HomeMy WebLinkAboutExhibit 2ATTACHMENT A
SCOPE OF SERVICES
Scope of Services
At a minimum, the Successful Proposer shall, but not be limited to, providing the following
services:
A. Issuance of Bonds for the City
1. Advise the City on the means of conducting the sale of bonds by either
recommending competitive bidding, proposals, or some other process; and, assist
in the competitive negotiation process, upon request.
2. For both negotiated and competitively bid bond issues, the Successful Proposer
shall:
a. On a pro -active basis, bring refunding or other new financing ideas to the
attention of the Finance Director.
b, Assist the City in preparing the notice of sale.
c. On the day of the sale, advise the City as to the best bid received based upon
the verification of bids and recommend an award which, in the Financial
Advisors judgment, is in the best interest of the City.
d. Assist in determining the optimal timing for the bond issue "to go to the
market".
e. Participate in the "pricing call" and advise the City as to the reasonableness of
the components of the underwriters spread.
3. Provide specific recommendations on each bond issue regarding the following:
a. The aggregate principal amount of bonds to be issued.
b. The timing of the offering in order to provide funds to meet the City's capital
needs.
c. The definitive structure of the bond issue — maturity range, serial and/or term
bonds, capital appreciation bonds, etc.
d. The optional redemption.
d. Prepare a timetable for each bond issue and assist the City in coordinating all
meetings and conference calls.
5. Provide advice and assistance to the City's Bond Counsel, and to Disclosure
Counsel as to preparation of the necessary bond authorizing ordinance or
ordinances and other proceedings. Assist with validation of the bonds through
preparation of financial tables and exhibits and the presentation of testimony
when necessary.
6. Provide assistance to the City in the composition of the preliminary and final
official statements, which shall conform to current acceptable disclosure guideline
standards, so as to make the most favorable full and accurate disclosure to the
rating agencies and investing public.
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7. Request, receive and evaluate bids or proposals for the printing of the preliminary
and final official statements; make recommendations to the City as to which bid
or proposal should be accepted.
8. Provide advice and assistance to City staff in the preparation and presentation to
the rating agencies, to include bond issues documentation, for the purpose of
obtaining the best possible rating of the bonds.
9. Assist in the preparation and review of all necessary closing documents.
10. Attend all Pre -Closings and Closings, as deemed necessary.
B. Other Services
1. Coordinate periodic visitations between the City, representatives of the rating
agencies and major institutional investors.
2. Provide periodic reports of municipal market conditions both within the State of
Florida and nationwide.
3. In the area of short-term financing, provide the City with advice, guidance,
evaluation, pricing and assistance in bond anticipation notes, bank loan,
commercial paper, and any other financial instrument as necessary.
4. In the area of swap transactions, provide the City with advice, guidance,
evaluation, pricing and assistance in interest rate swap programs, as necessary.
5. Create and maintain a personal computer data base on the City's debt portfolio.
The data base shall be periodically updated and shall be made available to the
City's Finance Director in the form designated by the Finance Director from time
to time.
6. Conduct an annual review of the City's debt structure and prepare, in conjunction
with the City's Finance Department, an annual report for the rating agencies of
Moody's Investors Service, Inc., Standard & Poor's Corporation and FITCH
Ratings. The goal in this regard will be to maintain the respective bond ratings
assigned and to achieve an upgrading from the rating agencies where, in the
professional judgment of the Financial Advisors, such an upgrading is attainable.
7. Be available to the City to discuss and make recommendations on all financial
matters as they relate to incurring City debt and be available for formal
presentations to the City' Finance Committee ("CFC") and the Commission as
necessary.
8. Review unsolicited proposals for financial transactions received by the City from
underwriting firms and, on a timely basis, make recommendations as to their
merits to the Finance Director and the CFC as necessary.
C. Additional Services
1. Assist the various City Departments in the development of a Five Year Financing
Plan and Capital Plan, as necessary.
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2. At least once a year, review the outstanding debt portfolio of the City and submit
recommendations that could result in reducing the City's borrowing costs.
3. Develop required financial analyses for the issuance of debt for City and provide
those reports.
4. Provide, on an as needed basis, financial analyses or any applicable services as
directed by the Commission, the City Manager, the City's Finance Director or
other Departments referred by the Finance Director.
5. Upon request by the City, identify and prepare grant applications, assist in
strategic planning efforts, develop performance measures or participate in
benchmarking activities, and assist in communications to the public of the City's
service, efforts and accomplishments
D. Reporting Requirements:
In addition to Provider's ongoing requirement pursuant to Section 7(C) of this
Agreement to provide its most recent Statement of Financial Condition and related audit
reports, to City, during each year of this Agreement, Provider shall also provide to the City a
written update of Provider's legal and financial status once a year due on the first day of
October.
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