HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
Date: 6/19/2008
OS-0O42
RE.17
Requesting Department: Finance Department
Commission Meeting Date: 7/10/2008 District Impacted: None
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Rescission of an Award and Assignment of an Agreement for Municipal Bond Underwriting
Services
Purpose of Item:
It is respectfully recommended that the City Commission accept the recommendation of the City
Manager to rescind the award to UBS Securities LLC and award it to the next highest ranked
firm 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 thru April 2, 2009, with the options to renew for three (3)
additional one year periods; and, accept the assignment of the agreement from Lasalle Financial
Services to Bank of America under the same terms and conditions of said agreement.
Background Information:
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Budget Impact Analysis
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General Account No:
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Cont'd- Rescission of an Award and Assignment of an Agreement for Municipal
Bond Underwriting Services
On March 22, 2007, the City Commission accepted the recommendation of the City
Manager approving the findings of the evaluation committee pursuant to Request for
Qualification No. 05-06-114, qualifying in rank order the underwriting firms for the
position of Senior Managers: (1) UBS Securities (Sr. Manager) and (2) JP Morgan (Co -
Sr. Manager); and for the position of Co -Managers (1) SunTrust Capital Markets (Co -
Manager), (2) Raymond James (Co -Manager), and (3) LaSalle Financial Services (Co -
Manager); authorizing the City Manager to negotiate and execute Professional Services
Agreements, in the substantially attached form(s), on an as -needed basis, for a base term
of two (2) years with the option to renew for three additional one (1) year periods; and
should negotiations fail with any of the above mentioned firms, to authorize the City
Manager to negotiate with the next highest ranked firm(s) until a contract has been
successfully negotiated
The City of Miami and the above mentioned firms successfully negotiated agreements.
However, after a little over a year into the agreement, the City has been advised that
UBS Securities, LLC are no longer providing municipal bond underwriting services. As
a result, it is requested that the City Commission rescind the award to UBS Securities,
LLC and award the contract to the next highest ranked firm, Merill Lynch, as a Senior
Manager/Co-Senior Manager; and, authorize the City Manager to negotiate and execute
a Professional Service Agreement, in the substantially attached form.
The City has also been advised that LaSalle Financial Services has been acquired by
Bank of America Corporation/Banc of America Securities, LLC. LaSalle Financial
Services was one of three firms recommended as a Co -Manager for municipal bond
underwriting services. Due to its acquisition, LaSalle Financial Services is requesting for
the City to accept the assignment of its agreement to Bank of America Corporation/Banc
of America Securities, LLC.