STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: September 9, 2021
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Elizabeth Reich
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SUBJECT
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A resolution authorizing the preparation of plans and the payment of potential future costs and expenses for the issuance of Civic Center Convention Complex Revenue Refunding and Improvement Bonds, Series 2021 in an amount not to exceed $270,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
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BACKGROUND
This proposed revenue bond sale is for the refunding and retirement of Civic Center Convention Complex Revenue Refunding and Improvement Bonds, Series 2009. The City's co-financial advisors, Hilltop Securities, recommend the issuance of refunding bonds to refund the eligible outstanding Civic Center Convention Complex Revenue Refunding and Improvement Bonds, Series 2009 in an amount not to exceed $270 million, for an estimated net present value savings of 19.8 percent. The bonds will be sold in a negotiated sale.
On April 29, 2021, the City issued a Request for Proposals for Convention Center Debt Refinancing underwriting from the pool of qualified firms and received 27 proposals in response. To accommodate this transaction, the City's co-financial advisors recommended a syndicate of eight underwriting firms; comprised of a mix of national and regional firms and two non-Minority Women-owned Business Enterprises (M/WBE) firms. Following committee review, the City plans to use an underwriting syndicate team comprised of Citigroup Global Markets, Inc.; Ramirez & Co., Inc.; Piper Sandler & Co.; Morgan Stanley; Goldman Sachs & Co. LLC Wells Fargo Securities; Loop Capital Markets; Stifel, Nicolaus & Co., Inc.; Baird, and RBC Capital Markets, LLC. Citigroup Global Markets, Inc. Ramirez & Co., Inc. will be the Bookrunning Se...
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