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issues totaling $288 million since 1998. Staff recommends WEMF be retained as <br />municipal advisor for this bond issue as well. <br /> <br />The City retains outside counsel to serve as bond counsel and as disclosure counsel. <br />Bond counsel drafts the basic underlying legal documents and provides an opinion that <br />the bonds are tax-exempt. Disclosure counsel drafts the official statement, which is the <br />primary disclosure document. A variety of firms have provided these services in the <br />past. Staff distributed a request for proposals to six firms for these services, all of which <br />have the requisite experience. Based on a combination of fees quoted, the strength of <br />their respective responses, and prior experience working for the City, staff recommends <br />that Quint & Thimmig be selected as bond counsel and Sidley Austin as disclosure <br />counsel. <br /> <br />Although it is a fully built out project, due to its small size, the One Marina bonds will not <br />qualify for a bond rating. Unrated bonds are best sold in a negotiated sale with a <br />preselected bond underwriter. Staff requested underwriting proposals from three firms <br />to serve as underwriter. Based on its prior experience underwriting and marketing land- <br />secured bonds similar to the One Marina bonds and the strength of its proposal, staff <br />recommends that Stifel, Nicolaus & Company be appointed underwriter. <br /> <br /> <br />Finance Committee <br />The Finance Committee was briefed on this matter at their January 25, 2016 meeting <br />and indicated their support to pursue this refunding. <br /> <br />Future Council Action <br />At a future meeting (tentatively May 23, 2016), the Council will be asked to: <br />1) Approve substantially final documents, and <br />2) Authorize the Finance Director to execute a bond purchase contract on behalf of the <br />City to sell refunding bonds, subject to a maximum par amount of bonds and an <br />interest rate limitation that would achieve minimum acceptable savings for property <br />owners. <br /> <br />The schedule is intended to allow the sale of the bonds, as market conditions permit, in <br />June, with a closing in July. This timing will enable the new, lower special taxes to be <br />placed on the secured tax roll for FY 2016-17, thus realizing savings for property <br />owners in the coming fiscal year. The outstanding bonds would be redeemed on <br />September 1, 2016. <br /> <br />ALTERNATIVES <br />The City Council may decline to act on this item. The schedule as presented allows for <br />savings to be passed on to property owners starting in the next fiscal year, FY 2016-17. <br />If the Council declines to take action on this matter, special taxes will remain at their <br />current levels. The Council may also defer action on this matter. Depending on how <br />long the delay, savings may be greater than, or less than, savings achieved with a June <br />6.3.A. - Page 3