HomeMy WebLinkAbout800743.tiff RESOLUTION
RE: APPOINTMENT OF MANAGING UNDERWRITER AND CO-MANAGING UNDERWRITERS FOR THE
ISSUANCE OF MORTGAGE REVENUE BONDS BY WELD COUNTY, COLORADO.
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado Statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado, and
WHEREAS, on May 14, 1980 the Board of County Commissioners appointed a
selection committee to develop a Request for Proposal, interview and recommend
a Managing Underwriter and Co-Managing Underwriters to the Board of County
Commissioners for the purpose of issuing Mortgage Revenue Bonds, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado are
in receipt of the attached recommendation from the selection committee for
underwriters for Mortgage Revenue Bonds, and
WHEREAS, the selection committee has recommended that E. F. Hutton be
appointed as Managing Underwriter to receive 50% of any underwriting fee
derived from the issuance of Mortgage Revenue Bonds by Weld County, and that
the following other firms be invited to participate on an equal basis as
Co-Managers of the same issue, and to split the remaining 50% of the under-
writing fee on an equal basis:
1. Merrill-Lynch White Weld Capital Marketing Group
2. Boettcher and Company
3. Hain Bosworth
4. Hanifen, Imhoff, and Samford, Inc.
5. E. J. Pittock and Company/Blyth Eastman Paine Weber, Inc./Coughlin
and Company, Inc. , and
WHEREAS, the Managing Underwriter and Co-Managing Underwriters recommended
and appointed must agree to assist in the development of a mortgage bond issue
at no cost to the County, including, but not limited to, underwriting services,
bond counsel, and housing feasibility consulting services, should Federal legis-
lation ultimately prohibit the issuance of Mortgage Revenue Bonds, and
WHEREAS, it is the desire of the Board of County Commissioners of Weld
County, Colorado to proceed with the issuance of the Mortgage Revenue Bonds in
an expeditious manner because of pending legislation and bonding conditions. It
has been recommended that E. F. Hutton, as soon as possible, recommend to the
800744
Fl0OOS
Board of County Commissioners a bond counsel, nationally recognized housing
feasibility consulting firm, and any other professional services required for
consideration of appointment to work with the underwriters for the purpose of
issuing Mortgage Revenue Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that E. F. Hutton is hereby appointed Managing Underwriter
for the purpose of the issuance of Mortgage Revenue Bonds by Weld County, and
that they receive 50% of any underwriting fee derived from the issuance of
such bonds, and that Merrill-Lynch White Weld Capital Marketing Group, Boettcher
and Company, Dain Bosworth, Hanifen, Imhoff, and Samford, Inc. , and E. J. Pittock
and Company/Blyth Eastman Paine Weber, Inc./Coughlin and Company be appointed
as Co-Managing Underwriters on the same issue, and that they will split the
remaining 50% of the underwriting fee on an equal basis, as recommended in the
attached recommendation from the selection committee for underwriters.
BE IT FURTHER RESOLVED that E. F. Hutton is instructed to proceed in an
expeditious manner for the issuance of Mortgage Revenue Bonds for Weld County
because of pending legislation and the bond market conditions.
BE IT FURTHER RESOLVED that E. F. Hutton recommend to the Board of County
Commissioners a bond counsel, nationally recognized housing feasibility
consulting firm, and any other professional services necessary for the issuance
of Mortgage Revenue Bonds by Weld County for the Board of County Commissioners'
consideration.
BE IT FURTHER RESOLVED that the Managing Underwriter and Co-Managing
Underwriters recommended must agree to assist in the development of the mortgage
bond issue at no cost to the County, including, but not limited to, underwriting
services, bond counsel, housing feasibility consulting services, should Federal
legislation ultimately prohibit the issuance of the Mortgage Revenue Bonds by
Weld County.
The above and foregoing resolution was, on motion duly made and seconded,
adopted by the following vote on the 9th day of July, A.D. , 1980.
