Item K10
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BOARD OF COUNTY COMMISSIONERS
C ounty of M onroe
Mayor David Rice, District 4
Mayor Pro Tem Craig Cates, District 1
The Florida Keys
Michelle Coldiron, District 2
Vacant, District 3
Holly Merrill Raschein, District 5
County Commission Meeting
March 16, 2022
Agenda Item Number: K.10
Agenda Item Summary #10343
BULK ITEM: Yes DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland (305) 809-5200
N/A
AGENDA ITEM WORDING: Approval to select an underwriting syndicate of BofA Securities,
-manager for the
revenue bond issue for Key West International Airport Terminal Concourse A Improvements
Program.
ITEM BACKGROUND: On February 17, 2022, the County received eight (8) proposals in
response to the RFQ for Underwriting Services for the Key West International Airport in
anticipation of an airport revenue bond sale in mid-2022. The proceeds of the bonds will provide a
portion of the funding for the Concourse A program.
BofA submitted a very strong proposal that clearly demonstrated its understanding of the project and
presented a detailed marketing plan and rating agency strategy for the issuance of the airport revenue
bonds. Other strengths of the BofA proposal included:
BofA is the #1-ranked senior manager of municipal bonds each year since 2012;
Since 2019, BofA has senior managed 30 airport transactions totaling over $12 billion of par,
including $1.9 billion of par for five transactions for Florida airports;
BofA is a leading retail and institutional firm for pricing and distributing municipal bonds
with 65 retail offices and 1,231 retail brokers in Florida.
PNC also submitted a strong proposal highlighting its recommendations for financing the project and
marketing strategies for the airport revenue bonds. PNC provides active coverage of municipal
buyers with a strong focus on smaller and mid-sized investors. PNC has a significant presence in
Florida and has supported the Airport with a $10 million airport revenue note providing favorable
interim financing for the design phase of the Concourse A project.
finance for the project and would serve as the underwriters for the bonds. Staff anticipates seeking
Board approval for the 2022 bonds later this year. Included in the documents to be approved by the
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bonds to be underwritten by the underwriting syndicate, and which would be executed upon the
completion of the pricing of the bonds.
PREVIOUS RELEVANT BOCC ACTION: On August 18, 2021 the BOCC authorized the
issuance of a Request for Qualifications for Underwriter Services in connection with the anticipated
issuance of Series 2022 General Airport Revenue Bonds for the new Concourse A and Terminal
Improvements Program.
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
Bid Tabulation Sheet
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract: tbd
Total Cost to County: -0-
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required: No
Additional Details:
REVIEWED BY:
Beth Leto Completed 02/28/2022 11:49 AM
Richard Strickland Completed 03/01/2022 2:40 PM
Pedro Mercado Completed 03/01/2022 3:41 PM
Purchasing Completed 03/01/2022 4:13 PM
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Budget and Finance Completed 03/01/2022 4:27 PM
Maria Slavik Completed 03/01/2022 4:30 PM
Lindsey Ballard Completed 03/01/2022 4:40 PM
Board of County Commissioners Pending 03/16/2022 9:00 AM
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.
BID AMOUNT
have been checked against the
AT 3:00 PM
2
UNDERWRITING SERVICES
2
, 20
BID BOND
BUDGET AND FINANCE TABULATION SHEET
1741
-
FEBRUARY 17
809
-
PURCHASING DEPARTMENT
MONROE COUNTY, FLORIDA
OPEN DATE:
Markets, LLC
Gisela Shanahan, 202
:
KEY WEST INTERNATIONAL AIRPORT
RESPONDENT
N/A
:
Piper Sandler & Co
PNC Capital
RBC Capital Markets, LLC
Morgan Stanely & Co. LLC
UBS Financial Services, Inc
TITLE:
Raymond James & Associates, Inc
Estrada Hinojosa & Company, Inc
Bid Committee PresentMembers of the Public PresentI hereby certify that this is a true and correct copy of said bid opening and that all bidders listed above State of Florida Convicted
& Suspended Vendor listings. All bids listed above were received by the date and time specifiedBid Opened By: Lisa Abreu, Purchasing Coordinator
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against the
ified.
BID AMOUNT
BID BOND
BUDGET AND FINANCE TABULATION SHEET
1741
-
809
-
PURCHASING DEPARTMENT
MONROE COUNTY, FLORIDA
OPEN DATE: FEBRUARY 17, 2022 AT 3:00 PM
: Gisela Shanahan, 202
KEY WEST INTERNATIONAL AIRPORT UNDERWRITING SERVICES
RESPONDENT
N/A
BofA Securities, Inc
TITLE:
Bid Committee Present:Members of the Public PresentI hereby certify that this is a true and correct copy of said bid opening and that all bidders listed above have been checkedState
of Florida Convicted & Suspended Vendor listings. All bids listed above were received by the date and time specBid Opened By: Lisa Abreu, Purchasing Coordinator