Item Coversheet

Competitive Bid Reports - C2  A


TO:Honorable Mayor and Members of the City Commission 
FROM:Jimmy L. Morales, City Manager 
DATE:June  7, 2017



Authorize the issuance of the RFQ.


April 14, 2010 the Mayor and City Commission accepted the City Manager’s recommendation to award RFP 15-09-10 for Underwriter Services, in order to improve the City’s overall financial health and maintain the City’s overall bond rating, and as a result created a pool of fifteen (15) firms to provide underwriting services on an as needed basis.  The original contract term was for a five (5) year period from date of execution of the contract.  These contracts could be extended for an additional (5) years on a year to year basis, if mutually agreed upon by both parties.  On February 14, 2017 the City Manager authorized the renewal of the contracts through April 13, 2018. 



The City of Miami Beach seeks statements of qualifications from qualified investment banking firms to establish a team of underwriters to provide Underwriter Services to the City for the issuance of various municipal bonds.


The firm(s) selected will participate in future bond issues by assisting the City and its financial advisor with development of financing plans, preparation of preliminary and final official statements, bond resolution, and pricing, marketing, underwriting and selling the bonds to investors.


The City reserves the right to assign multiple members of the underwriting team a particular financing, and reserves the right to remove any underwriter from participation in the underwriting syndicate and/or team for any reason determined by the City without cause.  All fees will be contingent upon the issuance of the proposed bonds. 


The City, at its sole discretion, may select one or more firms to serve as senior manager or co-manager from the underwriting team for each of its future bond financings.  The City Manager will make a recommendation to the City Commission for the selection of one or more underwriters from the team to provide services on a particular financing based on the characteristics of the financing and such merits as solely determined by the City.


The services listed below will be required of the senior managing underwriter throughout the proposed engagement.  Co-managing underwriters will provide assistance as requested and will support in the marketing, distribution and underwriting of the assigned transactions.  The required services include, but are not limited to, the following:


1.   Participate in drafting of all bond documents, including the Official Statement.


2.   Assist in preparation and discussions with rating agencies and bond insurers, if requested.


3.   Make recommendations for the proposed financing, including, but not limited to, the timing of the sale, the overall sales approach, the structure of the bonds, the call provisions, and the use of credit enhancement.


4.   Lead the underwriting team in pricing, marketing and distributing the bonds to both retail and institutional investors.


5.   Underwrite the financing based upon terms and conditions agreed to by both the City, financial advisor, and the underwriters in the Bond Purchase Agreement.


6.   Assist with the closing of the financing, including reviewing all closing documents and providing a post-financing report to the City which highlights the key characteristics of the financing.


  • MINIMUM QUALIFICATIONS.  Please Reference, Appendix C, Page 25, RFQ 2017-163-WG Underwriter Services (attached).


  • SUBMITTAL REQUIREMENTS.  Please Reference Section 0300, Page 12, RFQ 2017-163-WG Underwriter Services (attached).


  • CRITERIA FOR EVALUATION.  Please Reference Section 0400, Page 14, RFQ 2017-163-WG Underwriter Services (attached).


The Administration recommends that the Mayor and Commission authorize the issuance of the RFQ 2017-163-WG Underwriter Services.

Streamline The Delivery Of Services Through All Departments


Grant funding will not be utilized for this project.
Legislative Tracking