Miami-Dade
Legislative Item File Number: 121683 |
Printable PDF Format Clerk's Official Copy |
File Number: 121683 | File Type: Resolution | Status: Adopted | ||||||
Version: 0 | Reference: R-931-12 | Control: County Commission | ||||||
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Requester: NONE | Cost: | Final Action: 11/8/2012 | ||||||
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Sunset Provision: No | Effective Date: | Expiration Date: |
Registered Lobbyist: | None Listed |
Legislative History |
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Acting Body | Date | Agenda Item | Action | Sent To | Due Date | Returned | Pass/Fail |
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Board of County Commissioners | 11/8/2012 | 11A3 | Adopted | P | |||
REPORT: | Commissioner Heyman stated that she pulled the foregoing proposed resolution and its supplement to have the County’s administration state into the record that only the firm of Drexel Hamilton would be added to the underwriters’ pool, and the item was extremely limited. Deputy Mayor Edward Marquez explained the ordinance creating the underwriters’ pool and affirmed the statement made by Commissioner Heyman. There being no other comments or objections, the Board proceeded to vote. | ||||||
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Internal Mgmt. & Fiscal Responsibility Committee | 10/16/2012 | 2U | Forwarded to BCC with a favorable recommendation | P | |||
REPORT: | Assistant County Attorney Jess McCarty read the foregoing proposed resolution into the record. Commissioner Diaz explained his intent for sponsoring this proposed resolution. He said Drexel Hamilton employed military service veterans, including wounded warriors, and asked that his colleagues include Drexel Hamilton as an approved underwriting firm. Commissioner Edmonson questioned the frequency of waiving the competitive process for underwriting firm pools. Deputy Mayor Edward Marquez responded that this was the first time that the underwriting selection pool would be waived and that it was a unique situation. Commissioner Edmonson commented that this waiver would establish a precedent. She said that although the intention was admirable she noted her concern that it would lead to other groups requesting Request for Proposal (RFP) process waivers. Commissioner Jordan questioned the term of the current RFP and whether the underwriting pool was an open pool. Ms. Arlesa Wood, Bond Analyst, Finance Department, responded that the current pool expired in 2016. Assistant County Attorney Gerald Heffernan commented that the underwriting pool was not open, thus the waiver was necessary. Commissioner Jordan questioned the status and performance of the current firms. Ms. Wood explained that the current pool of firms was performing as needed. Commissioner Jordan inquired about the expectations in terms of the number of small and large firms when the initial RFP was presented. Mr. Frank Hinton, Bond Administration Division Director, Finance Department, responded that it was anticipated that 30 firms would be in the pool for Division 1 and Division 2 firms. He noted six respondents were received in the Division 1 pool and all six respondents were currently in Division 1 on the last Request for Qualification (RFQ). Mr. Hinton said there were 15 firms in Division 2. Commissioner Jordan questioned whether adding another firm would minimize the amount of work the existing six firms would have received. Mr. Hinton responded that the ordinance required a seven firm minimum assignment from Division 1 (small firms) and all seven firms would be included on all bond issuances. He said that adding up to 15 firms would result in those who least participated being assigned up to a minimum of seven firms from Division 1. Deputy Mayor Marquez clarified his earlier comment that the inclusion of wounded warriors made this a unique recommendation. He explained that Drexel Hamilton was established to train military service veterans to work in the financial industry and the firm was funded by Goldman Sachs. Deputy Mayor Marquez noted Drexel Hamilton’s senior management consisted of seasoned Wall Street professionals and the vision was to turn the firm over to military service veterans after they gained experience, generated capital, and acquired equity positions. He said he would not suggest adding firms to the pool as a standard operating procedure. Commissioner Jordan noted concern that Drexel Hamilton was a new firm without a track record, even though its leaders were from other larger firms. Deputy Mayor Marquez responded that Drexel Hamilton was a relatively new firm; however, they had a track history and were certified with appropriate governmental agencies with which they did business. He said he believed Drexel Hamilton was established for approximately three years. Commissioner Jordan asked Deputy Mayor Edward Marquez to provide members of the County