HomeMy WebLinkAboutMINUTES - 12111984 - 1.6 (2) TO: BOARD OF SUPERVISORS +
FROM: ' Anthony A. Dehaesus Contra
Director of Planning
Costa
DATE: November 20, 1984 County
SUBJECT: Designation of co-Managing Underwriters for the County's 1985 Multi-Family Pooled
Development, and 1985 Single Family Mortgage Bond Programs
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Designate Fiser and Dean Witter Reynolds as co-Managing Underwriters for the 1985 Multi-Family
Pooled Development Program, and the 1985 Single Family Mortgage Revenue Bond Program.
BACKGROUND '
Dean Witter Reynolds has previously been retained to act as underwriter for the County's issuance of
multi-family bonds for a grouping of apartment projects, and for the County's issuance of single
family bonds. The multi-family pool program is in the middle of being completed, with an issuance of
bonds scheduled for the first or second week of January.. Work relative to a single family bond issue
for 1985 has begun with our securement of developer deposits and submittal of an application for
authority to the State.
In mid-November many of the technical support staff in the housing area at Dean Witter Reynolds
moved to another investment banking firm - Fiser. The move represented career moves for the
individuals involved. Almost all of the technical support people with whom staff has successfully
worked over the past few years now reside at Fiser.
Recognizing that clients with on-going programs should not be left without services, Fiser and Dean
Witter Reynolds have proposed that they be designated as co-Managing Underwriters for programs
currently being structured. Fiser will be responsible for the intensive structuring process, while Dean
Witter Reynolds will be responsible for marketing the bonds and forming the sales syndicate. Fiser
will also provide post-issuance technical support required to implement current and future programs.
The proposal offers the following advantages: 1) continuity on the structuring side; 2) continued flow
of services on'past issues; 3) continued accessibility and attention/priority paid to the County; 4)
quality reputation of the individuals involved, particularly in the development community (developers,
lenders, etc.); and 5) positive human factors such as the demonstrated honesty, integrity, and
compatibility of the bond team.
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The County will, of course, reserve the right to modify or cancel the arrangement based on our
evaluation of performance while the issues are in progress, and after the issues have been completed.
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CONTIN DON ATTACHMENT: YES SIGNATOR
OMMENDATION OF COUNTY ADMINISTRATOR M ENDATItOF BOAR OMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON December 11 , -1984 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
00 129
X— UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED December 11 , 1984
County Counsel PHIL BATCHELOR, CLERK OF THE BOARD OF
Orrick Herrington & Sutcliffe UPER)fISORSANDCOUNTYADMINISTRATOR
Caine, Gressel , Midgley, & Slater
Fiser/Dean Witter Reynolds 707
1. MORTGAGE BOND PRGMS UNDERWRITERS. DESIGNATED 19.85
2. SINGLE FAMILY AND MULTI-FAMILY
3 . FISER BANKING FIRM I
4: SAME AS 1 {
5 . REYNOLDS DEAN WITTER
6 . SAME AS '1
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