Title
Contract No. GLWA-CS-290 Updated Proposals for Potential Refunding and New Money Bond Transactions
Body
Agenda of: June 20, 2018
Item No.: 2018-813
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: June 18, 2018
RE: Contract No. GLWA-CS-290 Updated Proposals for Potential Refunding and New Money Bond Transactions
Vendors: Citigroup Global Markets Inc. and Wells Fargo Bank, N.A.
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA):
a) approves the recommendation of the evaluation panel to approve Citigroup as Bookrunning Senior Managing Underwriter and Wells Fargo Bank, N.A. as Co-Senior Managing Underwriter on the proposed 2018 GLWA refunding and new money bond issues;
b) approves the recommendation of the evaluation panel to approve Goldman Sachs & Co., JP Morgan Securities LLC, Morgan Stanley & Co., Ramirez & Co. and Siebert Cisneros Shank & Co as Co-managers on the proposed 2018 GLWA refunding and new money bond issues; and
c) authorizes the Chief Executive Officer (CEO) and/or the Chief Financial Officer/Treasurer or their designee to negotiate the final fees with the selected Bookrunning Senior Managing Underwriter prior to the sale of the bonds.
d) authorizes the CEO to take such other action as be necessary to accomplish the intent of this vote.
BACKGROUND
At its meeting on June 27, 2016, 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
? Mo...
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