HomeMy WebLinkAboutSummary FormDate: 3/16/2016
AGENDA ITEM SUMMARY FORM
FILE ID: 1 6-00396
RE I
Requesting Department: Finance Department
Commission Meeting Date: 04/28/2016 District Impacted: ALL
Type: El Resolution [1 Ordinance n Emergency Ordinance [ Discussion Item
Other
Subject: Request for Qualifications (RFQ) 521381 Municipal Bond Underwriting Services
Purpose of Item:
Law Department
Matter ID No.
A. Resolution of the Miami City Commission, with attachment(s), accepting the proposals received on
December 16, 2015 and the recommendation of the City Manager approving the findings of the Evaluation
Committee, pursuant to Request for Qualifications ("RFQ") no. 521381 for the establishment of a Municipal
Bond Underwriting Services Pool (Pool) with fourteen (14) firms as listed on "Attachment 1", attached and
incorporated hereto, for the provision of municipal bond underwriting services for the Finance Department;
authorizing the City Manager to execute a Professional Services Agreement(s) ("Agreement"), in substantially
the attached form, for an initial period of four (4) years, with the option to renew for four (4) additional one (1)
year periods; further authorizing the City Manager to administratively accept an assignment, in a form
acceptable to the City Attorney, of any executed Agreement without further City Commission action, unless the
assignee of said Agreement is not a financial institution evaluated in this RFQ process; authorizing the
allocation of funds to be determined at such time of any future financing through the proceeds of the municipal
bonds to be issued.
Background Information:
Please see attached for background information.
Budget Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No: As required by the department.
Special Revenue Account No: N/A
CITP Project No: N/A
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost: N/A
Maintenance Cost: N/A
Total Fiscal Impact: Allocating funds, through the proceeds of municipal bonds issued.
Final Approvals
SIGN AND DATE ;72
CITP Bud _ t, .} 3 ., 2 ' /6)
If using or receiving capital funds
Grants N/A
Procurement
Chief
Risk Management N/
Dept. Director
City Manager
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Request for Qualifications (RFQ) 521381 Municipal Bond Underwriting Services
BACKGROUND INFORMATION:
The City of Miami ("City") has a need for the provision of Municipal Bond Underwriting Services. The issuance
of bonds is needed in connection with the advancement of the City's Capital Improvement Program, with the
purpose of developing structure and overall marketing strategy on bond transactions. Request for Qualification
("RFQ") No. 521381 was advertised under full and open competition. On December 16, 2015, fifteen (15)
Proposals were received in response to the solicitation. Proposals were evaluated pursuant to the guidelines in the
written document by an Evaluation Committee ("Committee") appointed by the City Manager. The Committee
members ranked the proposals and determined that proposals scoring an average of 72 points and above, out of an
available 100 points, should be recommended for inclusion in the Pool.
The Committee recommended to execute a PSA with the following proposers:
1. Merrill Lynch, Pierce, Fenner, & Smith Incorporated
2. Wells Fargo Bank, N.A.
3. Estrada Hinojosa & Company, Inc.
4. Jeffries, LLC
5. Janney Montgomery Scott LLC
6. Raymond. James & Associates, Inc.
7. PNC Capital Markets LLC
8. Stifel, Nicolaus & Company, Incorporated
9. Siebert, Brandford, Shank & Co., LLC
10. Citigroup Global Markets, Inc.
11. Goldman, Sachs & Co. Limited
12. J.P. Morgan Securities LLC
13. Stem Brothers & Co.
14. Drexel Hamilton, LLC
Establishment of a pre -qualified pool provides the City with an expedited selection of firms with the requisite
expertise for the required Bond Underwriting Services.
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