Histrada Hinojsa South Miami RFQ Final Packet (2)
RESPONSE TO:
City of South Miami, Florida
Request for Qualifications for Financial Advisory Services
RFQ #FN2014-03
Primary Contact:
Estrada Hinojosa & Company, Inc.
Lourdes Reyes Abadin
Executive Vice President
Abadin@ehmuni.com
2937 SW 27th Avenue, Suite 200B
Miami, FL 33133
Telephone: (305) 507-0100
Facsimile: (305) 648-1002
Mobile: (305) 812-4345
December 17, 2014
www.ehmuni.com
Tab 1
Table of Contents
Request for Qualifications for Financial Advisory Services
RFQ #FN2014-03
Table of Contents
Tab
1 ........................................................................................................ TABLE OF CONTENTS
2 ........................................................................................................ COVER LETTER & EXECUTIVE SUMMARY
3 ........................................................................................................ PROPOSAL RESPONSE
Sections
D. Firm Overview page 1
E. Personnel and Reference page 3
F. Other Relevant Financing Experience page 8
G. Long-Term Strategic Financial Planning Experience page 10
H. Tax-Exempt New Money Product Experience page 12
I. Taxable Financing Experience page 14
J. Advance and Current Refunding and Refinancing Experience page 16
K. Market and Pricing Information page 18
L. Disciplinary Actions page 22
4 ........................................................................................................ REQUIRED FORMS
(A) Proposal Submittal Checklist Form
(B) Respondent’s Qualification Statement
(C) Non-Collusion Affidavit
(D) Public Entity Crimes and Conflicts of Interest
(E) Drug Free Workplace
(F) Acknowledgement of Conformance with OSHA Standards
(G) List of Proposed Subcontractors and Principal Suppliers
(H) Related Party Transaction Verification Form
(I) Indemnification and Insurance Documents
(J) Signed Contract Documents
5 .......................................................................................... ATTACHMENTS
(A) State of Florida Certification
(B) Addenda
(C) Invitation for Proposal and Instructions to Respondents
Tab 2
Cover Letter & Executive
Summary
Tab 3
Proposal Response
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
1
Format and Content of RFQ Response: Estrada Hinojosa & Company, Inc. (“Estrada Hinojosa”) is pleased to respond
to the Request for Qualifications for Financial Advisory Services for The City of South Miami (the “City” or “South
Miami"). We submit for your consideration a comprehensive proposal that addresses the pertinent points of your
evaluation criteria.
D. Firm Overview
State the full legal name and organizational structure of the firm. Describe the ownership structure of your firm,
including your firm’s affiliation with any financial institution(s). State the location of the office that will be serving the
City including mailing address and telephone numbers.
Company History
Estrada Hinojosa & Company, Inc. was established in
January of 1992 by Mr. Robert A. Estrada and Mr. Noe
Hinojosa, Jr. The Company prides itself in being a
regional minority firm and 100% employee owned
investment banking firm. The firm is a full service
investment banking firm headquartered in Dallas, Texas.
Our banking professionals specialize in public finance, and
provide expertise in municipal financial advisory,
underwriting services, investment advisory, technical
analysis and transaction processing, as well as monitoring
outstanding debt for opportunities to realize savings,
restructuring debt service or revising covenants. Being a
full service investment banking firm allows us to
assist our clients with the most recent market data,
pricing tactics, buyer preferences and other relevant information. Our experience in providing such services
transcends our Texas border to include clients in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois,
Louisiana, Maryland, Massachusetts, Nevada, New Mexico, New York, Ohio, Pennsylvania, Virginia, Washington and
Wisconsin.
Registered Broker/Dealer:
Estrada Hinojosa is fully registered as a broker/dealer with the Financial Industry Regulatory Authority (“FINRA”) and is
a member of the Securities Investor Protection Corporation (the “SIPC”).
Organizational Structure
Estrada Hinojosa & Company, Inc. is a private corporation that is led by Mr. Noe Hinojosa, Jr., who serves as
President and Chief Executive Officer and Mr. Robert Estrada, who serves as the Chairman and Compliance
Officer of the firm. Over the last few years, Estrada Hinojosa has added personnel in the banking area to enhance
services to issuer clients. No recent changes in the structure or ownership of the firm have occurred, except the
addition of more professional staff to serve our clients. Since 2008, the Firm has opened 3 new offices; in Austin,
Chicago, and New York City as well as added more professional staff.
As a result of our firm’s growth to accommodate additional business demands, it is very unlikely we would experience
any downsizing. While some competitor firms laden with huge losses from the financial crisis have changed their
business model, ownership structure, or exited the industry, Estrada Hinojosa continues to grow and serve municipal
clients.
Location of Banking Support and Management
Estrada Hinojosa maintains an office in Florida and seven more offices nationwide. If selected as financial advisor, the
banking support will be a cooperative effort between our Florida Office and our Headquarters Office in Dallas, where the
Bond
Underwriting
P3 Advisory Investment
Banking
Investment
Advisory
Financial
Advisory
Public
Finance
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
2
Trading Desk is located. The day-to-day banker on this engagement is Ms. Lourdes Reyes Abadin who heads the
firm’s Florida efforts and in located at our Miami-Dade office. She will have full access to the firm’s resources
which makes the firm’s overall expertise available to the City.
Florida Office: Headquarters:
2937 SW 27th Avenue, Suite 200B 1717 Main Street, Suite 4700
Miami, FL 33133 Dallas, TX 75201
Telephone: 305-507-0100 Telephone: 214-658-1670
Facsimile: 305-648-1002 Toll Free: 800-676-5352
Cell: 305-812-4345 Facsimile: 214-658-1671
Florida Commitment
Estrada Hinojosa has been serving Florida Municipal clients since 1993. The Company has been involved in169
Florida financings as underwriter or financial advisor, representing over $22.38 billion in bonds issued. In 2003, The
Company’s commitment to Florida broadened and intensified with the opening of its Miami Office. Ms.
Lourdes Reyes Abadin, assisted by Mr. Robert Estrada, has been the Lead Banker on all Florida issues and is well-
versed with Florida rules, statutes, procedures, and debt practices. Estrada Hinojosa achieves its Financial Advisor
Florida success by assisting clients in attaining the lowest possible interest cost by presenting terms that are
attractive to investors and creating broad-based support for their bond offerings.
ESTRADA HINOJOSA FLORIDA CLIENTS
Alachua County
City of Cape Coral
Town of Cutler Bay (Financial Advisor)
City of Jacksonville
City of Sweetwater(Financial Advisor)
City of Miami Beach
Town of Miami Lakes (Financial Advisor)
City of North Bay Village (Financial Advisor)
City of Orlando
City of West Palm Beach
Florida Department of Environmental Protection
Florida Municipal Power Agency
Greater Orlando Aviation Authority
Miami-Dade County
Miami-Dade County Seaport
Miami-Dade County Water & Sewer Department
Miami-Dade County Educational Facilities Authority
Miami-Dade County, Miami International Airport
Miami-Dade County Industrial Development Authority
Miami Sports & Exhibition Authority
Miami-Dade Expressway Authority
Orlando Utilities Commission
Palm Beach County
School Board of Miami-Dade County
South Broward Hospital District
South Florida Water Management District
State of Florida
Town of Medley (Financial Advisor)
Village of Key Biscayne (Financial Advisor)
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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E. Personnel and References
Identify the primary individuals who will provide services to the City with regard to the day-to-day relationship with the
City and include a brief resume for each of the primary individuals including licenses and certifications held by those
individuals. Provide a list of five clients the firm has worked with in the last 36 months. Indicate the firm’s experience
with clients within the State of Florida and provide a brief description of the type of services provided as well as the
names, titles, addresses and telephone numbers of those primarily responsible for the account. In addition to the
day-to-day relationship, please provide information regarding the firm’s and individual’s experience with transactions
which are similar to financings contemplated by the City (i.e. taxable or tax-exempt new money issues, variable rate
financings, commercial paper, etc.) If the firm and/or individuals have experience with transactions within the State of
Florida, please include those clients as references.
Project Team Organization and Approach to Provide Services
The individuals assigned to this engagement have in-depth combined governmental finance experience and will
assist the City to obtain credit quality investment grade financing. Although Estrada Hinojosa is a small firm, for the
first 6 months of 2014, it was reported in the Bond Buyer, a daily public finance publication, as one of the top 5
financial advisors for negotiated issues in the country for 2014. This is a big accomplishment since we are a
small firm ranked amongst all the national firms.
The team assigned to the City of South Miami will be led by Ms. Lourdes Abadin. Utilizing this team approach
provides clients with access to the full range of talents that will maximize the Firm’s contribution effectively and on a
timely basis. Ms. Lourdes Reyes Abadin is the senior banker who will assume the day-to-day responsibilities and
serve as the Lead Banker/Primary Contact on this engagement. She will work closely with Mr. Robert Estrada to
ensure that the City meets all necessary regulatory compliances and has the firm’s complete resources towards
achieving its goals.
Lourdes Reyes Abadin leads Estrada Hinojosa’s efforts in
providing municipal bond services to governmental entities in the
state of Florida. Ms. Abadin will be the primary contact for the City
of South Miami and will attend official meetings of the City, when
requested. Ms. Abadin has been involved with Florida public
finance for over 26 years having initially served in the public
sector, eventually rising to the positions of Chief Financial Officer
(CFO) and Deputy Director to the Miami Sports & Exhibition Authority (an independent government entity mainly
funded by Convention Development Taxes). Ms. Abadin also assisted the City of Miami during its financial
crisis in 1996-1998 by serving as the Comptroller. As a result of her governmental experience, she is sensitive to
the goals and objectives from an issuer’s point of view.
Over the years, Ms. Abadin has gained much recognition for her in-depth knowledge and vast experience in Florida
public finance and she is also credited for her experience in other diverse sectors. Prior to being involved with
ESTRADA HINOJOSA PROPOSED KEY PERSONNEL TEAM SOUTH MIAMI
Name Title Role Location
Lourdes R. Abadin Executive Vice President Lead Banker/Primary Contact Miami, FL
Robert A. Estrada Chairman Supervisory Banker Dallas, TX
Cristina Zeinali Associate Analysis Support Miami, FL
Andrew Cubria, Jr. Assistant Vice President Quantitative Support Chicago, IL
Adrian Galvan Managing Director Quantitative Analysis Dallas, TX
Steven W. Eaddy Senior Vice President Credit Analyst New York, NY
Lourdes Reyes Abadin
Executive Vice President
2937 SW 27th Avenue, Suite 200 B,
Miami, FL 33134
(305) 507-0100
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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Municipal Finance, she worked for Florida Power & Light and was involved in the Quality Improvement Program that
earned FPL the Deming Award of Excellence. She specialized in investment banking when she joined a Wall Street
Firm in 1993. Her work has included developing financial structures, credit enhancement, and development of bond
rating presentations, preparation of official documents, and the pre-marketing of bonds. She has concentrated on
Florida municipal capital/bond markets and has experience with many sectors of the municipal market.
Under a previous employer, Ms. Abadin served as Financial Advisor to the following issuers:
City of Miami CRA
Miami-Dade County Water and Sewer and Seaport departments
City of Miami Beach
City of Aventura
Florida Ports Financing Commission
Miami-Dade Expressway Authority
Since joining the firm in 2003, Ms. Abadin has grown our Florida client base, resulting in Estrada Hinojosa being
selected as Senior Manager and Co-Senior Manager on several Florida financings, as well as the acquisition of new
financial advisory clients. She is very selective with whom she serves as Financial Advisor for she takes her role
very seriously and ensures to provide quality service. She has served as Financial Advisor to the following cities
similar to the City of South Miami, all of whom could attest to the added value she has provided:
City of North Bay Village
Town of Miami Lakes
City of Sweetwater
Village of Key Biscayne
Town of Medley
City of South Miami (proposed savings opportunity)
Ms. Abadin holds a Bachelor of Science degree in Finance from Florida International University, and has taken MBA
studies at Nova Southeastern University. She is a Certified Government Finance Officer (CGFO), and is a FINRA
Series 7 and held a Series 63 Registered Representative.
Mr. Estrada is Chairman of Estrada Hinojosa & Company, Inc. He
will serve as the Supervisory Banker for the City of South Miami.
He is an attorney at law and has extensive experience in the areas
of tax exempt securities and investment banking, having participated
in over 1,000 major municipal bond financing projects totaling more
than $65 billion. Mr. Estrada’s extensive experience of active bond
law practice in tax-exempt securities and investment banking enhances his role as founding Chairman, legal counsel,
and head of regulatory compliance. Mr. Estrada received his B.S. degree and Doctor of Jurisprudence degree from
the University of Texas. Colleagues in the industry have recognized Mr. Estrada’s stature in the business by electing
him to the Board of Directors of the Municipal Securities Rulemaking Board (“MSRB”), the national regulatory
organization for the municipal bond industry. Mr. Estrada served as Chairman of the MSRB during 1999-2000. Mr.
Estrada previously served on the Board of Directors of the Federal Reserve Bank of Dallas. In addition, he is an
attorney at law, active member of the Texas Bar Association, and a Registered Principal (Series 52, Series 53, Series
63, and Series 99) with the MSRB.
Experience with Relevant Financings:
Mr. Estrada has been actively involved in all of the Firm’s Florida transactions.
Robert A. Estrada
Chairman
1717 Main Street, Suite 4700
Dallas, TX 75201
(214) 658-1670
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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Ms. Zeinali assists Ms. Abadin with quantitative and research support
along with preparation of financial projections, offering documents
and proposal responses. She has provided support on transactions
for Greater Orlando Aviation Authority, City of West Palm Beach,
Miami-Dade County, City of Miami Beach, City of Orlando, Village of
Key Biscayne, and more. Ms. Zeinali graduated from Florida
International University with a Bachelor’s Degree in Business
Administration. Securities licenses maintained include Series 52 – Municipal Securities Representative.
