HomeMy WebLinkAboutReso 2015-093 RESOLUTION NO. 201�-093
RESOLUTION OF THE CIT1' COLT'CIL OF THE CITY OF
CHUL.A VISTA A%AIVING THE CO?�4PETITIVE FORMAL BID
REQUIREMENT. APPROVING A_�T AGREEMENT VJITH THE
[I�TVESTA4ENT BANKIi�'G FIRM OF STIFEL NICOLAUS R
CO.; Ii�'C. TO PROVIDE BOND iJNDERWRITI?�'G SERVICES
FOR REFUI�'DII�'G OF COMMUTITY F.ACILITIES DISTRICT
BONDED DEBT AND CERTIFICATES OF P.ARTICIPATION
BONDED DEBT. IF DEEMED ECONOMICALLY FEASIBLE
R'HEREAS. Stifel; Nicolaus R Co.. Inc. is currenth� under contract to refund Communih�
Facilities District 2001-t (San Mieuel Ranch); and �
WHEEtEAS. San Miguel Ranch is no��� abo��e the savines threshold and Stifel identified
other potential candidates for refundine; and
WHEREAS, the refundine candidates include t��o n�pes of financings Communit��
Facilit}� District debt and Certificates of Participation; and
�tiHEREAS, specificall}� the refundine candidates are:
• City of Chula Vista Communitv Facilities District 2001-1 (San Mieuel Ranch) Z00�
Improvement Area B Special Ta� Bonds (currenth� under contract ti�ith Stifel)
• City of Chula Vista Communitv Facilities District 07-I (Otay Ranch Village Eleven)
2006 Special Tax Bonds;
• Citv of Chula Vista Communitv Facilities District 12-I (n4cMillin Ota�� Ranch
Villaee Se��en) 200� Special Ta� Bonds;
• City of Chula Vista Communih� Facilities Disvict li-I (Ota�� Ranch Village Seven)
2006 Special Tas Bonds;
• Chula Vista Public Financine Authoritv Revenue Refundina Bonds. Series 200�A:
• 2004 Cenificates of Participation (Civic Center Phase 1);
• 2006 Certificates of Participation (Ci�ic Center Phase 2): and
R'HEREAS, the Stifel team assiened to the Citv has e�cellent working l:no�vledee of the
Cin�'s finances and brieht future and is better able to sell the bonds ���ith e�cellent pricine that
benefits the Cit�� b�� reducins the interest rate spreads; and �
WHEREAS. the Finance department �vants to continue the relationship ���ith Stifel and
�vai��e the formal bid process in order to act quickh to tal:e ad��antage of the historicallv lo���
interest rate em�ironment that currentl�� exists: and
WHEREAS: the Finance Department ���ill bring anv contemplated bond refundines for
Cit}� Council consideration and appro��al prior to issuin� bonds; and
�1'HEREAS: fees chareed �vill be competiti�-e and belo��• averaee fees charsed for similaz
sized issuances since 2014: and �
Resolution No. 201�-093
Page No. 2
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista approves an agreement in the form presented with such minor modifications as may be
required or approved by the City Attorney, with the bond underwriting firm of Stifel, Nicolaus &
Co., lnc., to pro��ide underw7iting sernices for refunding of Community Facilities District bonded
debt and Certificates of Participation debt, if deemed economically feasible, and aze identified
as:
• City of Chula Vista Community Facilities District 2001-1 (San Miguel Ranch) 2005
lmprovement Area B Special Tax Bonds (currently under contract with Stifel);
• City of Chula Vista Community Faciliries District 07-I (Otay Ranch Village Eleven)
2006 Special Tax Bonds;
• Ciry of Chula Vista Community Faci]ities District 12-I (McMillin Otay Ranch
Village Seven) 200� Special Tax Bonds;
• City of Chula Vista Community Facilities District 13-I (Otay Ranch Village Seven)
2006 Special Tax Bonds;
• Chula Vista Public Financing Authority Revenue Refunding Bonds, Series 2005A;
• 2004 Certificates of Participation (Civic Center Phase 1);
• 2006 Certificates of Participation (Civic Center Phase 2); and
a copy of which is on file in the office of the City Clerk.
Presented by Approved as to form by
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Mar Kachadoorian len Goog�' s
Deputy City Manager/Director of Finance ity Attor�fey
Resolution No. 201�-093
Paee No. 3
PASSED. APPROVED. and ADOPTED b�� the Cit�� Council of the Cit� of Chula �'ista.
California. this �th da�� of Ma�� 201� b�� the follo��ina vote:
AYES: Councilmembers: Aeuilar. Bensoussan. McCann. Miesen and Salas
?�'.Al'S: Councilmembers: None
ABSEt�'T: Councilmembers: None
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?�4ar� S s. A4a�-or
ATTEST:
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Donna R. Norris. Cb . Citv Clerk
STATE OF CALIFORI�'IA )
COUI�'TY OF SAN DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Norris. Cit�� Clerk of Chula Vista. Califomia. do herebvi certifi� that the fore�oine
Resolution No. 201�-093 �aas dul� passed, approved. and adopted b�- the City Council at a
reeulaz meetins of the Chula Vista Cit�� Council held on the �th dav of Ma�� ZO1�.
Esecuted this �th da�� of Ma�� 201�.
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Donna R. Norris. CMC. Citv Clerk
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