Commission with Drexel Hamilton’s track record as a single entity. She noted this information should have been included in today’s (10/16) proposal. Commissioner Jordan questioned whether Drexel Hamilton’s principal officers were all veterans and to provide a further explanation of their business model. Deputy Mayor Marquez responded that Drexel Hamilton’s management consisted of financial industry professionals and that some of those individuals were military services veterans. He explained that the business model was to train military service veterans to enter the financial industry. Deputy Mayor Marquez noted that he understood that Drexel Hamilton’s intention was to employ and train only military service veterans. Commissioner Jordan noted she had serious reservations in terms of the non-competitive nature of adding another company when other veteran type organizations might exist that wanted to be considered and would not have the opportunity to compete. She said that an objective determination as to whether or not an organization had a unique mission needed to be considered. She noted she supported the proposed resolution today (10/16) although she needed to obtain additional information before the final vote at the Board of County Commissioners. Commissioner Diaz noted he would support any legislation designed to support wounded warriors and members of the military. He said he conducted sufficient due diligence in his meeting with Drexel Hamilton’s representatives and was pleased with the outcome of that discussion. Commissioner Jordan commented that her concern was related to the request for a waiver of a process for adding a new firm without a track record and not determining whether other veteran organizations existed that could perform this task and being given the opportunity to compete. Chairwoman Bell noted she supported the foregoing proposed resolution. She said she expected Commissioner Jordan’s questions pertaining to Drexel Hamilton’s background to be addressed before the proposal was considered by the County Commission. Hearing no further questions or comments, the Committee proceeded to vote on this proposed resolution as presented. | ||||||
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Internal Mgmt. & Fiscal Responsibility Committee | 9/11/2012 | 2N | No action taken due to lack of a quorum | ||||
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County Attorney | 8/24/2012 | Assigned | Gerald T. Heffernan | 8/24/2012 | |||
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County Attorney | 8/24/2012 | Referred | Internal Mgmt. & Fiscal Responsibility Committee | 9/11/2012 | |||
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Legislative Text |
TITLE RESOLUTION WAIVING COMPETITIVE PROCESS REGARDING UNDERWRITERS� POOL AND ADDING DREXEL HAMILTON TO UNDERWRITERS� POOL BODY WHEREAS, the County has established an underwriter�s pool pursuant to a Request for Proposals issued under Section 2-10.6 of the County Code; and WHEREAS, the underwriters� pool consists of two divisions of firms based on the capital of each firm; and WHEREAS, Division 1 includes underwriting firms with capital before haircut between $250,000 and $5,000,000 with the option to remain in Division 1 if such capital increases up to a cap of $10,000,000; and WHEREAS, Drexel Hamilton is a newly formed underwriting firm that employs, trains and licenses disabled veterans of the United States military who have served in combat theaters with the long-term goal of becoming a full service underwriting firm that is one hundred percent (100%) owned and operated by disabled veterans; and WHEREAS, Drexel Hamilton is recognized by the State of Florida�s Office of Supplier Diversity as a minority-owned service disabled veteran underwriting firm/broker dealer and is also recognized by the Small Business Administration of the United States as a service disabled veteran owned small business; and WHEREAS, twenty percent (20%) of Drexel Hamilton profits supports disabled veteran programs in the financial industry; and WHEREAS, Drexel Hamilton is capable of providing full services in both trading and underwriting of municipal securities and has capital before haircut in excess of the minimum required to serve in Division 1 of the underwriters� pool; and WHEREAS, it is in the best interest of the County and its citizens to support Drexel Hamilton in its efforts to assist disabled veterans by adding the firm to the County�s underwriters� pool; and WHEREAS, this Board wishes to waive the RFP process set forth in the Code in order to add Drexel Hamilton to Division 1 of the underwriters� pool, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that the RFP process set forth in the Code for the selection of underwriting firms for the underwriters� pool is waived and Drexel Hamilton is appointed to Division 1 of the County�s underwriters� pool. |
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