Ms. Zeinali has assisted the following municipalities in attaining financing enhancements:
City of North Bay Village
Town of Miami Lakes
City of Sweetwater
Village of Key Biscayne
Town of Medley
City of South Miami (proposed savings opportunity)
Mr. Cubria began his professional career working as an Analyst at
Hutchinson, Shockey, Erley & Co., pricing, structuring, researching
and analyzing municipal bonds for state and local governments. He
became an Analyst at A.C. Advisory, Inc. where he participated in
over $20 billion of transactions, including fixed and floating rate tax-
exempt and taxable debt, derivative products, bank credit facilities
and tender offers. Mr. Cubria facilitated execution, pricing and closing of bond issues to the State of Illinois, Illinois
State Toll Highway Authority, Chicago Board of Education, City of Chicago, Cook County, Chicago Transit Authority,
Metropolitan Water Reclamation District of Greater Chicago, City of New York and TFA, Battery Park City Authority,
State of Connecticut, and the State of New Jersey. Mr. Cubria also had the privilege to serve the people by working
as a Financial Research Analyst for the County of Cook in Chicago where he reported directly to the Chief Financial
Officer. At Cook County, Mr. Cubria focused on restructuring the County’s outstanding debt to provide upfront
liquidity. In addition to supporting the Bureau of Finance at Cook County, Mr. Cubria supported the Budget, Revenue,
and Comptrollers offices. Mr. Cubria graduated summa cum laude from the Barrett Honors College and the W.P.
Carey School of Business at Arizona State University with an emphasis in Finance in 2006, and graduated with
distinction from the Kellstadt Graduate School of Business at DePaul University where he earned his Masters in
Business Administration with concentrations in Finance and Strategy, Execution and Valuation. Securities licenses
maintained include Series 52 – Municipal Securities Representative, and Series 63 – Uniform Securities Agent.
Mr. Cubria has assisted the following municipalities in attaining financing enhancements:
City of Sweetwater
Village of Key Biscayne
Town of Medley
City of Coral Gables
City of South Miami (proposed savings opportunity)
Town of Medley
Mr. Galvan heads Estrada Hinojosa’s Quantitative Group, which
provides primary technical and modeling expertise for clients. He has
broad experience developing plans of finance for debt transactions,
both new money and refunding. Over the past 18 years, he has
personally structured over 600 financings totaling more than $20
Cristina Zeinali
Associate
2937 SW 27th Avenue, Suite 200 B,
Miami, FL 33134
(305) 507-0100
Andrew H. Cubria
Assistant Vice President
161 North Clark Street, Suite 4700,
Chicago, IL 60601
(312) 523-2087
Adrian Galvan
Managing Director
1717 Main Street, Suite 4700
Dallas, TX 75201
(214) 658-1670
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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billion for a range of issuers, including cities, counties, school districts, utilities and water authorities.
Along with overseeing the Quantitative Group, Mr. Galvan is responsible for developing comprehensive financial
models, structuring multiyear capital improvement plans, determining borrowing capacity, and identifying and structuring
refunding opportunities. Prior to joining Estrada Hinojosa, Mr. Galvan worked for the financial advisory firm of Public
Financial Management, Inc. (PFM), where he assisted in capital planning, financial analysis and cash flow modeling
activities for clients such as the City of Austin. His previous professional experience also includes working as a financial
consultant trainee for Merrill Lynch, where he gained extensive knowledge on equity and fixed income securities. While
completing his degree at the University of Pennsylvania, Mr. Galvan was active in Hispanic student organizations and
peer mentoring programs. He is also fluent in Spanish and holds the following registrations from FINRA: Series 7,
Series 53, and Series 63.
As Senior Quantitative Analyst, Mr. Galvan is involved in both the Firm’s financial advisory and underwriting
transactions. His experience includes structuring issues to get the lowest possible interest costs for the Issuer, as well
as working with Paying Agents, Escrow Agents, Bond Counsel, Underwriters’ Counsel, and Verification Agents.
Steven W. Eaddy serves Estrada a Senior Vice President for
Estrada Hinojosa. He joined Estrada Hinojosa and opened the
firm’s New York City office in midtown Manhattan in December
2010. He brings 30 years of banking, rating agency, insurer, and
legal municipal finance expertise, which has included a diversity of
airport, toll road, water and sewer, housing, general obligation,
school district, student loan, higher education, public/private
partnership, taxable municipal, municipal lease and short-term note transaction experience. His expertise will be
very valuable as we prepare the Town’s credit profile in anticipation of the 2015 call options of Series A, B, D and E
loan agreements.
At other firms, Mr. Eaddy's Florida clients have included the State of Florida, Florida Hurricane Catastrophe Fund,
Florida Correctional Privatization Corporation, Miami-Dade County, Miami-Dade County Aviation Authority, Miami-
Dade County Industrial Development Authority, Miami-Dade County Housing Finance Authority, Miami- Dade County
Schools, Miami-Dade Expressway Authority, Palm Beach County, Palm Beach County Housing Finance Authority,
Greater Orlando Aviation Authority, South Florida Water Management District, Northern Palm Beach County
Improvement District, and Broward County.
Mr. Eaddy received his B.A. degree from The Johns Hopkins University. After graduating from the Northwestern
University School of Law, he began his public finance career as an associate with Hawkins, Delafield & Wood in New
York City. His career includes a combined nine years as a senior analyst at MBIA, Standard & Poor’s, and Fitch
Ratings. Mr. Eaddy headed the Public Finance department at LaSalle Financial Services in Chicago 2006 – 2007
and reopened M.R. Beal’s Chicago office in 2005. He has worked at Cabrera Capital Markets, Siebert Brandford
Shank, and Prudential-Bache Capital Funding as well. Securities licenses maintained include Series 53 – Municipal
Securities Principal, Series 7 – General Securities Representative, and Series 63 – Uniform Securities Agent.
List of Clients
Estrada Hinojosa has been offering financial advisory services since its founding in 1992. The Firm has been
privileged to serve as a financial advisor to cities, counties, institutions of higher education, school districts, state
agencies, water and wastewater districts, as well as municipalities and other political subdivisions. Over the last 36
months, the Firm has served as Financial Advisor on 318 transactions representing a total of over $24 billion
in transaction amount. Below please find a list of five Miami-Dade clients the firm has worked with over the same
time period.
1. Village of Key Biscayne, FL
2. Town of Miami Lakes, FL
Steven W. Eaddy
Senior Vice President
230 Park Avenue, 10th Floor
New York, NY 10169
(212) 309-8724
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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3. Town of Cutler Bay, FL
4. City of Sweetwater, FL
5. Town of Medley, FL
References
Below please find Estrada Hinojosa’s references in the State of Florida.
Ms. Vivian Parks, Finance Director
Village of Key Biscayne, FL
88 W. McIntyre Street, Key
Biscayne, FL 33149
Phone: (305) 365-8903
Alex Rey, Town Manager
Town of Miami Lakes, FL
6601 Main Street,
Miami Lakes, FL 33014
Phone: (305) 364-6100
Robert Daddario, Finance Director
Town of Cutler Bay, FL
10720 Caribbean Boulevard, Suite
105, Cutler Bay, FL 33189
Phone: (305) 234-4262
Roy Danziger, Finance Director
Town of Medley, FL
7777 NW 72nd Ave
Medley, FL 33166
Phone: (305) 887-9541
Annie Chez , Finance Director
City of Sweetwater, FL
500 S.W. 109 Ave.,
Sweetwater, FL 33174
Phone: (305) 221-0411
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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F. Other Relevant Financing Experience
Provide a description of your proposed primary individuals’ relevant experience over the last three years with other
cities that you believe are relevant to this proposed engagement. Include three case studies, if available, that
illustrate experience with relevant services where the proposed primary individuals have served as financial advisor.
Please limit your response to two pages.
Below, please find case studies of relevant experience for the proposed engagement.
Village of Key Biscayne, FL
Ms. Abadin has been honored to serve the Village of Key Biscayne as Financial Advisor since 2006.
In an ongoing financial advisor position, Ms. Abadin continuously monitors the Village’s
finances, including its outstanding debt, debt ratios, and debt covenants. To bring added value, she
monitors outstanding debt for refunding opportunities, assists with water and storm water rate studies,
obtaining grants from county, state and federal government, structures the Village’s debt portfolio and ,
participates in Council meetings involving capital projects and strategic planning opportunities as needed,
among other financial services.
During 2011, she identified 5 refunding opportunities that ultimately resulted in more than $1.9 million in
Net Present Value Savings for the Village.
Police and Emergency Vehicle leases at interest rates and financing terms more beneficial than those
obtained by the Police Dept.
Since working with the Village’s Finance Department, Ms. Abadin has been able to structure the Village’s
debt portfolio to secure continuous ratings upgrades. Moody’s Investors Service upgraded the Long Term
Issuer Rating from Aa2 to Aa1, and with her assistance, the Village’s Standard & Poor’s rating increased
from AA- to AA and most recently upgraded again to AAA.
Ms. Abadin worked in conjunction with several entities such as Miami-Dade County, State DEP, and Federal
EPA for the Village’s Water, Sewer and Water Reclamation Projects which closed during summer
2011. For these projects, Ms. Abadin assisted the Village in obtaining federal and state
grants, as well as private “gap” loans to reduce pressures on cash flows. She also created a
reimbursement requests and payments process for the Village.
In October 2012, she facilitated an agreement between the Village and Miami-Dade School District to fund
necessary renovations of the Key Biscayne K-8 Center at the Village and provide a portion of the financing
of a permanent secondary educational facility and recreational fields at the MAST Academy Campus. She
created a financial structure that benefited both entities including the issuing of $5.575 million School
Improvement Revenue Bonds in October 2012 and the subsequent funding of $4.575 million in
2014.
City of Sweetwater, Florida
Estrada Hinojosa & Co. had the pleasure of working with the City on refinancing its $850,000 Land
Acquisition Revenue Refunding Bonds, Series 2009 with $840,265 Land Acquisition Revenue
Refunding Bonds, Series 2011. Ms. Abadin identified this opportunity while surveying the City’s
finances. The existing debt service included an interest rate of 4.96% and a large balloon payment in
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
9
2019. After exploring several debt structures, the most advantageous option extended the loan four more years,
eliminated the large balloon payment, decreased the interest rate to 2.41% and all the while created $93,257 in Net
Present Value Savings for the City.
Town of Miami Lakes, FL
Ms. Abadin assisted the Town with the financing of a new Government Center in
December 2010. At the time, the Town was a first time issuer and an unknown
credit in the marketplace. However, despite being a first time issuer, Estrada
Hinojosa was able to obtain ratings of AA and AA- from Fitch and Moody’s for the
Town. Additionally, Ms. Abadin assisted the Town during the transition of a new
Town Manager and new Finance Director. During this transition, she assisted the new Town Manager with financial
tasks such as budget preparation and annual audit until a new Finance Director was hired. The Town was able to
take advantage of the Build America Bonds program and sold bonds in the open market arena, enabling it to afford
the new Town Government Center at the same cost as the leased facilities.
In 2013, Ms. Abadin assisted the Town in issuing $1.855 million Special Obligation Notes (Roadway
Improvement Project) to provide road access to 87th Avenue
Town of Cutler Bay, FL
Ms. Abadin was involved in several transactions for the Town of Cutler Bay. In 2012, the
Town participated in 4 transactions, including taxable and tax-exempt financings.
$5,800,002 Taxable Note, Series 2012B
$1,925,122 Bank Qualified Tax-Exempt Note, Series 2012C
$735,000 Taxable Note, Series 2012E
$2,578,000 School Improvement Revenue Bonds, Series 2012
The Town was facing a downturn in ad-valorem revenues resulting from the mortgage crisis, and Ms. Abadin was
able to assist with restructuring the Town’s debt portfolio to enable the Town to mitigate and postpone its debt service
obligations and avoid a millage increase. Ms. Abadin also facilitated an agreement between the Town and Miami-
Dade School District to fund necessary renovations to a high school in the Town of Cutler Bay. The new money
issue was obtained with more flexible covenants and lower interest rates than those in the prior obligations.
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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G. Long-term Strategic Financial Planning Experience
Please describe your short and medium term outlook for the municipal markets and, financial institutions, in general;
and how it may affect cities borrowing. Based on your knowledge of the City’s financial circumstances using the
City’s most recent CAFR provided online, other relevant factors such as Federal government actions or
Congressional legislation and your outlook as previously described, please provide an overview of the strategies that
the City and Staff should consider to improve the City’s financial position. Please limit your response to two pages.
Short and Medium Term Outlook: Estrada Hinojosa actively participates in the municipal market thru its trading
desk located in Dallas. On a daily basis all of the bankers are advised on the outlook of the municipal market thru
various means, including a daily morning market report, rating services releases from the various rating agencies,
The Bond Buyer which is a publication specialized for bond dealers, etc. While we expect the U.S. economy and
state revenues will continue to improve the revenue picture may remain uncertain and states will also face increased
pressure for restoring services and providing tax cuts, in addition to meeting increased pension and Medicaid costs.
In addition to these revenue and spending pressures, changes in the municipal bond tax exemption proposed by the
Obama Administration and some in Congress – if enacted – could negatively affect future debt issuance.
Following is an excerpt of the Morning Market Report provided Friday, December 12th: Weaker oil continues to be
disturbing for stocks. As stocks traded lower, treasury yields fell. Munis showed light to moderate gains. Yet, as
treasuries extended gains, muni performance fell well short. Avoiding hedge risk encouraged some lackluster trading
as muni buyers may have been defensive ahead of the FOMC meeting next week. About $3.7bln in primary sales
were scheduled this coming week, under the weekly average as the muni business winds down for the holidays and
end of year.
Knowledge of the City: The City of South Miami currently has several loans outstanding, including loans with the
Florida Municipal Loan Council, taxable bank notes, and a conduit debt issuance. The following table lists the long-
term obligations of the City.
Estrada Hinojosa has undertaken a thorough analysis of the City’s current debt portfolio. As such, we focused on the
Series 2001A, 2002A, 2006, and 2011 bonds and notes. The City’s currently outstanding long term debt is displayed
below.
Issue NameSeriesTax Status
Outstanding
Principal Amount
Florida Municipal Loan Council, Multi Purpose Bonds2001ATax Exempt$1,670,000
Florida Municipal Loan Council, South Miami Parking Garage2002ATax Exempt$3,370,000
Florida Municipal Loan Council, South Miami Parking Garage2006Tax Exempt$1,380,000
Sun Trust Bank Loan Refinance South Miami Parking Garage2011Taxable$6,825,000
Total:$13,245,000
*Source: City of South Miami Budget FY 2014‐2015
City of South Miami, FL
Outstanding Principal*
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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Proposed Refunding: We
have identified several
refunding opportunities that
can achieve significant
savings for the City. Our
analysis included the
potential refinancing of the
Series 2001A, 2002A and
2006 Florida Municipal
Loan Council bonds.
