HomeMy WebLinkAboutMINUTES - 05051987 - 1.61 TO: BOARD OF SUPERVISORS
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FROM: Harvey E. Bragdon Costa
Director of Community Development Courcy
DATE: April 17, 1987
SUBJECT: Designation of Underwriters for Single Family Mortgage
Revenue Bond Program
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Designate Paine Webber as Senior Managing Underwriter, and Pacific
Securities, Inc. and Miller & Schroder as Co-managing Underwriters
for the County' s Single Family Home Mortgage Finance. Programs.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On December 3, 1985 the Board approved the recommendation of the
Director of Community Development to designate Fiser Financial and
Investment Services as Senior Manager of the County' s Single Family
Home Mortgage Finance Programs, and Paine Webber and Miller &
Schroder as Co-managers. Since that time the Tax Reform Act of
1986 was enacted. The bill has had a chilling effect on new issue
tax exempt bond market. As a result a number of firms have either
phased out their public finance operations or significantly cut
them back. Fiser, the County' s designated senior manager was one
such firm that scaled back. The principal banker with Fiser is now
with Pacific Securities. For continuity in matter related to
program structure, and relations with the development community it
is advisable to substitute Pacific Securities for Fiser. The role
of senior manager would, however, be assumed by Paine Webber.
FISCAL IMPACT
None. All financial renumeration is contingent on the ccessful
sale of bonds.
CONTINUED ON ATTACHMENT: YES SIGNA
RECOMMENDATION OF COUNTY ADMINISTRATOR RECO—M—M—E—N—D-Atliff5l OF BO COMMITTEE
APPROVE . OTHER
SIGNATURE(S) :
ACTION OF BOARD ON 5 1qA7 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE, SHOWN.
cc: Community Development ATTESTED MAY 5 1957
County Administrators Office PHIL BATCHELOR, CLERK OF
Paine Webber THE BOARD OF SUPERVISORS
Miller & Schroder AND COUNTY ADMINISTRATOR
Pacific Securities, Inc.
BY DEPUTY
JK/mb
la/underwrt.sfb