HomeMy WebLinkAboutR-09-0434Vop City of Miami
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Resolution: R-09-0434
File Number: 09-00998
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 9/24/2009
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
PURSUANT TO RESOLUTION NO. 09-0161, ADOPTED MARCH 26, 2009, AND
REQUEST FOR QUALIFICATIONS NO. 126077,1 ("RFQ"), FOR THE PROVISION
OF MUNICIPAL BOND UNDERWRITING SERVICES, AUTHORIZING THE CITY
MANAGER (1) TO EXERCISE THE TERMINATION FOR CONVENIENCE CLAUSE
UNDER SECTIONS 1.83, B AND 2.14, B, OF THE RFQ DOCUMENTS AND
SECTION 14, A, OF THE PROFESSIONAL SERVICES AGREEMENT ("PSA") WITH
JP MORGAN SECURITIES ("JP MORGAN"), (2) TO RESCIND THE SENIOR
MANAGER/CO-SENIOR MANAGER AWARD FROM JP MORGAN, (3) TO AWARD
SUCH DESIGNATION TO RBC CAPITAL MARKETS CORPORATION ("RBC"), THE
NEXT HIGHEST -RANKED FIRM UNDER THE CATEGORY OF SENIOR
MANAGER/CO-SENIOR MANAGER, (4) AS A RESULT, TO REMOVE RBC AS ONE
OF THE CO -MANAGERS, AND (5) TO AWARD TO MORGAN KEEGAN AND
COMPANY, INC. ("MORGAN KEEGAN"), THE NEXT HIGHEST -RANKED FIRM
UNDER THE CATEGORY OF CO -MANAGER, SUCH DESIGNATION; FURTHER
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND TO EXECUTE A PSA,
IN SUBSTANTIALLY THE ATTACHED FORM(S), FOR SUCH CHANGED
DESIGNATIONS TO RBC AND TO MORGAN KEEGAN ON AN AS -NEEDED BASIS,
FOR THE REMAINING TERM OF THE MUNICIPAL BOND UNDERWRITING
SERVICES CONTRACT EFFECTIVE THROUGH MARCH 30, 2011, WITH OPTIONS
TO RENEW FOR THREE (3) ADDITIONAL ONE (1) YEAR PERIODS; ALLOCATING
FUNDS FOR SAID FIRMS THROUGH THE PROCEEDS OF BONDS AS AND
WHEN ISSUED.
WHEREAS, on February 11, 2009, the Purchasing Department of the City of Miami ("City") issued
Request for Qualifications ("RFQ") No. 126077,1 for Municipal Bond Underwriting Services; and
WHEREAS, on February 20, 2009, the City received twenty-three (23) responses; and
WHEREAS, pursuant to RFQ No. 126077,1, the two highest -ranked firms for the category of
Senior Manager and Co -Senior Manager, and the three highest -ranked firms for the category of
Co -Managers were to be selected; and
WHEREAS, on February 19, 2009, the City Manager appointed an Evaluation/Selection
Committee ("Committee") and members of said Committee met at a later point in time; and
WHEREAS, the Committee made the recommendation to the City Manager that the
highest -ranked firms, Merrill Lynch, and JP Morgan Securities ("JP Morgan"), would serve the City, on
a rotational basis, as the designated Senior Manager and Co -Senior Manager team, and that RBC
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File Number: 09-00998 Enactment Number: R-09-0434
Capital Markets Corporation ("RBC"), Raymond James, and Goldman Sachs would serve as
simultaneous Co -Managers of that designated team; and
WHEREAS, the City Manager accepted the recommendation and recommended same to the City
Commission; and
WHEREAS, on March 26, 2009, the City Commission adopted the City Manager's
recommendation and adopted Resolution No. 09-0161, and the City subsequently entered into a
Professional Services Agreement ("PSA") with JP Morgan for the Senior Manager/Co-Senior Manager
designation; and
WHEREAS, pursuant to Sections 1.83, B, and 2.14, B, of the RFQ and Section 14, A, of the PSA,
the City Manager recommends that (1) the City Commission authorize the termination of the PSA
with JP Morgan, (2) rescind the Senior Manager/Co-Senior Manager award from JP Morgan, and (3)
instead award such designation to RBC, the next highest -ranked firm under the category of Senior
Manager/Co-Senior Manager; and
WHEREAS, it is also recommended that an award be made to Morgan Keegan, the next
highest ranked firm under the category of Co -Manager, as a result of removing RBC as one of the
Co -Managers, in order to complete the two -member Senior Manager/Co-Senior Manager team and
the three-member Co -Manager team;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized, pursuant to Resolution No. 09-0161, adopted March
26, 2009, and the RFQ for the provision of Municipal Bond Underwriting Services (1) to exercise the
termination for convenience clause under Sections 1.83, B, and 2.14,13, of the RFQ documents and
Section 14, A, of the PSA with JP Morgan, (2) to rescind the Senior Manager/Co-Senior Manager
Award from JP Morgan, (3) to award such designation to RBC, the next highest -ranked firm under the
category of Senior Manager/Co-Senior Manager, (4) as a result, to remove RBC as one of the
Co -Managers, and (5) to award to Morgan Keegan, the next highest -ranked firm under the category
of Co -Manager, such designation.
Section 3. The City Manager is further authorized {1} to negotiate and to execute a PSA, in
substantially the attached form, for such changed designations with RBC and with Morgan Keegan,
on an as -needed basis, for the remaining term of the Municipal Bond Underwriting Services Contract
effective through March 30, 2011, with options to renew for three (3) additional one (1) year periods,
with funds allocated for said firms through the proceeds of bonds as and when issued.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
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File Number: 09-00998
Footnotes:
Enactment Number: R-09-0434
{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.
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