Although the Municipal
Loan Council provides a
portal for cities that have not accessed the municipal market, the City of South Miami has matured to gain credit
access, and with a good Financial Advisor can access the municipal loan market and structure a debt portfolio strictly
to the benefit of the City. The following table demonstrates the Series we recommend be refinanced. Although the
2006 Series does not produce savings based on interest rate reduction, the elimination of the annual administrative
fees required under the Loan Agreement produce savings. Estrada Hinojosa proposes to refinance the bonds
through a cumulative Series 2014D issuance and we can assist the City access to the Bank Qualified Loan Market.
Displayed below is a column chart comparing the prior debt service of the bonds with the proposed refunding debt
service. This is a very conservative proposal. We believe we can obtain higher savings for the City; however
refinancings are market sensitive and we do not want to promise something we may not be able to deliver.
This conservative scenario produces a net present value savings of approximately $922,135 as shown in the table
below.
Refunded Bonds
Amount of
Outstanding
Refunded Bonds
Amount Eligible for
RefundingRefunding Bonds
Par Amount of
Refunding Bonds
2001A1,670,000 1,610,000 2014A1,615,000
2002A3,370,000 3,370,000 2014B3,410,000
20061,380,000 1,270,000 2014C1,400,000
6,420,000$ 6,250,000$ 6,425,000$
2014D*6,390,000$
Proposed Refunding
Florida Municipal Loan Council Revenue Refunding Bonds:
*Series 2014D is a cumulative refunding
Refunding Series:2014D*
Delivered:12/1/2014
Par Amount of Refunding Bonds:$6,390,000
Par Amount of Refunded Bonds:$6,250,000
Net PV Savings:922,135$
% Savings of Refunded Bonds:14.75%
Avg. Annual Savings (FYE):$55,923
Avg. Coupon of Refunded Bonds:4.898%
True Interest Cost (TIC):3.031%
Rates as of:10/24/2014
Negative Arbitrage:$63,557
Summary Table with Savings
0.00
100,000.00
200,000.00
300,000.00
400,000.00
500,000.00
600,000.00
FYE 9/30
Prior Debt Service vs. Refunding Debt Service
Prior Debt Service Refunding Debt Service
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H. Tax-Exempt New Money Product Experience
Describe your firm’s relevant experience with tax-exempt new money transactions including special facility
obligations and parking systems over the last three years. Include three case studies, if available, that illustrate the
firm’s experience with relevant transactions where the proposed firm has served as financial advisor. Please limit
your response to two pages
Tax Exempt New Money Transaction Experience
Since inception the firm has served as financial advisor on 918 tax-exempt new money transactions totaling over $39
billion in par amount. Please note that if you take into account that we are a boutique firm and have fewer bankers
than other FA firms, we are as qualified and experienced. Our Financing team encompasses bankers that have
transcended from Wall Street firms to Estrada Hinojosa where our values meet, the lead banker has issuer
experience by having served as CFO and comptroller of public entities, Mr. Eaddy is a credit specialist who worked
with the rating agencies, and our firm has an active trading desk providing the City access to the investment market
on a daily basis. Our Financial Advisor services are not limited to the issuance of debt; we will assist the City with
strategic planning that will establish a legacy.
Since December 2011, the firm has served as financial advisor on 171 transactions, over $12 billion. We listed
Miami-Dade County clients in our response to question E. We want to list transactions outside of Florida to
demonstrate access to creativity that can be obtained especially to enhance the City’s goals.
City of Allen, Texas
Estrada Hinojosa provided financial advisory services to the City of Allen, the Allen Economic
Development Corporation (AEDC), and the Allen Community Development Corporation
(ACDC) on their joint project to build a large complex in Allen known as “The Village at Allen”.
The complex was a large mixed-use development that featured space for retail, offices,
restaurants, a 220 room hotel, and a 6,000 seat event center. The event center hosts a minor league hockey team in
addition to being the venue for other sporting events, concerts, and various other attractions. Allen’s continued
growth from just over 35,000 residents in 1998 to about 80,000 in 2008 has made the City of Allen an attractive
location for such a development.
Estrada Hinojosa worked closely with the City, the AEDC, the ACDC, the developer, and an entertainment company
that specializes in event center operations to craft a financing plan to meet the needs of the project. The plan
included two bond issuances from the AEDC and the ACDC secured by their respective 4A and 4B ½% sales taxes.
The AEDC issued its $15,335,000 Sales Tax Revenue Bonds, Series 2008 which provided tax-exempt financing to
pay for infrastructure related to the project. The ACDC issued its $32,835,000 Sales Tax Revenue Bonds, Taxable
Series 2008 which provided taxable financing to pay for parking facilities and related infrastructure for the project.
The ACDC also issued its $1,615,000 Sales Tax Revenue Refunding Bonds through a private placement which
cleared the way for the use of a surety policy on the larger new money transaction. The City also dedicated funds to
the project which will be used to reimburse the developer over time through a 380 agreement.
San Antonio Water System
EH served as co-financial advisor in April 2014 to San Antonio Water System on its successful
pricing of $203,930,000 Jr. Lien Revenue and Refunding Bonds, Series 2014A and B. Notable
transaction highlights were:
1) The $103,930,000 Series 2014A Bonds were traditional fixed rate bonds, and saw significant investor
demand evidenced by over $1 billion in orders.
2) The Series 2014A Bonds were priced at the tightest spreads to MMD for any Jr. Lien Revenue Bonds sold
in the public markets by SAWS.
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3) The $100,000,000 Series 2014B Bonds were SIFMA Index Bonds sold with an initial interest rate period of
3.5years. The Series 2014B bonds also saw significant investor demand with over $450 million in orders.
4) A portion of the Series 2014A Bonds was an advance refunding for savings which resulted in PV savings of
over $6 million or 12.3% of the refunded bond par amount.
5) The 2014A Bonds had a 9.5 year Par Call with virtually no cost to the issuer and this transaction was
completed with No Debt Service Reserve Fund Requirement which SAWS was able to negotiate with the
TWDB to obtain the right to issue Jr. Lien Revenue Bonds without a Debt Service Reserve Fund
Requirement for any bonds not issued to the TWDB. SAWS’ TWDB Jr. Lien Revenue Bonds will continue
to have a Reserve Fund Requirement.
6) The Spread to MMD that we obtained were at or through where SAWS has had its Sr. Liens bonds price,
so our recommendation to utilize the Jr. Lien paid off from the perspective of preserving the Sr. Lien for
when SAWS encounters a higher interest rate environment and also, the ability to not have to fund a
Reserve Fund, as previously mentioned.
Downtown Amarillo Redevelopment Project
In 2011, Estrada Hinojosa was engaged to serve as financial advisor to Wallace Bajjali Development
Partners. The City of Amarillo and Wallace Bajjali Development Partners had entered into a
development agreement to explore potential redevelopment projects within a 54 block area surrounding
the Civic Center. The three initial projects identified for the first phase of redevelopment were:
A Downtown Civic Center Hotel
o 300 Room
o 22,500 square feet of Ballroom/Meeting Rooms
o Full Service and Branded
Parking Garages
o 1,200 Spaces across 2 Multi-Story Facilities
o Ground Level Retail
A Multi-Purpose Downtown Event Venue (MPV)
o Primary home for an American Association (Independent league) baseball team
o 4,500 fixed seat facility, 12 suites
Village of Key Biscayne, Florida
In October 2012, Ms. Abadin facilitated an agreement between the Village of Key Biscayne and
Miami-Dade School District to fund necessary renovations of the Key Biscayne K-8 Center at the
Village and provide a portion of the financing of a permanent secondary educational facility and
recreational fields at the MAST Academy Campus. She created a financial structure that benefited
both entities including the issuing of $5.575 million School Improvement Revenue Bonds in
October 2012 and the subsequent funding of $4.575 million in 2014.
City of South Miami, Florida
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I. Taxable Financing Experience
Describe your firm’s relevant experience with taxable financing including parking system transactions over the last
three years. Include three case studies, if available, that illustrate the firm’s experience with relevant transactions
where the proposed firm has served as financial advisor. Please limit your response to two pages.
It is of upmost importance to maintain tax status in municipalities’ debt issuances. The City of South Miami
has experienced such issues. A Financial Advisor and Bond Counsel working strictly for the City’s benefit is
invaluable. The City Attorney is not expected to be specialized in the laws of municipal loan issuances, which is why
municipalities hire Financial Advisors and Bond Counsel to work with the City attorneys and Finance Directors.
Entities as large as Miami-Dade County hire such specialists to ensure compliance.
Since inception Estrada Hinojosa has served as financial advisor on 114 taxable transactions totaling over
$39 billion in par amount. Since December 2011, the firm has served as financial advisor on 33 taxable
transactions, representing over $1.7 billion in transaction amount. We have also listed our parking facilities
transactions. Please keep in mind that in a small firm all bankers are involved.
Cameron County Regional Mobility Authority
Cameron County, on behalf of the CCRMA, imposes and collects a $10 vehicle
registration fee paid annually on each vehicle registered in the County. Estrada Hinojosa
developed a financing plan using this fee as well as associated controlling documents
including a trust indenture and successfully assisted the RMA with the sale of the $28.78 million Vehicle Registration
Fee Revenue Bonds, Series 2010A and Taxable Series 2010B (BABs). The bonds are secured by a first (gross) lien
on this fee. This was the first such pledge of a vehicle registration fee to revenue bonds in Texas. Although the fee
has only been imposed for two years, Estrada Hinojosa worked closely with S&P to explain the credit. The bonds
received a AA- rating from S&P because of the history of vehicle registration growth in the County and because of
strong covenants including a fully-funded debt service reserve fund and a 1.50 times additional bonds test. These
standard bond covenants and ratings have become the model for all subsequent VRF bond issues, including the
CRRMA VRF bond issue that took place earlier this year.
The transaction was sold as $13.245 million tax-exempt bonds – consisting of $8.765 million serials with a 5-year par
call and $4.48 million term bonds with a 10-year par call – and $15.535 million taxable Build America Bonds with a
10-year par call and extraordinary call at T+100. The true interest cost on the 26-year transaction net of the 35%
federal subsidy was 4.36%. Since this inaugural bond issue, some of these bonds have been refunded for savings.
Ohio Enterprise Fund
Estrada Hinojosa served as placement agent to the Ohio Enterprise Fund for the sale of their $7.27 million State of
Ohio State Economic Development Revenue Bonds, Series 2011-3. The bonds were used to support economic
development related to the construction of a new automotive parts manufacturing facility. The taxable bonds had a
final maturity of seven years and were sold at 300 bps over the 4-1/2 year equivalent UST rate which was matched to
the average life of the offering. The bonds were rated AA- by S&P. As placement agent, Estrada Hinojosa
successfully identified a buyer for the obligations.
Parking Operations
Estrada Hinojosa has served as
financial advisor to several parking
garage bond transactions in the
company’s history. Since inception, Estrada Hinojosa has served as financial advisor on 5 parking system
transactions totaling $58,620,000. Our experience has taught us that parking facilities represent some of the most
difficult types of bond financings that a municipal issuer can undertake. Unlike toll roads/bridges that have physical
constraints or travel time savings that require/encourage their use, or sales tax or special tax (VRF) backed bonds that
have a limited but historically strong revenue source, parking facilities have distinct limits to their basic security. For the
Estrada Hinojosa Parking Garage Financing Experience
Issue Date Issuer Total Par Firm Role
2007 City of Fort Worth $20,935,000 Financial Advisor
2000 City of San Antonio $24,845,000 Financial Advisor
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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proposed downtown parking garage in El Paso, there are a multitude of alternatives that are available by the private and
public sector: other downtown garages, free and metered on-street parking, taking mass transit, or simply walking or
riding one’s bike. Given all these alternatives, the creditworthiness of a stand-alone non-recourse parking garage
financing will be limited in the municipal marketplace.
As financial advisor, Estrada Hinojosa has worked closely with municipalities that financed parking garages. In
each instance, the City provided a credit backstop of the project, thus wrapping the marginal security of parking garage
revenues with the strong credit ratings of the municipality. As an example of our parking garage experience, in 2007,
Estrada Hinojosa served as financial advisor to the City of Fort Worth when they issued $20.9 million Combination Tax
& Parking Revenue Certificates of Obligation to finance construction of a convention center parking garage. As the
bond series name denotes, both parking garage revenues and the City’s general obligation (GO) credit were obligated
to the bond issue. While the City’s GO pledge was utilized, the bond was structured based on estimated revenues of
the parking garage, as well as a portion of the City’s car rental tax. At first the car rental tax paid for a majority of the
debt service, but as parking revenue increased, it assumed a larger share of the debt service.
While the City of El Paso would prefer for the parking garage to remain a stand-alone financing, there are some funding
sources for the CRRMA to consider as it assembles a workable financial plan. Some of these ideas have been
discussed before but are worth repeating:
1. City of El Paso backstop with springing covenant: CRRMA would structure the bonds to be paid from
parking garage revenues, but with a City GO pledge to pay for debt service when parking revenues are not
sufficient to pay for obligations. These bonds could be structured with a springing covenant, in which the City
pledge drops off after debt service exceeds a certain debt service coverage ratio and/or other requirements are
met.
2. Pledge of on-street parking revenue: CRRMA bonds would be pledged by a combination of parking garage
and on-street parking revenue. Some other parking garages have been financed in this manner, and there is a
direct nexus between the revenues collected by parking meters and the parking garage. While this would
represent a loss of stable revenue from the City, it would have a much smaller credit impact than the City’s GO
pledge. In addition, the pledge could be structured such that all on-street parking revenue over a fixed dollar
figure could go back to the City instead of being trapped by the flow of funds of the parking garage bonds.
3. Long-Term parking contracts: The central challenge of financing the parking garage is the merchant nature
of the facility – changes in commercial traffic, the addition of new parking garages in nearby facilities, and the
cost of parking in other modes will all impact the revenue of the parking garage. To offset a portion of that
uncertainty, the CRRMA and other parties (the City, a group of commercial landlords), could enter into a long-
range parking contract in which the parties would guarantee the purchase of a large number of parking spots
for a certain period of time. From a credit perspective, the likelihood of repayment of the bonds would then
extend into the party with the long-term contract, namely the City of El Paso. While the City’s credit would be
satisfactory to rating agencies, it remains to be seen if non-rated commercial landlords would be considered
investment grade. Ideally, these long-range contracts would last for the entire term of the bonds, and the
portion of the project cost deemed “merchant” would remain minimal.
