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Home My WebLink About1984-01-13 - City Commission Special Meeting MinutesL 7 MAIL REPLY TO: P.O. sox 25010 TAMARAC, FLORIDA 33320 5811 NORTHWEST 88TH AVENUE 0 TAMARAC TELEPHONE (305) 722-5900 January 13, 1984 NOTICE OF SPECIAL MSETING CITY COUNCIL OF TAMARAC, FLORIDA There will be a Special Meeting of the City Council on Tuesday, January 17, 1984 at 8:30 A.M. in the Council Chambers of City Hall, 5811 N. W. 88th Avenue, Tamarac, Florida. FLORIDA 33321 The purpose of the meeting is discussion and possible action on staff recomnendations to appoint a Financial Advisor for the March Bond issue. The City Council may consider such other business as may come before it. The Public is invited to attend. Carol A. Evans Assistant City Clerk Pursuant to Section 286.0105, Florida Statutes If a person decides to appeal any decision rr a ' : bycity Council with respect to any matter considered +t c:L or tearing, he will need a record of the proceeding;; a,, _; r :r such purpose, he may need to ensure that a verbatim record irioludes the testimony and evidence upon which the appeal is to be based. CITY OF TAMARAC, FLORIDA� SPECIAL CITY COUNCIL MEETING JANUARY 17, 1984 Tape Mayor Falck called the meeting to order on Tuesday, January 17, 1984 1 at 8:30 A.M. in the Council Chambers. ROLL CALL: PRESENT: Mayor Walter W. Falck Vice Mayor Helen Massaro Councilman Philip B. Kravitz Councilman David E. Krantz Councilman Jack Stelzer ALSO PRESENT: City Manager, Laura Z. Stuurmans City Attorney, Jon M. Henning Assistant City Clerk, Carol A. Evans Secretary, Roslyn Brauner Mayor Falck read the Notice of the Special Meeting into the record Appointment of Financial Advisor for the March Bond Issue - Discussion and possible action. SYNOPSIS OF ACTION: Appointment made of Dean Witter Reynolds, Inc. as Financial Advisor Mayor Falck stated that staff has provided Council with information and a recommendation. City Manager Stuurmans said that after the Council meeting last Wednesday, staff met with the two firms of Southeastern Municipal Bonds and Dean Witter. Reynolds. She said it was a difficult decision to make because of the quality of both firms; and staff has reached the decision to recommend that the City employ the services of Dean Witter- Reynolds, Inc. She said the basis of that decision, in citing only the primary differences found between the two firms, is that Dean Witter Reynolds, Inc. has a larger distribution network, which is important to an issuing agency. Mrs. Stuurmans explained that in addition, they worked on more occasions as a Financial Advisor, whereas Southeastern has more often worked as an underwriter to a bond issue. Also, Dean Witter Reynolds has previously worked on the City's bond counsels as well as their existing auditing firm. The City Manager said Councilmembers received attached to her memorandum, a breakdown that Steve Wood had prepared following the meetings with both firms. She said the best way to review these would be in terms of what they have offered as a whole, although Steve Wood has made projections based upon the size of the issue. Mrs. Stuurmans stated that Southeastern has offered,as a negotiated sum for the general obligation bond issue, to perform the work at an amount of $16,000.00 regardless of size. For the City's revenue bonds, they are offering $3.00 per thousand for a revenue issue up to $8,000,000.00, which is a lower sum than will be requested in terms of authorization, as funding is expected. City Manager Stuurmans said Dean Witter- Reynolds, Inc. has offered for the general obligation issue of up to $10,000,000.00, a rate of $3.00 per thousand; and for the revenue issue of up to $10,000,000.00, $2.40 per thousand. She said they have placed an out-of-pocket maximum on their services of $1,500.00 per issue. Should the actual revenue issue exceed $10,000,000.00 and go to the $15,000,000.00 authorized, between the $10,000,000.00 and $15,000,000.00, the rate would be $1.60 per thousand She said these rates will be built into a subsequent letter of agreement between the City and the consulting service. -1- 1/17/84 /rb V/M Massaro said she has always 'felt through her dealings with various bond counsels in the past, that Dean Witter Reynolds are fine people to deal with. She said she is assuming this is the same firm who at one time was Reynolds Company. Mr. Steve Wood said that over a long period of time, Dean Witter had combined resources with other companies. He said there was a Reynolds Securities, but lie does not know whether that is the same firm. C/11 Krantz said there was a Reynolds Company up north, with branches throughout the country, and they combined with Dean Witter He asked whether Stanley Ross will be handling the City's account; and City Manager Stuurmans said he will be. She said their offices are in Miami and this is another point staff considered, as the offices of Southeastern are in Orlando, although they would be able to reach the City very quickly. She said Mr. Ross, who will be handling the City's account, works very closely with the City of Fort Lauderdale as their financial advisor. C/M I:ravitz said he is assuming that time is of the essence in this matter; and the City Manager said it is. She said once the appointment is made by Council today, staff will be meeting with the financial advisor to review some drafting work the bond counsel has prepared for the City. C/M Kravitz MOVED to appoint the firm of Dean `.Witter. Reynolds, Inc. as the Financial Advisor to the City. SECONDED by V/M Massaro. VOTE: ALL VOTED AYE City Attorney Jon Henning said that on the subject of the municipal complex, which is related to the bonds, at a recent Charter Board meeting Craig Kenyon addressed the Board. After some discussion, by Motion, the Charter Board passed a recommendation to the City Council, which will be coming out in their minutes, that there be a site analysis done for the Commercial Boulevard site, similar to the work that was done for the 88! Avenue site. Mr. Henning stated that most of the work in the booklet received by Council, was an analysis of the present City Hall, as well as an analysis of the City staff and its needs and projections for future growth. He said 'the cost of that analysis was either $27,000.00 or $29,000.00. Mr. Kenyon gave staff a fixed figure of $2,400.60 for additional siting work to provide the City with an analysis of the placement of the three buildings on the Commercial Boulevard site. City Attorney Henning said at 9:00 A.M. today, he has an appointment with the City's bond counsel, to discuss the referendum questions, and an attempt is being made to draft the questions explaining the location as well as the authorization for the construction. Mr. Henning said the Charter Board passed this unanimously, although Council has not yet reviewed the minutes. He said he feels perhaps Council would want to consider this recommendation by the Charter Board at the next Council meeting. Mr. Henning said he is assuming this analysis would be complete in about two weeks. Mrs. Stuurmans said that is correct as the most extensive portion of the earlier review was analyzing the current City Hall and projecting what the future space needs would be; and this would be a much shorter analysis. V/M Massaro said she feels Council should not act on this today. However, Council should refer to the earlier plans prepared by the.;architects at the point in time when the City considered building a City Hall complex on that site. She feels before additional money is spent, Council should review that, so a better determination can be made as to whether it would be worth while to spend money at that location as many things must be considered. 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