HomeMy WebLinkAboutAGENDA REPORT 1985 0219 CC REG ITEM 10DALBERT PRIETO
Mayor
JAMES D. WEAK
Mayor Pro Tern
THOMAS C. FERGUSON
Councilmember
DANNY A. WOOLARD
Councilmember
LETA YANCY•SUTTON
Councilmember
DORIS 0. BANKUS
City Clerk
JOHN C. GEDNEY
City Treasurer
MOORPARK
M E M O R A N D U M
TOi The Honorable City Council
FROM: Steven Kueny, City Manager YX
DATE: February 15, 1985
SUBJECT: SELECTION OF UNDERWRITER FOR ISSUANCE_`OF_
SINGLE FAMILY REVENUE BONDS
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STEVEN KUENY
City Manager
CHERYL J. KANE
City Attorney
NIALL FRITZ
Director of
Community
Development
R. DENNIS DELZEIT
City Engineer
JOHN V. GILLESPIE
Chief of Police
The City has unofficially received its requested $20 million
allocation for issuance of single family revenue bonds. The City
Council authorized the application for the allocation in August
1984. Five (5) developers will be participating in the program -
Griffin, Regal, Urban West, U.S. Condominium and Warmington. This
Program will permit qualified home buyers, primarily first time
buyers, to obtain below market interest rate financing. The City
has no financial obligation or liability concerning the bond program.
We are merely acting as a conduit. Staff reviewed proposals from
three (3) investment banking firms:j Miller & Schraeder Municipals Inc.,
Paine Webber, and Stone & Youngberg'to provide the requisite services.
All of the firms have an excellent reputation. Staff is recom-
mending the retention of Stone and Youngberg as the Managing Under-
writer. They have worked with a number of other public agencies
in the County and have demonstrated exceptional performance. They
offered the best opportunity to maximize funds available for admin-
istrative costs which would be retained by the City and unqualified
maximum underwriter discounts for either private placement or multiple
buyers which should result in lower costs to the homebuyer.
The actual agreement is being completed and should be available
prior to the February 19, 1985 Council meeting.
RECOMMENDED ACTION:
Approve agreement with Stone & Youngberg to serve as Managing
Underwriter and authorize Mayor to execute on behalf of City.
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799 Moorpark Avenue Moorpark, California 93021
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