HomeMy WebLinkAboutCity of Tamarac Resolution (124)1
Temp. Resolution # 9772
April 30, 2002
Page 1
CITY DF TAMARAC
RESOLUTION No. R-2002-124
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE SELECTION
OF WILLIAM R. HOUGH & COMPANY FOR SENIOR
MANAGING UNDERWRITER IN CONNECTION WITH THE
INTENT TO ISSUE SALES TAX REVENUE BONDS NOT TO
EXCEED $13,500,000 TO FINANCE THE CONSTRUCTION
OF A FIRE STATION A DEVELOPMENT SERVICES
BUILDING, A PUBLIC I WORKS STORAGE BUILDING,
PARKS AND RECR ATIONAL FACILITIES, LAND
ACQUISITION, SITE WORK, STREET IMPROVEMENTS,
AND OTHER CAPITAL; IMPROVEMENTS WITHIN THE
CITY; PROVIDING FOI� CONFLICTS; PROVIDING FOR
SEVERABILITY; AND OROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City Commission of the City of Tamarac, Florida, has
expressed interest in moving forward v�ith construction of a fire station, a development
services building, a public works storage building, parks and recreational facilities, land
acquisition, site work, street improvements, and other capital improvements within the
City; and
WHEREAS, based on current niarket conditions, a public offering of revenue
bonds has been determined by the City and its financial advisor, Public Financial
Management, Inc., as a cost effective means of financing compared to other financing
alternatives; and
Temp. Resolution # 9772
April 30, 2002
Page 2
WHEREAS, the City Manager and Assistant City Manager/Interim Director of
Finance have determined that underwriter services is necessary and appropriate for
the structure and issuance of a public offering; and
WHEREAS, the City solicited proposals from qualified firms through a Request
for Proposals (RFP 02-20R); and
WHEREAS, seven proposals were received as follows: Commerce Capital
Markets, Inc.; First Southwest Company; Morgan Keegan; RBC Dain Rauscher, Inc.;
Salomon Smith Barney; Stifel, Nicolaus; and William R. Hough & Co.; and
WHEREAS, the City's financial advisor, Public Financial Management, Inc.
along with the Assistant City Manager/Interim Director of Finance, Purchasing and
Contracts Manager, and Finance and Policy Officer, evaluated the proposals and
presentations; and
WHEREAS, The City Manager and the Evaluation Committee, after due
consideration and an extensive analysis and comparison of the proposals completed
by PFM, recommended the selection of Salomon Smith Barney to serve as
Underwriter for the issuance of bonded debt; and
WHEREAS, during the City Commission Workshop held on March 25, 2002, the
Commission expressed an interest in interviewing all firms submitting proposals for
underwriting services; and
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WHEREAS, subsequent to the
Temp. Resolution # 9772
April 30, 2002
Page 3
mission's expression of interest on April 8,
2002, all firms were invited to make pr4sentations and be interviewed; and
WHEREAS, following the prese
directed staff to move forward with
Markets, Inc. as senior managing and
WHEREAS, City staff negoti
and submitted the award resolution to
Commission meeting; and
ns and interviews, the City Commission
ng a contract with Commerce Capital
ter for the City's proposed bond issue; and
a contract with Commerce Capital Markets
City Commission on the April 24, 2002
WHEREAS, during the Commission discussion regarding this item, Vice Mayor
Portner recused himself from voting doe to a conflict of interest and the award to
Commerce Capital Markets was denied; and
WHEREAS, subsequently, a mgtion was made directing staff to negotiate a
contract with William R. Hough & Company; and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be
in the best interest of the citizens and residents of the City of Tamarac to approve the
underwriter firm of William R. Hough &I Company as the Senior Managing Underwriter
of the proposed bond issuance for the (construction of a fire station, a development
services building, a public works storage building, parks and recreational facilities, land
acquisition, site work, street improvements, and other capital improvements within the
City.
Temp. Resolution # 9772
April 30, 2002
Page 4
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing WHEREAS clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
resolution.
SECTION 2: The selection of William R. Hough & Company as Senior
Managing Underwriter for the issuance of revenue bonds not to exceed $13,500,000
for the construction of a fire station, a development services building, a public works
storage building, parks and recreational facilities, land acquisition, site work, street
improvements, and other capital improvements within the City is hereby authorized.
SECTION 3: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict. '
SECTION 4: If any clause, section, other part or application of this Resolution is
held by any court of competent jurisdiction to be unconstitutional or invalid, in part or in
application, it shall not affect the validity of the remaining portion or applications of this
Resolution.
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Temp. Resolution # 9772
April 30, 2002
Page 5
SECTION 5: This Resolution sholl become effective immediately upon its
adoption.
PASSED, ADOPTED, AND APPROVED this 8t" day of May, 2002.
ATTEST:
MARIO SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that I
have approved this
EY
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION VOTE:
11iMIAYOR SCHREIBER _A1ve,
IST 1: V/M. PORTNER Ayes_
IST 2: COMM. MISHKIN ExctAAg&
IST 3: COMM. SULTANOF_flve,
[FIST 4: COMM. ROBERTS A e,