At their October 19, 2015 Utility Special District (USD) Board of Directors meeting, the Board discussed and deliberated on the subject of Utility District bond-underwriter for the issuance of Series 2016 Utility District Revenue Bonds.   

On November 16, 2015 the Board, through Resolution 16-15UD authorized and directed the Finance Director proceed toward the issuance of the refunding Bonds for the purpose of refunding all or a portion of the Riviera Beach Utility Special District Series 2016 Revenue Bonds in accordance with and subject to the Debt Management Policy. Resolution 16-15UD required that prior to the issuance of the Bonds, the Board shall adopt a resolution authorizing the issuance of said series and establishing details with respect thereto.

The City issued RFP 595-15 on December 4, 2015. Nine proposals were received. On January 21, 2016 the evaluation committee consisting of the Director of Finance and Administrative Services, Assistant Finance Director, Utility Executive Director, Utility Assistant Executive Director and Public Works Director convened to review and discuss the responses.

Five criteria were considered in the evaluation; Experience, Strategy - Credit Approach, Marketing & Distribution, Fee proposal and service to the District. After due and careful consideration, the committee recommended the firms of Stifel, Nicholaus & Company, Inc. and Siebert Brandford Shank & Co,., LLC to provide Underwriter Services for the Riviera Beach Utility Special District  Series 2016 Revenue Bonds. Stifel and Siebert will split the underwriters fee's 50/50. 

The Bond Purchase Agreement will be brought back for final approval of the City Council.