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Home My WebLink AboutR-89-0358J-89-306 3/29/89 RESOLUTION NO. S-9-1 )N A RESOLUTION SELECTING AND APP0114TING AN UNDERWRITING TEAM FOR THE FEDERAL LAW ENFORCEMENT PROJECT BOND SALE, AND AUTHORIZING THE CITY IiANAGER TO NEGOTIATE A CONTRACT FOR SAID UNDERWRITING SERVICES. WHEREAS, the City of Miami has entered into a lease agreement for the construction of the Federal Law Enforcement Project; and WHEREAS, the Miami City Commission approved the release of a request for proposals with the purpose of selecting underwriters for the issuance of debt to finance this project; and WHEREAS, the City Commission appointed a selection committee to evaluate the submitted proposals received from the underwriters and to make a recommendation for engagement of the underwriters; NOW, 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 appoint the following firms to serve as underwriters for the debt issuance related to the Federa-1 Lair Lnforcement Project: Book -running senior marnager: i oi-,ga:n Stanley 6: Co. Co -senior managers: PaineWebber Capital Narkets, Inc. Goldman Sachs & Company Co -managers: AIBC Investment Securities Carmona, Ferrand, Montes Securities Corporation. Guzman & Company M. R. Beal & Company Pryor Govan Counts & Company W. R. Lazard & Laidlaw CITY COMMISSION MEETING OF APR 13 1989 RESOLUTION No. REMARKS: 3 r -3 Section 3. The City Manager is hereby authorized to negotiate a contract with the underwriters for their services, which contract would make available fifty percent (5W of the bonds to the co -manager underwriters. Section 4. This resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 13th day of April , 1989. XAVIER L SUAREZ M A 0 R ATTES . MATTY HIRAI, CITY CLERK PREPARED AND APPROVED BY: ROBERT F. CLARK, CHIEF DEPUTY CITY ATTORNEY -2- APPROVED AS TO FORM AND CORRECTNESS: r JORG L.P�RN CITY ATT RNEY 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 58 1 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM Honorable Mayor and Members To : of the City Commission DATE : FILE APR - �, 1989 -= SUBJECT : Bond Underwriters Selection FROM : Cesar H. Odio REFERENCE:or City Commission City Manager Meeting of 4/13/89 1-161 ENCLOSURES: RECOMMENDATION: It is respectfully recommended that the attached resolution selecting and appointing an underwriting team for the Federal Law Enforcement Project bond sale, and authorizing the City Manager to negotiate a contract for said underwriting services, be approved. At the City Commission meeting of January 12, 1989, the Commission authorized the City Manager to distribute and 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 b Mr. VTarren Butler Mayor Suarez Ms. Maria Machado Vice -Mayor De yurre Mr. Edward Duffie Commissioner Dawkins Mr. Gary Matzner Commissioner Kennedy Mr. Obdulio Piedra Commissioner Plummer Mr. Matzner was selected by the committee as chairperson. The RFP was mailed to sixty seven (67) firms and was advertised in the Bond Buyer publication. As a result, sixteen (16) joint and sole proposals were received. The selection committee shortlisted the proposals to nine (9), which were composed by twelve (12) individuals firms. In their final selection, the committee selected three (3) firms as senior managers and six (6) firms as co -managers. The senior manager firms were ranked as follows: n Firm 1. Morgan Stanley & Company. Firm 2. PaineWebber Capital Markets, Inc. Firm 3. Goldman Sachs & Company. The Selection Committee recommends that Firm 1, Morgan Stanley & Co., be designated as book -running senior manager; that firms 2 and 3 be designated as co -senior managers; and that all three firms agree in writing to make available fifty percent (50%) of the bonds to the co -managing firms. The six (6) firms selected as co -managers are as follows: AIBC Investment Securities (Hispanic firm) Carmona Ferrand Montes Securities Corp. (Hispanic firm) Guzman & Company (Hispanic firm) M. R. Beal & Company (Black firm) Pryor, Govan, Counts & Company, Inc. (Black firm) W. R. Lazard & Laidlaw (Black firm) The Selection Committee further recommended that all six co - managers be treated