Report to Mayor and City Council
Tuesday, February 05, 2019
Consent
SUBJECT:
Title
AWARD OF CONTRACTS AND SELECTION OF UNDERWRITERS FOR SERVICES RELATING TO BONDS SECURED BY (1) MEASURE R AND MEASURE M REVENUES AND (2) DOMINGUEZ TECHNOLOGY CENTER WEST ASSESSMENT DISTRICT LEVY (CITY COUNCIL)
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I. SUMMARY
On September 4, 2018, the City Council directed staff to move forward with an expedited solicitation for proposals and qualifications for Financial Advisors and Underwriters, in anticipation of upcoming bond issues.
The purpose of this report is to recommend the City Council award contracts to the Financial Advisor and Disclosure Counsel for each financing, and accept an underwriting proposal for each financing.
II. RECOMMENDATION
Recommendation
For the Bonds to be secured by Measures R and M Revenues (Measure R/M):
1. AWARD the proposed financial advisor contract to Harrell & Company Advisors, LLC for a not-to-exceed maximum amount of $71,000 (see Exhibit A).
2. AWARD the proposed disclosure counsel contract to Nixon Peabody LLP for a not-to-exceed maximum amount of $15,000 (see Exhibit B).
3. ACCEPT the proposal for underwriting by Piper Jaffray & Co., at a maximum discount (fee) of $4.13 per $1,000 par amount of bonds issued, and approve Cabrera Capital Markets Inc. to act as co-manager.
For the Bonds to be secured by the Dominguez Technology Center West Assessment District Levy:
1. AWARD the proposed financial advisor contract to Columbia Capital Management LLC for a not-to-exceed maximum amount of $75,000 (see Exhibit C).
2. AWARD the proposed disclosure counsel contract to Quint & Thimmig LLP for a not-to-exceed maximum amount of $37,500 (see Exhibit D).
3. ACCEPT the proposal for underwriting by Stifel Nicolaus & Co., at a maximum discount (fee) of $6.50 per $1,000 par amount of bonds issued.
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III. ALTERNATIVES
Take another action deemed appropriate by the City Council.
IV. BACKGROUND
On September 4, 2018, the City Counc...
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