In an effort to provide Excellent Municipal Services, consistent with our Strategic Plan, in a financially responsible manner, the City of North Miami Beach issued RFP-21-082-DR Non-Bank Qualified General Obligation Note, Series 2021, with electronic notices posted on the City’s website and BidSync, with electronic notification sent to 2,500 suppliers on October 26, 2021, in accordance with Florida Statutes and the City of North Miami Beach’s City Code.
The purpose of the Request for Proposal (“RFP”) is to solicit proposals from qualified firm(s) that can provide the City with a fixed rate, non-bank qualified tax-exempt term loan to be evidenced by the Series 2021 Note at the lowest overall borrowing cost, pursuant to certain conditions as determined by the City in an amount not to exceed $9,500,000.
On November 18, 2021, ten (10) proposals were received by the City. Procurement Management reviewed the proposals and one (1) was non-responsive, as it was delivered after the deadline. The nine (9) responsive proposals are from JP Morgan, Key Government Finance, Signature, Sterling, Synovus, TD Bank, Truist, Wells Fargo, and Zions.
The City’s Financial advisor (“PFM” Financial Advisors LLC), along with the Chief Financial Officer reviewed the proposals and provided the attached recommendation for award of the contract, “City of NMB Series 2022 General Obligation Note – Bank Note Recommendation Memo”.
PFM recommends moving forward with the TD Bank proposal as they advised it is most advantageous to the City.