Meeting Type: BCC Regular Meeting
Meeting Date: 3/3/2020
Item Status: Addendum
From: Ron Cink, Budget Director
Submitted by: Anu Gary, Administrative Services Director
______________________________________________________________________
ITEM TITLE
Title
Selection of a Bond Underwriter for Refunding of Series 2014 General Obligation Warrants for the Baldwin County Commission
Body
STAFF RECOMMENDATION
Recommendation
As recommended by Stifel, Nicolaus & Company, Inc., the Baldwin County Commission’s Financial Advisor, take the following actions:
1) Adopt Resolution #2020-071, which selects and confirms the appointment of one of the following four firms as the Bond Underwriter for the Refunding of the Series 2014 General Obligation Warrants for the Baldwin County Commission.
2) Authorize staff to begin rate negotiations with the selected firm.
(SELECT ONLY ONE OF THE FOLLOWING OPTIONS)
Wells Fargo
or
Raymond James
or
Piper Jaffray
or
Frasier Lanier
3) This advanced refunding action is contingent upon recognizing a minimum of $450,000 net present value (NPV) for Baldwin County Commission.
End
BACKGROUND INFORMATION
Previous Commission action/date: At the recommendation of the County’s Financial Advisors, Stifel, Nicolaus & Company, Inc., staff is proposing that the Commission proceed with the refunding of the Refunding of the Series 2014 General Obligation Warrants.
Background: Finance Committee consisting of the Finance Chair and the Commission Chairman, in addition to the Budget Director and Clerk Treasurer, and in coordination with Stifel, Nicolaus & Company, Inc., will negotiate with the firm selected and a recommendation will be brought back to the Commission for rate finalization.
FINANCIAL IMPACT
Total cost of recommendation: Contingent upon recognizing a minimum of $450,000 NPV savings
Budget line item(s) to be used: From Warrant Proceeds
If this is not a budgeted expenditure, does the recommendation create a need for funding? Finance Committee consisting of the Finance Chair and the Commission Chairman, in addition to the Budget Director and Clerk Treasurer, and in coordination with Stifel, will negotiate with the firm selected and a recommendation will be brought back to the Commission for rate finalization.
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Finance Committee to negotiate rates, Ron Cink will email the signed resolution to the selected firm.
Admin - Have resolution signed and fill out names.
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A