Title
Pre-approved Underwriter Pool Proposal Update Request for the Potential Refunding and New Money Transactions
Body
Agenda of: May 23, 2018
Item No.: 2018-779
Amount: N/A
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: May 22, 2018
RE: Pre-approved Underwriter Pool Proposal Update Request for the Potential Refunding and New Money Transactions
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves the proposed approach for the underwriter solicitation as presented and directs the Chief Financial Officer to take the necessary actions to distribute the underwriter solicitations to the 10 underwriting firms in accordance with the June 27, 2016 GLWA Board directive.
BACKGROUND
At its meeting on June 27, 2016 (meeting minutes included), as part of the underwriter selection process related to its inaugural 2016 bond transaction, the Great Lakes Water Authority (GLWA) Board of Directors (Board) approved the following list of ten (10) firms that were deemed qualified to act as senior managing underwriters for subsequent GLWA bond issuances:
* Barclays Capital, Inc.
* Citigroup Global Markets, Inc.
* Goldman Sachs & Co.
* JP Morgan Securities LLC
* Morgan Stanley & Co.
* Piper Jaffray & Co.
* PNC Capital Markets
* Ramirez & Co.
* Siebert Brandford Shank
* Wells Fargo Securities
Furthermore, the GLWA Board directed that in the event of a subsequent bond issuance, the Chief Procurement Officer shall:
1) Convene an evaluation panel to interview and review the qualifications of each of the ten (10) firms listed below to serve as Bookrunning Senior Managing Underwriter or Co-Senior Managing Underwriter for that issuance; or
2) Issue a Request for Proposals (RFP) to select a Senior Managing Underwriter(s) for that transa...
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