HomeMy WebLinkAboutReso 2013-135
RESOLUTION NO. 20]3-135
RESOLUT]ON OF THE CITY COUNCIL OF THE CITY OF
CHULA V]ST A APPROVING AN AGREEMENT WITH THE
INVESTMENT BAi'\'KING FIRM OF DE LA ROSA & CO., INC.
TO PROVIDE UNDERWRITING SERVICES FOR
RESTRUCTURING OF CITY BONDED DEBT, IF DEEMED
ECONOMICALLY FEASIBLE
WHEREAS, a Request for Proposal (RFP) was issued on April 25, 20]3 for bond
underwriting services anticipating the possible refunding of Community Facility District bonded
debt; and
WHEREAS, the RFP was posted on the Internet on the Planet Bids website and sent
directly to bond underwriting firms inviting them to participate in the process: and
WHEREAS, a total of four proposals were received from national and regional bond
underwriting firms; and
WHEREAS, a Selection Comminee conslstmg of the City's Director of Finance,
Assistant Director of Finance, and two members from Fieldman Rolapp and Associates, the
City's Financial Advisor for land secured financings was created for the selection process; and
WHEREAS, the Comminee's selection criteria is based on the firm's experience in land
secured financings, sales capability, marketing strategy, credit evaluation, structuring
suggestions and fees; and
WHEREAS, based on this criteria DLR was selected as the senior manager for any
proposed refunding; and
WHEREAS, DLR offered the lowest fee structure at $3.75 per $],000 issued; and
WHEREAS, the Comminee felt that DLR was more focused on the City's needs based
on their business philosophy of dealing only in California public finance: and
WHEREAS, DLR is very familiar with the City of Chula Vista having worked on
previous bond issuances for the City as well as the County and City of San Diego, the San Diego
Association of Governments, the San Diego Unified School District and the San Diego
Community College District; and
WHEREAS, DLR is a California-based investment banking servIces firm with full-
service offices in Los Angeles and San Francisco; and
WHEREAS, the firm is a top ranking land-secured bond underwriter in California; and
Resolution No. 2013-135
Page No.2
WHEREAS, DLR is the only major firnl serving California municipal Issuers that
focuses exclusively on the California municipal bond market; and
WHEREAS, served the City as bond underwriter on its 2010 Certificates of Participation
and 2006 Tax Allocation Bond; and
WHEREAS, the City Council has found that DLR was selected in accordance with the
requirements of Chula Vista Municipal Code section 2.56.110.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista, that it approve the agreement between the City of Chula Vista and Municipal Financing
Authority and De La Rosa & Co to provide bond underwriting, in the form presented, as may
have been modified by the Council prior to its approval and with such minor modifications as
may be required or approved by the City Attorney, a copy of which shall be kept on file in the
Office of the City Clerk.
Presented by
Approved as to form by
~n
C~
Glen R. Googins"
\ J - .
<S.i.tLAUorney
\
Mari Kachadoorian
Director of Finance/Treasurer
Resolution No. 2013-135
Page No.3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 9th day of July 20] 3 by the following vote:
AYES:
Councilmcmbers:
Aguilar, Bensoussan, Ramirez, Salas and Cox
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
ATTEST:
Q' II;
A: 'A I /
Cheryl Cox: May r
fr!!~ of, ;tC~
Donna R. Norris, CMC~ City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2013-135 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 9th day of July 2013.
Executed this 9th day of July 2013.
d~ '::f ;:'fVv.-
Donna R. Norris, cNiet, City Clerk