2002-24837 Reso
RESOLUTION NO.
2002-24837
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE ADMINISTRATION TO
ISSUE A REQUEST FOR PROPOSAL (RFP) FOR FINANCIAL ADVISORY
SERVICES, FOR A TWO-YEAR PERIOD WITH THREE ONE-YEAR
RENEWAL OPTIONS.
WHEREAS, every five years the City issues a Request for Proposal (RFP) seeking
competitive pricing for financial advisory services involving the financial planning, project
financial analysis, investment management, debt issuance, reporting, evaluation of
proposals, development of financial strategy for capital projects; and
WHEREAS, the firm selected will participate in future bond issues by assisting the
City with development of timetables, preparation of preliminary and final official statements,
bond resolution, and other documentation as may be required; and
WHEREAS, the Financial Advisor will also assist the City in the development and
implementation of various investment strategies, including research and evaluation of the
structuring, timing and procurement of investments to implement a specific strategy; and
WHEREAS, the issuance of the RFP will allow the City to move forward with the
selection of a firm to provide financial advisory services for a two-year period, with three
one year renewal options; and
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Miami Beach City
Commission approve the issuance of a Request for Proposal (RFP) for financial advisory
services, for a two-year period with three one-year renewal options.
PASSED and ADOPTED this
May
,2002.
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CITY CLERK
APPROVED AS TO
FORM & lANGUAGE
" FOR EXECU110N
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CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
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Condensed Title:
To issue a Request for Proposal (RFP) for Financial Advisory services.
Issue:
Whether to authorize the issuance of a Request for Proposal (RFP) for Financial Advisory services.
Item Summary/Recommendation:
Scope of service includes financial planning, project financial analysis, investment management, debt
issuance, reporting, evaluation of proposals, development of financial strategy for capital projects,
available financing options and alternative debt structures.
Recommendation: Authorization to issue a Request for Proposal (RFP)
Advisory Board Recommendation:
I N/A
Financial Information:
Amount to be expended: The cost of these services is paid from bond proceeds.
Source of Amount Account Approved
Fund" [] 1
N/A
2
Total...
..
Assistant City Manager
PDW
City Manager
AGENDA ITEM
DATE
C7.I
5"-8"-Od-
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miami-beach.fl.us
COMMISSION MEMORANDUM NO.
To:
Mayor David Dermer and
Members of the City Commission
Date: May 8, 2002
From:
Jorge M. Gonzalez \: d'
City Manager J. U
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE ADMINISTRATION TO
ISSUE A REQUEST FOR PROPOSAL (RFP) FOR FINANCIAL ADVISORY
SERVICES, FOR A TWO-YEAR PERIOD WITH THREE ONE-YEAR
RENEWAL OPTIONS.
Subject:
ADMINISTRATION RECOMMENDATION:
Approve the issuance of the RFP.
ANALYSIS
On July 16,1997, the Mayor and City Commission selected the firm of Rauscher Pierce
Refsnes, Inc., as Financial Advisor to the City for a period of two years with three one-year
renewal options.
SCOPE OF SERVICE
The scope of service includes financial planning, project financial analysis, investment
management, debt issuance, reporting, evaluation of proposals, development of financial
strategy for capital projects taking into consideration the City's short and long-term financial
needs, available financing options and alternative debt structures, and computer support
and modeling for complex financial analysis. The firm will also assist in the selection of
investment banking teams for the City.
The firm selected will participate in future bond issues by assisting the City with
development of timetables, preparation of preliminary and final official statements, bond
resolution, and other documentation as may be required. Further, the Financial Advisor will
make recommendations of appropriate credit structures, evaluate the use of various credit
enhancements, participate in presentations to the rating agencies and review the marketing
and sale of any debt prior to, during and after the pricing of bonds. Further, the selected
firm shall assist the City in the development of strategies for investment of bond proceeds
as well as provide final analysis of bond sales.
The issuance of an RFP will allow the City to move forward with the selection of a Financial
Advisor that will provide services for the ensuing two year period with three one-year
renewals if mutually agreed upon by both parties.
The Financial Advisor will also assist the City in the development and implementation of
various investment strategies, including research and evaluation of the structuring, timing
and procurement of investments to implement a specific strategy.
CONCLUSION:
The issuance of the RFP will allow the City to move forward with the selection of a firm to
provide financial advisory services for the ensuring two-year period.
JMG:PDW:GPE:rs