SUBJECT/RECOMMENDATION:
Title
Designate an underwriting team consisting of Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Raymond James and Associates, Inc., and Citigroup Global Markets Inc., to provide investment banking services to manage future negotiated bond sales for the City of Clearwater and adopt Resolution 17-20.
Body
SUMMARY:
In order to be in a position to efficiently conduct appropriate future long-term bond financing transactions, the City of Clearwater Finance Department seeks council approval for an underwriting team of investment banking firms to manage future negotiated bond sales.
The team will consist of four firms selected through a Request for Qualifications (RFQ) process and will serve for a five- year period. The City’s Finance Director will designate the Senior and Co-managers for each transaction.
The City issued RFQ 16-17 to select a team of investment banking firms to underwrite future negotiated bond sales and received a total of twelve responses for consideration. The list of respondents is included in Exhibit A.
The selection committee has evaluated the responses and recommends the Council approve a four firm team consisting of Bank of America Merrill Lynch, J. P. Morgan Securities LLC, Raymond James & Associates, Inc., and Citigroup Global Markets Inc.