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RESPONSE 'fO
REQUESTFORPROPOSALS '
.FOR.
UNDERWRITING '. S.ERV ICES
CITx'"OF WINTER SPRINGS
February 17, 1999
Gardnyr Mi~haelCapital, Inc.
Wint~rPark,Florida ,
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February 17; 1999
GA~DNYR.MICHAEL CAPITAL, INC.
INVESTMENT BANKERS,l=iNANCIAL AND INVESTMENT ADVISORS
2281 Lee ~oad, Suite 104
Winter Park, Florida 32789
407/629-4600
Fax: 407/629-2101
Mr. Harry Martin
Finan.ce Director
City of Winter Spring!?
1126 East State Road 434 ,
Winter Springs, Florida 32708
Dear ML Martin:
, On behalf of Gardnyr Michael Capital, Inc. ("Gardfwr Michael") we,are pleased to submit this proposal to serve
as investment banker to the City of Winter Springs (the '!City"). Our firm will bring a unique combination of
expertise, local presence, innovation and commitment to service tha~ will assist the City in meeting its'
financing needs. '
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We believe our firm is well suited to assist the City for the following reasons:
. Florida-Based Firm. Gardnyr Michael is a 100% locally, owned and operated municipal investment
banking firm. Started in 1991, we are the only municipal firm 'headquartered in the Orlando/Central
Florida area afld one of only a few remaining Florida-based firms. In spite of recent consolidations,
failures and disciplinary actions within our industry, Gardnyr Michael has remained witho!.!t blemish, has
continued to grow outward. from the central.Florida base, and now has eighteen employees in five offices
in Florida; Alabama and New Jersey. . .
. Experience: personnel with the firm have over 100 years of combined experience in all areas of public
. finance including originations, research, computer analysis, trading, sales, and bond law: These
~individuals have been involved in well over 1,990 issue$ totalin'g m6rethan $10 billion throughout their
careers:
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. Local Area Experience. Our team leader:has prior experience with past bond issues, as well as, the
City's recent fire truck'lease. . . '
. Sales Ability. Gardnyr Michael has an excellent network of institutional and local retail salespeople with'
its offices in Alapama, Florida and New Jersey. Additionally, we recently formed a sales alliance with New
Jersey-based J.B. Hanauer & Co., giving us access to over 250 institutional and retail sales people.
Thank you for the opportunity to present our qualifications. We look forwar~ to continuing our long-sta'nding
relationship with the City.
Sincerely,
~c..~
Michael C. Stewart
Vice President
Alabama .
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Florida
. · . . . New Jersey'
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In Respo.nse to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17, 1999
1. Provide a brief history and organizational structure of your firm.
Gardnyr Michael Capital, Inc. was formed in 1991 by Jim Pietkiewicz and Pfilip Hunt. Prior
to forming the company, both principals worked for Southeastern Municipal Bonds, Inc.,
another Florida-based regional firm located in Orlando, Florida. Mr. Pietkiewicz served as the
senior trader and underwriter for that firm while Mr. Hunt served as a research analyst and
investment banker. Subsequent to forming Gardnyr Michael Capital, Inc., the company has
grown from two employees to eighteen with five offices in Florida, Alabiuna and New Jersey.
The company specializes in public finance and municipal leasing for cities, counties, states,
authorities, governmental agencies and not-for-profit corporations.
In recent years there has been a well advertised wave offailures, consolidations and mergers
within the industry as well as major criminal investigations and disciplinary actions. In spite
of this industry shakeout, Gardnyr Michael has continued to grow while remaining free of any
investigations and disciplinary actions that have plagued many of our industry's participants.
We now remain one of only a handful of Florida-based investment banking firms, and the
ONLY one headquartered in the Orlando-central Florida area.
The following chart graphically depicts the location and specialties of our respective offices.
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GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17, 1999
GARDNYR MICHAEL CAPITAL, INC.
Office Locations and Respective Areas of Concentration
Orlando. Florida
Public Finance (Ha)
Institutional Sales (Ha)
Trading (Ha)
Retail sales
Municipal Leasing
Asset Management
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Gainesville. Florida Mobile. Alabama Birminaham. Alabama
Public Finance Public Finance Public Finance
- Specializing in FmHA Deals Municipal Leasing Municipal Leasing
Retail Sales Retail Sales
Clinton. New Jersev
Research
Institutional Sales
Reatil Sales
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17,1999
2. Name, qualifications, experience and location of those persons who will be assigned to work
with the City staff, Financial Advisor and Legal Counsel.
