CDC - Agenda 10-25-05r]
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AGENDA
REGULAR MEETING
0
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
CITY HALL CONFERENCE ROOM
ROSEMEAD, CALIFORNIA
OCTOBER 25, 2005, 7:00 P.M.
CALL MEETING TO ORDER: 7:00 P.M. OR AS SOON THEREAFTER AS
POSSIBLE
PLEDGE TO THE FLAG: VICE-CHAIRMAN TAYLOR
INVOCATION: COMMISSIONER TRAN
ROLL CALL OF OFFICERS: COMMISSIONERS CLARK, NUNEZ, TRAN,
VICE-CHAIRMAN TAYLOR, CHAIRMAN
IMPERIAL
APPROVAL OF MINUTES: NONE
RESOLUTION NO. 2005-17 CLAIMS AND DEMANDS
Recommendation: Adopt Resolution No. 2005-17 for payment of
Commission expenditures.
2. RESOLUTION NO. 2005-18 - A RESOLUTION OF THE
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
APPROVING THE REFINANCING OF CERTAIN
OUTSTANDING DEBT ISSUED IN CONNECTION WITH
REDEVELOPMENT PROJECT AREA NO. 1
Authorization is being requested to refinance a portion of the
Commission's tax allocation bond debt in order to take advantage
of lower interest rates resulting in savings.
Recommendation: Adopt Resolution No. 2005-18.
MATTERS FROM OFFICIALS
4. ORAL COMMUNICATIONS FROM THE AUDIENCE ON
COMMUNITY DEVELOPMENT COMMISSION MATTERS
ADJOURNMENT
THE NEXT REGULAR MEETING IS SCHEDULED FOR NOVEMBER 8, 2005, AT
7:00 P.M.
Upon request, this agenda will be made available in appropriate alternative formats to
persons with disabilities, as required by Section 202 of the Americans with Disabilities
Act of 1990. Any person with a disability who requires a modification or
accommodation in order to participate in a meeting, should direct such request to the City
Clerk's office at 626/569-2171 at least 48 hours before the meeting, if possible.
Posted 72 hours in advance of the meeting at City Hall, 8838 E. Valley Boulevard,
Rosemead; the L.A. County Library, Rosemead Branch, 8800 E. Valley Boulevard,
Rosemead, and other locations pursuant to RMC Sec. 1.08.020.
CDCREGMTG: 10-25-05
Page # I
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ROUGH DRAFT
Rosemead Community Development Commission
$13 Million Tax Allocation Bonds, Series 2005
Request for Proposals/Qualifications
Investment Banking Services
Introduction
The City of Rosemead (the "City"), encompassing five and one-half square miles, is located in the central
northwest section of Los Angeles County, about 12 miles east of the central business district of Los
Angeles. The Rosemead Community Development Commission (the "Agency") was established pursuant
to the Redevelopment Law and activated in 1972 by City Ordinance. Since 1975, the City Council
members have acted as the members of the Agency.
The Agency is seeking to refund a portion of its outstanding Tax Allocation Bonds, Series 1993A. Due to
AB 1290 which became effective on January 1, 1994, the Agency cannot issue debt beyond fiscal year
2022. As a result, the Agency will refund its debt through the term bond maturing in 2018. The Agency
may also seek to issue a portion of new money. This portion of new money will be amortized through
fiscal year 2022.
Accordingly, the Agency is seeking investment banking proposals to underwrite tax allocation bonds
secured by tax increment revenues. The most likely structure would be fixed rate serial bonds through
2018 for the refunding portion and 2022 for the new money portion. Such a scenario is shown in the
attached preliminary numbers. This RFP/RFQ process may identify additional alternatives. Preliminary
tables from the fiscal consultant's report are also attached.
Public Financial Management, Inc. serves as financial advisor to Agency; Orrick, Herrington 6 Sutcliffe
LLP serves as bond counsel and disclosure counsel to the Agency.
Proposal Requirements
1. Provide a cover letter signed by an officer of your firm indicating the proposal is valid for 90 days
and providing telephone, fax and e-mail contact information.
2. Indicate the experience of your firm in underwriting California redevelopment debt.
3. Identify the proposed staffing for this engagement including the lead banker, analytic support and
lead underwriter. Resumes should be included in an appendix.
4. Provide a narrative of your analysis of this credit, including a recommended structure and
identifying any concerns or issues related to risks.
5. Indicate your thoughts on the availability and cost of credit enhancement for this transaction, as
well as a surety policy to replace the existing debt service reserve fund.
6. Provide a complete schedule of underwriting fees, including expenses for underwriter's counsel
and other expenses. Please note disclosure counsel will prepare the Official Statement.
7. Provide a complete sources and uses table and debt service schedule indicating your expected
pricing as of the date of the proposal. Indicate your expected spread to the MMD "AAA" index.
This can be included in an appendix.
Rosemead Community Development Commission RFP/RFQ - Investment Banking Services
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8. Identify two firms and the attorneys you would consider using for Underwriter's Counsel if
required.
Submittal Instructions
Proposals should be prepared in 81/2" x 11" format and should not exceed 10 pages. Four copies of the
proposal should be sent to the Agency at the following address:
Mr. Bill Crowe
City Manager
City of Rosemead
8838 E. Valley Blvd.
Rosemead, CA 91770
(626) 569-2101
Two copies of the proposal should be sent to the Financial Advisor at the following address:
- Mr. Keith D. Curry
Managing Director
Public Financial Management
660 Newport Center Drive, Suite 750
Newport Beach, CA 92660
(949) 721-9422
Faxed or late proposals will not be considered. Questions regarding the RFP/RFQshould.be-directed:W
Mr. Curry at the above telephone number.
Proposals are due no later than 12:00 noon on Friday, November 4, 2005.
The Agency retains the right to reject all proposals, to negotiate with multiple proposers, to select other
than the lowest cost proposal, to designate co-senior managers or to re-solicit proposals at its sole
discretion.
Rosemead Community Development Commission RFP/RFQ - Investment Banking Services
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