Baldwin County, Alabama
File #: 20-0882    Version: 1
Agenda section: Addenda Status: Passed
File created: 3/2/2020 Meeting type: Baldwin County Commission Regular
On agenda: 3/3/2020 Final action: 3/3/2020
Agenda item title: Selection of a Bond Underwriter for Refunding of Series 2014 General Obligation Warrants for the Baldwin County Commission
Attachments: 1. Resolution 2020-071, 2. Wells Fargo, 3. Raymond James, 4. Piper Jaffray, 5. The Frasier Lanier Company, 6. *IA1 - Resolution 2020-071 SIGNED

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