HomeMy WebLinkAboutR-88-0333J-88- 317 •
4/07/88
RESOLUTION NO. 149--33%1
A RESOLUTION AUTHORIZING AND INSTRUCTING THE
DIRECTOR OF FINANCE TO ADVERTISE AND
DISTRIBUTE THE ATTACHED REQUEST FOR PROPOSALS
FOR FINANCIAL ADVISORY SERVICES FOR THE CITY
OF MIAMI FOR A TWO-YEAR PERIOD, AND
APPOINTING A REVIEW COMMITTEE.
WHEREAS, the current contract for Financial Advisory
Services expired on April 1, 1988: and
WHEREAS, it is in order at this time to advertise a Request
for Proposals (RFP) for Financial Advisory Services for a
two-year renewals exercisable at the option of the City; and
WHEREAS, it is in the best interest of the residents of the
City to have a Committee review and evaluate the proposals based
upon the criteria as defined in the RFP; and
WHEREAS, said Selection Committee (Attachment "B") will,
subsequent to the review and evaluation of proposal, make a
report to the City Manager of their recommendations; and
WHEREAS, the City Manager will make a recommendation to the
City Commission regarding the selection of a Financial Advisor;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The Director of Finance is hereby instructed to
distribute and advertise a Request for Proposals (Attachment "A")
for Financial Advisory Services for a two-year period, with two
(2) one-year renewals exercisable at the option of the City.
Section 2. The Committee for the Review and Evaluation of
proposals consisting of members as listed in Attachment "B" to
this Resolution is hereby established.
��yy_��+e 4 c T✓
ENC!,xv.
CITY COMMISSION
MEETING OF
APR 14 1988
ESOLUTION No SS-333
•
a
P"88D AND ADOPTID this loth. day of April , 19e19.
ATTE
NATTY HIRAI
City Clerk
PREPARED AND APPROVED BY:
ROBERT F. CLARK
Chief Deputy City Attorney
XAPPROV%AS TO FORM
ECTNESS:
D UGHERTY --
City Attorney
RFC/wpc/ebg/M666
-Jeo/ z - 4ZM,4�
XAVIER L. SUAWK , Mayor
- 2- SS-333
0
ATTACHMENT A
CITY OF MIAMI
DEPARTMENT OF FINANCE
SOLICITATION FOR FINANCIAL ADVISOR SERVICES
I. PURPOSE OF REQUEST
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. TIME SCHEDULE
The City will use the following timetable, which should
result in selection of a consultant by June 30, 1988.
Date April 18, 1988 Send Out request for proposals
" April 28, 1988 Pre -proposal conference
May 12, 1988 Open written proposals
" May 26, 1988 Select finalists for interviews
" June 9, 1988 Conduct interviews
III. INSTRUCTIONS TO PROPOSERS
Sealed proposals, subject to the terms and conditions of
this Request for Proposal, will be received by the Director
Of Finance, 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: APRIL 15, 1988
PURPOSE: TO RETAIN A FIRM TO ACT AS THE CITY'S FINANCIAL
ADVISOR TO ASSIST THE CITY IN DEALING WITH THE RATING
AGENCIES, IN DEVELOPMENT OF DEBT MANAGEMENT AND CAPITAL
IMPROVEMENT PROGRAMS AND MEANS TO FINANCE FUTURE CAPITAL
REQUIREMENTS.
AGENCY: DEPARTMENT OF FINANCE
DATE/TIME OF CLOSING: 4:00 P.M. MAY 12, 1988
CONTRACT ADMINISTRATOR: CARLOS E. GARCIA, DIRECTOR OF
FINANCE.
ANY PROPOSAL RECEIVED IN THE OFFICE OF THE DIRECTOR OF
FINANCE AFTER THE ANNOUNCED TIME AND DATE OF CLOSING,
WHETHER BY MAIL OR OTHERWISE, WILL NOT BE CONSIDERED AND
WILL BE RETURNED UNOPENED.
"--333
1.
E
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.
INTERPRETATION OF REQUEST FOR PROPOSAL
Technical and contractual questions pertaining to this
request for proposal shall be referred to the following
individuals:
Carlos E. Garcia,
Director of Finance
or
Annette DeLara,
Office of Director of Finance
(305) 579-6350
NUMBER OF COPIES: 10
Proposals are to be marked PROPOSALS FOR FINANCIAL ADVISOR
IV. SCOPE OF SERVICES
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 financing capital
improvements as a component of the City's
Comprehensive Plan and the 6-Year Capital
Improvement Program.
Evaluate, and if appropriate, recommend modifi-
cations in staff's preliminary parameters for
timing and size of issue, average net interest
costs, anticipated maturity schedule, annual debt
service requirements and financing requirements.
Advise staff of pertinent market factors and
expected trends in interest rates and yields for
different maturity dates.
