HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00742 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, PURSUANT TO
RESOLUTION NO. R-07-0166 AND REQUEST FOR QUALIFICATIONS NO.
05-06-114, RESCINDING THE AWARD TO UBS SECURITIES, LLC AND
AWARDING IT TO THE NEXT HIGHEST RANKED FIRM, MERILL LYNCH,
UNDER THE CATEGORY OF SENIOR MANAGER/CO-SENIOR MANAGER
AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE A PROFESSIONAL SERVICES AGREEMENT, IN THE
SUBSTANTIALLY ATTACHED FORM, FOR THE REMAINING TERM OF
THE CONTRACT EFFECTIVE THROUGH APRIL 2, 2009, WITH THE
OPTIONS TO RENEW FOR THREE (3) ADDITIONAL ONE YEAR
PERIODS; AND, ACCEPTING THE ASSIGNMENT OF THE AGREEMENT
FROM LASALLE FINANCIAL SERVICES TO BANK OF AMERICA/BANC OF
AMERICA SECURITIES, LLC, AS CO -MANAGER; AUTHORIZING THE
CITY MANAGER TO EXECUTE AN AGREEMENT, IN THE
SUBSTANTIALLY ATTACHED FORM, TO EFFECTUATE THE
ASSIGNMENT, UNDER THE ORIGINAL SAME TERMS AND CONDITIONS
OF SAID AGREEMENT WITH LASALLE FINANCIAL SERVICES FOR
MUNICIPAL BOND UNDERWRITING SERVICES.
WHEREAS, on October 26, 2006, the Purchasing Department issued Request for Qualifications
(RFQ) No. 05-06-114 for Municipal Bond Underwriting Services; and
WHEREAS, on December 6, 2006, the City received ten (10) responses for the category of Senior
Manager and Co -Senior Manager and twelve (12) responses for the category of Co -Managers; and
WHEREAS, pursuant to RFQ No. 05-06-114, 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 January 30, 2007, 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, UBS Securities, LLC and JP Morgan, would serve the City, on a rotational basis, as Senior
Manager and Co -Senior Manager; and, Sun Trust Capital Markets, Raymond James and LaSalle
Financial Services as simultaneous Co -Managers, and
WHEREAS, the City Manager accepted the recommendation and recommended same to the
Miami City Commission; and
WHEREAS, on March 22, 2007, the Miami City Commission adopted the City Manager's
City of Miami Page 1 of 3 Printed On: 7/1/2008
File Number: 08-00742
recommendation and passed Resolution No. R-07-0166; and
WHEREAS, it has now come to the attention of the City that one of its Senior Manager/Co-Senior
Manager, UBS Securities, LLC are no longer in the business of providing Municipal Bond Underwriting
Services; therefore, causing the City to rescind the award, and
WHEREAS, it is respectfully recommended that the Miami City Commission award it to the next
highest ranked firm, Merill Lynch, to now serve as a Senior Manager/Co-Senior Manager; and
WHEREAS, it has also come to the attention of the City that one of its Co -Manager, LaSalle
Financial Services has been acquired by Bank of America/Banc of America Securities, LLC; thereby
requesting for the City to accept the assignment of its agreement (between the City and LaSalle) to
Bank of America/Banc of America Securities, LLC; and
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The rescission of the award to UBS Securities, LLC, as one of the City's Senior
Manager/Co-Senior Manager for Municipal Bond Underwriting Services and award to the next highest
ranked firm, Merill Lynch, one of two Senior Managers/Co-Senior Managers to provide Municipal Bond
Underwriting Services.
Section 2. The assignment of agreement from LaSalle. Financial Services to Bank of
America/Banc of America Securities, LLC, one of three Co -Managers to provide Municipal Bond
Underwriting Services.
Section 3. The City Manager is authorized {1} to negotiate and execute a Professional Services
Agreement, in the substantially attached form, with Merill Lynch, for the remaining term of the contract
effective through April 2, 2009, with options to renew for three (3) additional one year periods.
Section 4. The City Manager is further authorized {1 } to execute an agreement with Bank of
America/Banc of America Securities, LLC. to effectuate the assignment of the Professional Services
Agreement from LaSalle Financial Services to Bank of America/Banc of America Securities, LLC.
Section 5. 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
City of Miami Page 2 of 3 Printed On: 7/1/2008
File Number. 08-00742
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.
City of Miami Page 3 of 3 Printed On: 7/1/2008