DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Approving a Financial Underwriter Syndicate
SUMMARY:
This Ordinance authorizes and approves a Financial Underwriter Syndicate selected from the Financial Underwriting Pool for financings of: Airport System Revenue Refunding Bonds, Series 2019 (AMT) and Passenger Facility Charge and Subordinate Lien Airport System Revenue Refunding Bonds, Series 2019 (AMT).
BACKGROUND INFORMATION:
The City established a Financial Underwriting Pool ("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 Pool. Once a potential bond financing transaction is identified, an underwriting syndicate is selected from firms within the Pool. The roles of each firm in the syndicate are 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 Pool can potentially serve in the capacity of Senior, Co-Senior, or Co-Managing Underwriter.
The Finance Department and the City's Co-Financial Advisors met to review and finalize recommendations for the Financial Underwriter Syndicate for financings for the Airport System Revenue Refunding Bonds, Series 2019 (AMT) and Passenger Facility Charge and Subordinate Lien Airport System Revenue Refunding Bonds, Series 2019 (AMT).
The Proposed Financial Underwriter Syndicate is included in Exhibit I.
In the development of the proposed syndicate for these transactions, consideration was given to the following:
1. Background and expertise of firm, lead banker, and lead underwriter.
2. Performance on past City financing transactions.
3. Customer service and innovative ideas presented to the City and the City's Co-Financial Advisors.
4. Capitalization and the f...
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