DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: All
SUBJECT:
Approving the Ratification of the Second Amendment and Extension of the City of San Antonio Financial Advisor Services Contracts.
SUMMARY:
This ordinance authorizes and approves the ratification of the Second Amendment and Extension of the City of San Antonio Financial Advisor Services for a term to expire on March 31, 2021.
BACKGROUND INFORMATION:
The City contracts with qualified firms to provide financial advisor services to assist the City in the management of its various debt programs and the design and issuance of bonds, certificates of obligation, tax notes, and other financial instruments, as may be required. Financial advisor services include, but are not limited to, quantitative analysis, evaluation and presentation of financing options, provision of timely credit market information, preparation of offering documents, advice and assistance with the issuance, sale and delivery of debt instruments, as well as, attending meetings and on-going services after the successful delivery of a debt issuance.
On March 31, 2016, City Council approved Financial Advisor Services Contracts (the "Contracts") with Coastal Securities, Inc. and Hilltop Securities, Inc., respectively, to provide financial advisor services in connection with the City's financings for a term beginning April 25, 2016 and ending March 31, 2019, with the option to extend for one (1) additional two (2) year term. On March 30, 2017, City Council approved the assignment by Coastal Securities, Inc. of all its interest in the Financial Advisor Services Contract to FTN Financial Municipal Advisors in connection with a merger and acquisition between the two parties.
On December 14, 2018, the City released a Request for Proposals ("RFP") for Financial Advisor Services due to turnover of personnel in the firms that served as the City's Co-Financial Advisors. On January 30, 2019, 8 proposals w...
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