Proiect Leader
MICHAEL C. STEW ART, Vice President
Mr. Stewart has been engaged in public finance and marketing since January 1987.
Prior to entering the municipal finance arena, he spent two years in commercial banking
concentrating on credit analysis and several years in the computer software industry.
Over the past twelve years, Mr. Stewart has assisted in approximately $3 billion in
financings. These issues have included a wide range of revenue pledges from utilities
to school boards. His responsibilities with Gardnyr Michael include solicitation of
municipal clients, structuring transactions, preparation of necessary documentation and
daily contact with underwriting clients.
Mr. Stewart received a B.A. Economics from Rollins College, Winter Park, Florida
in 1982. He received his Registered Municipal Securities Representative license in
1987 and his Registered General Securities Municipal Securities Representative license
in 1988 with the NASD.
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PFILIP G. HUNT, JR., President
Mr. Hunt has been in the public finance industry for thirteen years, with the last eight
being the principal of Gardnyr Michael Capital, Inc. Mr. Hunt has extensive experience
in computer assisted financial programming as well as financial and legal structuring.
From May 1986 to April 1991 Mr. Hunt served as research analyst and investment
banker for Southeastern Municipal Bonds, Inc., another regional firm in Orlando,
Florida. Since 1986, Mr. Hunt has been involved in various types of general obligation
and revenue bond financings including advance refunding, electric utility, water and
sewer, solid waste, road improvements, criminal justice facilities, single and multi-
family housing, healthcare, stadium, note financings, and swaps.
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Mr. Hunt graduated from Florida State University, Tallahassee, Florida in 1984 with
a B.S. in Finance and Economics and in 1985 with an MBA in Finance. He is the
licensed principal of the firm holding the Series 7, 24, 27, 53, and 63 industry licenses.
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Undenvriter
JAMES M. PIETKIEWICZ, Executive Vice President
Mr. Pietkiewicz is in charge of underwriting, trading and sales for Gardnyr Michael.
In this capacity, he is constantly monitoring market conditions and in contact with
several tax-exempt issuers. Mr. Pietkiewicz has been involved as managing
underwriter on numerous Florida and Alabama issues and has been involved with over
GARDNYR MICHAEL eAPIT AL, INC.
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In Response to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17, 1999
1,000 syndicates in his career. As Executive Vice President for Underwriting and
Trading, Mr. Pietkiewicz is responsible for pricing and marketing all financings for
Gardnyr Michael. His knowledge of the municipal markets enables Gardnyr Michael
to advise our clients as to the effects that the various alternative structures will have
on their financings. Mr. Pietkiewicz started his career in municipal sales with Merrill
Lynch in 1984. Since that time he has gained additional valuable experience on the
trading and sales desks of Dean Witter and Southeastern Municipal Bonds.
Mr. Pietkiewicz graduated from Auburn University with a B.A. in Political Science in
1978 and received his M.RA. from Rollins College, Crummer School of Finance,
Winter Park, Florida in 1984.
Mr. Anthony A. Grey and Mr. J. Franklin Sands will be assisting Mr. Pietkiewicz with the
pricing, underwriting and marketing of the City's financing.
ANTHONY A. GREY, First Vice President
Mr. Grey brings nearly 20 years of experience in the securities business to Gardnyr
Michael. He has been with the firm since 1994 and has worked with a diverse cross
section of the firm's clients. A native of New York, Mr. Grey began his career with
Paine Webber, on their municipal trading desk in Manhattan. He proceeded to the
Orlando office of Paine Webber where he was a financial advisor for the finn. In 1986,
Mr. Grey accepted a position of Assistant Branch Manager and Vice President of
Prudential Securities. Mr. Grey's experience in the securities business enables him to
bring knowledge of trading, portfolio management, financial advisory, sales and
marketing to the firm.
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A resident of Winter Park, Florida he holds a RS. in Accounting from St. John Fisher
College in Rochester, New York. Over the years he has been active in numerous civic
organizations. Mr. Grey is a Paul Harris Fellow and presently serves on the advisory
board for the Boys Town of Central Florida.
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J. FRANKLIN SANDS, Senior Vice President
Mr. Sands brings to Gardnyr Michael extensive experience in municipal underwriting,
municipal finance marketing, institutional sales, and sales management with major
investment banking firms over a twenty-five-year period. Mr. Sands began his banking
career with the Philadelphia National Bank, ultimately serving in their New York City
Representative's office. Other firms which Mr. Sands represented include Morgan
Guaranty Trust Company, Shearson American Express and Smith Barney Harris
Upham. In 1984 Mr. Sands left New York City to become Senior Vice President of
M. G. Lewis & Company in Winter Park, Florida where he managed their municipal
sales effort.
