Title
Approving a resolution of the City of Pflugerville, Texas selecting RBC Capital Markets, LLC to provide financial advisory services and authorizing the City Manager to execute a Municipal Advisor Agreement.
Summary
A Municipal Financial Advisor assists the City in the process of planning for and issuing obligations and other financial products. The Government Finance Officers Association (GFOA) recommends that such advisors be selected using a competitive process; and in line with that recommendation, the City issued a Request for Proposals (RFP) for Financial Advisory Services in May. The RFP was posted on both the City's Open Bids/RFQs website and the Texas Bid System website. Advertisement of the proposal was also included in the Pflugerville Pflag for two weeks in May. Nine proposals were received from Financial Advisory firms.
Of the nine proposals received and reviewed, the four highest ranking firms were selected for on-site interviews. Interviews were conducted by the review team, consisting of Assistant City Manager, Trey Fletcher; Finance Director, Amy Good; and Assistant Finance Director, Lauren Henkes. Based on the selection process the team recommends RBC Capital Markets (RBCCM) as the City's Financial Advisor.
RBCCM is a national financial advisory firm, maintaining 20 municipal finance offices of which three are in the state of Texas - San Antonio, Dallas, and Houston. The Pflugerville engagement team will be led by Robert Henderson and Dustin Traylor of the San Antonio office. Mr. Henderson and Mr. Traylor bring 54 years of combined financial advisory experience to the engagement and have assisted financial advisory clients with a wide variety of financing mechanism currently utilized in the market.
Deadline for City Council Action
Action is requested on June 25, 2019.
Funding Expected: Revenue ___ Expenditure __ N/A _X_
Budgeted Item: Yes ___ No ___ N/A _X_
Amount: _varies with issuance*_____
1295 Form Required? Yes _X_ No ___
Legal Review Required: N/A _X__ Required __ Date Completed: ___ ___
*Municipal Financial Advisor fees are assessed at the time of bond issuance and deducted from the bond proceeds.
Supporting documents attached:
Resolution
Request for Proposals Financial Advisory Services
Recommended Action
Approve the resolution authorizing the City Manager to execute a Municipal Advisor Agreement with RBC Capital Markets, LLC for municipal financial advisor services.