AGENDA ITEM SUMMARY
Consider a Resolution authorizing the execution of non-binding Letters of Understanding from time to time with Raymond James & Associates, Inc. City Attorney Andrew J. Whalen, III will address. Approved
SPECIAL CONSIDERATIONS OR CONCERNS: |
For many years the City of Griffin has had unrestricted access to the capable financial advice of its investment advisors at Raymond James & Associates, Inc. and its predecessor firms, specifically from Gordon Mortin and Bill Camp. This advice has been timely and of great value to the City in structuring its public finance issues and managing its outstanding issues as laws, tax and securities rules and regulations change over time. Having access to such advice can be critical given the burden placed on government issuers today to comply with continuing disclosure requirements.
Effective July 1, 2014, the Securities and Exchange Commission (SEC), pursuant to the 2010 Dodd-Frank Act, will begin to enforce new regulations which severely impact the way public finance bankers do business. In order to maintain the continued, open flow of information and ideas, Raymond James is required to first obtain a non-binding Letter of Intent with its clients. This letter is similar to the existing G-17 letter that is now required by the Municipal Securities Rulemaking Board (MSRB). This Resolution would authorize the City executing such a letter of intent.
The City Manager, Director of Administrative Services, and City Attorney recommend approval of the Resolution and execution of the proposed Letter of Intent attached.
There is no direct financial impact. The value of the financial advice the City is eligible to access could prove quite valuable in structuring future public finance issues. |