DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Approving the Financial Underwriter Syndicate
SUMMARY:
This Ordinance authorizes and approves the Financial Underwriter Syndicate selected from the Financial Underwriting Pool for financings of: General Improvement and Refunding Bonds, Series 2016, Combination Tax and Revenue Certificates of Obligation, Series 2016, and Tax Notes, Series 2016.
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 is 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.
On May 19, 2011, City Council approved Ordinance 2011-05-19-0411 approving the selection of a Financial Underwriting Pool from which Financial Underwriter Syndicates would be selected and approved by City Council for various financings for a term beginning May 20, 2011 and ending September 30, 2014, with the City's option to renew under the same terms and conditions for two (2) additional one (1) year periods.
On May 29, 2014, City Council approved Ordinance 2014-05-29-0382 approving the first renewal term for the Financial Underwriting Pool from which Financial Underwriter Syndicate would be selected and approved by City Council for various financings for a term beginning October 1, 2014 and ending September 30, 2015.
On...
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