senior manager = M. R. Beal & Company (Black owned). Co -manager = American Government Certificates & Funds (Hispanic owned, local office). Group B. Book -running senior manager = PaineWebber Capital Markets Inc. (local office). Brandford & Co. (Black Co -senior manager = Grigsby, owned) . Co -manager = AIBC Investment Services Corp. (Hispanic owned, local office). Co -manager = Guzman & Company (Hispanic owned, local office). Group C. Book -running senior manager = Merrill Lynch Capital Markets (local office). Co -senior manager = Carmona Ferrand Montes Securities, Corp. (Hispanic owned). Co -manager = W. R. Lazard & Laidlaw, Inc. (Black owned). The Selection Committee also recommended that due to their particular expertise firms in Group A be assigned the proposed S.E. Overtown/Park West Tax Increment bonds and firms in Group B. be assigned the proposed �hcecaa�tal Obligation C�rpital ioriti Improvement obymthe bonds that s,rill finance L p City Commission on January 12, 1989• Further recomi,,tendations by the Selection Committee were as follows: At least 50i of management fee go to co -senior managers and co -managers in groups A and C. At least 50% of bonds be made available to co -senior managers and co -managers in groups A and C. At least 60% of management fee go to co -senior manager and co -managers in group B. At least 60% of bonds be made available to co -senior manager and co -managers in group B. That the City's financial advisor be allowed to monitor selling desk at time of sale to guarantee compliance with these requirements. Attachments: List of firms submitting proposals List of shortlisted firms 89-3,57 Firms Submitting Proposals A. G. Edwards & Sons Alex, Brown & Sons American Government Certificates & Funds Bear, Stearns/Prior, Govan, Counts Chase Securities/M. R. Beal & Co. Citicorp Securities Markets/Ward and Associates CoreStates Capital Markets Group Dean Witter Reynods Drexel, Burnham Lambert/Guzman & Co. Ehrlich Bober/Carmona Ferrand Montes First American Municipals First Equity Corp. of Florida Grigsby, Brandford & Co. Gulfstream Financial Associates, Inc. Howard Weil, Labouisse, Friedrichs Inc. J. P. Morgan Securities/Apex Securities Lazard Freres & Co./Carmona Ferrand Montes Marine Midland Capital/Carmona Ferrand Montes Merrill Lynch Capital Markets/Carmona Ferrand Montes Morgan Stanley/AIBC Investment Service Corp. PaineWebber Inc. Prudential --Bache Capital Funding Russell, Rea & Lappala Inc. Shearson Lehman Hutton Inc. Smith Barney, Harris Upham & Co., Inc. SunTrust Securities Inc. William R. Hough & Co. W. R. Lazard & Laidlaw Inc. T S� J .:.....4 x 1 ..it,T+" :�x'fM'"£+`"3'E:. l'�`•i'`—�AiwiAew.+,-� au.M_—_ ..�............... ..... 1 - � 1 1 _ V _. 5 General obligation Bonds outstanding on December 31, 1988 F1wsi =_ Issue WfAWIty Mount Mount Control Obligation Issue Dote year Issued Outstanding :a RON Pol'unding Sewn* 0ispossl Oond#......................... 1-1-62 1990 ! 14,565,000 3 1,1so,000 -- Convention Center ....................................... 5-1-0 I9t9 4,500,000 235,000 _ a Fire Fighting Facllitles................................ 10-1-70 1940 1,000,000 100,000 1 notice Headquarters ..................................... 10-1-70 1990 I.S00,000 150.000 Pollution Control Facilities ............................ 10-1-70 1990 3,000,000 310,000 c Sanitary Sewer .......................................... 10-1-70 19! 7,0(10,000 2901000 Store Sewer lmorovcoont ................................. 2-1-71 1"1 1.5w,000 240,000 i ' Highway Impravcwaant..................................... 9-i-71 1"1 2,000,000 300.000 Sanitary Sewer .......................................... 9-1-71 1991 3,000.000 330.000 fire Fighting ........................................... 6-1-72 1992 1,100,000 240,000 Sanitary Sewer .......................................... 6-1-72 1"2 5,000,0DO 320.000 Police Headquarters ..................................... 6-1-72 1"2 1.500,000 300,000 Store Sewer teprovainant................................. 6-1-72 1992 3,000,000 620.000 Street and Highway lerprovemnt.......................... 6-1-72 1992 2,000.000 190.000 Public. Park and Recreational Facilities ................. 10-1-72 1997 29,350,000 10,494,000 Store Sewer laproveemoent................................. 9-1-73 1993 2,000,000 549.000 Police Needquarters..................................... 9-1-73 1993 4,000.W 1,100,000 - Store Sewer leprovemant................................. 