The URL can be used to link to this page

Home My WebLink AboutR-12-0409City of Miami Legislation Resolution: R-12-0409 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-01132 Final Action Date: 10/25/2012 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), PURSUANT TO SECTION 18-111 OF THE CODE OF THE CITY OF MIAMI, FLORIDA ("CITY"), AS AMENDED, AUTHORIZING THE PROCUREMENT OF BOND UNDERWRITING SERVICES FROM VARIOUS PRE -QUALIFIED INVESTMENT BANKING FIRMS, UTILIZING EXISTING CITY OF CLEARWATER CONTRACT NO. 31-11, SOLICITED AND AWARDED PURSUANT TO OPEN -COMPETITIVE REQUEST FOR QUALIFICATIONS NO. 31-11, TO BE USED ON A CITYWIDE, AS NEEDED CONTRACTUAL BASIS, EFFECTIVE THROUGH NOVEMBER 2, 2014, SUBJECT TO ANY EXTENSIONS AND/OR REPLACEMENT CONTRACTS BY THE CITY OF CLEARWATER; ALLOCATING FUNDS FROM THE VARIOUS SOURCES OF FUNDS FROM THE USER DEPARTMENTS AND AGENCIES, SUBJECT TO THE AVAILABILITY OF FUNDS AND BUDGETARY APPROVAL AT THE TIME OF NEED; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS IN CONNECTION THEREWITH; RATIFYING, CONFIRMING, AND APPROVING THE CITY ADMINISTRATION'S RECOMMENDATION THAT IT IS IN THE BEST INTERESTS OF THE CITY TO BEGIN WORKING WITH WELLS FARGO BANK, NATIONAL ASSOCIATION, IN CONNECTION WITH THE REFINANCING OF THE $45,000,000 OUTSTANDING PRINCIPAL AMOUNT OF THE CITY'S REVENUE NOTE SERIES 2010 (PORT OF MIAMI TUNNEL AND ACCESS IMPROVEMENT PROJECT); PROVIDING FOR CITY DETERMINATIONS, SEVERABILITY, AND MODIFICATION, SUPPLEMENTATION, AND AMENDMENT, AS NECESSARY, OF ANY INCONSISTENT PROVISIONS OF PREVIOUS RESOLUTIONS. WHEREAS, the City of Miami's ("City's") Administration has previously identified a need in the best interests of the City to work with Wells Fargo Bank, National Association, in connection with the refinancing of the $45,000,000 total outstanding principal amount of the City's Revenue Note Series 2010 (Port of Miami Tunnel and Access Improvement Project) (the "Port Tunnel Project Note"); and WHEREAS, on November 3, 2011, pursuant to Resolution No. 11-23, the City Council of the City of Clearwater, Florida, approved a team of pre -qualified investment banking firms to provide bond underwriting services pursuant to Request for Qualifications ("RFQ") No. 31-11, effective for a period of three (3) years from that date with an option to renew for two (2) additional one (1) year periods (the "Clearwater Bond Underwriting Services"), selecting Wells Fargo Bank, National Association, Bank of America Merrill Lynch, and RBC Capital Markets, LLC, as the team of selected underwriters ("Underwriters"); and WHEREAS, pursuant to Section 18-111 of the Code of the City of Miami, Florida, as amended (the "Code"), the City is seeking to piggyback with the same terms and conditions as the Clearwater Bond Underwriting Services Award in connection with the refinancing of the Port Tunnel Project Note; and City of Miami Page 1 of 3 File Id: 12-01132 (Version: 1) Printed On: 12/12/2017 File Number: 12-01132 Enactment Number: R-12-0409 WHEREAS, the Clearwater Bond Underwriting Services Award permits the City, in its sole discretion, to determine in connection with each negotiated financing during the term of the Clearwater Bond Underwriting Award, the number of Underwriters to use on each future negotiated financing in accordance with the authorization of the issuance of each such financing, and in each such case, to designate which firm, if any, will serve as senior manager or co -manager for each transaction; and WHEREAS, the City's Chief Procurement Officer has determined that the Clearwater Bond Underwriting Services Award was entered into pursuant to a competitive process in compliance with City laws, policies and procedures; and WHEREAS, the City's Administration has recommended that it is in the best interests of the City to work with Wells Fargo Bank, National Association, and to piggyback on the Clearwater Bond Underwriting Services Award in connection with the refinancing of the Port Tunnel Project Note, and the City's Finance Committee on October 1, 2012, reviewed and recommended approval of that recommendation in accordance with the City's Debt Management Policy; 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 fully set forth in this Section. Section 2. Pursuant to Section 18-111 of the Code, the procurement of bond underwriting services from various pre -qualified investment banking firms, utilizing existing City of Clearwater Contract No. 31-11, solicited and awarded pursuant to open -competitive Request for Qualifications No. 31-11, is authorized, to be used on a citywide, as needed contractual basis, effective through November 2, 2014, subject to any extensions and/or replacement contracts by the City of Clearwater; allocating funds from the various sources of funds from the user departments and agencies, subject to the availability of funds and budgetary approval at the time of need; further authorizing the City Manager to execute all necessary documents in connection therewith. Section 3. The City Administration's recommendation that it is in the best interests of the City to begin working with Wells Fargo Bank, National Association, in connection with the refinancing of the Port Tunnel Project Note, is ratified, confirmed and approved. Section 4. As in the Clearwater Bond Underwriting Services Award, the City will, in its sole discretion, determine in connection with each negotiated financing during the term specified in Section 2 above for which the City is utilizing the Clearwater Bond Underwriting Services Award, the number of Underwriters to use on each future negotiated financing in accordance with the authorization of the issuance of each such financing, and in each such case, designate which firm, if any, will serve as senior manager or co -manager for each transaction. Section 5. Also as in the Clearwater Bond Underwriting Services Award, if any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily depended upon the section or part of a section so held to be invalid or unconstitutional. City of Miami Page 2 of 3 File Id: 12-01132 (Version: 1) Printed On: 12/12/2017 File Number: 12-01132 Enactment Number: R-12-0409 Section 6. Also as in the Clearwater Bond Underwriting Services Award, all prior resolutions of the City inconsistent with the provisions of this Resolution are hereby modified, supplemented, and amended to conform with the provisions herein contained in connection with the refinancing of the Port Tunnel Project Note only and except as otherwise modified, supplemented, and amended hereby shall remain in full force and effect. Section 7. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. {1} Footnotes: {1} 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: 12-01132 (Version: 1) Printed On: 12/12/2017