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Mr. Sands graduated from the University of Pennsylvania in 1960 and attended New
York University Graduate School of Business.
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
3. Has your firm, or members of your firm, have any prior experience as senior manager or
co-manager on previous City of Winter Springs issues. If so, please describe.
Both the firm of Gardnyr Michael Capital, Inc. and several professionals with the firm have previous
experience with issues for the City of Winter Springs. Pfil Hunt acted as primary banker and Jim
Pietkiewicz and Frank Sands served as underwriter/lead salesman when the firm served as senior
manager for the City's $16,050,000 Series 1993 Capital Improvement Revenue Bonds, and co-
manager for the City's 9,365,000 Series 1993 Capital Improvement Refunding Revenue Bonds.
Also, Michael Stewart and Frank Sands represented Gardnyr Michael Capital Leasing recently with
an offering of the winning bid for a $134,568.00 EMS vehicle lease-purchase financing for the City.
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GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17, 1999
4.
Please list the Florida financings your firm has serviced as a Senior manager or Co-Manager
over the past three (3) years, the type of revenue source, size of transaction, T.I.C. and
underwriting cost for each issue.
See following charts.
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GARDNYR MICHAEL CAPITAL, INC.
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Role
Issuer
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CSM
CSM
CSM
SM
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SM
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CSM
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CSM
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City of South Bay, FL
City of Port St. Joe, FL
City of Cocoa, FL
City of Winter Park, FL
State of Florida - Department of Juvenile Justice
Central Florida Healthcare, Inc.
Orange County Housing Finance Authority
Orange County Housing Finance Authority
Orange County Housing Finance Authority
City of Madison, FL
City ofMacclenny, Florida
Lee County Industrial Development Authority
Lee County Industrial Development Authority
ACT Corporation
City of Aubumdale, Florida
City of Belle Glade, Florida
ACT Corporation, FL
City of Groveland, Florida
Trenton Medical Center, Florida
City of Hawthome, Florida
Orange County Health Facilities Authority, Florida
Wauchula, Florida
Arcadia, Florida
Cedar Key, Florida
Town ofWelaka, Florida
Dixie County, Florida
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SENIOR MANAGER EXPERIENCE
FLORIDA SINCE 1/1/94
Name of Issue
Water & Sewer Bond Anticipation Notes, Series 1998
Capital Improvement Bond Anticipation Notes, Series 1998
Capital Improvement Revenue Bonds, Series 1998
Park Avenue Improvement Revenue Bonds, Series 1998
Certificates of Lease, Series 1998 (St. Johns County Facility)
Taxable RD Loan Anticipation Notes, Series 1998
Variable Rate Housing Revenue Refunding Bonds, Series 1998J
Multifamily Housing Revenue Bonds, Series 1998 A
Taxable Multifamily Housing Revenue Bonds, Series 1998 B
Water and Sewer Revenue Bonds, Series 1997
Capital Improvement Revenue Refunding Bonds, Series 1996
North Fort Myers Utilities Project, Series 1996 A
North Fort Myers Utilities Project, Series 1996 B
Taxable FmHA Loan Anticipation Refunding Notes
Water and Sewer Revenue Bonds, Series 1995
Water and Sewer Revenue Bonds, Series 1995
Taxable FmHA Loan Anticipation Notes
Water and Sewer Revenue Bond Anticipation Notes
Taxable FmHA Loan Anticipation Notes
Sewer Revenue Bond Anticipation Notes
Hospital Revenue Bonds
Utility Refunding Revenue Bonds
Dedicated Pool Local Government Revenue Bonds
Cedar Key Special Water and Sewage Anticipation Notes
Water Revenue Bonds, Series 1993
Public Improvement Revenue Bonds
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
Maturity Insurance/ Revenue
Amount Date Rating Spread Pledge
1,339,000 1999 NR 7.50 Water and Sewer
2,500,000 1999 NR 7.50 Guaranteed Entitlement
