HomeMy WebLinkAboutCity of Tamarac Resolution R-98-157Ll
1
Temp. Resolution # 8229
April 21, 1998
Page 1
CITY OF TAMARAC
RESOLUTION NO. R-98- 15/
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE SELECTION
OF FIRST UNION CAPITAL MARKETS CORPORATION,
FOR SENIOR MANAGING UNDERWRITER IN
CONNECTION WITH THE INTENT TO ISSUE REVENUE
BONDS NOT TO EXCEED $15,000,000 FOR THE REPAIR,
RESURFACING AND IMPROVEMENT OF PUBLIC ROADS
WITHIN THE CITY; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Tamarac, Florida, approved on
November 26, 1997, Resolution Number R-97-283, authorizing the intent to issue
revenue bonds not to exceed $15 million for the repair, resurfacing and improvements
of public roads within the City; and
WHEREAS, based on current market 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
WHEREAS, the City Commission has determined that underwriter services is
necessary and appropriate for the structure and issuance of a public offering; and
Temp. Resolution # 8229
April 21, 1998
Page 2
WHEREAS, the City solicited proposals from qualified firms through a Request
for Qualifications (RFQ) and Request for Proposals (RFP); and
WHEREAS, an Evaluation Committee comprised of the City Attorney, Assistant
City Manager/Director of Finance, Director of Public Works, Purchasing and Contracts
Manager, Assistant to City Manager, Fiscal Services Manager, Investments and
Financial Analyst, and the City's financial advisor, Public Financial Management, Inc.,
evaluated the proposals and presentations; and
WHEREAS, five RFQ proposals were received, four from underwriting firms:
Prudential Securities, A.G. Edwards & Sons, Inc., First Union Capital markets, and
William R. Hough & Co. and one from a pooled loan program, Capital Projects Finance
Authority; and
WHEREAS, Capital Projects Finance Authority proposal was disqualified for not
adhering to the RFQ and not being qualified to underwrite bonds; and
WHEREAS, the remaining four firms, Prudential Securities, A.G. Edwards &
Sons, Inc., First Union Capital Markets, and William R. Hough & Co., were invited to
respond to the second phase of the process by submitting an RFP; and
WHEREAS, The City Manager and the Evaluation Committee, after due
consideration and an "apples to apples" comparison of the proposals completed by
PFM, recommend the selection of First Union Capital Markets to serve as Underwriter
for the issuance of bonded debt financing for the repair, resurfacing and improvement
of public roads within the City; and
WHEREAS, First Union Capital Markets provides the least overall cost, the
Temp. Resolution # 8229
. April 21, 1998
Page 3
lowest underwriter's discount, the ability to finance the street resurfacing project with
one (1) issuance of bonds with minimal risk, and flexibility to amend the structure or
provide alternative financing; and
WHEREAS, the selection of First Union Capital Markets as Senior Managing
Underwriter does not obligate nor prevent the City from exploring other financing
alternatives such as a bank loan or pay-as-you-go financing; 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 First Union Capital Markets as the senior manager of the proposed
bond issuance for the repair, resurfacing and improvement of public roads within the
City.
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 First Union Capital Markets as Senior Managing
Underwriter for the issuance of revenue bonds not to exceed $15 million for the repair,
resurfacing and improvement of pubic roads 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
Temp. Resolution # 8229
April 21, 1998
Page 4
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.
Section 5: This Resolution shall become effective immediately upon its adoption.
PASSED, ADOPTED AND APPROVED this __,,U day of , 1998.
ATTEST:
MAYORd6E SCHREIBER
I HEREBY CERTIFY that I have
this Resolution as
C(HELL S. KR '-'
'CITY ATTORN Y
RECORD OF COMMIS ON VOTE
MAYOR
SCHREIBER
DIST 1:
COMM. McKAYE
DIST 2:
W A MISHKIN
DIST 3:
DIST 4:
COMM. SULTANOF
COMM. ROBERTS
Finance/IP