RESOLUTION 93-20745 •
RESOLUTION NO. 93-20745
A RESOLUTION OF THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH,FLORIDA,
APPOINTING THE FIRMS OF AIBC INVESTMENT
SERVICES; CLAYTON BROWN & ASSOCIATES;
GOLDMAN SACHS & COMPANY; KIDDER, PEABODY &
COMPANY;MORGAN STANLEY;AND PAINEWEBBER TO
SERVE AS INVESTMENT BANKERS FOR THE CITY FOR
A PERIOD OF TWO YEARS.
Whereas, the City of Miami Beach desires to employ a team of investment banking
firms to undertake the financings anticipated by the City over the next two year period;
and,
Whereas, responses to requests for proposals were received from fifteen firms
offering investment banking services; and,
Whereas, an impartial selection committee has reviewed the responses and is
recommending that six of the firms be appointed to provide these services for the City.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, that the firms of AIBC Investment
Services; Clayton Brown & Associates; Goldman Sachs & Company; Kidder, Peabody &
Company; Morgan Stanley; and PaineWebber be appoint=d as investment bankers to the
City for a period of two years.
Passed and Adopted this 17th day of March , 1/ 3.
Mayor
Attest:
i& 4 •1 - %•.�=
City Clerk
Approved as to Form:
Tc3) 3 - 11-q3
City Attorney
CITY OE MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
FAX: (305) 673-7782
COINiMISSION MEMORANDUM A10.
3
March 17, 1993
To: Mayor Seymour Gelber and
Members of the City Commission
From: Roger M. Carl
City Manager
Subject: Appointment of Six Investment Banking Firms to Serve the City for a Two
Year Period
Recommendation
The Administration recommends that the City Commission appoint the firms of
AIBC Investment Services; Clayton Brown and Associates; Goldman Sachs & Company;
Kidder, Peabody & Company; Morgan Stanley; and PaineWebber to serve as investment
bankers for the City for a period of two years.
Background
The Purchasing Department sent out thirty-nine (39) requests for proposals for
investment banking.Responses were received from sixteen(16)firms, one of which declined
to respond. The Selection Committee was appointed which included Bob Nachlinger,
Finance Director; Peter Liu, OMB Director; Denise Bynam, Chief Accountant; Jorge
Montes, Revenue Supervisor and Bill Overfelt, Spectacor Finance Director.
The Committee then reviewed the written responses from the fifteen firms and
ranked the firms as to their qualifications. The Committee then invited the top nine (9)
firms to appear for an oral presentation to the Committee. At the conclusion of the
presentations by the nine firms, the Committee ranked these firms and is recommending
the top six for two teams of three which will alternate on all bond transactions that will be
undertaken by the City over the next two years. Given the size of the anticipated financings
that will be undertaken over the next two years, the Committee feels that the inclusion of
all of the firms on each transaction would cause the amount of bonds allocated to each firm
to be to small. The bond allocation to each manager on the transactions will be fifty percent
(50%) to the lead manager and twenty-five percent (25%) to each of he co-managers. The
position of lead banker will alternate every transaction so that over the course of the two
years each manager will receive an opportunity to serve as lead manager.
Conclusion
The six firms recommended by the Selection Committee will provide the City with
high quality investment banking services for all of the bond transactions over the next two
years and the formation of two teams of three will give each of the firms an opportunity to
serve in a lead or senior capacity apportioning the work fairly.
RMC/RJN/zg 231
AGENDA
1 TEM
DATE
vi��117i1`iLi, _
RESOLUTION NO. 93-20745
Appointing the firms of AIBC Investment
Services; Clayton Brown & Associates;
Goldman Sachs & Company; Kidder, Peabody &
Company; Morgan Stanley; and Painewebber
to serve as investment bankers for the
City for a period of two years.
iimmaimmommornimmitamimesommirmla
r