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RESOLUTION NO. 2015-093 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA WAIVING THE COMPETITIVE FORMAL BID REQUIREMENT, APPROVING AN AGREEMENT WITH THE INVESTMENT BANKING FIRM OF STIFEL NICOLAUS & CO., INC. TO PROVIDE BOND UNDERWRITING SERVICES FOR REFUNDING OF COMMUNITY FACILITIES DISTRICT BONDED DEBT AND CERTIFICATES OF PARTICIPATION BONDED DEBT, IF DEEMED ECONOMICALLY FEASIBLE
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
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SUMMARY
Stifel, Nicolaus and Company was selected via a competitive RFP process in 2013 and is currently under contract to refund Community Facilities District 2001-I (San Miguel Ranch). In 2013, a refunding occurred for 5 other CFDs but San Miguel Ranch was not included in the refunding at the time due to not meeting the minimum savings threshold of 5%. San Miguel Ranch is now above the savings threshold and Stifel has identified other potential candidates for refunding. The refunding candidates include Community Facility District debt and the 2004 and 2006 Certificates of Participation issued for the construction of Phase 1 and 2 of the City's Civic Center. City staff is requesting to waive the competitive formal bid requirement and authorize an agreement for bond underwriting services with Stifel.
ENVIRONMENTAL REVIEW
The Environmental Review Coordinator has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that entering into an agreement is not a "Project" as defined under Section 15378 of the State CEQA Guidelines because it will not result in a physical change to the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the actions proposed are not subject to CEQA.
BOARD/COMMISSION RECOMMENDATION
Not Applicable
DISCUSSION
The City issued an RFP for bond underwriting services in 2013 in which Stifel, Nicolaus and Company (Stifel) were the successful bidder. The contrac...
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