DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Approving the extension of the Financial Underwriting Pool and approving a Financial Underwriter Syndicate
SUMMARY:
A. This ordinance authorizes and approves the same terms and conditions for the second renewal term for the 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, 2020 and ending September 30, 2021.
B. This ordinance approves the Financial Underwriter Syndicate selected from the Financial Underwriting Pool for financing of General Improvement and Refunding Bonds (Tax Exempt); General Improvement Refunding Bonds (Taxable); Combination Tax and Revenue Certificates of Obligation (Tax Exempt and Taxable); and Tax Notes to be issued in August 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. On October 3, 2019, City Council approved the selecti...
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