DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: All
SUBJECT:
Approving the extension of the Financial Underwriting Pool and approving the Financial Underwriter Syndicates
SUMMARY:
A. This ordinance authorizes and approves the same terms and conditions for the first renewal term for the 2011 City of San Antonio Financial Underwriting Pool from which Financial Underwriter Syndicates will be selected and approved by City Council for various financings for the period commencing October 1, 2014 and ending September 30, 2015.
B. This ordinance approves the Financial Underwriter Syndicates selected from the Financial Underwriting Pool for financings of: (1) General Improvement and Refunding Bonds, Series 2014, Combination Tax and Revenue Certificates of Obligation, Series 2014, and Tax Notes, Series 2014, (2) General Improvement Refunding Bonds, Series 2014, and (3) Customer Facility Charge and Subordinate Lien Airport System Revenue Improvement Bonds, Series 2015.
BACKGROUND INFORMATION:
The City established a Financial Underwriting Pool ("Underwriting Pool") comprised of firms to be utilized for the selection of underwriting syndicates for financial transactions effectuated by the City over the term of the Underwriting Pool. Once a potential bond financing transaction is identified, an underwriting syndicate will be selected from firms within the Underwriting Pool. Their roles will be determined based on performance and innovative ideas presented to the City and to the City's Co-Financial Advisors, in addition to other considerations including capital position and sales and distribution capabilities. Firms included in the Underwriting Pool can potentially serve in the capacity of Senior, Co-Senior, or Co-Managing Underwriter. The underwriting syndicate for a bond issuance will subsequently be presented to City Council for consideration in connection with such future financing transactions.
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