equally in the distribution of fifty percent (50%) of the management fee, and that fifty percent (50%) of the total bonds be made available to them. Another recommendation made by the Selection Committee was that the City's financial advisor be allowed to sit at the selling desk of the book -running senior manager to monitor compliance with the above stated requirements. Attachments: List of firms submitting proposals List of shortlisted firms. FIRMS SUBMITTING PROPOSALS A. G. Edwards & Sons,. Inc. Bear Stearns/Pryor, Govan, Counts & Co. Chase Securities, Inc. Citicorp Securities/Ward and Associates. Ehrlich Bober & Co./Carmona Ferrand Montes Securities Corp. Goldman, Sachs & Co./M. R. Beal & Co./Guzman & Co. J. P. Morgan Securities Metro Financial Group, Ltd. Morgan Stanley/AIBC Investments Services PaineWebber Capital Markets, Inc. Prudential Bache Capital Funding. Russell, Rea & Zappala, Inc. Shearson Lehman Hutton, Inc. Smith Barney Hat'rIs Upham & Co. W. R. Lazard & Laidlaw, Inc. William R. Hough & Co. .. 3.5 3 Carmona Ferrand Montes Securities Corp. Chase Securities, Inc. Goldman Sachs & Company/ M. R. Beal & Company/ Guzman & Company Morgan Stanley & Co./ AIBC Investment Securities PaineWebber Capital Markets, Inc. Pryor, Govan, Counts & Company, Inc. Shearson Lehman Hutton, Inc. Smith Barney, Harris Upham W. R. Lazard & Laidlaw _�, L_tgw�.., 21 -.gy�"t•.i` FORM 8B IVI�IYI �RANDUM OF VOTING dONFLIOT OR OU"Ty �I UNI0I�AL AND OTHER LOCAL PUBLgogt1 211� LAST NAMEmARlT NAMty►MIDIXt NAME Pak" o 00101% COUNCIL, COMMM1� OR COMMITTEE Dara,• .lfavit3rs Mayor, Commissioner _ - - MAILINt' ADORE>;i THE W ARR COUNCIL. COMMISSION. AUTHORITY.OR COMMITTEE 1 WHKN I NERVE OA UNIT OF. d 3500 Pan American Drive Xa 1 v : , rr1UM" ; OrMER Wl%t AGENCY �WV TAiami, Florida Da a NAME Or MLITICAL SUWIVISION: _ DATE ON M•NWH VOIA Ck-(VRRED April 13, 1989 MY POSITION rs` XELMIVE Ar"WrIVE Mayor 4 - %I" MUST FILE FORM iR _ 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 112.3143. Florida Statutes. The requirements of this law are mandatory, although 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 foam f before completing the reverse side and filing the form. INSTRUCTION$ FOR COMPLIANCE WITN SECTION #12.3143, FLORIDA STATUTES ELECTED OFFICERS: A person holding elective county, municipal, or other local public office MUST ABSTAIN from voting on a measure which inures F to his special pri%lte 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 gmernment agency) by whom he is retained. In either care, you should disclose the conflict: , PRIOR TO THE VOTE BEING TAKEN by publicly statingto the assembly the nature of your interest in the measure on which you are abstaining from voting; and r; WITHIN IS DAYS AFTER THE %PU OCCURS by completing and filing this form with the person responsible for,mcordinj, -- the minutes of the meeting, who should incorporate the form in the minutes. APPOINTED OFFICERS: 4 A person holding appointive county, municipal, or other local public office MUST ABSTAIN from voting on a measure which q inures to his special private gain. Each local officer also is prohibited from knowingly voting on a measure which inures to the special lain of a principal (other than a government agency) by whom he is retained. A person holding,an appointive local office otherwise may participate in a matter in which he has a conflict of interest. but must disclose the nature of the conflict before making g arly attempt to influence the decision by oral or writtencommunication, whether - F' made by the officer or at his direction. 1F YOU INTEND TO MAKE ANY ATTEMPT TO INFLUENCE THE DECISION PRIOR TO THE MEETING AT K'Hi ' h THE VOTE. WILL -BE TAKEN: _ .._ • You should cpRnplete and.Clethis form (before making any attempt to influence the decision) with the person responsible19r, recording the minutes of the - mating. who will incorporate the form in the minutes. • A copy of she form should be provided Immediately to floe other members of the agency F: • The form should be rtad publicly a the meain D y g prior to consideration of the`mitter Io which you have a conflict of interests <, ., rn��®mriu�rt� ��_ ��. �