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Resolution
File Number: 09-00073
City Hall
35�'C F4� ;r tsricen
Drive
Miami, FL 33133
vMw.miamigov.com
Final Acrion Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
ACCEPTING THE RECOMMENDATION OF THE CITY MANAGER APPROVING
THE FINDINGS OF THE EVALUATION COMMITTEE, PURSUANT TO REQUEST
FOR QUALIFICATIONS ("RFQ") NO. 126077, 1, THAT THE TWO (2)
TOP-RANKED FIRMS AND MOST QUALIFIED TO PROVIDE MUNICIPAL BOND
UNDERWRITING SERVICES FOR THE POSITIONS OF SENIOR MANAGERS, IN
RANK ORDER ARE: (1) MERILL LYNCH (SENIOR MANAGER) AND (2) JP
MORGAN (CO -SENIOR MANAGER); SHOULD CONTRACT NEGOTIATIONS FAIL
OR THE FINANCIAL INSTITUTION IS NO LONGER PROVIDING SAID SERVICES
WITH ANY OF THE TWO TOP-RANKED FIRMS FOR THE SENIOR MANAGER
AND CO -SENIOR MANAGER POSITIONS, THE CITY OF MIAMI ("CITY") SHOULD
NEGOTIATE WITH THE THIRD, FOURTH, OR FIFTH RANKED FIRMS: RBC,
MORGAN KEEGAN, AND GOLDMAN SACHS, RESPECTIVELY; AUTHORIZING
THE CITY MANAGER TO EXECUTE A PROFESSIONAL SERVICES
AGREEMENT(S), IN SUBTANTIALLY THE ATTACHED FORM(S), ON AN
AS -NEEDED BASIS, FOR A BASE TERM OF TWO (2) YEARS, WITH THE
OPTION TO RENEW FOR THREE (3) ADDITIONAL ONE (1) YEAR PERIODS;
FURTHER INDICATING THE THREE TOP-RANKED FIRMS AND MOST
QUALIFIED TO PROVIDE MUNICIPAL BOND UNDERWRITING SERVICES FOR
THE POSITIONS OF CO -MANAGERS IN RANK ORDER ARE': (1) RBC
(CO -MANAGER), (2) RAYMOND JAMES (CO -MANAGER), AND (3) GOLDMAN
SACHS (CO -MANAGER); SHOULD CONTRACT NEGOTIATIONS FAIL OR THE
FINANCIAL INSTITUTION IS NO LONGER PROVIDING SAID SERVICES WITH
ANY OF THE THREE (3) TOP-RANKED FIRMS FOR THE CO -MANAGER
POSITIONS, THE CITY SHOULD NEGOTIATE WITH THE FOURTH THROUGH
EIGHTH RANKED FIRMS: MORGAN KEEGAN, WACHOVIA, MORGAN STANLEY,
RAMIREZ & CO., AND SIEBERT, BRANDFORD, SHANK, RESPECTIVELY;
FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE A
PROFESSIONAL SERVICES AGREEMENT(S), IN SUBTANTIALLY THE
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; PROVIDING 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 1S NOT A FINANCIAL INSTITUTION
RANKED IN THIS RFQ PROCESS; ALLOCATING FUNDS, FOR SAID PURPOSE,
THROUGH THE PROCEEDS OF BONDS ISSUED.
City of Miami Page 1 of 3 Printed On: 3/17/2009
File Number 09-00073
WHEREAS, municipal bond underwriting services are needed in connection v,,ith the
advancement of the City of Miami's ("City's") Capital Improvement Program, with the purpose. at a
minimum, of developing structure and overall marketing strategy on bond transactions; and
WHEREAS, pursuant to Request for Qualifications ("RFQ") No. 126077, 1, the City sought
proposals from qualified and experienced underwriting firms to provide municipal bond underwriting
services on an as -needed basis; and
WHEREAS, the two top-ranked firms and most qualified to provide municipal bond underwriting
services for the positions of Senior Managers, in rank order are: (1) Merrill Lynch (Senior Manager)
and (2) JP Morgan (Co -Senior Manager); and
WHEREAS, should contract negotiations fail or the financial institution is no longer providing
said services with any of the two top- ranked firms for the Senior Manager and Co -Senior positions,
the City should negotiate with the third, fourth, or fifth ranked firms: RBC, Morgan Keegan, and
Goldman Sachs, respectively; and
WHEREAS, the City Manager is authorized to execute a Professional Services Agreement(s)
("PSA(s)"), in substantially the 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; and
WHEREAS, the three top-ranked firms and most qualified to provide municipal bond
underwriting services for the positions of Co- Managers, in rank order are: (1) RBC (Co -Manager), (2)
Raymond James (Co -Manager), and Goldman Sachs (Co -Manager); and
WHEREAS, should contract negotiations fail or the financial institution is no longer providing
said services with any of the three (3) top ranked firms for the Co -Manager positions, the City should
negotiate with the fourth through eighth ranked firms: Morgan Keegan, Wachovia, Morgan Stanley,
Ramirez & Co., and Siebert, Brandford, Shank, respectively; and
WHEREAS, the City Manager is authorized to execute PSA(s), in substantially the 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; and
WHEREAS, the City Manager is authorized 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; and
WHEREAS, funds are allocated for said firms through the proceeds of bonds issued;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The recommendation of the City Manager approving the findings of the Evaluation
Committee, pursuant to RFQ No. 126077, 1, that the top-ranked firms and most qualified to provide
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File Number 09-00073
municipal underwriting services for the positions of Senior Managers, in rank order are: (1) Merrill
Lynch (Senior Manager) and (2) JP Morgan (Co -Senior Manager), and for the positions of
Co -Managers, in rank order are: (1) RBC (Co -Manager), (2) Raymond James (Co -Manager), and
(3) Goldman Sachs (Co -Manager), is accepted.
Section 3. The City Manager is authorized {1} to execute PSA(s), in substantially the attached
form(s), on an as -needed basis, for a base term of two (2) years, with the option to renew for up to
three (3) additional one (1) year periods, allocating funds for said purpose, through the proceeds of
the bonds issued.
Section 4. The City Manager is authorized f1} to negotiate and execute PSA(s) with the third,
fourth or fifth ranked firm(s), should negotiations fail or the financial institution is no longer providing
said services with any of the above mentioned two top-ranked firms for the positions of Senior
Manager and Co -Senior Manager and three (3) top-ranked firms for the positions of Co -Managers.
Section 5. The City Manager is authorized {1} 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.
Section 6. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CiTY ATTORNEY
Footnotes:
{1}The herein authorization is further subject to compliance with all requirements that may
be imposed by the City Attorney, including but not limited to those prescribed by applicable
City Charter and Code provisions.
{2}If the Mayor does not sign this Resolution, it shall become effective at the end of ten
calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it
shall become effective immediately upon override of the veto by the City Commission.
Ch), of Miami Page 3 of 3 Printed On: 3117/2009