Brownsville ISD
Estrada Hinojosa served as Financial Advisor to the Brownsville Independent School District Public
Facility Corporation (the “Corporation”) for the issuance of its $27.77 million and $15.40 Million Lease
Revenue Qualified School Construction Bonds. The Corporation was created to finance the
construction of school facilities for the Brownsville Independent School District (the “District”). The
transaction serves as an example of how a new issuer was created to meet specific financing needs
for the District.
Unique Characteristics of the Transactions: (1) established a new issuer, (2) use of Qualified School Construction
Bonds Allocations and (3) use of tax credit bonds and State aid to achieve lowest cost of borrowing.
City of South Miami, Florida
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J. Advance and Current Refunding and Refinancing Experience
Describe your firm’s relevant experience with advance and current refunding transactions over the last three years.
Include three case studies, if available, that illustrate the firm’s experience with relevant transactions where the firm
has served as financial advisor. Please limit your response to two pages.
Since inception, the firm has served as financial advisor on 433 refunding transactions totaling over $35 billion in par
amount. Since December 2011, the firm has served as financial advisor on 114 refunding transactions totaling over
$9 billion in transaction amount. The number of firm financings demonstrates the firm’s ability, but more
important is what we can accomplish for the City of South Miami, the ability to obtain financing for non-rated
entities and establish credit strength. Below are examples of how we have helped cities enter the market
and how we have assisted first time issuers as well as small municipalities.
The Financial Advisor team will receive the full support of our Dallas office, which includes our highly qualified trading
desk. Our trading desk plays an important role within this financial advisory team. They are involved in the market
daily and advise our bankers on market conditions, interest rates, and understanding spread relationships.
City of Sweetwater, Florida
Estrada Hinojosa & Co. had the pleasure of working with the City on refinancing its $850,000 Land
Acquisition Revenue Refunding Bonds, Series 2009 with $840,265 Land Acquisition Revenue
Refunding Bonds, Series 2011. Ms. Abadin identified this opportunity while surveying the City’s
finances. The existing debt service included an interest rate of 4.96% and a large balloon payment in
2019. After exploring several debt structures, the most advantageous option extended the loan four more years,
eliminated the large balloon payment, decreased the interest rate to 2.41% and all the while created $93,257 in Net
Present Value Savings for the City.
City of Arlington, Texas
Estrada Hinojosa served as financial advisor to the City of Arlington, Texas for the
issuance of their $31.32 million Permanent Improvement & Refunding Bonds, Series
2012A; $12.18 million Permanent Improvement Refunding Bonds, Series 2012B; and
Water and Wastewater System Revenue Bonds, Series 2012. All three series of
obligations were sold competitively on the same day. The Series 2012A bonds were used
to provide funding for new projects within the City as well as fix-out $12 million of
outstanding commercial paper (CP) which had been used for interim financing. The Series 2012B bonds were issued
to advance refund certain outstanding obligations of the City. Language in the notice of sale (NOS) allowed for
adjustments of the final amortization schedule to smooth out savings based on rates from the winning bid. The 2012B
bonds produced Net Present Value savings of approximately $910,000 or 7.5%. The Series 2012 Water
&Wastewater bonds were used to provide funding for various utility system projects.
All three transactions were well received, largely due to the size and structure of the transactions and ratings of the
City. The transactions were structured to anticipate the optimal couponing structure based on market conditions while
ensuring that appropriate proceeds were received to meet the specific objective of each financing. Ratings were AA+
/ Aa1 / AA+ from Fitch, Moody’s and S&P respectively for the general obligation bonds and AAA / Aa2 / AA+ for the
water and wastewater bonds. The City received seven bids for the Series 2012B bonds and six bids for each of the
other series.
In 2011, Estrada Hinojosa served as financial advisor to the City on four competitive sales including the
City’s $25.6 Municipal Drainage Utility System Revenue Bonds, Series 2011. The Series 2011 bonds
represented a new credit for the City, leveraging a stormwater fee that the City charges on each water & wastewater
bill.
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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Estrada Hinojosa assisted the City with writing new covenants and obtaining new ratings for the obligations.
Ratings were Aa2 / AAA from Moody’s and S&P respectively. The City received 13 bids for the bonds.
Dallas/Fort Worth International Airport
Estrada Hinojosa served as Co-Financial Advisor for the Bond Buyer’s 2013 Southwest
Regional Deal of the Year.
DFW issued eight series of AMT and non-AMT bonds during the program year for a
combined par amount of $2.73 billion.
$1.19 billion of refunding bonds and $1.54 billion of new money
28% of the US airport debt issuances for the year
New money bonds used primarily to finance the Terminal Renewal and Improvement Program (“TRIP”)
which is a redevelopment of the Airport’s four older terminals and associated parking structures as well as
a new light rail station.
Part of a larger nearly $5 billion program starting in 2011, representing about 20% of US airport bonds sold
during the 18 month period.
Structure:
Separate, moderately-sized transactions
Flexibility to respond to market conditions and investor demand
Included long-dated bonds out to 2050
Bankruptcy of DFW’s largest carrier, American Airlines, complicated the program and investor outreach
efforts.
Estrada Hinojosa has served as co-financial advisor to DFW since 2003
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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K. Market and Pricing Information
Describe your firm’s knowledge, experience and resources in tracking and monitoring the tax exempt and taxable
bond markets, including the fixed rate, variable rate, swaps and other derivative products, and the government
securities market. Include a discussion of your firm’s participation in underwriting tax-exempt and taxable bonds,
acting as a principal in swap transactions, and providing investment services. Also, discuss your process for ensuring
that the City receives the best price for any bonds, financings involving swaps and other derivative products, and any
escrow securities as part of any refunding. Include a discussion of how you evaluate the success of any pricing.
Quantitative Resources - Estrada Hinojosa has substantial technological and quantitative resources that we
bring to bear in support of our clients. We have worked with numerous underwriting and financial advisor clients on
multi-year capital improvement programs; debt structuring; complex project finance transactions; tax increment
financing (TIF); P3 initiatives; and many other modeling exercises.
DBC Finance, our analytical software, is generally recognized as the most reliable and versatile on the
market. We possess considerable technical capabilities for structuring and calculating bond sales, modeling interest
rate swaps, and monitoring refunding opportunities. We also supplement DBC Finance with Excel spreadsheets
and extensive custom-built models. These models are often developed to determine financial feasibility and the
ability of the given cash flows to support the required debt issuance but can take on many other forms depending
upon the situation. Outputs of the models vary from model to model.
Examples include, among many others:
Pro forma revenue projections from various fees and taxes
Operating expense analysis
Ascending debt modeling
Present value analysis
Project valuation
Key features:
o Flexible operating pro forma with ability to evaluate impact from changes in key variables that impact
revenue performance;
o Flexible capital structure model with the ability to simulate both simple and highly detailed debt and equity
capital structures including: Senior, Junior, and Subordinated Debt; Mezzanine Debt; Equity Bridge Loans;
Direct Government Loans/Subsidies; and Re-leveraging;
o Integrated tax and accounting depreciation schedules;
o Ability to incorporate the impact of Federal, State and Local taxes on the project both at a special purpose
vehicle level and at an Equity sponsor level;
o Ability to evaluate the impact of revenue sharing arrangements on equity sponsor’s internal rate of return;
and
o Detailed reporting capability including: IRR Reports, Income Statements, Balance Sheets, Statement of
Cash Flows, Sources and Uses, Debt Service Coverage Ratios, and Fund Balance Reports
Our Financial Advisory team will work with the issuer on an ongoing basis to review and update as
necessary its goals and objectives with respect to its various debt programs. Traditionally, Estrada Hinojosa's
quantitative analytical abilities, particularly with regard to our hardware and software, have interfaced seamlessly with
our clients’ computer and communications capabilities. The Firm's technical and support staff has vast experience in
working with public finance clients and bond counsel firms and is capable of providing a high level of service.
Market Access - Market conditions and expectations change quickly, particularly over the last several years. It is
important to include realistic, real-time market data as part of our consultation and decision-making processes
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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for our financial advisory clients. Estrada Hinojosa’s underwriting group provides this critical data and input, which
we use to benefit our clients in structuring, pricing and executing bond transactions.
Sales, Trading, and Underwriting Expertise
Estrada Hinojosa’s underwriting desk is located at our
Headquarters Office in Dallas, Texas. Since our Desk is in the
market on a daily basis, our staff has 24-hour, up-to-the-
minute access to sources central to a bond pricing. The firm
subscribes to the Bloomberg news service, as well as other
Internet services and industry publications specific to investment
banking. The professionals who serve on our underwriting
desk have over 100 years of collective experience. They are
extremely knowledgeable regarding the different types of
bonds, structuring considerations such as call features, credit
enhancement, maturity patterns, serial or term bonds, and discount or premium securities to enhance investor
interest. In addition, they have established customer bases in the institutional sector; which is the major purchaser of
bonds. Estrada Hinojosa is consistently positioned among the top underwriters of municipal bonds in the Southwest,
and we have worked over the last several years to build a stronger presence in other parts of the country.
Sales/Trading and Underwriters
THOMAS B. NOLAN III, Senior Managing Director, Underwriting, Sales & Trading
Mr. Nolan, who serves as a Managing Director, has over 30 years of securities industry experience, with a
background in trading and underwriting, and a primary focus in the institutional sales area. Prior to joining Estrada
Hinojosa, Mr. Nolan was a Managing Director at SAMCO Capital Markets and a Senior Vice President in institutional
sales with Dain Rauscher, both in Dallas. His investment banking career began with Moody’s Investors Service in 1978
in New York City, and he was employed by Dillon Read & Co. in New York City prior to moving to Dallas. His experience
in underwriting exceeds over $30 billion dollars in par amount. Mr. Nolan holds a Bachelor of Science degree in
Business Management from Cornell University. He is a Registered Representative of FINRA with the following licenses,
Series 7, Series 52, Series 53, Series 63 and is a Registered Principal with the MSRB. Mr. Nolan currently serves as the
Chairman of the Board of Directors of the Municipal Advisory Council of Texas.
ROSS A. MORING, Senior Vice President, Underwriting, Sales & Trading
Mr. Moring has been a participant in the municipal market for more than 30 years. He has held the position of
Manager of Underwriting, Trading and Sales for both national wire houses and dealer banks. His responsibilities have
included managing large national negotiated and competitive underwritings and the acquisition and hedging of a wide
variety of trading positions. Mr. Moring received a B.S.B.A. Degree from the University of Arkansas. He was elected to
serve a term on the Board of Directors of the Municipal Advisory Council of Texas and held the Office of Chairman
during his last year. He is a Registered Representative of FINRA, the MSRB, and the State of Texas. Mr. Moring holds
the following securities licenses: Series 7, Series 24, Series 53, and Series 63.
As Head Underwriter for the firm, Mr. Moring is involved in all of the firm's transactions, both financial advisory
and underwriting. Mr. Moring has assisted in the pricing, marketing, and selling of bond issues in which
Estrada Hinojosa served as a managing underwriter.
KATHRYN A. TENISON, Senior Vice President, Underwriting, Sales & Trading
Ms. Tenison recently joined Estrada Hinojosa and brings over 25 years of municipal bond experience. Ms.
Tenison serves as the Municipal Underwriter in the Dallas office as well as support for the banking efforts. Ms.
Tension was a Board Member for the Municipal Advisory Council of Texas from 2006 through 2009. Prior to Estrada
Hinojosa, Ms. Tenison was a Vice President at BOSC, Inc. and Morgan Stanley, both in Dallas. Ms. Tenison holds a
B.A. in Finance from the University of Texas. Ms. Tenison is a Registered Representative, Municipal Representative,
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
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and Uniform State Agent. Ms. Tenison holds the following securities licenses: Series 7, Series 63, Series 52, Series
53, Series 79, and Series 65
Issuance of tax-exempt debt (bonds/notes)
Estrada Hinojosa professionals have years of experience with all types of public financings. Estrada Hinojosa
has the ability to serve our clients nationwide, with all of our offices possessing the necessary tools to assist
our clients. We are well-versed on the specific matters that many issuers face, and we understand well how to structure
financings in a way that is embraced by the markets, including rating agencies, bond insurance companies, and
purchasers of municipal bonds. Additionally, Estrada Hinojosa has professionals that monitor current market conditions
on a daily, even hourly basis. We meld our years of public finance experience with up-to-the-minute market knowledge
to ensure that our clients receive the best possible financing given the current conditions, the nature of the projects, and
the specific attributes of the issuer. One of the most important functions of a Financial Advisor is to ensure the
underwriter has proper understanding of the credit and markets the bonds accordingly to allow greater
marketplace acceptance. This enhances demand and often creates situations where maturities become
oversubscribed, which in turn leads to adjusting rates to lower levels, with the final outcome being the most cost
effective financing for the client.
Estrada Hinojosa's approach to assisting municipal clients develop financing programs varies depending on the desires
of the clients and the nature of the project. We believe each client and their projects have unique characteristics and
strengths that could be in danger of being overlooked in the pursuit of a standardized approach to the process.
Swaps and Other Derivative Products
On the following page, please find a table that summarizes Estrada Hinojosa’s experience with swaps and other
derivative products, proving our Swap Financial Advisory experience demonstrating well over 15 years. It is difficult to
obtain the financial advisory SWAP experience, because after thoroughly analyzing proposals, we often recommend
against the transaction and it is therefore not documented.
Estrada Hinojosa has always been very cautious to recommend Swap transactions since derivatives like those are not
suitable for every client, as exemplified by the financial market crisis in 2008. But, there's no need to look as far as
the financial markets when you can see how many millions of dollars issuers have spent unwinding out of their Swap
transactions.
