HomeMy Public PortalAbout10-8056 RFQ for a Financial Advisor Sponsored by: City Manager
Resolution No. 10-8056
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA LOCKA, FLORIDA, TO AUTHORIZE THE
CITY MANAGER TO ADVERTISE A REQUEST FOR
QUALIFICATION(RFQ)FOR A FINANCIAL ADVISOR TO
OBTAIN FINANCING GUIDANCE FOR THE
REFINANCING OF THE SERIES 1994 REVENUE
REFUNDING BONDS AS SERIES 2010 BONDS AND THE
ISSUANCE OF SERIES 2010A BONDS.
WHEREAS, the City currently plans to refinance the City's Series 1994 Revenue
Refunding Bonds as Series 2010 Bonds and to issue Series 2010A Bonds; and
WHEREAS, the proceeds of the bonds will provide additional funds for capital
expenditures; and
WHEREAS, the City Commission of the City of Opa-locka needs the services of a
Financial Advisor to assist in carrying out the planned refinancing of the Series 1994 Revenue
Refunding Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds; and
WHEREAS, the City Commission of the City of Opa-locka desires to advertise a Request
for Qualifications for a Financial Advisor:
NOW,THEREFORE,BE IT DULY RESOLVED BY THE CITY COMMISSION OF
THE CITY OF OPA-LOCKA,FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa-locka authorizes the City Manager to
advertise a Request for Qualifications for a Financial Advisor to assist in carrying out the planned
bond refinancing of the City's Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and the
issuance of Series 2010A Bonds.
Resolution No. 10-8056
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 28th day of April, 2010.
JOSE' KELLEY
MA C)R
Approved as to fo,,1 and legal sufficiency:
Attest to
Ii• I al MI
.or. S. _ Jo ,FS. tiler W
City Clerk m Ci Attorney
Moved by: JOHNSON
Seconded by: TAYLOR
Commission Vote: 4-0
Commissioner Holmes: YES
Commissioner Johnson: YES
Commissioner Tydus: NOT PRESENT
Vice-Mayor Taylor: YES
Mayor Kelley: YES
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Memorandum
TO: Mayor Joseph Kelley
Vice-Mayor Myra L. Taylor
Commissioner Dorothy Johnson
Commissioner Timothy Holmes
o missioner' Rose Tydus
FROM: Clarance Patterson, City Manager
DATE: April 20,2010
RE: Request for Authorization to Issue Request for Qualifications for a Financial
Advisor
Request: RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA
LOCKA,FL AUTHORIZING THE CITY MANAGER TO ADVERTISE RFQ
FOR A FINANCIAL ADVISOR TO OBTAIN FINANCING GUIDANCE FOR
THE REFINANCING OF THE SERIES 1994 REVENUE BONDS AS
SERIES 2010 BONDS AND ISSUANCE OF SERIES 2010A BONDS.
Description: Included in the City's fiscal year 2009-2010 budget is $500,000 of revenue from planned
refinancing of the City's Series 1994 Capital Improvement Revenue Refunding Bonds
and the issuance of Series 2010 Bonds. The $500,000 is budgeted to provide additional
funds for capital expenditures. The City needs the services of a Financial Advisor to
carry out the planned bond refinancing and issuance.
The Series 1994 Capital Improvement Revenue has an outstanding balance of $5.815
million.
Financial Impact: Professional fees will be funded from the expected savings gain from refinancing and
financing transactions.
Implementation Timeline: Immediately
Legislative History: None
Recommendation(s): Staff recommends approval.
Analysis: Net proceeds from bond refinancing/financing will be used for capital improvement projects.
Attachments: None
PREPARED BY: Ezekiel Orji,PhD,CPA