4,560,000 2022 MBIA 5.50 PST and Franchise Fees
4,020,000 2021 Aa3 6.39 Annual Appropriation
19,984,000 2019 MBIA 19.90 Annual Appropriation
2,039,400 1999 NR 10.00 Healthcare Revenues
7,855,000 2038 FNMA 5.00 Rental Income
8,500,000 2038 FNMA 12.00 Rental Income
1,400,000 2038 FNMA 12.00 Rental Income
2,240,000 1997 NR 7.50 Water and Sewer
3,160,000 2026 AMBAC 15.00 Water and Sewer
12,470,000 2025 BBB 9.80 Water and Sewer
1,200,000 2005 BBB 9.80 Water and Sewer
1,668,000 1996 NR 9.00 Healthcare Revenues
16,825,000 2025 AMBAC 7.95 Water and Sewer
13,060,000 2015 FSA 9.50 Water and Sewer
1,668,000 1995 NR 7.50 Healthcare Revenues
1,951,000 1995 NR 7.50 Water and Sewer
534,700 1995 NR 15.00 Healthcare Revenues
1,262,500 1995 NR 10.00 Water and Sewer
96,255,000 2015 MBIA 7.80 Healthcare Revenues
5,000,000 2009 FSA 8.00 Water, Sewer, Elecric
45,335,000 2020 FGIC 12.22 Pool Loan Revenues
579,600 1994 NR 15.00 Water, Sewer, Elecric
1,028,800 1994 NR 10.00 Water, Sewer, Elecric
3,300,000 1994 MIG-I 7.50 Sales Tax
GARDNYR MICHAEL CAPITAL, INC.
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CO-MANAGER EXPERIENCE
FLORIDA SINCE 1/1/94
Name of Issue
In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
Amount
Maturity Insurance!
Date Rating Spread
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
City of Cocoa, FL Water and Sewer
Escambia County Utilities Authority
Greater Orlando Aviation Authority
City of Cocoa, FL
Orange County Housing Finance Authority
City of Belle Glade, Florida
Cocoa, Florida Water and Sewer
Greater Orlando Aviation Authority, Florida
City of Winter Springs, Florida
City of Winter Park, FL
Florida Keys Aqueduct Authority
Water and Sewer System Refunding Revenue Bonds, Series 1999
Sanitation System Improvement and Refunding Bonds, Series 1998
Airport Facilities Revenue Bonds, Series 1997
Water and Sewer Improvement Revenue Bonds, Series 1997
Multifamily Housing Rev. Bonds, Series 1997 B (pointe Vista Apts.)
Water and Sewer Revenue Refunding Bonds
Water and Sewer System Refunding and Improvement
Airport Facilities Refunding Revenue Bonds
Improvement Refunding Revenue Bonds
General Obligation Bonds
Water Revenue Refunding Bonds, Series 1993
24,430,000
18,200,000
169,880,000
27,500,000
9,850,000
7,130,000
40,645,000
95,135,000
9,365,000
6,895,000
34,565,000
2018 FGIC
2015 FSA
2027 FGlC
2026 FGlC
2037 FNMA
2012 FSA
2023 MIBAC
2018 Al\1BAC
2018 AMBAC
2003 AalAA
2021 AMBAC
5.46 Water and Sewer
4.69 Solid Waste Fees
6.85 Airport Revenues
5.50 Water and Sewer
10.00 Rental Incomes
9.70 Water and Sewer
7.23 Water and Sewer
7.45 Airport Revenues
6.25 Water and Sewer
5.00 General Obligation
8.20 Water Revenues
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17,1999
5. AssumingJhe issues would qualifY for bond insurance, what rating strategy for marketing
the bonds would you recommend?
Over the past few years, bond insurance companies have gotten very aggressive on their premiums.
The result has been that most ratable issuers are better off purchasing bond insurance than going with
a stand-alone rating. Our analysis shows that an issuer must have a rating of at least "AA" before
they are better off going with a stand-alone rating compared to purchasing bond insurance. The City
of Winter Springs is financially sound, but does not have the population base to qualifY for an "AA"
rating. Assuming an insurance premium of25 basis points, and an underlying rating of "A", the City
will have present value debt service savings by purchasing bond insurance.
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GARDNYR MICHAEL eAPIT AL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
6. Provide an estimate of total fees and expenses your firm would charge assuming bond
insurance for the following sized bond issues.
$1 Million - $5 Million
$5 Million - $10 Million
Gardnyr Michael Capital, Inc. would propose total underwriting fees for issues of $1 Million - $10
Million of between $5.00 - 7.50 per bond including all underwriters' expenses. We will be willing
to negotiate these fees with the City and the City's financial advisor.
