Resolution 2022-32059RESOLUTION NO.' 2022-32059
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE
RECOMMENDATION OF THE CITY MANAGER AND APPROVING
THE SELECTION OF THE FOLLOWING INVESTMENT BANKING
FIRMS TO PROVIDE UNDERWRITING SERVICES FOR THE MIAMI
BEACH PARKING REVENUE AND REFUNDING BONDS, SERIES
2022 THAT THE CITY ANTICIPATES WILL BE ISSUED IN 2022,
NAMELY WELLS FARGO SECURITIES, LLC, AS SENIOR
MANAGER AND SIEBERT WILLIAMS SHANK & CO., LLC., AS CO-
MANAGER.
WHEREAS, on April 14, 2010, the Mayor and City Commission accepted the City
Manager's recommendation to award RFP 15-09-10 for Underwriter Services and, as a result,
created a pool of 15 firms to provide underwriting services, on an as needed basis. The award
was valid through April 13, 2018; and
WHEREAS, to seek proposals for a replacement pool of underwriters, on June 7, 2017,
the Mayor and City Commission authorized the issuance of Request for Qualifications (RFQ)
2017-163-WG for Underwriter Services. The RFQ sought statements of qualifications from
underwriting firms to establish a team of underwriters to provide Underwriter Services to the City
for the issuance of various municipal bonds. On June 8, 2017, RFQ No. 2017-163-WG for
Underwriter Services was issued. RFQ responses were received on July 13, 2017. On January
17, 2018, the Mayor and City Commission approved a resolution authorizing the Administration
to establish a pool of 14 underwriters to provide underwriting services to the City for the
issuance of bonds; and
WHEREAS, the selected firms participate in the bond issues by assisting the City, its Chief
Financial Officer, and its Financial Advisor, Julie Santamaria with RBC Capital Markets, with the
development of financing structures, preparation of preliminary and final official statements,
bond resolutions, and , other documentation, as may be required. The underwriter's' price,
market, and sell the bonds to investors in municipal securities; and
WHEREAS, additionally, firms appointed as the senior managing underwriter are
required to provide the services listed below throughout the bond issuance process. Co -
managing underwriters provide assistance as requested and support in the marketing,
distribution and underwriting of the assigned transactions. The City, at its sole discretion, may
select one or more firms to serve as senior manager or co -manager from the underwriting team
for each of its bond financings. The City reserves the right to assign less than all of the
members of the underwriting pool for a particular financing, and reserves the right to remove
any underwriter from participation in the underwriting syndicate if the underwriter and the City
are unable to agree on any provision of the bond purchase contract. All fees are contingent
upon the issuance of the proposed bonds. The required services include, but are not limited to,
the following:
1. Participate in drafting of all bond documents, including the Official Statement;
2. Assist in preparation and discussions with rating agencies and bond insurers, if
requested;
3. Make recommendations for the proposed financing, including, but not limited to, the
timing of the sale, the overall sales approach, the structure of the bonds, the call
provisions, and the use of credit enhancement;
4. Lead the underwriting team in marketing and distributing the bonds to both retail and
institutional investors;
5. Underwrite the financing based upon terms and conditions agreed to by both the City,
the financial advisor, and the underwriters in the Bond Purchase Agreement;
6. Assist with the closing of the financing, including reviewing all closing documents and
providing a post -financing report to the City which highlights the key characteristics of
the financing; and
WHEREAS, the process to select firms to serve as a senior or co -manager for a
particular issue involves a review of work assigned to the firms in recent years, experience in
and commitment to Florida municipal finance, the capability of a firm to senior manage large
and/or complex credit structures, the size of the bond issue to be sold, and the various markets.
that the firm has access to for marketing and distribution. For example, certain firms have
greater capabilities to sell new issue bonds to retail investors, such as the City's residents and
taxpayers, and other firms' primary distribution channels are to institutional investors. A firm's,
response to other business requests, such as the City's lines of credit and bank loans, and
resulting commitment to the City, is also considered; and
WHEREAS, the team of firms for a particular issue is recommended by the City
Manager following consultation with the City's Chief Financial Officer and Financial Advisor.
Pursuant to this process, the City Manager recommended the selection of the following firms to
provide underwriting services for the City of Miami Beach Parking Revenue and Refunding
Bonds, Series 2022 that the City anticipates will be issued in 2022, namely Wells Fargo
Securities, LLC, as the senior manager and Siebert Williams Shank & Co., LLC, as co -manager.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH; FLORIDA, that the Mayor and City
Commission hereby accept the recommendation of the City Manager and approve the selection
of the following underwriting firms to provide underwriting services for the Miami Beach Parking
Revenue and Refunding Bonds, Series 2022 that the City anticipates will be issued in 2022,
namely Wells Fargo Securities, LLC, as the senior manager and Siebert Williams Shank & Co.,
LLC, as co -manager.
PASSED AND ADOPTED this 9 day of P14rCA- , 2022.
ATTEST:
MAR-- /A
1
Ra el E. ranado, City Clerk
4 2022 Dan Gelber, Mayor
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
City Attorney A Date