ESTRADA HINOJOSA & COMPANY, INC.- Sales Representatives for all Bond Issues
Institutional Trader Underwriter
Mr. Thomas Nolan III, Senior Managing Director
Mr. Ross Moring, Senior Vice President-Head Underwriter
Ms. Kathryn A. Tenison, Senior Vice President
City of South Miami, Florida
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City of South Miami, Florida
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L. Disciplinary Actions
Describe any litigation or regulatory action (other than those noted in response to items requested in section VI) filed
against your firm in the last five (5) years, and the resolution thereof. Provide a statement of positive assurance that
your firm and its representatives are not presently being investigated or in violation of any statutes or regulatory rules,
including those of the Securities and Exchange Commission, Municipal Securities Rulemaking Board (other than
those noted above), National Association of Securities Dealers, Florida Department of Banking, etc., or attach a
statement describing the current status of such investigations or violations. Describe how your firm ensures
compliance with all regulatory requirements.
In March 2012, Estrada Hinojosa & Company, Inc. (the “Firm” or “EH”), without admitting or denying the findings,
voluntarily executed a letter of acceptance, waiver, and consent (“AWC”) with the Financial Industry Regulatory
Authority (“FINRA”) in which it settled alleged rule violations concerning the late submission of primary offering
documents to the Municipal Securities Rulemaking Board. The alleged rule violations are solely related to missing the
deadline for filing certain documents electronically and do not imply any wrongful conduct on the Firm’s part. The
majority of offering documents filed by the Firm are submitted in a timely manner. As part of the settlement the Firm
agreed to a $10,000 fine.
The Firm is currently exchanging correspondence with FINRA regarding technical infractions that resulted in certain
municipal bond trades being posted “late” on the Real-time Transaction Reporting System (“RTRS”) Portal
maintained by the Municipal Securities Rulemaking Board (“MSRB”), which represent a very small fraction of the
bond trades routinely posted by the Firm on such Portal. The “late” trade reporting had no impact on market data nor
did it result in any customer harm to the party purchasing the bonds. It is unknown at this time how FINRA will
resolve the issue, but neither this inquiry nor the AWC executed in 2012 have any material impact on the ability of our
Firm to serve as Financial Advisor. There are no other regulatory matters or current or pending litigation regarding
the Firm at this time.
With regard to regulatory compliance, it should be noted the co-founder of Estrada Hinojosa, Robert A. Estrada, an
attorney at law, serves the Firm as Chief Compliance Officer, and is assisted by additional compliance staff and an
outside Compliance Consultant to maintain the highest level of performance in a highly regulated industry. The Firm
is proud of its compliance history and, while human error or unforeseen circumstances have resulted in missed filing
deadlines or late trade reporting in very limited instances, the Firm has never been disciplined for any kind of
wrongful conduct or harm to any investor or issuer client and the compliance culture of the Firm strives to ensure this
result in the future.
Tab 4
Required Forms
Thomas F. Pepe
10-13-14
RESPONDENT QUALIFICATION STATEMENT
The response to this questionnaire shall be utilized as part of the CITY’S overall Proposal Evaluation and
RESPONDENT selection.
1. Number of similar Finance Advising engagements completed,
a) In the past 5 years
b) In the past 10 years
2. List the last three (3) completed Financing Advising engagements.
a) Financing Engagement:
Entity Name:
Entity Address:
Entity Telephone:
Financing Amount:
b) Financing Engagement:
Entity Name:
Entity Address:
Entity Telephone:
Financing Amount:
14
Thomas F. Pepe
10-13-14
c) Financing Engagement:
Entity Name:
Entity Address:
Entity Telephone:
Financing Amount:
END OF SECTION
15
Thomas F. Pepe
10-13-14
3. Current Finance Advising workload:
Financing
Engagement
Entity Telephone Number Financing Amounts
4. The following information shall be attached to the proposal.
a) RESPONDENT’s Organizational Chart.
b) RESPONDENT’s proposed Financial Advising Team Chart for the City’s Engagement
c) Resumes of proposed key engagement team personnel.
5. List and describe any:
a) Bankruptcy petitions filed by or against the Respondent or any predecessor organizations,
b) Any arbitration or civil or criminal proceedings, or
c) Suspension of contracts or debarring from Bidding or Responding by any public agency brought
against the Respondent in the last five (5) years
16
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
Responses to Questions 4 and 5, page 16 of RFQ document
4. The following information shall be attached to the proposal.
a) RESPONDENT’s Organizational Chart.
Please find Estrada Hinojosa’s Organization Chart attached on the following page.
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City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
b) RESPONDENT’s proposed Financial Advising Team Chart for the City’s Engagement
c) Resumes of proposed key engagement team personnel.
Please find the resumes of each proposed key engagement team personnel member on the following pages.
ESTRADA HINOJOSA PROPOSED KEY PERSONNEL TEAM SOUTH MIAMI
Name Title Role Location
Lourdes R. Abadin Executive Vice President Lead Banker/Primary Contact Miami, FL
Robert A. Estrada Chairman Supervisory Banker Dallas, TX
Cristina Zeinali Associate Analysis Support Miami, FL
Andrew Cubria, Jr. Assistant Vice President Quantitative Support Chicago, IL
Adrian Galvan Managing Director Quantitative Analysis Dallas, TX
Steven W. Eaddy Senior Vice President Credit Analyst New York, NY
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
LOURDES REYES ABADIN
Role: Senior Banker / Day-to-Day Contact
Lourdes Abadin leads Estrada Hinojosa’s efforts in providing municipal bond services to governmental entities in the state of
Florida. Ms. Abadin has been involved with Florida public finance for the past 26 years having initially served on the public side
where she eventually rose to the positions of Chief Financial Officer (CFO) to the Miami Sports & Exhibition Authority and
Comptroller to the City of Miami. As a result of her governmental experience, she is sensitive to the goals and objectives from an
issuer’s point of view.
Over the years, Ms. Abadin has gained much recognition for her in-depth knowledge and vast experience in Florida public
finance and she is also credited for her experience in other diverse sectors. Prior to being involved with Municipal Finance, she
worked for FP&L and was involved in the Quality Improvement Program that earned FPL the Deming Award of Excellence. She
specialized in investment banking when she joined a Wall Street Firm in 1993. Her work has included developing financial
structures, credit enhancement, and development of bond rating presentations, preparation of official documents, and the pre-
marketing of bonds. Since joining the firm in 2003, Ms. Abadin has grown our Florida client base, resulting in the acquisition of
new financial advisory clients and Estrada Hinojosa being selected as Senior Manager and Co-Manager on several Florida
financings.
FINANCIAL ADVISORY: Under a previous employer, Ms. Abadin served as FA to the following issuers: City of Miami CRA, Miami-
Dade County Water and Sewer and Seaport departments, City of Miami Beach, City of Aventura, Florida Ports Financings
Commission, OOCEA and the MDX. Prior to joining the firm Ms. Abadin worked with Citigroup, and RBC Dain Rauscher. Since
joining the firm in 2003, Ms. Abadin has grown our Florida client base, resulting in Estrada Hinojosa being selected as senior
Manager, Co-Manager and FA on several Florida financings, as well as the acquisition of new financial advisory clients.
*Financial Advisory Clients
EDUCATION:
Ms. Abadin holds a Bachelor of Science degree in Finance from Florida International University, and has taken MBA studies at
Nova Southeastern University. She is a certified Government Finance Officer (CGFO), and is a FINRA Series 7 Registered
Representative and has previous held a Series 63 certification.
ESTRADA HINOJOSA FLORIDA CLIENTS
Alachua County
Broward County
City of Cape Coral
City of Jacksonville
City of Sweetwater*
City of Miami Beach
Town of Miami Lakes*
City of North Bay Village*
City of Orlando
City of West Palm Beach
Florida Department of Environmental
Protection
Florida Municipal Power Agency
Greater Orlando Aviation Authority
Miami-Dade County
Miami-Dade County Educ. Facilities Authority
Miami-Dade County Industrial Dev. Authority
Miami Sports & Exhibition Authority
Miami-Dade Expressway Authority
Orlando Utilities Commission
Palm Beach County
School Board of Miami-Dade County
South Broward Hospital District
South Florida Water Management District
State of Florida
Town of Cutler Bay*
Town of Medley*
Village of Key Biscayne*
Lourdes Reyes Abadin
Executive Vice President
2937 SW 27th Avenue, Suite 200B
Miami, Florida 33133
T 305.507.0100 C 305.812.4345
F 305.648.1002 abadin@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
ROBERT A. ESTRADA
Role: Project Supervision
Mr. Estrada is Chairman of Estrada Hinojosa & Company, Inc. He is an attorney at law and has extensive experience in the
areas of tax exempt securities and investment banking, having participated in over 1,000 major municipal bond financing projects
totaling more than $65 billion.
During his years of active bond law practice, Mr. Estrada worked with the prominent bond law firm of Hutchison Boyle Brooks &
Fisher, Attorneys at Law, Dallas and Austin, Texas where he was responsible for the legal work involving numerous public
finance activities. Mr. Estrada assisted the law firm in fulfilling the legal responsibilities as Bond Counsel for the Dallas-Fort Worth
International Airport, as well as for Dallas County, the Cities of Dallas, Arlington, Irving and many other political subdivisions in the
Southwest. As an investment banker, he has continued to work with many of these entities from the bond underwriting side and
participates in the structuring of their debt issues.
Colleagues in the industry have recognized Mr. Estrada’s stature in the business by electing him to the Board of Directors of the
Municipal Securities Rulemaking Board (“MSRB”), the national regulatory organization for the municipal bond industry.
Mr. Estrada served as Chairman of the MSRB during 1999-2000. He is also a past Chairman of the Municipal Advisory Council
(“MAC”) of Texas. From 1990-1993 Mr. Estrada served on the Board of Directors for the Student Loan Marketing Association
(“Sallie Mae”) in Washington, D.C., a $45 billion corporation, including service on the Board's Executive Committee. Hispanic
Business magazine has twice named Bob Estrada among the 100 most influential Hispanics in America.
Mr. Estrada received his Bachelor of Science degree and his Doctor of Jurisprudence degree from the University of Texas at
Austin. He is a former member of the Board of Regents for the University of Texas System. Mr. Estrada is an active member of
the Texas Bar Association and is also registered with the MSRB as a Principal.
Robert A. Estrada
Chairman
1717 Main Street, 47th Floor
Dallas, Texas 75201
T 214.658.1670 F 214.658.1671
rae@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
CRISTINA ZEINALI
Role: Analysis Support
Ms. Zeinali assists Ms. Abadin with quantitative and research support along with preparation of financial projections, offering
documents and proposal responses. She has provided support on transactions for Greater Orlando Aviation Authority, City of
West Palm Beach, Miami-Dade County, City of Miami Beach, City of Orlando, Village of Key Biscayne, and more. Ms. Zeinali
graduated from Florida International University with a Bachelor’s Degree in Business Administration. Securities licenses
maintained include Series 52 – Municipal Securities Representative.
Ms. Zeinali has assisted the following municipalities in attaining financing enhancements:
City of North Bay Village
Town of Miami Lakes
City of Sweetwater
Village of Key Biscayne
Town of Medley
City of South Miami (proposed savings opportunity)
Cristina Zeinali
Associate
2937 SW 27th Avenue, Suite 200 B
Miami, Florida 33134
T 305.507.0100 F 305.648.1002
czeinali@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
ANDREW CUBRIA, JR.
Role: Quantitative Support
Mr. Cubria began his professional career working as an Analyst at Hutchinson, Shockey, Erley & Co., pricing, structuring,
researching and analyzing municipal bonds for state and local governments. He became an Analyst at A.C. Advisory, Inc.
where he participated in over $20 billion of transactions, including fixed and floating rate tax-exempt and taxable debt,
derivative products, bank credit facilities and tender offers. Mr. Cubria facilitated execution, pricing and closing of bond issues
to the State of Illinois, Illinois State Toll Highway Authority, Chicago Board of Education, City of Chicago, Cook County,
Chicago Transit Authority, Metropolitan Water Reclamation District of Greater Chicago, City of New York and TFA, Battery
Park City Authority, State of Connecticut, and the State of New Jersey. Mr. Cubria also had the privilege to serve the people
by working as a Financial Research Analyst for the County of Cook in Chicago where he reported directly to the Chief
Financial Officer. At Cook County, Mr. Cubria focused on restructuring the County’s outstanding debt to provide upfront
liquidity. In addition to supporting the Bureau of Finance at Cook County, Mr. Cubria supported the Budget, Revenue, and
Comptrollers offices. Mr. Cubria graduated summa cum laude from the Barrett Honors College and the W.P. Carey School of
Business at Arizona State University with an emphasis in Finance in 2006, and graduated with distinction from the Kellstadt
Graduate School of Business at DePaul University where he earned his Masters in Business Administration with
concentrations in Finance and Strategy, Execution and Valuation. Securities licenses maintained include Series 52 –
Municipal Securities Representative, and Series 63 – Uniform Securities Agent.
Mr. Cubria has assisted the following municipalities in attaining financing enhancements:
City of Sweetwater
Village of Key Biscayne
Town of Medley
City of Coral Gables
City of South Miami (proposed savings opportunity)
Town of Medley
Andrew Cubria, Jr.
Assistant Vice President
161 North Clark Street, Suite 4700
Chicago, Illinois 60601
T 312.523.2087 F 312.277.7499
acubria@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
ADRIAN GALVAN
Role: Quantitative Lead
Mr. Galvan heads Estrada Hinojosa’s Quantitative Group, which provides primary technical and modeling expertise for clients. He
has broad experience developing plans of finance for debt transactions, both new money and refunding. Over the past 18 years,
he has personally structured over 600 financings totaling more than $20 billion for a range of issuers, including cities, counties,
school districts, utilities and water authorities.
Along with overseeing the Quantitative Group, Mr. Galvan is responsible for developing comprehensive financial models,
structuring multiyear capital improvement plans, determining borrowing capacity, and identifying and structuring refunding
opportunities. Prior to joining Estrada Hinojosa, Mr. Galvan worked for the financial advisory firm of Public Financial
Management, Inc. (PFM), where he assisted in capital planning, financial analysis and cash flow modeling activities for clients
such as the City of Austin. His previous professional experience also includes working as a financial consultant trainee for Merrill
Lynch, where he gained extensive knowledge on equity and fixed income securities. While completing his degree at the
University of Pennsylvania, Mr. Galvan was active in Hispanic student organizations and peer mentoring programs. He is also
fluent in Spanish and holds the following registrations from FINRA: Series 7, Series 53, and Series 63.