BOARD OF COUNTY COMMISSIONERS
•w WELD COUNTY, COLORADO
ATTEST: (1(n."4„ Q<1 f/W�lfi 1
[y
Weld County Clerk and Recorder C. W. Kirb Cha man
a erk to the Board ktt».aha Rot.
C)-1 nerd Roe, Pro-Teem
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APPROVED AS TO FORM: Norman Carlson
ABSENT
County Attorney y -a Dunbar
-L 7219 Wan
e K. Steinmark
To: Board of County Commissioners
From: Selection Committee for Underwriter for Mortgage Revenue Bonds
Members:
Charles Mann
Dennis Kohan
David Clarkson
Gary Sears
Judy Kron
C.W. Kirby
Donald D. Warden
Thomas 0. David
Date: July 7, 1980
On May 14, 1980, your Board appointed the above selection committee to develop
a request for proposal, interview and recommend a managing underwriter to the
Board of County Commissioners. On May 27, 1980, your Board authorized the
issuance of a Request for Proposal developed by the selection committee with
a response date of June 25, 1980. On June 30, the selection committee met
to make initial review of those proposals received from underwriting firms.
Based upon the initial review, the selection committtee, on July 3, 1980,
interviewed Boettcher & Company, E. F. Hutton, Merrill-Lynch White Weld Capi-
tal Market Group, Dain Bosworth, and the group of E.J. Pittock & Co. , Blyth
Eastman Paine Weber, Inc. , and Coughlin & Co. , Inc.
Based upon the written proposals and the interviews held on July 3, 1980, the
selection committee unanimously recommends to the Board of County Commissioners
of Weld County, Colorado that E. F. Hutton be appointed the managing underwriter
for the issuance of Mortgage Revenue Bonds for Weld County. It is further
recommended that E. F. Hutton, as managing underwriter, receive 50% of any
underwriting fee derived from the issuance of Mortgage Revenue Bonds by Weld
County and that they be instructed to invite the following other firms to
participate on an equal basis as co-managers of the same issue and to split
the remaining 50% of the underwriting fee on an equal basis:
1. Merrill-Lynch White Weld Capital Marketing Group
2. Boettcher and Company
3. Dain Bosworth
4. Hanifen, Imhoff and Samford, Inc.
5. E. J. Pittock & Co./Blyth Eastman Paine Weber, Inc./Coughlin & Co. , Inc.
It should be noted that the group of E.J. Pittock & Co./Blyth Eastman Paine
Weber, Inc./Coughlin & Co. , Inc. should be recognized as only one group of
co-managing underwriters since they presented themselves that way in the pro-
posal and the interview.
It is further recommended that E.F. Hutton, upon contacting the above co-
managing underwriters, report back to the Board of County Commissioners
whether or not they will accept their appointment as co-managing underwriters.
It is also recommended that E. F. Hutton be instructed to proceed with the
issuance of Mortgage Revenue Bonds on Weld County's behalf in an expeditious
manner because of the pending legislation and bond market conditions.
7e. w vrd Suite 5050 Los Angeles Cal. 90017 213 488-2611 �' �',�'�
• s1/4�k<%'. �> \ Merrill Lynch
��° White Weld
21 ) Capital Markets Group
July 15, 1980
Mr . C. W. Kirby, Chairman
Board of County Commissioners
Weld County
P.O. Box 758
Greeley, Colorado 80631
Dear Mr. Kirby :
Thank you for your letter of July 9 inviting us to partici-
pate in your mortgage revenue bond issue as a co-manager. We
certainly appreciate the invitation and were impressed with the
County and the Underwriter Selection Committee. The Committee ' s
questions were most thorough and professional .
We have decided to not participate as a co-managing under-
writer . We certainly appreciate the courtesies extended to us
and look forward to the possibility of assisting the County on
your future financing needs.
Sincerely,
7� /if,
John . F ' gerald
Vice President and Manager
Western Region
Municipal Finance Department
JCF/bg
cc : Mr . Donald D. Warden
Mr. Larry Malohn
-7/2 -./ -)
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