Broward County Commission Regular Meeting
Director's Name: George Tablack
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
title
MOTION TO APPOINT RBC Capital Markets, LLC as Senior Manager (book-runner) with J.P. Morgan Securities LLC as the Co-Manager for the upcoming issuance of Port Everglades revenue bonds.
body
Why Action is Necessary
Board approval is required to appoint an underwriting team from the approved library.
What Action Accomplishes
Provides the underwriters necessary to complete an issuance of new Port Everglades bonds.
Is this Action Goal Related
No
Previous Action Taken
None.
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT AND THE PORT EVERGLADES DEPARTMENT RECOMMEND APPROVAL OF THE ABOVE MOTION.
On September 25, 2018 (Item No. 54), the Board approved a library of underwriters to serve as senior and co-managers on County financings at the recommendation of the Chief Financial Officer and with approval by the Board. The approved library consists of: Citigroup Global Markets Inc.; Estrada Hinojosa & Company, Inc.; Goldman Sachs & Co. LLC; Jefferies LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated d/b/a Bank of America Merrill Lynch; Morgan Stanley & Co. LLC; Raymond James & Associates d/b/a Raymond James; RBC Capital Markets, LLC; and Siebert Cisneros Shank & Co. L.L.C. Exhibit 1 to this agenda item provides information on financings assigned to the underwriters since 2018.
In identifying underwriters for this transaction, staff along with the financial advisor assigned to this transaction (Frasca & Associates, LLC) reviewed responses to a series of questions related to general information about the firm, material changes and capital position, regulatory issues, underwriting experience with relevant bond transactions, marketing plan, description of the firm's approach to credit ratings, and recommende...
Click here for full text