As Senior Quantitative Analyst, Mr. Galvan is involved in both the Firm’s financial advisory and underwriting transactions. His
experience includes structuring issues to get the lowest possible interest costs for the Issuer, as well as working with Paying
Agents, Escrow Agents, Bond Counsel, Underwriters’ Counsel, and Verification Agents.
Adrian Galvan
Managing Director
1717 Main Street, Suite 4700
Dallas, Texas 75201
T 214.658.1670 F 214.658.1671
agalvan@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
STEVEN W. EADDY
Role: Credit Analyst
Mr. Eaddy serves Estrada a Senior Vice President for Estrada Hinojosa. He joined Estrada Hinojosa and
opened the firm’s New York City office in midtown Manhattan in December 2010. He brings 30 years of
banking, rating agency, insurer, and legal municipal finance expertise, which has included a diversity of airport, toll
road, water and sewer, housing, general obligation, school district, student loan, higher education, public/private
partnership, taxable municipal, municipal lease and short-term note transaction experience. His expertise will be
very valuable as we prepare the Town’s credit profile in anticipation of the 2015 call options of Series A, B, D and E
loan agreements.
At other firms, Mr. Eaddy's Florida clients have included the State of Florida, Florida Hurricane Catastrophe Fund, Florida
Correctional Privatization Corporation, Miami-Dade County, Miami-Dade County Aviation Authority, Miami-Dade County
Industrial Development Authority, Miami-Dade County Housing Finance Authority, Miami- Dade County Schools, Miami-Dade
Expressway Authority, Palm Beach County, Palm Beach County Housing Finance Authority, Greater Orlando Aviation
Authority, South Florida Water Management District, Northern Palm Beach County Improvement District, and Broward County.
Mr. Eaddy received his B.A. degree from The Johns Hopkins University. After graduating from the Northwestern University
School of Law, he began his public finance career as an associate with Hawkins, Delafield & Wood in New York City. His
career includes a combined nine years as a senior analyst at MBIA, Standard & Poor’s, and Fitch Ratings. Mr. Eaddy headed
the Public Finance department at LaSalle Financial Services in Chicago 2006 – 2007 and reopened M.R. Beal’s Chicago
office in 2005. He has worked at Cabrera Capital Markets, Siebert Brandford Shank, and Prudential-Bache Capital Funding as
well. Securities licenses maintained include Series 53 – Municipal Securities Principal, Series 7 – General Securities
Representative, and Series 63 – Uniform Securities Agent.
Steven W. Eaddy
Senior Vice President
230 Park Avenue, 10th Floor
New York, New York 10169
T 212.309.8724 F 212.808.3020
seaddy@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
ROSS MORING
Role: Trading and Underwriting Specialist
Ross A. Moring has been a participant in the municipal market for more than 30 years. He has held the position of
Manager of Underwriting, Trading and Sales for both national wire houses and dealer banks. His responsibilities have
included managing large national negotiated and competitive underwritings and the acquisition and hedging of a wide
variety of trading positions.
EDUCATION
Mr. Moring received a B.S.B.A. Degree from the University of Arkansas. He is a Registered Representative of FINRA,
the MSRB, and the State of Texas.
AFFILIATIONS
He was elected to serve a term on the Board of Directors of the Municipal Advisory Council of Texas and held the Office
of Chairman during his last year.
As Head Underwriter for the Firm, Mr. Moring is involved in all of the Firm's transactions, both financial advisor and
underwriting.
Ross Moring
Executive Vice President
1717 Main Street, 47th Floor
Dallas, Texas 75201
T 214.658.1670 F 214.658.1671
rmoring@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
THOMAS B. NOLAN
Role: Trading and Underwriting Specialist
Mr. Nolan serves as Director of National Sales, has over 30 years of securities industry experience, with a background in
trading and underwriting, and a primary focus in the institutional sales area. Prior to joining Estrada Hinojosa, Mr. Nolan was a
Managing Director at SAMCO Capital Markets and a Senior Vice President in institutional sales with Dain Rauscher, both in
Dallas. His investment banking career began with Moody’s Investors Service in 1978 in New York City, and he was employed
by Dillon Read & Co. prior to moving to Dallas.
EDUCATION
Mr. Nolan holds a Bachelor of Science degree in Business Management from Cornell University. He is a Registered
Representative of FINRA.
AFFILIATIONS
As part of the Firm’s trading desk, Mr. Nolan is involved in all of the Firm's transactions, both financial advisor and
underwriting.
Thomas B. Nolan
Senior Managing Director
1717 Main Street, 47th Floor
Dallas, Texas 75201
T 214.658.1670 F 214.658.1671
tnolan@ehmuni.com
City of South Miami, Florida
Resumes of Proposed Key Engagement Team Personnel
KATHRYN TENISON
Role: Trading and Underwriting Specialist
Prior to joining Estrada Hinojosa, Ms. Tenison was a Vice President at BOSC, Inc. and Morgan Stanley, both in Dallas.
Ms. Tenison serves as the Municipal Underwriter in the Dallas office as well as support for the banking efforts. She has
more than 25 years of Municipal bond experience.
EDUCATION
She is a Registered and Municipal Representative, and a Uniform State Agent. Ms. Tension has a B.A. in Finance from
the University of Texas.
AFFILIATIONS
From 2006 – 2009, Ms. Tension was a board member for the Municipal Advisory Council of Texas.
As part of the Firm’s trading desk, Ms. Tenison is involved in all of the Firm's transactions, both financial advisor and
underwriting.
Kathryn A. Tenison
Senior Vice President
1717 Main Street, 47th Floor
Dallas, Texas 75201
T 214.658.1670 F 214.658.1671
ktenison@ehmuni.com
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
5. List and describe any:
a) Bankruptcy petitions filed by or against the Respondent or any predecessor organizations,
Estrada Hinojosa & Company, Inc. has neither filed for bankruptcy nor has any bankruptcy petition been filed against
the organization or any predecessor organizations.
b) Any arbitration or civil or criminal proceedings, or
None.
c) Suspension of contracts or debarring from Bidding or Responding by any public agency brought against
the Respondent in the last five (5) years
Estrada Hinojosa & Company, Inc. has never had a contract suspended nor has it been debarred from Bidding or
Responding by any public agency.
Thomas F. Pepe
10-13-14
6. Government References:
List other Government Agencies or Quasi-government Agencies for which you have been engaged in
Financial Advising Services within the past five (5) years.
END OF SECTION
Name of Agency:
Address:
Telephone No.:
Contact Person:
Financing Engagement:
Name of Agency:
Address:
Telephone No.:
Contact Person:
Financing Engagement:
Name of Agency:
Address:
Telephone No.:
Contact Person:
Financing Engagement:
17
City of South Miami, Florida
RFQ #FN2014-03 Financial Advisory Services
List of Proposed Subcontractors and Principal Suppliers
Estrada Hinojosa & Company, Inc. does not propose using any subcontractors or principal suppliers.
Tab 5
Attachments
Page 1 of 1
ADDENDUM No. #1
Project Name: Financial Advisory Services
RFQ NO. FN #2014-03
Date: December 11, 2014
Sent: Fax/E-mail/webpage
This addendum submission is issued to clarify, supplement and/or modify the previously issued
Solicitation, and is hereby made part of the Documents. All requirements of the Documents not
modified herein shall remain in full force and effect as originally set forth. It shall be the sole
responsibility of the bidder to secure Addendums that may be issued for a specific solicitation.
Question #1:
On the Proposal Submittal Checklist Form on page 13 of the RFQ. I have a question regarding
the last item checked “Signed Contract Documents (All – including General Conditions and
Supplementary Conditions).” With this item being checked, does this mean our firm would
have to sign the “Contract for Financial Advisory Services” starting on page 32 of the RFQ?
Answer to Question #1:
Yes, the contract document included with the RFQ must be signed but only the contract
documents that are described and checked will be part of the contract, such as the solicitation
documents, response to the RFQ and Scope of Work.
Question #2:
If so, can we redline, if we have any changes?
Answer to Question #2:
Respondents may redline changes to the contract however, the City may not accept those
changes and may, when evaluating other respondents proposals, reject the proposal from further
consideration.
IT SHALL BE THE SOLE RESPONSIBILITY OF THE BIDDER TO SECURE
ADDENDUMS THAT MAY BE ISSUED FOR A SPECIFIC SOLICITATION.
Page 1 of 2
ADDENDUM No. #2
Project Name: Financial Advisory Services
RFQ NO. FN #2014-03
Date: December 12, 2014
Sent: Fax/E-mail/webpage
This addendum submission is issued to clarify, supplement and/or modify the previously issued
Solicitation, and is hereby made part of the Documents. All requirements of the Documents not
modified herein shall remain in full force and effect as originally set forth. It shall be the sole
responsibility of the bidder to secure Addendums that may be issued for a specific solicitation.
Question #1:
On page 11, Section H. “Tax-Exempt New Money Product Experience,” what is specifically
meant by “special facility obligation?”
Answer to Question #1:
"Special Facility Obligations" shall mean bonds or other debt instruments issued pursuant to an
indenture or other resolution to finance Special Facilities and which are not secured by, nor
payable, from a lien on and pledge of the Net Revenues; but, which are secured by revenues
derived from Special Facilities.
Question #2:
On page 6, #17, a), it indicates that respondents shall deliver, as part of its proposal, the
Invitation for Proposal and Instructions to Respondents. Would you please clarify what
documents these refer to?
Answer to Question #2:
Page 6, #17 is referring to the “Request for Qualifications” (RFQ), and the “Instructions to
Respondents.” The “Instructions to Respondents” are a part of the RFQ,
Question #3:
Page 6, #17, b), Does this mean we need to submit copies of all addenda posted to the website?
Page 2 of 2
Answer to Question #3:
Yes, respondents submittal must include, copies of all addenda posted on the City’s website,
Bids and RFP’s Section.
Question #4:
One page 7, #19, Liability, Licenses & Permits. Would you please advise as to what is required
for investment banking firms under the City of South Miami Code?
Answer to Question #4:
Please visit https://www.municode.com/library/fl/south_miami/codes/code_of_ordinances to
obtain a copy of the City’s code of Ordinance.
IT SHALL BE THE SOLE RESPONSIBILITY OF THE BIDDER TO SECURE
ADDENDUMS THAT MAY BE ISSUED FOR A SPECIFIC SOLICITATION.
CITY OF SOUTH MIAMI
Financial Advisory Services
RFQ #FN2014-03
Submittal Due Date: December 17, 2014 at 10 AM
Solicitation Cover Letter
The City of South Miami, Florida (hereinafter referred to as “CSM”) through its chief executive officer (City
Manager) hereby solicits sealed proposals responsive to the City’s request (hereinafter referred to as “Request
for Qualifications” or “RFQ”). All references in this Solicitation (also referred to as a “Request for Qualifications”
for Proposals” or (“Request for Qualifications”) to “City” shall be a reference to the City Manager, or the
manager’s designee, for the City of South Miami unless otherwise specifically defined.
The City is hereby requesting sealed proposals in response to this RFQ #FN2014-03 titled “Financial
Advisory Services.” The purpose of this RFQ is to contract for the services necessary for the completion of
the project for a term of one (1) year with the option of four (4) additional one (1) year periods at the discretion
of the City Manager in accordance with the scope of services and the plans and/or specifications, if any, described
in this RFQ (hereinafter referred to as “the Project” or “Project”)
Interested persons who wish to respond to this RFQ can obtain the complete RFQ package at the City Clerk’s
office Monday through Friday from 9:00 A.M. to 4:00 P.M. or by accessing the following webpage:
http://www.southmiamifl.gov which is the City of South Miami’s web address for solicitation information.
Proposals are subject to the Standard Terms and Conditions contained in the complete RFQ Package, including all
documents listed in the RFQ Table of Contents.
The Proposal Package shall consist of one (1) original unbound proposal, four (4) additional copies and one (1)
digital (or comparable medium including Flash Drive, DVD or CD) copy all of which shall be delivered to the
Office of the City Clerk located at South Miami City Hall, 6130 Sunset Drive, South Miami, Florida 33143. The
entire Proposal Package shall be enclosed in a sealed envelope or container and shall have the following Envelope
Information clearly printed or written on the exterior of the envelope or container in which the sealed proposal is
delivered: the title of this RFQ, as follows “Financial Advisory Services” RFQ # FN2014-03 and the name of
the Proposer (also referred to as “Respondent”). Special envelopes such as those provided by UPS or Federal
Express will not be opened unless they contain the required Envelope Information on the front or back of the
envelope. Sealed Proposals must be received by Office of the City Clerk, either by mail or hand delivery, no later
than 10 A.M. local time on December 17, 2014. These instructions should be compared with those
contained in the “Instructions for Submission of Responses,” found in the RFQ and if there is a conflict
with the latter instructions, then the latter instructions shall take precedence. A public opening will take
place at 10 A.M. on the same date in the City Commission Chambers located at City Hall, 6130 Sunset Drive,
South Miami 33143. Any Proposal received after 10 A.M. local time on said date will not be accepted under any
circumstances. Any uncertainty regarding the time a Proposal is received will be resolved against the person
submitting the proposal and in favor of the Clerk’s receipt stamp.
Proposals are subject to the terms, conditions and provisions of this letter as well as to those provisions, terms,
conditions, affidavits and documents contained in this RFQ Package. The City reserves the right to award the
Project to the person with the lowest, most responsive, responsible Proposal, as determined by the City, subject
to the right of the City, or the City Commission, to reject any and all proposals, and the right of the City to waive
any irregularity in the Proposals or RFQ procedure and subject also to the right of the City to award the Project,
and execute a contract with a Respondent or Respondents, other than to one who provided the lowest Proposal
Price or, if the scope of the work is divided into distinct subdivisions, to award each subdivision to a separate
Respondent..
