Broward County Commission Regular Meeting
Director's Name: Stephen Farmer (Acting Director)
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
title
MOTION TO APPOINT Jefferies, LLC as Senior Manager (book-runner) with Samuel A. Ramirez & Co., Inc. and Wells Fargo & Company as Co-Managers 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.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
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 February 5, 2024, the County approved a library of underwriters to serve as senior and co-managers on County financing, pursuant to Broward County Procurement Code, Section 21.51(b). The approved library consists of: Bank of America Securities, Inc.; J.P. Morgan Securities LLC; Jefferies, LLC; Morgan Stanley & Co. LLC; Raymond James & Associates, Inc.; RBC Capital Markets, LLC; Samuel A. Ramirez & Company, Inc.; Siebert Williams Shank & Co., LLC; and Wells Fargo Bank, N.A. Exhibit 1 provides information on financings assigned to the underwriters since 2024.
In identifying underwriters for this transaction, staff along with the financial advisor assigned to this transaction (PFM) 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 recommended financing structure. Jefferies, LLC is recommended as senior manager (bookrunner), along with Samuel A. Ramirez...
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