HomeMy WebLinkAboutReso 62-2019 (19-388)City of South San Francisco
P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
City Council
' Resolution: RES 62-2019
File Number: 19-388 Enactment Number: RES 62-2019
RESOLUTION APPROVING THE SERVICES OF THREE
UNDERWRITING FIRMS: STIFEL AS SENIOR MANAGER, AND
CITI AND RAYMOND JAMES AS CO -MANAGERS FOR THE
MEASURE W COMMUNITY CIVIC CAMPUS PROJECT
FINANCING AND AUTHORIZING THE CITY ATTORNEY TO
RETAIN BOND AND DISCLOSURE COUNSEL.
WHEREAS, in November 2015, the voters of South San Francisco approved Measure W a'/z Cent Sales
Tax; and
WHEREAS, the planned Community Civic Campus project will be funded by the Measure W'/z Cent
Sales Tax; and
WHEREAS, an estimated $115 million of the Community Civic Campus project funding will be
thorough the issuance of either lease revenue bonds or certificates of participation; and
WHEREAS, the City of South San Francisco ("the City") issued a Request for Proposals for firms to
provide underwriting services as part of the issuance of bonds for the Community Civic Campus
financing; and
WHEREAS, on April 22, 2019, the City received underwriting proposals from 11 firms and five firms
were shortlisted and invited for interviews; and
WHEREAS, City staff conducted interviews for the five shortlisted firms on May 16, 2019; and
WHEREAS, for bond issues it is standard practice to select a senior manager and co-manager(s) as part
of the underwriting services: and
WHEREAS, based on the interviews, the City is selecting Stifel as Senior Manager, Citi as Co -Manager,
and Raymond James as Co -Manager to provide underwriting services as part of the Community Civic
Campus financing; and
WHEREAS, the City also issued a Request for Proposals for law firms to provide bond and disclosure
counsel services as part of the issuance of bonds for the Community Civic Campus financing; and
WHEREAS, on April 22, 2019, the City received proposals from 9 firms and four firms were shortlisted
and invited to participate in phone interviews; and
City of South San Francisco Page 1
File Number. 19-388
Enactment Number: RES 62-2019
WHEREAS, City Attorney staff conducted phone interviews and based on their proposal, experience and
interview, recommends retaining the law firm of Stradling, Yocca, Carlson & Roth for bond and
disclosure counsel services.
NOW THEREFORE BE IT RESOLVED, that City Council of the City of South San Francisco does
hereby approve the selection of underwriting firms Stifel as Senior Manager, Citi as Co -Manager,
Raymond James as Co -Manager for the Community Civic Campus financing.
BE IT FURTHER RESOLVED that the City Manager or his designee is hereby authorized to sign letters
of engagement with Stifel, Citi, and Raymond James to provide underwriting services for the City of
South San Francisco.
BE IT FURTHER RESOLVED that the City Manager or his designee is hereby authorized to take any
other action consistent with the intent of this Resolution.
BE IT FURTHER RESOLVED that the City Council of the City of South San Francisco authorizes the
City Attorney or his designee to retain bond and disclosure counsel for the Community Civic Campus
project funding.
At a meeting of the Special City Council on 6/12/2019, a motion was made by Richard Garbarino, seconded
by Mark Addiego, that this Resolution be approved. The motion passed.
Yes: 5 Councilmember Nagales, Mayor Matsumoto, Councilmember Addiego,
Councilmember Nicolas, and Vice Mayor Garbarino
& ze�tto 4
Attest by
Rosa Govea Acosta
City of South San Francisco Page 2