If the underwriting spread becomes the major determining factor for selection, we will match
any reasonable low bid to keep the business local.
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GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17,1999
7. Marketin2 strate2V and distribution capabilities.
Please describe your approach to marketing, both rated and non-rated issues, type of investor
you would seek and geographical location of where the bonds would be marketed from. Should
the issue be non-rated, does your firm have a credit approval process? If so, what is that
process?
Gardnyr Michael Capital is pleased to announce that it recently formed a sales alliance with New
Jersey-based IB. Hanauer & Co. Between the two firms we have access to over 250 institutional
and retail sales people. Gardnyr Michael has four southeastern sales offices in Winter Park and
Gainesville, Florida and Mobile and Birmingham, Alabama. IB. Hanauer has three southeastern sales
offices in Tampa, West Palm Beach and Hallandale, Florida.
As with many other firms, prior to pricing we try to determine the demand and pricing differentials
between the institutional and retail markets. For institutional sales we contact the potential buyers
one to three weeks prior to pricing to discuss possible structure, preferable sale dates, forward
calendar, and pricing views. Two days to one week in advance of the sale date we mail pas's. We
again contact the recipients of the pas's and assess buyer interest and notify the book running
manager of views and ideas which will affect final pricing.
We have developed a unique retail marketing strategy for issues where we believe there will be large
retail demand. Unlike most Wall Street brokers, our sales people specialize only in municipal bond
sales. Our sales staff is very knowledgeable in municipal bonds and can answer most questions that
a potential buyer may have. Firstly, Gardnyr Michael has developed a profile of the municipal bond
buyer that resides in Florida. We would be utilizing that profile to determine our target market in and
around Winter Springs. Gardnyr Michael would begin a mailing campaign directed at the target
market, which would begin two weeks before the issue is priced.
Secondly, we would place an advertisement on the bond issue in the local newspaper (Orlando
Sentinel) in the business or financial section. This optimizes our reach including individuals that we
may have missed with our target mailing. By canying out this strategy we will generate a large inquiry
about the bond issue. The incoming phone calls will be handled by a municipal bond specialist. The
results of these efforts accomplish two goals.
a. Increased retail sales can often times lower the overall borrowing cost to the issuer, and
b. Increased local resident awareness and involvement can have good public relations side effects.
For example, Gardnyr Michael was recently hired to senior manage a $4,020,000 bond issue for the
City of Winter Park, Florida where this very issue oflocally available bonds was a major concern with
the City Commission and staff. In the Winter Park financing the sales people at Gardnyr Michael
took advantage of targeted direct mail, newspaper advertising, and a local community newsletter
publication. These forms of media were utilized for one month prior to pricing to generate substantial
local demand. Several days prior to pricing the sales people contacted the interested respondents and
mailed them copies of the pas. One day prior to the pricing we ran a special retail pricing period.
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
On the day of pricing these orders were reconfirmed and augmented with institutional orders. This
same local retail scenario can be utilized in Leon County's financings.
Below is a copy of one of the advertisements used in the Winter Park financing.
This is neither an otTer to sell nor a solicitation of an
otTer to buy these bonds.
This is onlv an advertisement
Dated: JULY 15, 1998
$4,005,000
CITY OF WINTER PARK
FLORIDA
P ARK A VENUE IMPROVEMENT
REVENUE BONDS
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SERIES 1998
Aa3 Rated by Moody's
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The undersigned is serving as Senior Managing Underwriter
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Gardnyr Michael Capital, Inc.
For more information or a preliminary official statement
please call:
Tony Grey @ 629-4600
GARDNYRMICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17, 1999
Gardnyr Michael's credit committee for non-rated financings includes senior management in the
Winter Park office. Four members of senior management are polled regarding creditworthiness of
non-rated issues, with the final vote being taken by the two shareholders. The shareholders must vote
unanimously to proceed. Generally speaking, non-rated issues are sold primarily to institutional
buyers. There are exceptions, however, when certain issues that are too small for credit
enhancement, but have good credit, such as general obligations or water and sewer revenue issues,
can be sold retail.
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GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
8. Identify fully the extent to which your firm or individual partners or employees are the subject
of any ongoing municipal securities investigation, are a party to any municipal securities litigation
or arbitration, or are the subject of a subpoena in connection with a municipal securities
investigation. In addition, include any such investigations which concluded in an enforcement
or disciplinary action ordered or imposed in the last three years.
