HomeMy Public PortalAbout10-8117 First Southwest Sponsored by: City Manager
RESOLUTION NO. 10-8117
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OPA-LOCKA, FLORIDA AWARDING THE CONTRACT FOR
FINANCIAL ADVISORY SERVICES TO FIRSTSOUTHWEST AS
THE MOST RESPONSIVE BIDDER, FURTHER AUTHORIZING
THE CITY MANAGER TO ENTER INTO AND EXECUTE AN
AGREEMENT WITH FIRST SOUTHWEST FOR THE
PROVISION OF FINANCIAL ADVISORY SERVICES IN AN
AMOUNT BASED ON THE VALUE OF THE BONDS ISSUED,
PAYABLE FROM ACCOUNT NO. 17-513312; PROVIDING FOR
INCORPORATION OF RECITALS; PROVIDING FOR AN
EFFECTIVE DATE.
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 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 issuance of Series 2010A Bonds; and
WHEREAS,the City Commission of the City of Opa-locka desire to engage the services
of a financial advisor; and
WHEREAS, the City issued an RFQ for the services of a financial advisor, and the City
Manager is recommending First Southwest be selected:
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF OPA-LOCKA,FLORIDA:
Section 1. The recitals to the preamble here are incorporated by reference.
Section 2. The City Manager is hereby authorized to enter into and execute an
agreement for financial advisory services with First Southwest in an amount based on the value
of the bonds issued, payable from Account No. 17-513312.
Resolution No. 10-8117
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 8th day of September, 2010.
JO ',•.�.. LEY
MA • ' \
Attest to:
4: "(I
Deborah S. by Joep S. Geller
City Clerk City Att. ey
Ifj
Moved by: JOHNSON
Seconded by: TAYLOR
Commission Vote: 4-1
Commissioner Holmes: YES
Commissioner Johnson: NO
Commissioner Tydus: YES
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 7. Timothy Holmes
Commissioner Rose Tydus
FROM: C al ra ce Patter n, y Manager
DATE: August 19,2010
RE: Resolution: Financial Advisory Services
Request: A RESOLUTION OF THE CITY OF OPA-LOCKA, FLORIDA AWARDING
THE CONTRACT FOR FINANCIAL ADVISORY SERVICES TO
FIRSTSOUTHWEST AS THE MOST RESPONSIVE BIDDER, FURTHER
AUTHORIZING THE CITY MANAGER TO CONTRACT WITH
FIRSTSOUTHWEST FOR THE PROVISION OF FINANCIAL ADVISORY
SERVICES PAYABLE FROM ACCOUNT NUMBER 17-513312.
Description: The financial advisor will assist the City to carry out the planned refinancing of the
1994 Revenue Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds.
Account Number: #17-513312, Other Professional Services
Financial Impact: The cost of this service will be included in the cost of issuance of the bonds.
Approximately $800,000 of the bond proceeds has been projected in FY 2010-
2011 budget.
Implementation Timeline: Fiscal Year 2010-2011
Legislative History: Resolution No. 10-8056
Recommendation(s): Staff recommends approval.
Analysis: The City's current needs of capital expenditures require multi-year funding. The City
would like to use its current revenue sources and leverage it to obtain capital funding
NOW and perform much needed capital projects sooner than later. This undertaking
would be best carried out with the guidance of a financial advisor.
Attachments: Resolution No. 10-8056.
PREPARED BY: Ezekiel Orji, Asst. City Manager/Finance Director
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 28`" day of April, 2010.
JOSE' -.. KELLEY
MA' OR
Approved as to foam and legal sufficiency:
Attest to
1 f
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D-.orali S. Jos!' "S. ller
City Clerk In im Cit h 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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