DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-Wide
SUBJECT:
Extending the Financial Underwriting Pool for the City of San Antonio
SUMMARY:
A. This Ordinance authorizes and approves, on the same terms and conditions, the first renewal term for the Financial Underwriting Pool from which Financial Underwriting Syndicates will be selected and approved by City Council for various financings for the period commencing October 3, 2019 and ending September 30, 2020.
B. This Ordinance approves the selection of Frost Bank and M.E Allison & Co., Inc. for addition to the Financial Underwriting Pool from which Financial Underwriting Syndicates will be selected and approved by City Council for various financings for the period commencing October 3, 2019 and ending September 30, 2020.
BACKGROUND INFORMATION:
On June 15, 2017 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 initial term of the Underwriting Pool was from June 15, 2017 to September 30, 2019.
In an effort to promote the development of local businesses, after two years, the City provided local firms the opportunity to present their qualifications to be part of the Pool.
A local firm is defined as a business headquartered for one year or more or having an established place of business for one ...
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