HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
,
FILE ID• Q�-0oo 3
Date: 3/4/2009 Requesting Department: Finance Law Department
Commission Meeting Date: 3/12/2009 District Impacted: None Matter ID No.
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Request for Qualifications (RFQ) No. 126077, 1 -Municipal Bond Underwriting
Purpose of Item:
It is respectfully recommended that the City Commission accept the recommendation of the City
Manager approving the findings of the Evaluation/Selection Committee pursuant to Request for
Qualifications No. 126077, 1, qualifying in rank order the underwriting firms for position of Senior
Managers: (1) Merrill Lynch (Sr. Manager) and (2) JP Morgan (Co -Sr. Manager); and for the position
of Co -Managers: (1) RBC (Co -Manager), (2) Raymond James (Co -Manager), and (3) Goldman
Sachs (Co -Manager); authorizing the City Manager to negotiate and execute Professional Services
Agreements, in the substantially attached form(s), on an as needed basis, for a base term of two (2)
years with options to renew for three (3) additional one (1) year periods. In the event should contract
negotiations fail with any of the firms listed above or no longer providing said services, the City
should negotiate with the next three highest ranked firms (RBC, Morgan Keegan, Goldman Sachs) for
the Senior Positions and the next five highest ranked firms (Morgan Keegan, Wachovia, Morgan
Stanley, Ramirez & Co., and Siebert, Brandford, Shank) for the Co -Manager Positions, respectively;
and, allow for the City Manager to execute a Professional Services Agreement(s) with said firms.
This item further provides for the City Manager to administratively accept an assignment of any
executed agreement(s) without further City Commission action unless the assignee of said contract is
not a financial institution ranked in this RFQ process.
Background Information:
SEE NEXT PAGE
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No.-
Special
o:Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Pace 1 of 2
Cont'd Background Information
Municipal Bond Underwriting Services are needed in connection with the advancement of the City's
Capital Improvement Program, with the purpose, at a minimum of developing structure and overall
marketing strategy on bond transactions. The City intends to compose a team of underwriters (the
"Underwriting Team") to possibly serve for five years. The financing team for any transaction will
consist of City staff, bond counsel, financial advisor, and the Underwriting Team. The City shall not
guarantee the amount bond transactions, if any, issued during the five year period. On February 11,
2009, the Purchasing Department issued Request for Qualifications No. 126077, 1. As required by the
Procurement Code, the RFQ was advertised, and twenty three (23) responsive and responsible proposals
were received, discussed and evaluated pursuant to the City's RFQ by an Evaluation Committee
appointed by the City Manager. The Evaluation Committee members made its recommendation to the
City Manager and the City Manager has accepted said recommendation.
DOM
Final Approvals
(SIGN AND DATE)
Budget,
If using or receiving capital funds
Grants Risk
C
Purchasing. , kj OW -11- &pt,
Chief A" N / City
PAaa 7 -f')