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HomeMy WebLinkAbout1985-11-06 - City Commission Special Meeting Minutes-6 MAIL REPLY TO: P.O. BOX 25010 TAMARAC, FLORIDA 33320 5811 NORTHWEST 88TH AVENUE TAMARAC, FLORIDA 33321 TELEPHONE (305) 722.5900 November 4, 1985 NOTICE OF SPECIAL MEETING CITY COUNCIL OF TAMARAC, FLORIDA There will be a Special Meeting of the City Council on Wednesday, November 6, 1985, at 11:30 A.M. in the West Conference Roam of City Hall, 5811 NW 88 Avenue, Tamarac, Florida. The purpose of the meeting is discussion and possible action on TUW Revenue Bonds - Selection of Underwriters. The public is invited to attend. Carol E. Barbuto Assistant City Clerk Pursuant to Section 286.0105, Florida Statutes If a person decides to appeal any decision made by the city Council with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings and for such purpose, he may need to ensure that a verbatim record inciud<:s the testimony and evidence upon which the appeal is to be based. AN EQUAL OPPORTUNITY EMPLOYER POLICY OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS .0 CITY OF TAMARAC, FLORIDA SPECIAL CITY COUNCIL MEETING November 6, 1985 Tape 1 CALL TO ORDER: Mayor Kravitz called the meeting to order on Wednesday, November 6, 1985, at 11:30 A.M. in the West Conference Room of City Hall. ROLL GALL: PRESENT: Mayor Philip B. Kravitz Vice Mayor Helen Massaro Councilman Raymond J. Munitz Councilman Sydney M. Stein ALSO PRESENT: Councilman Arthur H. Gottesman Larry Perretti, Acting City Manager Jon M. Henning, City Attorney Patricia Marcurio, Secretary Mayor Kravitz read the call to the meeting which stated that the purpose of this meeting is discussion and possible action on TUW Revenue Bonds -- Selection of Underwriters. Mr. Henning said he sent Council a memo on 11/1/85 which indicated that the staff Selection Committee, at their last meeting, agreed on a ranking of the five proposals for bond underwriters. He said the memo indicates that the ranking was William H. Hough & Co. for Senior Manager and Shearson Lehman Brothers, Inc. as Co -Manager. He said it was felt by the Committee that this would give the City immediate access to work on the bond issue by having a Florida specialist along with a broad -based retail broker. Mr. Henning said Council members have indicated that they would like to meet and interview all five of the companies who made proposals. He said the purpose of this meeting was to give Council the staff recommendation to accept the Committee's ranking and authorize the City staff to proceed with negotiations and to present to Council a proposed contract with the bond underwriters. Mr. Henning said he was on the phone with Gerry Heffernan, the City's Bond Counsel, and the main concern is timing. He distri- buted copies of a calendar he prepared for Council's review to show what is happening for the rest of this year. He said in a refunding issue, the City has been advised that the refunding portion of the old issue must be sold in 1985. He said they have been advised that a Tuesday and Wednesday or a Wednesday and a Thursday are preferable and the latest preferred sale would be December 17th and 18th. Mr. Henning said there is a 21-day period that the City needs counting backwards from December 17th and that would be November 25th. He said the interest rates must be established, approval must be given for award of the sale and various documents and bond counsel has advised that meeting may be held on November 21st for the final approval of all the documents for the sale. Mr. Henning said he tentatively scheduled negotiations with the first two choices for 11/7/85 and, assuming that an agreement were reached, it would come back to Council with them preparing the documents for Council approval on November 21st. He said even two weeks from tomorrow is tight scheduling and bond counsel's concern is that the City move expeditiously. He said a representative would be available to meet with the Selection Committee tomorrow if Council approves. 1 11/6/85 1j /pm Mayor Kravitz said he felt all five underwriting companies should address Council and Mr. Henning suggested that Council interview these people at a Special Council Meeting on Friday, 11/8/$5. V/M Massaro noted that discussion today only concerned the under- writers and she questioned whether the Financial Advisor was an accomplished fact. Mr. Henning said they have been advised to keep the Financial Advisor and he has been working with Craig Dunlap from Dean Witter in Tallahassee. He also be addressed at the Special Meeting on Friday.saxd this could Mr. Henning noted that all applicants proposed are capable. C/M Munitz asked who was on the Selection Committee and Mr. Henning said he is on the Committee with the Finance Director, Soley Goldbergr as Aide to V/M Massaro, Gerry Heffernan, as Bond Counsel, and Craig Dunlap, Financial Advisor of Dean Witter, who has been available by telephone during the meetings. Mr. Henning suggested Council Move to Deny the staff recommendation and a Motion to establish appointments for interviewing and ranking. V/M Massaro MOVED that the staff recommendations be DENIED as to the selection of underwriters. On 11/8/$5, at a Special Council Meeting, there will be interviews and ranking of the underwriters With discussion and possible action concerning the function and need of the Financial Advisor. Mr. Henning said the City has a Financial Advisor, Dean Witter Reynolds, hired by Resolution, Letter of Contract. He said in that letter it indicates that the lead people will be Craig Dunlap of Tallahassee and Stan Ross of Miami. He noted that there is not time for the City to get a new Financial Advisor. C/M Stein SECONDED the MOTION. C/M Munitz said he would prefer two separate Motions because he had different feelings on each. V/M Massaro WITHDREW her previous MOTION, as did C/M Stein as the SECOND. V/M Massaro MOVED to DENY the recommendation of the Selection Committee, SECONDED by C/M Stein. C/M Munitz said this is the portion he objected to since he feels that by denying the Selection Committee's recommendations, Council is indicating a lack of confidence in the Selection Committee and he would be comfortable in adopting their recommendations. VOTE: C/M Stein Aye C/M Munitz Nay V/M Massaro Aye Mayor Kravitz Aye 1 I- 2 11/6/85 /pm r V/M Massaro MOVED that Council have a Special Meeting on Friday, 11/8/85 for discussion and possible action on the interviewing,of all five underwriters and discussion relative to the Financial Advisor. SECONDED by C/M Stein. F-i 1 VOTE• C/M Stein Aye C/M Munitz Nay V/M Massaro Aye Mayor Kravitz Aye Mr. Henning suggested Council consider having a Special Meeting on either November 20 or 21 to approve all the documents needed. Mayor Kravitz adjourned the meeting at 12.00 P.M. MAYOR TEST: C Y C ERK This document is promulgated at a cost of $20.00 or $.55 per copy to inform the general public and public officers and employees about recent opinions and considerations by the City Council of the City of Tamarac. CITY OF TAMARC RAVED AT MEETING OF City Clerk 3 11/6/85 /pm