Maria M. Menendez, CMC
City Clerk, City of South Miami
Thomas F. Pepe
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SCOPE OF SERVICES and SCHEDULE OF VALUE
The Scope of Services and the Schedule of Values, if any, are set forth in the attached Exhibit 1
END OF SECTION
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SCHEDULE OF EVENTS
No Event Date Time (EST)
1 Advertisement/ Distribution of Solicitation & Cone of
Silence begins 12/2/2014 1:00 PM
2 Pre-RFQ Conference N/A N/A
3
Deadline to Submit Questions 12/15/2014 10:00 AM
4
Deadline to City Responses to Questions 12/16/2014 10:00 AM
5 Deadline to Submit RFQ-Response 12/17/2014 10:00 AM
6
Announcement of selected Contractor/Cone of Silence ends 1/20/2015 7:00 PM
END OF SECTION
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INSTRUCTIONS for RESPONDENT
IT IS THE RESPONSIBILITY OF THE RESPONDENT TO THE SOLICITATION TO ENSURE THAT THE
RESPONSE TO THE SOLICITATION (HEREINAFTER ALSO REFERRED TO AS THE “PROPOSAL”
THROUGHOUT THE CONTRACT DOCUMENTS) REACHES THE CITY CLERK ON OR BEFORE THE
CLOSING HOUR AND DATE STATED ON THE RFQ FORM.
1. Purpose of RFQ. The City of South Miami is requesting proposals for the lowest and most responsive price
for the Project. The City reserves the right to award the contract to the Respondent whose proposal is
found to be in the best interests of the City.
2. Qualification of Proposing Firm. Response submittals to this RFQ will be considered from firms normally
engaged in providing the services requested. The proposing firm must demonstrate adequate experience,
organization, offices, equipment and personnel to ensure prompt and efficient service to the City of South
Miami. The City reserves the right, before recommending any award, to inspect the offices and organization or
to take any other action necessary to determine ability to perform in accordance with the specifications,
terms and conditions. The City of South Miami will determine whether the evidence of ability to perform is
satisfactory and reserves the right to reject all response submittals to this RFQ where evidence submitted, or
investigation and evaluation, indicates inability of a firm to perform.
3. Deviations from Specifications. The awarded firm shall clearly indicate, as applicable, all areas in which the
services proposed do not fully comply with the requirements of this RFQ. The decision as to whether an item
fully complies with the stated requirements rests solely with the City of South Miami.
4. Designated Contact. The awarded firm shall appoint a person to act as a primary contact with the City of
South Miami. This person or back-up shall be readily available during normal work hours by phone, email, or in
person, and shall be knowledgeable of the terms of the contract.
5. Precedence of Conditions. The proposing firm, by virtue of submitting a response, agrees that City’s General
Provisions, Terms and Conditions herein will take precedence over any terms and conditions submitted with
the response, either appearing separately as an attachment or included within the Proposal. The Contract
Documents have been listed below in order of precedence, with the one having the most precedence being at
the top of the list and the remaining documents in descending order of precedence. This order of precedence
shall apply, unless otherwise specified in the Contract or General Conditions to the Contract:
a) Addenda to RFQ
b) Attachments/Exhibits to RFQ
c) RFQ
d) Supplementary conditions to Contract
e) Attachment/Exhibits to Contract
f) Form of the Contract
g) Form of the General Conditions to Contract
h) Proposal
6. Response Withdrawal. After Proposals are opened, corrections or modifications to Proposals are not
permitted, but the City may allow the proposing firm to withdraw an erroneous Proposal prior to the
confirmation of the proposal award by City Commission, if all of the following is established:
a) The proposing firm acted in good faith in submitting the response;
b) The error was not the result of gross negligence or willful inattention on the part of the firm;
c) The error was discovered and communicated to the City within twenty-four (24) hours (not
including Saturday, Sunday or a legal holiday) of opening the proposals received, along with a request
for permission to withdraw the firm’s Proposal; and
d) The firm submits an explanation in writing, signed under penalty of perjury, stating how the error was
made and delivers adequate documentation to the City to support the explanation and to show that
the error was not the result of gross negligence or willful inattention nor made in bad faith.
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7. The terms, provisions, conditions and definitions contained in the Solicitation Cover Letter shall apply to these
instructions to Respondents and they are hereby adopted and made a part hereof by reference.
8. Any questions concerning the Solicitation or any required need for clarification must be made in writing, by
December 15, 2014 at 10 AM to the attention of Steven P. Kulick at skulick@southmiamifl.gov or
via facsimile at (305) 663-6346.
9. The issuance of a written addendum is the only official method whereby interpretation and/or clarification of
information can be given. Interpretations or clarifications, considered necessary by the City in response to
such questions, shall be issued by a written addendum to the RFQ Package (also known as “RFQ
Specifications” or “RFQ”) by U.S. mail or other delivery method convenient to the City and the City will
notify all prospective firms via the City’s website.
10. Verbal interpretations or clarifications shall be without legal effect. No plea by a Respondent of ignorance or
the need for additional information shall exempt a Respondent from submitting the Proposal on the required
date and time as set forth in the public notice.
11. Cone of Silence: You are hereby advised that this Request for Proposals is subject to the “Cone of Silence,”
in accordance with Miami-Dade County Ordinance Nos. 98106 and 99-1. From the time of advertising until
the City Manager issues his recommendation, there is a prohibition on verbal communication with the City’s
professional staff. All written communication must comply with the requirements of the Cone of Silence. The
Cone of Silence does not apply to verbal communications at pre-proposal conferences, verbal presentations
before evaluation committees, contract discussions during any duly noticed public meeting, public
presentations made to the City Commission during any duly notice public meeting, contract negotiations with
the staff following the City Manager’s written recommendation for the award of the contract, or
communications in writing at any time with any City employee, official or member of the City Commission
unless specifically prohibited. A copy of all written communications must be contemporaneously filed with the
City Manager and City Clerk
12. Violation of these provisions by any particular Respondent or proposer shall render any recommendation for
the award of the contract or the contract awarded to said Respondent or proposer voidable, and, in such
event, said Respondent or proposer shall not be considered for any Solicitation for a proposal, for
qualifications, for a letter of interest or bid concerning any contract for the provision of goods or services for
a period of one year. Contact shall only be made through regularly scheduled Commission meetings, or
meetings scheduled through the Purchasing Division, which are for the purposes of obtaining additional or
clarifying information.
13. Lobbying. All firms and their agents who intend to submit, or who submitted, bids or responses for this RFQ,
are hereby placed on formal notice that neither City Commissioners, candidates for City Commissioner or
any employee of the City of South Miami are to be lobbied either individually or collectively concerning this
RFQ. Contact shall only be made through regularly scheduled Commission meetings, or meetings scheduled
through the Purchasing Division, which are for the purposes of obtaining additional or clarifying information.
14. Reservation of Right. The City anticipates awarding one contract for services as a result of this RFQ and the
successful firm will be requested to enter into negotiations to produce a contract for the Project. The City,
however, reserves the right, in its sole discretion, to do any of the following:
a) to reject any and all submitted Responses and to further define or limit the scope of the award.
b) to waive minor irregularities in the responses or in the procedure required by the RFQ documents.
c) to request additional information from firms as deemed necessary.
d) to make an award without discussion or after limited negotiations. It is, therefore, important that all
the parts of the Request for Qualifications be completed in all respects.
e) to negotiate modifications to the Proposal that it deems acceptable.
f) to terminate negotiations in the event the City deems progress towards a contract to be insufficient
and to proceed to negotiate with the Respondent who made the next best Proposal. The City
reserves the right to proceed in this manner until it has negotiated a contract that is satisfactory to
the City.
g) To modify the Contract Documents. The terms of the Contract Documents are general and not
necessarily specific to the Solicitation. It is therefore anticipated that the City may modify these
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documents to fit the specific project or work in question and the Respondent, by making a Proposal,
agrees to such modifications and to be bound by such modified documents.
h) to cancel, in whole or part, any invitation for Proposals when it is in the best interest of the City.
i) to award the Project to the person with the lowest, most responsive, responsible Proposal, as
determined by the City.
j) to award the Project, and execute a contract with a Respondent or Respondents, other than to one
who provided the lowest Proposal Price.
k) if the scope of the work is divided into distinct subdivisions, to award each subdivision to a separate
Respondent.
15. Contingent Fees Prohibited. The proposing firm must warrant that it has not employed or retained a
company or person, other than a bona fide employee, contractor or subcontractor, working in its employ, to
solicit or secure a contract with the City, and that it has not paid or agreed to pay any person, company,
corporation, individual or firm other than a bona fide employee, contractor or sub-consultant, working in its
employ, any fee, commission, percentage, gift or other consideration contingent upon or resulting from the
award or making of a contract with the City.
16. Public Entity Crimes. A person or affiliate of the Respondent who has been placed on the convicted vendor
list pursuant to Chapter 287 following a conviction for a public entity crime may not submit a Proposal on a
contract to provide any goods or services, or a contract for construction or repair of a public building, may
not submit proposals on leases of real property to or with the City of South Miami, may not be awarded a
contract to perform work as a CONTRACTOR, Sub-contractor, supplier, Sub-consultant, or consultant under
a contract with the City of South Miami, and may not transact business with the City of South Miami for a
period of 36 months from the date of being placed on the convicted vendor list.
17. Respondents shall use the Proposal Form(s) furnished by the City. All erasures and corrections must have the
initials of the Respondent’s authorized representative in blue ink at the location of each and every erasure and
correction. Proposals shall be signed using blue ink; all quotations shall be typewritten or printed with blue
ink. All spaces shall be filled in with the requested information or the phrase “not applicable” or “NA”. The
proposal shall be delivered on or before the date and time, and at the place and in such manner as set forth in
the Solicitation Cover Letter. Failure to do so may cause the Proposal to be rejected. Failure to include any of
the Proposal Forms may invalidate the Proposal. Respondent shall deliver to the City, as part of its Proposal,
the following documents:
a) The Invitation for Proposal and Instructions to Respondents.
b) A copy of all issued addenda.
c) The completed Proposal Form fully executed.
d) Proposal/Bid Bond, (Bond or cashier’s check), if required, attached to the Proposal Form.
e) Certificates of Competency as well as all applicable State, County and City Licenses held by
Respondent
f) Certificate of Insurance and/or Letter of Insurability.
18. Goods: If goods are to be provided pursuant to this RFQ the following applies:
a) Brand Names: If a brand name, make, manufacturer’s trade name, or vendor catalog number is
mentioned in this Solicitation, whether or not followed by the words “approved equal”, it is for the
purpose of establishing a grade or quality of material only. Respondent may offer goods that are
equal to the goods described in this Solicitation with appropriate identification, samples and/or
specifications for such item(s). The City shall be the sole judge concerning the merits of items
proposed as equals.
b) Pricing: Prices should be stated in units of quantity specified in the Proposal Form. In case of a
discrepancy, the City reserves the right to make the final determination at the lowest net cost to the
City.
c) Mistake: In the event that unit prices are part of the Proposal and if there is a discrepancy between
the unit price(s) and the extended price(s), the unit price(s) shall prevail and the extended price(s)
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shall be adjusted to coincide. Respondents are responsible for checking their calculations. Failure to
do so shall be at the Respondent’s risk, and errors shall not release the Respondent from his/her or
its responsibility as noted herein.
d) Samples: Samples of items, when required, must be furnished by the Respondent free of charge to
the City. Each individual sample must be labeled with the Respondent’s name and manufacturer’s
brand name and delivered by it within ten (10) calendar days of the Proposal opening unless schedule
indicates a different time. If samples are requested subsequent to the Proposal opening, they shall be
delivered within ten (10) calendar days of the request. The City shall not be responsible for the
return of samples.
e) Respondent warrants by signature on the Proposal Form that prices quoted here are in conformity
with the latest Federal Price Guidelines.
f) Governmental Restrictions: In the event any governmental restrictions may be imposed which would
necessitate alteration of the material quality, workmanship, or performance of the items offered on
this Proposal prior to their delivery, it shall be the responsibility of the successful Respondent to
notify the City at once, indicating in its letter the specific regulation which required an alteration.
The City of South Miami reserves the right to accept any such alteration, including any price
adjustments occasioned thereby, or to cancel all or any portion of the Contract, at the sole
discretion of the City and at no further expense to the City with thirty (30) days advanced notice.
g) Respondent warrants that the prices, terms and conditions quoted in the Proposal shall be firm for a
period of one hundred eighty (180) calendar days from the date of the Proposal opening unless
otherwise stated in the Proposal Form. Incomplete, unresponsive, irresponsible, vague, or ambiguous
responses to the Invitations for Proposals shall be cause for rejection, as determined by the City.
h) Safety Standards: The Respondent warrants that the product(s) to be supplied to the City conform
in all respects to the standards set forth in the Occupational Safety and Health Act (OSHA) and its
amendments. Proposals must be accompanied by a Materials Data Safety Sheet (M.S.D.S) when
applicable.
19. Liability, Licenses & Permits: The successful Respondent shall assume the full duty, obligation, and expense of
obtaining all necessary licenses, permits, and inspections required by this RFQ and as required by law. The
Respondent shall be liable for any damages or loss to the City occasioned by the negligence of the Respondent
(or its agent or employees) or any person acting for or through the Respondent. Respondents shall furnish a
certified copy of all licenses, Certificates of Competency or other licensing requirement necessary to practice
their profession and applicable to the work to be performed as required by Florida Statutes, the Florida
Building Code, Miami-Dade County Code or City of South Miami Code. These documents shall be furnished
to the City as part of the Proposal. Failure to have obtained the required licenses and certifications or to
furnish these documents shall be grounds for rejecting the Proposal and forfeiture of the Proposal/Bid Bond, if
required for this Project.
20. Respondent shall comply with the City’s insurance requirements as set forth in the attached Exhibit 2 or, if
applicable, the General Conditions to the Contract, prior to issuance of any Contract(s) or Award(s) If a
recommendation for award of the contract, or an award of the contract is made before compliance with this
provision, the failure to fully and satisfactorily comply with the City’s bonding, if required for this project, and
insurance requirements as set forth herein shall authorize the City to implement a rescission of the Proposal
Award or rescission of the recommendation for award of contract without further City action. The
Respondent, by submitting a Proposal, thereby agrees to hold the City harmless and agrees to indemnify the
City and covenants not to sue the City by virtue of such rescission.
21. Copyrights and/or Patent Rights: Respondent warrants that as to the manufacturing, producing or selling of
goods intended to be shipped or ordered by the Respondent pursuant to this Proposal, there has not been,
nor will there be, any infringement of copyrights or patent rights. The Respondent agrees to indemnify City
from any and all liability, loss or expense occasioned by any such violation or infringement.
