HomeMy WebLinkAboutR-08-0407City of Miami
Legislation
Resolution: R-08-0407
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00742 Final Action Date: 7/10/2008
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
PURSUANT TO RESOLUTION NO. 07-0166, ADOPTED MARCH 22, 2007, 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; AUTHORIZING THE CITY MANAGER TO
NEGOTIATE AND EXECUTE A PROFESSIONAL SERVICES AGREEMENT, IN
SUBSTANTIALLY THE ATTACHED FORM, FOR THE REMAINING TERM OF THE
CONTRACT EFFECTIVE THROUGH APRIL 2, 2009, WITH THE OPTIONS TO
RENEW FOR THREE (3) ADDITIONAL ONE (1) 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 SUBSTANTIALLY THE 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 of Miami ("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 City
Commission; and
City of Miami
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File Number: 08-00742 Enactment Number: R-08-0407
WHEREAS, on March 22, 2007, the City Commission adopted the City Manager's
recommendation and passed Resolution No. 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 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;
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 the award to the next
highest- ranked firm, Merill Lynch, one of two Senior Managers/Co-Senior Managers to provide
Municipal Bond Underwriting Services, is authorized.
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, is authorized.
Section 3. The City Manager is authorized {1} to negotiate and execute a Professional Services
Agreement, in substantially the 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 (1) 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}
Footnotes:
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File Number: 08-00742 Enactment Number: R-08-0407
{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 File Id: 08-00742 (Version: 21 Printed On: 5/9/2017