TO: Mayor and Commissioners
FROM: Henry Dachowitz, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: July 15, 2025
Title
APPROVAL OF RESOLUTION NO. 153-25 AUTHORIZING THE USE OF FOUR (4) FIRMS TO SERVE AS THE CITY'S INVESTMENT BANKING TEAM PROVIDING INVESTMENT BANKING SERVICES PURSUANT TO REQUEST FOR PROPOSAL 2025-034
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Recommended Action:
Recommendation
Motion to Approve Resolution No. 153-25 authorizing the use of four (4) firms for the City's Investment Banking Team providing Investment Banking Services pursuant to Request For Proposal 2025-034.
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Background:
The City of Delray Beach is undertaking the issuance of water and sewer revenue bonds to fund the construction of a new water treatment plant. In order to do so, the City required the procurement of an investment banking team to provide the following services: Review and comment on the bond documents, including the Preliminary Official Statement, the Final Official Statement and Bond Purchase Agreement, Assist in preparation and discussions with rating agencies and bond insurers, Make recommendations for important aspects of the proposed financing, including, but not limited to, the timing of the sale, the overall sales approach, the structure of the bonds, the call provisions, the use of credit enhancement and the pledge of System Development Charges (impact fees), Lead the underwriting team in marketing and distributing the bonds to both retail and institutional investors, in an attempt to access the largest possible selection of investors, Underwrite the financing based upon terms and conditions agreed to by both the City and the underwriters in the Bond Purchase Agreement, Provide detailed and specific information as it relates to the orders and allotments on the specific financing, Assist with the closing of the bonds, including reviewing and providing comments on closing documents and providing a post-financing report to the City which highlights the key characte...
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