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County Administrator's Report 9. 6.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	02/02/2017
Issue: Investment Banking Services for Escambia County
From:	Claudia Simmons
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Investment Banking Services for Escambia County - Claudia Simmons, Manager, Office of Purchasing

That the Board accept the recommendation of the Proposal Review and Selection Committee for PD 16-17.012, Investment Banking Services for Escambia County and approve the selection of the following firms for the bond issuance for the Jail Replacement Project. The bond issue will be coordinated by Gary Akers, Director, FirstSouthwest, a division of Hilltop Securities, Inc., Financial Advisor to the County:

RBC Capital Markets LLC - Sr. Manager
Raymond James & Associates, Inc. - Co-Manager
Wells Fargo Bank NA Municipal Products Group - Co-Manager

BACKGROUND:

The Request for Proposals PD 16-17.012 for Investment Banking Services was advertised in the Pensacola News Journal on November 11, 2016. Notifications to Investment Banking Firms were completed by the Financial Advisor on November 11, 2016. On November 30, 2016 responses were received in the Office of Purchasing from ten firms. The firms were shortlisted by the Proposal Review committee on December 12, 2016 to six firms. On January 10 and January 11, 2017 presentations and questions and answer sessions were held with all six firms. The Proposal Review Committee selected three firms to manage the issuance of the bonds, one firm to be the Senior Manager for the issuance and two Co-Managers as advised by the Financial Advisor to the County. Upon approval of the selection, Gary Akers, Director, FirstSouthwest, a division of Hilltop Securities, Inc., Financial Advisor to the County, will begin working on the structuring of the bond issue.

BUDGETARY IMPACT:

Fees associated with the bond issuance will be recovered from the bond proceeds.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

This recommendation is in compliance with Escambia County Code of Ordinances Chapter 46, Article II, Purchases and Contracts

IMPLEMENTATION/COORDINATION:

The bond issuance with be coordinated by Gary Akers, Director, FirstSouthwest, a division of Hilltop Securities Inc., Financial Advisor to the County.
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Attachments
Register of Submitters
Shortlist Notice
Results