22. Execution of Contract: The Respondent to this RFQ acknowledges that by submitting a response or a
proposal, Respondent agrees to the terms of the form contract and to the terms of the general conditions to
the contract, both of which are part of this RFQ package and agrees that Respondent’s signature on the
response to this RFQ grants to the City the authority, on the Respondent’s behalf, to inserted, into any blank
spaces in the contract documents, information obtained from the proposal and the Respondent’s signature
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shall also be treated, for all purposes, including the enforcement of all of the terms and conditions of the
contract, as the Respondent’s signature on the contract, after the appropriate information has been inserted.
23. Evaluation of Proposals: The City, at its sole discretion, reserves the right to inspect the facilities of any or all
Respondents to determine its capability to meet the requirements of the Contract. In addition, the price,
responsibility and responsiveness of the Respondent, the financial position, experience, staffing, equipment,
materials, references, and past history of service to the City and/or with other units of state, and/or local
governments in Florida, or comparable private entities, will be taken into consideration in the Award of the
Contract.
24. Drug Free Workplace: Failure to provide proof of compliance with Florida Statute Section 287.087, as
amended, when requested shall be cause for rejection of the Proposal as determined by the City.
25. Public Entity Crimes: A person or affiliate who was placed on the Convicted Vendors List following a
conviction for a public entity crime may not submit a response on a contract to provide any services to a
public entity, may not submit RFQ on leases of real property to a public entity, and may not transact business
with any public entity in excess of the threshold amount provided in Section 287.017, for a period of 36
months from the date of being placed on the Convicted Vendors List.
26. Contingent Fees Prohibited: The proposing firm must warrant that it has not employed or retained a
company or person, other than a bona fide employee, contractor or subcontractor, working in its employ, to
solicit or secure a contract with the City, and that it has not paid or agreed to pay any person, company,
corporation, individual or firm other than a bona fide employee, contractor or sub-consultant, working in its
employ, any fee, commission, percentage, gift or other consideration contingent upon or resulting from the
award or making of a contract with the City.
27. Hold Harmless: All Respondents shall hold the City, its officials and employees harmless and covenant not to
sue the City, its officials and employees in reference to its decisions to reject, award, or not award a contract,
as applicable, unless the claim is based solely on allegations of fraud and/or collusion. The submission of a
proposal shall act as an agreement by the Respondent that the Proposal/Bid Bond, if required for this project,
shall not be released until and unless the Respondent waives any and all claims that the Respondent may have
against the City that arise out of this RFQ process or until a judgment is entered in the Respondent’s favor in
any suit filed which concerns this proposal process. In any such suit, the prevailing party shall recover its
attorney’s fees, court costs as well as expenses associated with the litigation. In the event that fees, court
costs and expenses associated with the litigation are awarded to the City, the Proposal/Bid Bond, if required
for this project, shall be applied to the payment of those costs and any balance shall be paid by the
Respondent.
28. Cancellation: Failure on the part of the Respondent to comply with the conditions, specifications,
requirements, and terms as determined by the City, shall be just cause for cancellation of the Award or
termination of the contract.
29. Bonding Requirements: The Respondent, in submitting this Proposal, shall include a Proposal/Bid Bond, if
required for this project, in the amount of 5% of the total amount of the base Proposal on the Proposal/Bid
Bond Form included herein. A company or personal check shall not be deemed a valid Proposal Security.
30. Performance and Payment Bond: The City of South Miami may require the successful Respondent to furnish a
Performance Bond and Payment Bond, each, in the amount of 100% of the total Proposal Price, including
Alternates if any, naming the City of South Miami as the obligee, as security for the faithful performance of the
Contract and for the payment of all persons or entities performing labor, services and/or furnishing materials
in connection herewith. The bonds shall be with a surety company authorized to do business in the State of
Florida.
30.1. Each Performance Bond shall be in the amount of one hundred percent (100%) of the Contract
Price guaranteeing to CITY the completion and performance of the Work covered in the Contract
Documents.
30.2. Each Performance Bond shall continue in effect for five year after final completion and acceptance
of the Work with the liability equal to one hundred percent (100%) of the Contract Sum.
30.3. Each Payment bond shall guarantee the full payment of all suppliers, material man, laborers, or
Subcontractor employed pursuant to this Project.
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30.4. Each Bond shall be with a Surety company whose qualifications meet the requirements of
insurance companies as set forth in the insurance requirements of this solicitation.
30.5. Pursuant to the requirements of Section 255.05, Florida Statutes, Respondent shall ensure that
the Bond(s) referenced above shall be recorded in the public records of Miami-Dade County and
provide CITY with evidence of such recording.
30.6. The surety company shall hold a current certificate of authority as acceptable surety on federal
bonds in accordance with the United States Department of Treasury Circular 570, current revisions.
31. Proposal Guarantee: The successful Respondent, within ten (10) calendar days of Notice of Award by the
City, shall execute the Contract and other Contract Document s that provide for the Respondent’s signature,
and deliver to the City the required insurance documentation as well as a Performance and Payment Bond if
these bonds are required. The Respondent who has the Contract awarded to it and who fails to execute the
Contract and furnish the required Bonds and Insurance Documents within the specified time shall, at the
City’s option, forfeit the Proposal/Bid Bond/Security that accompanied the Proposal, and the Proposal/Bid
Bond/Security shall be retained as liquidated damages by the City. It is agreed that if the City accepts payment
from the Proposal/Bid Bond, that this sum is a fair estimate of the amount of damages the City will sustain in
case the Respondent fails to sign the Contract Documents or fails to furnish the required Bonds and Insurance
documentation. If the City does not accept the Proposal/Bid Bond, the City may proceed to sue for breach of
contract if the Respondent fails to perform in accordance with the Contract Documents. Proposal/Bid
Bond/Security deposited in the form of a cashier’s check drawn on a local bank in good standing shall be
subject to the same requirements as a Proposal/Bid Bond.
32. Pre-proposal Conference Site Visits: If a Mandatory Pre-proposal conference is scheduled for this project, all
Respondents shall attend the conference and tour all areas referenced in the Proposal Documents. It shall be
grounds for rejecting a Proposal from a Respondent who did not attend the mandatory pre-proposal
conference. No pleas of ignorance by the Respondent of conditions that exist, or that may hereinafter exist,
as a result of failure to make the necessary examinations or investigations, or failure to complete any part of
the RFQ Package, will be accepted as basis for varying the requirements of the Contract with the City of
South Miami or the compensation of the Respondent.
33. Time of Completion: The time is of the essence with regard to the completion of the Work to be performed
under the Contract to be awarded. Delays and extensions of time may be allowed only in accordance with
the provisions stated in the appropriate section of the Contract Documents, including the Proposal Form.
34. Submittal Requirements: All Proposals shall comply with the requirements set forth herein.
35. Cancellation of Bid Solicitation: The City reserves the right to cancel, in whole or part, any request for
proposal when it is in the best interest of the City.
36. Respondent shall not discriminate with regard to its hiring of employees or subcontractors or in its purchase
of materials or in any way in the performance of its contract, if one is awarded, based on race, color, religion,
national origin, sex, age, sexual orientation, disability, or familial status.
37. All respondents, at the time of bid opening, must have fulfilled all prior obligations and commitments to the
City in order to have their bid considered, including all financial obligations. Prior to the acceptance of any bid
proposal or quotation, the City's Finance Department shall certify that there are no outstanding fines, monies,
fees, taxes, liens or other charges owed to the City by the Respondent, any of the Respondent’s principal,
partners, members or stockholders (collectively referred to as “Respondent Debtors”). A bid, proposal or
quotation will not be accepted until all outstanding debts of all Respondent Debtors owed to the city are paid
in full. No bidder who is in default of any prior contract with the City may have their bid considered until the
default is cured to the satisfaction of the City Manager.
END OF SECTION
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SUPPLEMENTAL INSTRUCTIONS AND PROPOSAL FORMAT FOR
RESPONDENT
1. Format and Content of RFQ Response
Firms submitting proposals shall disclose their qualifications to serve as a financial advisor
for the City in the format set forth below. Failure to provide requested information may
result in your proposal being deemed non-responsive and therefore eliminated from
further consideration.
A. Title Page
1. Show the name of Respondent’s agency/firm, address, telephone number, name of contact
person, date and the subject: REQUEST FOR QUALIFICATIONS FOR FINANCIAL
ADVISORY SERVICES, RFQ #FN2014-03
B. Table of Contents
Include a clear identification of the material by section and by page number.
C. Cover Letter and Executive Summary
This letter should be signed by the person in your firm who is authorized to negotiate terms, render
binding decisions, and commit the firm’s resources.
Summarize your firm’s qualifications and experience to serve as Financial Advisor. This response
should emphasize the strength of the firm in any relevant areas which you feel the City should weigh
in its selection, based on the criteria set forth above.
Summarize your firm’s understanding of the work to be done and make a positive commitment to
perform the work in accordance with the terms of the proposal being submitted. This section
should summarize the key points of your submittal. Limit to one or two pages.
D. Firm Overview
State the full legal name and organizational structure of the firm. Describe the ownership structure
of your firm, including your firm’s affiliation with any financial institution(s). State the location of the
office that will be serving the City including mailing address and telephone numbers.
a. Name of Firm submitting the proposal.
b. Name and title of individual responsible for proposal.
c. Mailing address.
d. Telephone and facsimile numbers.
E. Personnel and References
Identify the primary individuals who will provide services to the City with regard to the day-to-day
relationship with the City and include a brief resume for each of the primary individuals including
licenses and certifications held by those individuals. Provide a list of five clients the firm has worked
with in the last 36 months. Indicate the firm’s experience with clients within the State of Florida and
provide a brief description of the type of services provided as well as the names, titles, addresses
and telephone numbers of those primarily responsible for the account. In addition to the day-to-day
relationship, please provide information regarding the firm’s and individual’s experience with
transactions which are similar to financings contemplated by the City (i.e. taxable or tax-exempt
new money issues, variable rate financings, commercial paper, etc.) If the firm and/or individuals have
experience with transactions within the State of Florida, please include those clients as references.
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F. Other Relevant Financing Experience
Provide a description of your proposed primary individuals’ relevant experience over the last three
years with other cities that you believe are relevant to this proposed engagement. Include three
case studies, if available, that illustrate experience with relevant services where the proposed
primary individuals have served as financial advisor. Please limit your response to two pages.
G. Long-term Strategic Financial Planning Experience
Please describe your short and medium term outlook for the municipal markets and, financial
institutions, in general; and how it may affect cities borrowing. Based on your knowledge of the
City’s financial circumstances using the City’s most recent CAFR provided online, other relevant
factors such as Federal government actions or Congressional legislation and your outlook as
previously described, please provide an overview of the strategies that the City and Staff should
consider to improve the City’s financial position. Please limit your response to two pages.
H. Tax-Exempt New Money Product Experience
Describe your firm’s relevant experience with tax-exempt new money transactions including special
facility obligations and parking systems over the last three years. Include three case studies, if
available, that illustrate the firm’s experience with relevant transactions where the proposed firm
has served as financial advisor. Please limit your response to two pages
I. Taxable Financing Experience
Describe your firm’s relevant experience with taxable financing including parking system transactions
over the last three years. Include three case studies, if available, that illustrate the firm’s experience
with relevant transactions where the proposed firm has served as financial advisor. Please limit your
response to two pages.
J. Advance and Current Refunding and Refinancing Experience
Describe your firm’s relevant experience with advance and current refunding transactions over the
last three years. Include three case studies, if available, that illustrate the firm’s experience with
relevant transactions where the firm has served as financial advisor. Please limit your response to
two pages.
K. Market and Pricing Information
Describe your firm’s knowledge, experience and resources in tracking and monitoring the tax
exempt and taxable bond markets, including the fixed rate, variable rate, swaps and other derivative
products, and the government securities market. Include a discussion of your firm’s participation in
underwriting tax-exempt and taxable bonds, acting as a principal in swap transactions, and providing
investment services. Also, discuss your process for ensuring that the City receives the best price for
any bonds, financings involving swaps and other derivative products, and any escrow securities as
part of any refunding. Include a discussion of how you evaluate the success of any pricing.
L. Disciplinary Actions
Describe any litigation or regulatory action (other than those noted in response to items requested
in section VI) filed against your firm in the last five (5) years, and the resolution thereof. Provide a
statement of positive assurance that your firm and its representatives are not presently being
investigated or in violation of any statutes or regulatory rules, including those of the Securities and
Exchange Commission, Municipal Securities Rulemaking Board (other than those noted above),
National Association of Securities Dealers, Florida Department of Banking, etc., or attach a
statement describing the current status of such investigations or violations. Describe how your firm
ensures compliance with all regulatory requirements.
END OF SECTION
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EVALUATION CRITERIA
The City will evaluate each firm’s qualifications based upon a review of the overall proposal which
will include, but may not be limited to the following criteria:
• Qualifications and experience of the firm and primary individuals assigned to the City in
structuring, negotiating, evaluating, and implementing a full range of tax exempt and taxable
bond and note financings, bank loans, letters of credit, liquidity facilities, and derivatives
products and positions. (30 Points)
• Accessibility of the primary individuals assigned to the City; local office located in Miami-
Dade County preferred. (20 Points)
• Experience of the firm and primary individuals assigned to the City in providing financial
advisor services to municipalities and other governmental entities. (20 Points)
• Status of the firm regarding litigation and compliance with regulatory requirements, and fees.
(20 Points)
• Demonstrated ability of the firm to track and monitor relevant markets for tax-exempt and
taxable bonds, swaps and other derivative products and government securities. (10 Points)
Selection Process and Competitive Negotiations:
Responses to this RFQ will be evaluated by a Selection Committee. A ranking of all respondents or
short-listed respondents will be determined by the Selection Committee. The Selection Committee
may schedule interviews and/or presentations with the “short-list” respondents or, any respondents.
A final ranking of all firms or short-listed firms will be submitted to the City Manager for review and
approval. The City Manager will thereafter submit his final recommendation to the City
Commission for approval. Once the City Commission has approved the final rankings, negotiations
with the first ranked firm will be initiated. If those negotiations are unsuccessful, negotiations will be
opened with the next ranked firm, etc., until the successful completion of negotiations and
execution of contracts.
The City reserves the right to reject any or all proposals, to further negotiate any proposals, to
request clarification of information submitted in any proposal, to request additional information
from any proposer, and to waive any irregularities in any proposal.
END OF SECTION
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