HomeMy WebLinkAboutM-87-0274CITY OF MIAMI. FLORIOA
INTEROFFICE MEMORANDUM
Ta Honorable Mayor and Members
of the City Commission
r! 1
FROM!
Cesar H. Odio '
City Manager
DATE: MAR 51987 FILE:
SUBJECT: Discussion item Commission Meeting tof
March 13, 1987
REFERENCES:
ENCLOSURES:
The City of Miami has received 22 responses to its request for
proposals for a Senior Manager for a proposed City of Miami
General Obligation Refunding of $33,000,000 City of Miami General
Obl i gati on Bon ds, Series 1985. The RFP requested seven
categories of information summarized as follows:
(1) Provide any ideas on the specific structure of the
financing and sale of the bonds including
documentation of cash flow underlying assumptions.
List the suggested gross spread, including management
fees and expenses. (Final pricing will be subject to
negotiation.)
(2) List general obligation refunding structure by your
firm in the last twelve months according to the role
your- fi rm served.
(3) Provide summary information regarding the firms
experience in general obligation refundings in
Florida.
(4) Describe the structure of the firm and its capital
base.
(5) Provide the names and brief resumes of the individuals
who will be assigned to this transaction.
(6) Address compliance with the City's minority and Women -
Owned Procurement Program.
(7) Relate any additional qualifications which may not
have been covered in the proceeding questions.
m
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Honorable Mayor and
Members of the City 'Commission
Page - 2 -
Respondents to this RFP were:
A. G. Edwards & Sons, Inc.
Bear Stearns
Chase Manhattan
Citicorp Investment Bank
Continental Illinois
Dean Witter
Dillon Read & Co., Inc.
Drexel Burnham Lambert
E. F. Hutton
First Boston
First Equity Corporation
Goldman Sachs
Lazard Freres
Manufacturers Hanover
Merrill Lynch
Morgan Stanley
Prudential Bache
Pryor Govan Counts
Raymond James
Salomon Brothers
Shearson Lehman Brothers
Smith Barney
Summary analyses of each response is being prepared by James J.
Lowrey, Inc., and by Finance Department staff. These summary
analyses, in addition to the actual proposals will be provided to
members of the Review Committee. The Review Committee has been
appointed by the City Manager and consists of the following City
staff and members of the public:
Arthur Hill
Amadeo Lopez -Castro
Joseph E. Pogue
Wally Lee
Carlos Garcia
John Blaisdell
Private Sector
Pri vata Sector
Private Sector
Exec. Asst. to the City Manger
Director of Finance
MSEA, Director
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Honorable Mayor and
Members of the City Commission
Page - 3 -
Evaluation criteria will be based on weighted values assigned to
the following criteria:
1. Ideas on the structure of the financing and sale of
bonds. Gross spread of the proposed management fee,
expenses and the suggested gross spread. 60%
2. General Obligation Bond refun dings completed in the
past 12 months. 5%
3. Prior general obligation bond refun dings in the State
of Florida. 5%
4. Structure of the firm. 10%
S. Names and resumes of staff to be assigned to this
project. 10%
6. Compliance with the City's minority participation
program. Indication of noncompliance eliminates the
proposer from consideration. 10%
The Review Committee will rank the top five recommended
firms to the City Manager. The City Manager will take this
ranking into consideration in making his recommendation to
the City Commission for final selection of the Managing
Underwriter.
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