HomeMy WebLinkAboutReso 2013-136
RESOLUTION NO. 2013-136
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AGREEMENT WITH THE
INVESTMENT BANKING FIRM OF STIFEL, NICOLAUS &
CO., INC. TO PROVIDE UNDERWRITING SERVICES FOR
RESTRUCTURING OF CITY BONDED DEBT, IF DEEMED
ECONOMICALL Y FEASIBLE
WHEREAS, a Request for Proposal (RFP) was issued on April 25, 2013 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 Stifel, Nicolaus & Company was selected as the co-
manager for any proposed refunding; and
WHEREAS, Stifel, Nicolaus & Company offered the second lowest fee structure at $3.78
per $1,000 issued: and
WHEREAS, since January 2010, the firm has underwrinen as senior or sole manager 109
of the 188 land secured bond issues that have come to market; and
WHEREAS, Stifel is one of the few underwriters with a national retail sales force; and
WHEREAS, Stife!' s bankers, underwriters and sales professionals have structured,
brought to market and found investors for over $ 1.4 billion of land secured bond issues in San
Diego County; and
WHEREAS, the City Council has found that Stifel, Nicolaus & Company was selected in
accordance with the requirements of Chula Vista Municipal Code section 2.56.1 10.
Resolution No. 2013-136
Page No.2
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 Stifel, Nicolaus & Company, Inc. 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
L
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GI~OginS U()
City ey
-
Maria K chadoorian
Director of Finance/Treasurer
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 9th day of July 2013 by the following vote:
AYES:
Councilmembers:
Aguilar, Bensoussan, Ramirez, Salas and Cox
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
~L!lr
Cheryl Cox, M or
ATTEST:
Af~ i ;Vr;M4
Donna R. Norris, CMt, 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. 2013-136 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.
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Donna R. Norris, CMC, City Clerk