3-i-7S 1993 3,t>D0. t00 1,085,000 Ponce Headquarters ..................................... 3-1-73 1995 8,0O0,000 2.905.000 i Sanitary Sawer.......................................... 10-1-73 1995 5,000,000 1.130,000 Pot Ice Headquarters ..................................... 10-1-73 19" 2.000,000 739,000 _ Sanitary Server .......................................... 5-1-77 1997 13,000,000 9160,000 Fire Fighting ........................................... 9-1-77 1997 3.000,0O 2.350,000 ............. itlics Headquarters ..................................... 5-1-77 1997 3,000,000 1.470.000 Store Sewer Improvement ................................. 3-1-77 1997 2,000,000 "0.,000 Fire Fighting .................... gg....................... 12-1-71 19" 1 OD0 000 49S 000 ; Public Park and Recreation Facilities ................... 12-1-77 2003 11,540,ODD 6.720.000 _- Housing .................. 12-1-77 2006 1.500,000 1.250,000 Strut and Highway Improvement .......................... 12-1-78 1998 5,000,000 2.345,000 r Sanitary Sewer .......................................... 12-1-78 19" 6,000.000 3.105.000 Fire Fighting, Prevention and Rescue Facilities......... 12-1-78 19" 2,250,000 11,170,000 ::. Storm Sever Improvermont............. .................... 12-1-78 19" 5,000,000 3,307.000 .,.: Fire Fighting, Proventirn and t+ascue Faculties......... 8-1-81 2001 1,750.0C10 1,104,f100 Storm Setter Ica�rovczznt................................. 8-1-8! 2001 3.(3:RO,OgO 2.�EII,000 I-L-js1ng................................................. 13-i-84 2t11i 4,CQrJ,(tP 3,5' 5,(?0O Fir€ Ft,+h„ tirPravauntion end i otcvz_Facltltles......... 54-31 2003 6,00,M0 6,620,000 yiorw S: uvr Iv,prt9-.,t',:.,unt................................. 5-1-83 2003 4, ,O J 3,Euti.t 00 'z fsUs,ftrwy Sc ar............... ............... I.......... 5-1-83 2003 6,000.=3 4,700,000 k Sri- 4 e:nd Itft',vny IL,,,IGVC' vrst.......................... '9-1-81 2003 6,Cb3.Cf 40 �t,i5.Eb039 f'..;j Vtfig ........... ............ ............ .............. 4-1-03 2013 1,(f;��0,t)�0 Fire, FigalAing............ I............I........... I...... 4-1-65 2005 5,030,0s0 4,tvS,OW Scniftry tcucr.......................................... 4-1-55 2005 8,033,CO0 7,5m9,ic3' 1 S:cr. S:;uer............................................. 4-1-05 2010 9,CIsO,g3O .4,770,0W 4tirgi:uaV Icprovezent..................................... 4-1-65 2005 6,000.0t3J" 5,625,000, Submitted into the public record in connection with t itemon Matty Hirai City Clerk S9-e38 ti - Flnel 1ssLe Msturttw Mount Mount General Obligation Issue Date Year Issued Outstanding Headquarters ..................................... 4-1-85 2OOS f S,O00,000 S 4,785,000 yPolice -M Police Headquarters ..................................... 6-1-86 2006 12,000,000 11,690,000 Store Sewer ............................................. 6-1-86 2011 5,000,000 4.915,000 Sanitary Sewer .......................................... 6-1-86 2006 3.000.000 3.000,000 n- Street and Highway ...................................... 6-1-M 2005 2,000.000 2,000,000 General Obligation Refunding ............................ 8-1-86 2014 38,355.000 35,755,000 ..._ Pollution Control Facilities ............................ 10-1-86 2006 4,000,000 3,790,000 ; Street and Highwayimprovement .......................... 10-146 2006 2,375,000 2,235.000 ' e Police Headquarters ..................................... 6-I-87 2007 1,500,000 i,500,000 ;• Storm Sewer ............................................. 8-1-87 2012 1,000,000 1,000,000 0 Sanitary Sewer Improvement .............................. 6-1-67 2007 2.500.000 2,500,000 e Street and Highway improvement .......................... 8-1-97 2001 5,000,000 5,000,000 x Police Headquarters........................I............ I1-i-ea 2008 1,500,000 1,500,000 a ®_ Storm Sewer Improvement ................................. 11-1-88 2013 5.000.000 5,000.0G0 Sanitary Sewer .................................... ..... 11-1-88 2008 5.000,000 5.000.000 d R Street and Highway Improvement .......................... 11-1-88 2008 3,900,000 3,900.ODO Fire Fighting, Prevention and Rescue Facilities......... 11-1-ea 2008 3,000.000 3,000,000 TOTAL ................................................ f3?2.5� 8;.000 VIM'320.000 : O Revenue and Special Obligation Bonds Outstanding on December 31, 1988 Final Special Obligation and Date of Maturity Amount Amount Revenue Bond Issue Issue Year Ieaned Outstanding Varehouse Property Revenue Bonds ......... 