HomeMy WebLinkAbout07-13RESOLUTION NO. 07 -13
A RESOLUTION of the City Council of the City of Port Angeles,
Washington, appointing a financial advisor and selecting a team of
investment banking firms to provide bond underwriting services to the
City; and authorizing the execution of documents related thereto.
WHEREAS, the City of Port Angeles, Washington (the "City has determined that it is
in the best interest of the City to hire an independent financial advisor and to assemble a team
of bond underwriters to serve the City; and
WHEREAS, on January 23, 2013, the City issued a Request for Qualifications
(the "RFQ for financial advisor and underwriter services for the purpose of establishing an
eligibility list of qualified bond financial advisors and underwriters to meet future debt financing
requirements; and
WHEREAS, the City received proposals from a variety of qualified firms; and
WHEREAS, the proposals were reviewed and evaluated by a team of City staff and on
March 21, 2013 the highest ranking candidates were interviewed; and
WHEREAS, based on their review of the written proposals and the interviews, and
given the current and future financing needs of the City, City staff has recommended that A.
Dashen Associates is the most qualified candidate to serve as financial advisor to the City,
and that Seattle- Northwest Securities Corporation and RBC Capital Markets, LLC are the most
qualified candidates to underwrite future bond issues of the City; and
WHEREAS, the City Council now desires to confirm the staff recommendations as set
forth herein;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Angeles, Washington:
Section 1. Selection of Financial Advisor. The City hereby selects A. Dashen
Associates to serve as financial advisor to the City (the "Financial Advisor The City hereby
approves the agreement for financial advisor services (the "Agreement with the Financial
Advisor in substantially the form on file with the City Clerk, and authorizes the City Manager to
execute such Agreement. Such Agreement may be modified as necessary prior to its execution
with the consent of the City Attorney.
Section 2. Selection of Underwriting Firms. The City hereby selects Seattle
Northwest Securities Corporation and RBC Capital Markets, LLC as its team of bind
underwriters (the "Underwriters
The City will, in its sole discretion, determine in connection with each negotiated
financing the number of Underwriters, if any, to use on each future negotiated financings in
accordance with the authorization of the issuance of each such financing, and in each such case,
designate which firm, if any, will serve as senior manager or co- manager for each transaction.
The City further reserves the right, in its sole discretion, to privately place or competitively sell
any of its future bond issues, and to solicit proposals from other investment banking firms to
serve as underwriter as determined to be in the best interest of the City.
Section 3. Severabilitv: Ratification. If any one or more of the provisions in this
resolution shall be declared by any court of competent jurisdiction to be contrary to law, then
such provision shall be null and void and shall be deemed separable from the remaining
provisions of this resolution and shall in no way affect the validity of the other provisions of this
resolution. All acts taken pursuant to the authority granted in this resolution but prior to its
effective date are hereby ratified and confirmed.
Section 4. General Authorization. The appropriate City officials, including but not
limited to the City Manager and the Chief Financial Officer, are hereby authorized and directed
to take such steps, to do such other acts and things, and to execute such letters, certificates,
agreements, papers, financing statements, assignments or instruments as in their judgment may
be necessary, appropriate or desirable in order to carry out the terms and provisions of, and
complete the transactions contemplated by, this resolution.
Section 5. Effective Date. This resolution shall take effect immediately after its
passage as required by law.
PASSED by the City Council of the City of Port Angeles, Washington, at a regular
meeting of said Council held this 1 (5 day of April, 2013.
ATTEST:
sa Hurd, City Clerk
5 L12,// D
Cherie Kidd, Mayor
APPR VED AS TO FORM:
2
William E. Bloor, City Attorney