HomeMy WebLinkAbout2000 08 14 Regular J Utility Bond Issues
City Manager Department
Agenda Item Consent "J"
August 14, 2000
Page 1 of2
COMMISSION AGENDA
ITEM J
CONSENT X
INFORMATIONAL
PUBLIC HEARING
REGULAR
8-14-00
Meeting
MGR. ~ /DEPT
Authorization
REQUEST: The City Manager requesting the Commission to authorize
underwriters for the Utility Fund Bond issue.
PURPOSE: The City is preparing to issue a new long term utility bond that will refund
the July 16, 1999 $3.025 million 10 year note and provide $4 million dollars
in additional funds for water and sewer improvements including the
improvements for the Town Center.
First Union has recently made the corporate decision to terminate their
public finance operations and are therefore no longer available to be involved
in city financings.
John White from First Union left First Union and took a position with First
Southwest. John has requested that First Southwest replace First Union on
the city's list of underwriters.
The Commission has several alternatives:
1. Replace First Union with First Southwest to be the lead manager and
William R. Hough to be the co-manager.
I believe this action would be totally improper since First Southwest was
never considered through an R.F.P, selection process.
2. Allow William R. Hough to be the lead manager and one or more of the
other underwriters on the approved list to be co-managers.
I do not support this alternative since William R. Hough was never
considered to serve a larger role than co-manager.
City Manager Department
Agenda Item Consent "J"
August 14, 2000
Page 2 of2
3. Appoint one or the other lead managers on the approved list to be the
lead manager and allow the others to be co-managers.
I believe this to be the best alternative.
Prager, McCarthy & Sealy, LLL is not being considered since they were
placed on the list solely because of their possible involvement in the
Town Center if a Town Center Tax Increment District were to be
needed.
RECOMMENDATION:
I am recommending that Hanifen, Imhoff Inc. be the lead manager and William R.
Hough and Gardnyr Michael Capital, Inc. be co-manager on the bond issue.
ATIACHMENTS:
March 22, 1999 Agenda Item "E"
COMMISSION ACTION:
COMMISSION AGENDA
ITEM E
Consent X
Informational
Public Hearin
Re ular
March 22, 1999
Meeting
MGR R~EPT.
Authorization
REQUEST: City Manager requesting the City Commission to appoint
underwriters for various financing over the next three years.
PURPOSE: This agenda item is needed to have underwriters appointed for
capital improvement needs the City anticipates over the next three years.
CONSIDERATION:
Request for proposals from underwriters were published in February 1999.
The City anticipates financing over the next three years including the
following:
1. Improvement Refunding Issue for parks.
2. Water/Sewer for refinancing of existing debt and Town Center utility
needs.
3. Assessment Issues for Tuscawilla and Oak Forest Beautification
Districts.
4. Possible Town Center Issue for improvements for the Town Center.
Five proposals were received as follows:
William R. Hough & Company
Gardnyr Michael Capital, Inc.
Hanifen, Imhoffm Inc.
Prager, McCarthy & Sealy, LLC
First Union Capital Markets Corp.
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An evaluation committee made up of the City Manager, City Finance
Director and City Financial Advisor met and evaluated the proposals on
March 3, 1999.
RECOMMENDATION:
1. Improvement Refunding Issue Hanifen, Imhoff, Inc.
Gardnyr Michael Capital, Inc.
2. Water and Sewer Issue First Union Captal Marketing Corp.
William R. Hough & Company
3. Assessment Issue Gardnyr Michael Capital,lnc.
Prager, McCarthy & Sealy, LLC
4. Town Center Issue Prager, McCarthy & Sealy, LLC
First Union Capital Markets, Corp.
Proposals are available in the City Managers office for any
Commissioner who desires to see them.
FUNDING:
None
ATTACHMENTS:
None
COMMISSION ACTION:
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