Neither the firm nor any partner or employees are the subject of any ongoing municipal securities
investigation or a party to any municipal securities litigation or arbitration, or are the subject of a
subpoena in connection with a municipal securities investigation. In addition, there have not been any
investigation which have concluded in an enforcement or disciplinary action ordered or imposed in
the last three years.
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
9. MSRB Rule G-38: Please indicate whether your firm has retained the services ofa consultant who is
not regularly employed by the firm who will represent the firm's interest with respect to this RFP.
Provide the name of the consultant and the compensation. If the consultant is covered by the firm's
most recent G-38 report, you may attach and reference the report. If the consultant is not included
in the most recent report, provide the requested information. Please provide a statement of positive
assurance indication that your firm and all of its representatives are not presently being investigated
or in violation of Rule G-38, or attach a stafement describing the current status of such investigations
or violations.
The firm and all of its representatives are not presently being investigated or in violation of Rule G-
38.
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
10. Conflict of Interest Statement
Will the selection of your firm result in any current or potential conflict of interest? If so, your firm's
response must specify the party with which the conflict exists or might arise, the nature of the
conflict and whether your firm would step aside or resign from the engagement or representation
creating the conflict. Please include Conflict of Interest Statement.
The selection of Gardnyr Michael Capital, Inc. will not result in any current or potential conflict of
interest.
GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Underwriting Services
City of Winter Springs, Florida
February 17, 1999
11.
References
Provide a list offive (5) references with a contact name, telephone number and fax
number for similar issues who may be contacted by the City.
Mr. Robert Green, City Manager
CITY OF AUBURNDALE, FLORIDA
P.O. Box 186
Auburndale, Florida 33823
941/965-5506
Mr. Rick Holt, Finance Director
CITY OF COCOA, FLORIDA
603 Brevard Ave.
Cocoa, Florida 32922-1750
(407) 639-7551
Bob Hattaway, Chairman
GREATER ORLANDO AVIATION AUTHORITY
Orlando International Airport
One Airport Boulevard
Orlando, Florida 32827
(407) 875-8111
Randy Knight, Assistant City Manager
CITY OF WINTER PARK
401 Park Avenue
Winter Park, Florida 32789
(407) 599-3236
Clay Connell, City Commissioner'
CITY OF BELLE GLADE
110 S.E. Avenue E
Belle Glade, Florida 33040
(561) 996-0100
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GARDNYR MICHAEL CAPITAL, INC.
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In Response to Request for Proposals for Undenvriting Services
City of Winter Springs, Florida
February 17, 1999
12. In two (2) pages or less, please describe why your firm should be selected as either the
Senior Manager or Co-Manager to the City.
We believe that our firm is the most qualified to serve as the City's senior manager for the following
reasons:
Local Florida-based Firm
Gardnyr Michael was incorporated in Winter Park, Florida in 1991. Since that time there has been
a well advertised wave of failures, consolidations and mergers within the industry as well as major
criminal investigations and disciplinary actions. In spite of this industry shakeout, Gardnyr Michael
has continued to grow from two employees to eighteen, and has opened five offices in Florida,
Alabama and New Jersey. While we have grown we have also remained free of any investigations and
disciplinary actions that have plagued many of our industry's participants. We now remain one of only
a handful of Florida-based investment banking firms and the only one headquartered in the Orlando-
central Florida area.
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Local Sales Force
As we proved in the recent City of Winter Park financing, our local sales people do an outstanding
job of selling to local retail in the central Florida area as well as institutionally.
Winter SDrin2:s EXDerience
Both the firm of Gardnyr Michael Capital, Inc. and several professionals with the firm have previous
experience with issues for the City of Winter Springs. Pfil Hunt acted as primary banker and Jim
Pietkiewicz and Prank Sands served as underwriter/lead salesman when the firm served as senior
manager for the City's $16,050,000 Series 1993 Capital Improvement Revenue Bonds, and co-
manager for the City's 9,365,000 Series 1993 Capital Improvement Refunding Revenue Bonds
Also, Gardnyr Michael Capital Leasing recently offered the winning bid for a $134,568.00 EMS
vehicle lease-purchase financing for the City of Winter Springs.
Minority Involvement
Another strength of Gardnyr Michael is our commitment to minority involvement within the firm.
Eleven percent of our firm's employees, the two senior bankers in the Birmingham and Mobile,
Alabama offices, are African-American. One of our senior bankers in the Gainesville, Florida office
IS a woman.
GARDNYR MICHAEL CAPITAL, INC.