2000-24049 RESO
RESOLUTION NO. 2000-24049
A RESOLUTION OF THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, AUTHORIZING A WAIVER BY 5/7THS VOTE,
OF COMPETITIVE BIDDING AND APPROVING THE
APPOINTMENT OF RAMIREZ & CO, IN SUBSTITUTION
OF AIBC MUNICIPAL SECURITIES, AS ONE OF THE
EIGHT FIRMS SELECTED TO PROVIDE
UNDERWRITING SERVICES FOR THE CITY.
WHEREAS, the Mayor and the City Commission, pursuant to RFP No. 3-97/98,
appointed a pool of eight firms to provide underwriting services for the City in January 1998;
and
WHEREAS, the firms appointed were as follows: AIBC Municipal Securities; Bear
Stearns; J.P. Morgan; Morgan Stanley Dean Witter; Paine Webber Inc.; Raymond James and
Associates and William R. Hough & Co.; and
WHEREAS, AIBC Municipal Securities merged with American Govermnent
Certificates and Funds Corporation, which is no longer providing municipal underwriting
services; and
WHEREAS, Mr. Wilfredo Gort was the principal with AffiC Municipal Securities,
handling municipal financing at the time the pool was established, and now represents Ramirez
& Co. Inc.; and
WHEREAS, Ramirez & Co. Inc. is a Hispanic-owned firm with offices in Miami, and is
one ofthe top-ranked minority firms in the nation; and
WHEREAS, AffiC has not received any bonds due to the aforementioned firm changes;
and
WHEREAS, the Administration recommends that the Mayor and City Commission
herein waive by 5/7ths vote, the competitive bidding required, and appoint Ramirez & Co. Inc,
as a substitute for AIBC Municipal Securities to provide underwriting services for the City.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, authorize a waiver by
5/7ths vote, of competitive bidding and approve the appointment of Ramirez & Co, in
substitution for AIBC Municipal Securities, as one of the eight firms selected to provide
underwriting services for the City.
PASSED AND ADOPTED THIS 26th DAY OF
July
2000.
APPROVED />S TO
FORM & LANGUAGE Mayor
st: & FOR EXECUTION
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City Clerk . ~ney - Dote
J}/IJ!
CITY OF MIAMI BEACH
1700 CONVENTION CENTER DRIVE, MIAMI BEACH FL 33139-1824
http:\\cl.miami-beach.fl.us
COMMISSION MEMORANDUM NO.?' 5D - 00
SUBJECT:
Mayor Neisen O. Kasdin and DATE: July 26, 2000
Members of the City ~~ion
Lawrence A. Inevy,)>'
City Managy
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
APPOINTMENT OF RAMIREZ & CO IN SUBSTITUTION FOR AIBC
MUNICIPAL SECURITIES, AS ONE OF THE EIGHT FIRMS SELECTED
TO PROVIDE UNDERWRITING SERVICES FOR THE CITY
.
TO:
FROM:
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
ANALYSIS:
The Mayor and the City Commission appointed a pool of eight firms to provide underwriting
services for the City of Miami Beach in January 1998. These firms are as follows: AIBC Municipal
Securities; Bear Steams; J,P. Morgan; Morgan Stanley Dean Witter; Paine Webber Inc.; Raymond
James and Associates and William R. Hough & Co.
Wilfredo Gort was the principal with AIBC Municipal Securities handling municipal financing at
the time the pool was established. However, since that time, AIBC Municipal Securities merged
with American Govermnent Certificates and Funds Corporation, who is no longer providing
municipal underwriting services. Mr. Gort now represents Ramirez & Co. Inc" a New York based
Hispanic-owned firm with offices in Miami. Ramirez & Co. Inc, is one of the top-ranked minority
firms in the nation.
Only one bond financing has been completed since these firms were selected (RDA - City Center,
Series 1998); however the senior manager and co-managers have been chosen for the Water and
Sewer issue and the senior manager has been chosen for the Stormwater issue, As AIBC has not
received any bonds due to the aforementioned firm changes, we recommend that the Mayor and
Commission adopt a resolution that appoints Ramirez & Co. Inc, as a member of the underwriting
pool as a substitute for AIBC Municipal Securities,
Agenda Item ~ IS
Date ,- 2f:. -00
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w. uort
3U53'176'188
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Ramirez
600 I:!rll~k,ell AVt!r1lJi;!. Slut"! ::lCl1M. ~v'II<lrnl. F1tWdil :\:it:Jl
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1-=;'1)( :mS<'117.(i4HH
July 24, 2000
Mr. L:awfeoCC Levy
City Manager
Chy uf Mi:AJ.u..i Beach
~ 700 Convection Center Dm-e
''-liami Bcoch,l'l. 33139
Dear Mr. Levy.
::::'.....1" lhc 100000l 5 j"C->>.rs, I Iud the opportu.nity to work 'With the City of Mi:uni Belich AI!; member Qf th,.
',]ndetwriting team, Originally with A.I.B.C. lnvcsun~nt service Ioc.,:lIld later when \VC merge with American
Certificate and FundlS Corp, who is no looRcr in the Municipal Finance Business. 1 would like to continue
pruviwuK IllY uodC:1Writin.g :U::.cv1CC:3 trough ~z & Co., Po Ne..v yot'k Hc:adqu:aten: Hi~pwc own Fi.. 1Yl
with of6ce~ her . -Miami. Our Co. is currently tanked 12lh. ~Ot1g uadcIWntcr.; of municipal :iecurities (full
credit to ellC :wager), the: top ranked minority fitm in the Nation.
"
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