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File ID: 09-00073
Enactment #: R-09-0161
Version: 2
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City of Miami City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Text File Report
Type: Resolution Status: Passed
Enactment Date: 3/26/09
Introduced: 1/20/09 Controlling Body: Office of the City
Clerk
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, PIERCE, FENNER & SMITH
INCORPORATED/BANC OF AMERICA SECURITIES LLC (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 SUBSTANTIALLY 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
BANK NATIONAL ASSOCIATION, A WHOLLY OWNED SUBSIDIARY OF WELLS FARGO,
MORGAN STANLEY, RAMIREZ & CO., AND SIEBERT, BRANDFORD, SHANK,
RESPECTIVELY; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE A
PROFESSIONAL SERVICES AGREEMENT(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; PROVIDING FOR THE CITY
MANAGER TO ADMINISTRATIVELY ACCEPT AN ASSIGNMENT OF ANY EXECUTED
AGREEMENT(S) WITHOUT FURTHER CITY COMMISSION ACTION, UNLESS THE ASSIGNEE
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OF SAID CONTRACT IS NOT A FINANCIAL INSTITUTION RANKED IN THIS RFQ PROCESS;
ALLOCATING FUNDS, FOR SAID PURPOSE, THROUGH THE PROCEEDS OF BONDS ISSUED.
WHEREAS, municipal bond underwriting services are needed in connection with 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, Pierce, Fenner & Smith Incorporated/Banc of America
Securities LLC (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 Bank National Association, a wholly owned subsidiary of Wells Fargo, 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 municipal underwriting services for the positions
of Senior Managers; in rank order are: (1) Merrill Lynch, Pierce, Fenner & Smith Incorporated/Banc of America Securities
LLC (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.
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Section 4. The City Manager is authorized f 1; 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 frons
for the positions of Co -Managers.
Section 5. The City Manager is authorized { 11, 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 If
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