Review with City staff the advantages,
disadvantages and requirements of financing
structures used by similar issuers, including
taxable bonds and other approaches.
_ 2 _ 89-333
•
a
Perform other such duties as necessary, including
attendance and presentation before the Mayor and
members of the City Commission approximately four
times a year to discuss revenue projections,
strategies for maintaining/improving credit-
worthiness and other related financial matters.
Provide recommendations on the timing, structure,
technical features and amount of proposed bond
issues.
B. ASSIST IN DEVELOPING A FINANCIAL PLAN
The firm shall help develop a plan of financing
in consultation with City officials, auditor, and
municipal 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 of the City.
Help establish evaluations of financing
alternatives other than municipal bonds.
Review the City's revenue projections and provide
comment.
C. ASSIST IN DEALINGS WITH RATING AGENCIES
Assist staff in preparing presentations to the
rating agencies necessary to analyze the
financial soundness of the City's financing
program, and discuss methods of maintaining
and/or improving the City's rating with those
individuals who determine the bond ratings.
Attend meetings of the appropriate representa-
tives of the City' s staff with the rating agency
presentations.
D. PREPARATION FOR BOND SALE
Assist staff in establishing 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 avail-
ability of audited financial data.
Evaluate bond covenants necessary to provide
flexibility for the City and assure positive
reception with rating services and investors.
98--333
-3-
•
E.
Work with staff, City Counsel, 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.
Consult with and assist staff and Bond Counsel in
the preparation of legal documentation necessary
to support the bond issue.
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.
In cooperation with City staff, Bond Counsel, and
other members of the financial team, lead the
planning and distribution of the official
statement.
DEVELOPMENT OF THE MARKET AND BOND SALE
Analyze market climate in the period immediately
preceding the selected date for the bond sale.
Determine the best method for marketing the bonds
under expected market conditions existing at the
time of the sale.
Provide information to the City concerning the
market climate, investors active in the municipal
market during the sale period, and other similar
issues scheduled for sale during such period.
Conduct pre -sale information meetings for
prospective underwriters and institutional
investors in principal financial centers as
approved by the City.
Assist staff in providing 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.
- 4 -
0
V.
Assist staff in developing a comprehensive list
of underwriters, institutional investors and
investment advisors.
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.
GENERAL TERMS AND CONDITIONS
A.
B.
C.
PROPOSAL BINDING 60 DAYS
Proposals shall remain binding sixty (60) calendar
days after the date of closing.
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 Minority Procurement Coordinator, Ms.
Adrienne McBeth at 579-6383.
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.
a)
b)
c)
d)
The ability, capacity and skill of the firm to
perform all aspects of the contract.
The character, integrity, reputation, judgment,
experience and efficiency of the firm.
The quality of performance on previous contracts.
The previous compliance by the firm with laws and
ordinances pertinent to the contract.
98-333
- 5 -
EVALUATION CRITERIA
The following information will provide the basis for the
evaluation of proposals.
Experience:
Please provide a list of all current contracts held as
financial advisor by client and term of contract.
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.
Proposed Fees:
Provide a proposed schedule of fees and charges by type of
service -
Term:
Competitive Sale, General Obligation Bond $/Bond
Negotiated Sale, Revenue Bonds S/Bond
Competitive Sale, Revenue Bonds $/Bond
Negotiated Sale, Refunding Bonds $/Bond
Competitive Sale, Certificates of Participation
$/Bond
In addition list any other fees or charges for services.
The term of this contract will be for a two (2) year period
from the date of execution, which may be extended for two
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.
Staff:
Please provide the resumes of individuals to be assigned to
this contract.
Minority Participation:
Describe the proposers compliance with the City's minority
participation goals as described as described herein.
- 6 -
ATTA�"®"
Nowerd Clicken
Jsffrey Watson
W33.1
To
CO" OF MAW FLORIDA
INTERIOPTIC[ MIWORANDUM
Honorable Mayor and Members
of the City Commission
FROM
Cesar H. Odio
City Manager
RECOMMENDATION:
75
OATS ...4a 3 rtlE
$USACT RFP for Financial Advisory
Services
REFERENCES
Meeting of April 14, 1988
ENCLOSURE$
It is respectfully recommended that the attached Resolution,
authorizing and instructing the Director of Finance to advertise
and distribute a Request for Proposals (RFP) for Financial
Advisory Services, for a two-year period, be approved.
BACKGROUND:
The City' s existing contract with James J . Lowrey for financial
advisory services expires on April 1, 1988. The Department of
Finance has prepared the attached request for proposals for
financial advisory services to solicit proposals for the
Nr•uv i b i uri ui thtse services. By way of this Resolution, a
Committee will be appointed to review and evaluate proposals and
make recommendations to the City Manager. 'Subsequently, the City
Manager will make a recommendation to the City Commission.
cc: Law Department
7 5 -/
886"333