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a <br />A recent study has shown that negotiated bond sales generally cost 4 to <br />2 a percentage point.more, in annual interest costs, than comparable bonds <br />sold through competitive bid. This cost can be substantial over the life of a <br />bond issue. <br />RECOMMENDATIONS AND FUNDING <br />Based upon the above review, the Administration submits the following recommendations <br />for Board consideration: <br />1. The County secure "fiscal agent" services through a competitive selection <br />process. <br />2. Fiscal Agent •selected will serve at the "pleasure of the Board". <br />3. Administration be directed to prepare and distribute a "Request for Proposals" <br />seeking statements of interest and qualifications from firms providing <br />"fiscal agent" services within Florida. <br />4. Administration be directed to review and evaluate proposals received, and <br />to submit a "short list" of from 3 to 5 firms to the Board. <br />5. Short listed firms be invited to make presentations to the Board with the <br />Board ranking the firms. <br />6. Administration to negotiate contract for "fiscal agent" services with top <br />ranked firm, for submission to, and approval by, the Board of County <br />Commissioners. <br />Costs for "fiscal agent" services are generally dependent on the size of <br />the bond issue, and are generally payd from bond proceeds as part of the <br />cost of issuance. Due to the ongoinq nature of this contract, however, there <br />may be some costs -for a "retainer". These should be minimal, but should also <br />:be divided between the Utilities and Transportation Trust Funds, subject to <br />,adjustment if and when particular bonds are actually issued.- <br />The.Administration respectfully requests Board approval of the above <br />recommendations, and direction to proceed as outlined. Should any additional <br />i-nformation be desired, -please advise. <br />COMMISSIONER SCURLOCK STATED THAT HE - HAS REVIEWED THIS <br />MATTER WITH THE FINANCE OFFICER AND INTERGOVERNMENTAL COORDINATOR AT <br />LENGTH, AND IT APPEARS THE COUNTY IS IN AN EVER INCREASING MANNER <br />BECOMING INVOLVED WITH VARIOUS BOND ISSUES AND THEY ANTICIPATE THIS <br />TREND CONTINUING, SINCE WE DO NOT HAVE SOMEONE IN THE BOND MARKET <br />DAY TO DAY CAPABLE OF FORMING AND MAKING THESE RECOMMENDATIONS, IT <br />WOULD BE APPROPRIATE TO GO OUT AND THROUGH ADVERTISING PROCEDURES, <br />SELECT AN AGENT TO MAKE RECOMMENDATIONS TO US, THIS INDIVIDUAL WOULD <br />BE ELIMINATED FROM PARTICIPATION IN ANY OF THE UNDERWRITING AND WOULD <br />FUNCTION STRICTLY AS A FINANCIAL ADVISOR. COMMISSIONER SCURLOCK DID <br />NOT BELIEVE WE, AT THIS TIME, HAVE THE NECESSARY EXPERTISE AVAILABLE <br />IN OUR STAFF. <br />MOTION WAS MADE BY COMMISSIONER FLETCHER, SECONDED BY COMMIS— <br />SIONER WODTKE, TO ADOPT THE RECOMMENDATIONS OUTLINED IN THE ADMINISTRA— <br />TOR S MEMO OF JULY 29, 1981. <br />• <br />107 <br />BOOK 43 PACE 121 <br />I <br />