12-20-74 1989 $ 225,000 $ 22,000 Special ObligortsationBonition 07-01-85 2008 13,720,000 13,365,000 Miami Authority Floating/Fired Bate Special Obligation p q Bond Series 1985 ....................... 12-26-85 2015 38,000,000 38,000,000 Miami Sports and Exhibition Authority Subordinate Obligation Dote ............ 12-26-85 1995 10,000,000 8,750,000 Parking System Revenue Bonds Series 1986 ...................... 07-01-86 2009 16,275,000 15,540,000 Housing Special Obligation Bonds ......... 10-01-86 2006 4,290,000 4,085,000 Special Revenue Refunding Bonds, Series 1987 ........... 02-19-88 2015 65,271,325 65,271,325 Parking System Subordinate Revenue Bonds .......................... Various 2006 5,500,000 5,500,000 Sunshine State Governmental Financing Commission Loans ....................... Various 2015 27,630,900 27,243,900 TOTAL $M®912�225 $17 AZ77r225 record in connection with item s+7' r s- on � /�4? Matty Hircli City Clerk .93-35 E.: _. OF VOTING CON LAV NAMEMST NAMENAME of 9 MR1% CoUNCria COMMISSHM. mn"carry. OR COMMITTEE ' su&�OA# ;Xave:` L. fit of 1siam' Commission __ MAIL1Nti 4904EiS _ THE aMRA COUNCIL. COMMI11510N. AUTHORITY, OR COMMITTEE ON wMK`M 1 SERVE r: A UNIT OF:= 3500 Pan American Drive X"1Y :,rnuNrr OTNtRIbCAt AnENCr - E'IT1 COUMY NAME OF NXITICAL WINDIVISION: Miami bade City of Miami IMTE Oto wNWH VOrt rKWRREO MY lOi1T10N IS: April 13, 1989 Mayor XUWTIVE APMINTINE . f _ WHO MUST FILE PORN 13 This form is for use by any person serving at the county, city, or other local level of government on an appointed or elected board, council, commission, authority, or committee. It applies equally to members of advisory and non -advisory bodies who are presented with a voting conflict of interest under Section 1IL3143, Florida Statutes. The requirements of this law are mandatory; althou=h the use of this particular form is not required by law. you are encouraged to use it in making the disclosure required by law., Your responsibilities under the law when faced with a measure in which you have a conflict of interest will vary greatly depending ' on whether you hold an elective or appointive position. For this reason, please pay close attention to the instructions on this form - before completing the reverse side and filing the form. MISTRUCTIONS FOR COMPLIANCE WITN SECTION "L34431 FLORIDA STATUTES ELECTED OFFICERS: ' A person holding electi%c county, municipal. or other local public office MUST ABSTAIN from voting on a measure which inures , to his special pri%ite gain. Each local officer also is prohibited from knowingly voting on a measure which inures to the special gain of a principal (other than a gmtrnment agency) by whom he is retained. In either cas4 you should disclose the conflict: � PRIOR TO THE VOTE BEING TAKEN by publicly stating to the assembly the. nature of your interest in the measure on which you are abstaining from voting; and WITHIN O DAYS AFTER THE VOTE OCCURS by completing and filing this form with the person responsible for recordlnz the minutes of the meeting, who should incorporate the form in the minutes. APPOINTED OFFICERS: r J1 person holding appointive county, mumiriPai, or other local public office MUST ABSTAIN from voting on a measurewhich inures to Ids special private gain. Each local officer also is prohibited from knowingly voting on a measure which inures to the special gain of a principal (other than a goim mAent agency) by whom he is retained. A person holding an appointive local office otherwise may participate in a matterin which he has a conflict of imterat, but muse- disclose the nature of the conflict beforemakin; any attempt to influence the decision by oral or written communication, whether made' by the officer or at his direction: ' IF, YOU. INTEND TO MAKE ANY ATTEMPT TO INFLUENCE THE DECISION PRIOR TO THE AT WHICH; .THE VOTE WILL BE You should' complete. and file this form (before making any attempt • t to influence the decision) with the person responsible 1`wr recordrnj the,minutes of the g, Incorporate the form in the minutes.. rneetin -:who wit! illC'O to k r A copy of the farm should be provided itArmediatdy to the Other members of the.agency.,'f N a The fa rnn should be rtad publicly at themening prior to consideration of the -matter, in which you have a1 conflict of Inteter;t ' NOW