HomeMy WebLinkAboutM-84-0138� a
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
TO Honorable Mayor and Members
of the City Commission
Howard V. Cary _
FROM City Mana-,
,er.
February 3, 1984
GATE- FIDE.
I
3�BiEC- Sel'-ction of
Bond Counsel
REFERENCES
ENCLOSURES
'� J?r j rltl �al ?�.'.;.(l In t;1e Sala Oi ^lUtli�ipal securities
(Bends) is tae cre,.:il-jility and experience of Bond Counsel. Bond
.'ounsel provi Jes ":'_ 7ui iance on mat -ers of disclosure,
compliance with local, state and federal regulations as well as
being a resource on any other legal questions relative to the
issue. Each issue requires that Bond Counsel provide a certified
opinion as to the legality of that issue. Consistency of
interpretation, form and procedure is a strong advantage.
.acceptability of Bond Counsel by the marketplace is mandatory.
It is not uncommon for a local jurisdiction to utilize the
services of co -counsel or joint counsel or some other equally
acceptable relationship as a Bond Counsel for a bond issue. This
permits qualified local law firms to participate in the bonding
process. They can perform local research and provide insight
into issues that enhance the marketability of the bonds.
Additionally, it does permit a portion of bond counsel fees to
remain in the local area.
The law firm of Brown, Wood, Ivey, Petty and Mitchell has served
as the City's Bond Counsel for a number of years. This firm has
considerable knowledge of the City and has served the City well.
— Brown -Wood is highly regarded in the New York marketplace and
their participation as Bond Counsel provides credibility of the
highest magnitude.
Firms can not serve as sole Bond Counsel unless they are listed
in the Bond Buyer Directory of Municipal Bond Dealers of the
United States, commonly referred to as the "RedBook". owever,
firms not listed in the "Red Book" may participate as co -counsel
or joint counsel with a listed firm. After serving
satisfactorily in this capacity, they are then qualified to
become listed in the "Red Book" and to handle issues without a
listed co -counsel.
Miami could utilize local law firms as co -counsel on bond issues.
Generally, it is expected that the City will be selling•$20 to
$30 M annually in G.O. Bonds. Brown -Wood would remain the prime
MorroN
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Honorable Mayor and Members
of the City Commission
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and continuing bond counsel for the next three years. Local
firms would be added as co -counsel for each $10 M•unit of bonds
sold. For a $20 to $30 M issue, Brown -Wood would be the prime
Bond Counsel and two local firms could serve as co -counsel.
:he criteria for the selection of local Bond Counsel shouij
include the following:
3. :assurance that a senior partner with expertise
in bond financing will be responsible for tie
legal work and will be accessible to the City
to answer inquiries and discuss the prograss
of the issue from time to time.
b. Evidence of depth of legal talent with capa-
city to handle bond work.
Co Expertise in the field of federal income tax,
project funding or other specialized areas.
d. Have a principal office within the City of Miami
area.
e. Provide assurance of representative minority
partner.
f. Provide evidence of volume of pro bono work perform-
ed within the City of Miami.
The City will place notice in the Miami Review, the local legal
newspaper, inviting firms who are interested to submit their
qualifications to a special committee appointed by the City
Manager. After review of the qualifications, the City Manager
will prepare a list of firms best qualified in accordance with
the above criteria. Firms will be utilized on a rotating basis
with those at the beginning of the list being given the first
opportunity to participate.
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Request for Proposal
Bond Co -Counsel
INTRODUCTION
The City of Miami Jig"es to Utilize the services of law firms
having principle c�'='i'�s in the Miami area to assist in matters
relating to the sale of general obligation bonds and other debt
instruments. Farther, it is the desire of the City to provide an
opportunity for interested law firms to submit their qualifi-
cations for review. Those firms found 'best qualified in accor-
i3nce Pr oriteria, 4_11 be prioritized. The law
firm of crown, LV•?y, retty ind Mitchell will serve as prime
.ou!:sel for the naa� -'nrae years any local A. -.4` 11 serve as
co -counsel.
�UALIFICATI'3PJS
a. Assurance that a senior partner with expertise in bond
financing will he responsible for -the legal work and will be
accessible to the City to answer inquiries and discuss the
progress of the issue from time to time.
b. Evidence of depth of legal talent with capacity to handle
bond work.
c. Expertise in the field of federal income tax, project funding
or other specialized areas.
d. Have a principal office in the Miami area.
e. Provide assurance of representative minority partnership
in the firm.
f. Provide evidence of volume of pro bono work performed within
the City of Miami.
SUBMISSION_OF DATA
The following data should be provided:
1. Resumes of senior partners of principals who will
be servicing the City account.
2. Resumes of associates or other affiliates that may
be servicing the City account.
3. Resumes of other principals in the firm that may
be servicing the City account.
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4. List of specific bond issues within the last ten years
that the firm or a principal has been an active parti-
cipant. Show tiie following data:
a.
Purpose of issue (housing bonds, general purpose
construction,
etc.;.
b.
Type of issue
(G.O., Revenue).
C.
Size of issue
and life of issue ($30M/20 years).
d.
Date sold and
location.
a.
:Jumber of bidders
and interest. rate of
bidder.
f.
Governmental
unit issuing.
g.
Role of firm
or principal (counsel, co-coups-21).
h.
Any problems
associated with the sale and delivery
of bonds.
5. Submit data relating to the size of the law firm. Data
should include:
a. Number of principals, partners, associates, etc.
b. Office location(s).
c. Research capabilities.
d. Staff and clerical support.
b. Statement and supporting documents related to areas of
expertise.
7. Statement and supporting documents assuring minority
participation. (reference City Commission Ordinance
8. Statement and supporting documents relative to areas
of pro bono services to the community.
METHOD OF SUBMISSION
Qualifications should be submitted in five copies to:
Randolph B. Rosencrantz
Assistant City Manager
3500 Pan American Drive
Miami, Florida 33133
Envelope should be marked: Co -Bond Counsel Qualifications.
Qualifications should be submitted no later than February
1984.
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