DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Approving a Financial Underwriter Syndicate
SUMMARY:
This ordinance approves a Financial Underwriter Syndicate selected from the Financial Underwriting Pool for the City Tower related financings which are anticipated to occur in FY 2021.
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.
The Finance Department and the City's Co-Financial Advisors met to review and finalize recommendations for the Financial Underwriter Syndicate for the City Tower related financings including: 1) Remarketing of City of San Antonio, Texas Variable Rate Combination Tax and Revenue Certificates of Obligation, Taxable Series 2016 and 2) City of San Antonio, Texas Local Government Finance Corporation Contract Revenue Bonds, Series 2021.
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. Capitalization and the firm's willingness to commit capital in recent transactions.
4. Expertise and experience in speci...
Click here for full text