Title
RESOLUTION APPROVAL PROPOSED UNDERWRITING TEAM FOR 2020 REFUNDING AND POTENTIAL NEW MONEY TRANSACTIONS
Body
Agenda of: December 11, 2019
Item No.: 2019-428
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: December 11, 2019
RE: RESOLUTION APPROVAL PROPOSED UNDERWRITING TEAM FOR 2020 REFUNDING AND POTENTIAL 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):
1) Approves Citigroup as Bookrunning Senior Managing Underwriter;
2) Approves Siebert Williams Shank & Co., LLC as Co-Senior Managing Underwriter;
3) Authorizes a Takedown Fee of $2.50 per bond (plus expenses);
4) Approves Goldman Sachs & Co., JP Morgan Securities LLC, Morgan Stanley & Co., Ramirez & Co. and Wells Fargo Securities as Co-Managers; and
5) Request that staff develop and present a policy for current and future underwriter selection; and
6) authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
At its meeting on June 20, 2018, as part of the underwriter selection process related to its 2018 bond transaction, the Great Lakes Water Authority (GLWA) Board of Directors (Board) approved the following list of seven (7) firms that were deemed qualified to act as senior managing underwriters for subsequent GLWA bond issuances:
* Citigroup Global Markets, Inc.
* Goldman Sachs & Co.
* JP Morgan Securities LLC
* Morgan Stanley & Co.
* Ramirez & Co.
* Siebert Williams Shank & Co., LLC (Formerly Siebert Cisneros Shank & Co., LLC)
* Wells Fargo Securities
JUSTIFICATION
To begin preparations for GLWA's proposed transactions as outlined below, GLWA is required to select the Senior (Book Running) Underwriter as directed by the GLWA Board, for the proposed bond issues....
Click here for full text