Wells Fargo Corporate & Investment Banking Municipal Finance Group 100 South Ashley Drive, Suite 820 Tampa, FL 33602 Tel: (813) 225-4459
Town of Davie, Florida Request for Proposals Tax-Exempt Special Obligation Bonds, Series 2021 Covenant to Budget and Appropriate (Legally Available Non-Ad Valorem)
June 18, 2021
Important Information & Disclaimer This document and any other materials accompanying this document (collectively, the “Materials”) are provided for general informational purposes only. By accepting any Materials, the recipient acknowledges and agrees to the matters set forth below. Wells Fargo Securities (“WFS”) is the trade name for certain securities related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Bank, N.A., acting through its Municipal Finance Group. Commercial banking products and services are provided by Wells Fargo Bank, N.A (“WFBNA”). Investment banking and capital markets products and services provided by Wells Fargo Securities, are not a condition to any banking product or service. Derivatives products (including “swaps” as defined in and subject to the Commodity Exchange Act (“CEA”) and Commodity Futures Trading Commission (“CFTC”) regulations and (ii) “security- based swaps”, (“SBS”) as defined in and subject to the Securities and Exchange Act of 1934 (“SEA”) and SEC regulations thereunder) are transacted through WFBNA, a CFTC provisionally- registered swap dealer and member of the NFA. Transactions in physical commodities are transacted through Wells Fargo Commodities, LLC, a wholly-owned subsidiary of Wells Fargo & Company. WFBNA, as potential derivatives provider, and WFS, as potential underwriter or placement agent (together with any of its affiliates as context may require, “we”, or “Wells Fargo”) are providing the information contained in the Materials for discussion purposes only in anticipation of, or in connection with, engaging in arm’s length commercial transactions with you in which Wells Fargo would be acting solely as a principal or agent, as applicable, and not as a municipal advisor, financial advisor or fiduciary to you or any other person or entity regardless of whether we, or an affiliate has or is currently acting as such on a separate transaction (the use of the term “agent” does not imply any fiduciary relationship). These Materials are being provided to you for the purpose of working with you as an underwriter or placement agent (collectively, “underwriter”) and/or derivatives provider on the transaction(s) described in the Materials. As part of its services as underwriter, WFS may provide information concerning the structure, timing, terms, and other similar matters concerning the issue of municipal securities that WFS proposes to underwrite as described in the Materials. The Materials may also contain such information. Any such information has been, and would be, provided by WFS in the context of serving as an underwriter and not as your municipal or financial advisor. Additionally, WFBNA, as derivatives provider, and WFS, as underwriter, have financial and other interests that differ from your interests (or those of the issuer). In its capacity as underwriter, WFS’ primary role would be to purchase securities from you (or the issuer in the case of a conduit transaction) for resale to investors, or arrange for the placement of securities with investors on your behalf. Wells Fargo will not have any duties or liability to any person or entity in connection with the information being provided in the Materials. The information provided herein is not intended to be and should not be construed as advice within the meaning of Section 15B of the Securities Exchange Act of 1934, and Wells Fargo will not be acting as your municipal advisor under the municipal advisor rules (“Muni Advisor Rules”) of the Securities and Exchange Commission (“SEC”) and the SEC’s guidance in its Registration of Municipal Advisors Frequently Asked Questions dated May 19, 2014, as supplemented (collectively, “Muni Advisor Rules”). Please be advised that any information in the Materials regarding municipal derivatives is being provided by WFBNA as a swap dealer and that any swap offered or recommended in the Materials is being offered or recommended by WFBNA as a swap dealer. No part of the Materials is intended to be and should not be construed as an offer or recommendation of a municipal derivatives service or product by WFS, as underwriter, for purposes of Municipal Securities Rulemaking Board Rule G-17, or otherwise. You should consult with your own financial and/or municipal, legal, accounting, tax, and other advisors, as applicable, to the extent you deem appropriate. If you would like a municipal advisor that has legal fiduciary duties to you, you are certainly free to engage a municipal advisor to serve in that capacity. Transactions referenced in the Materials which are attributed to Wells Fargo or to WFS may include transactions executed by a Wachovia Corporation or Wells Fargo & Company broker-dealer affiliate or by other municipal securities dealers and/or broker-dealers which were acquired by Wachovia Corporation or WFC. WFS distributes municipal securities to institutional investors primarily through Wells Fargo Bank, N.A. Municipal Finance Group (“WFBNA MFG”) and Wells Fargo Securities, LLC (“WFSLLC”). Distribution to middle market clients is provided primarily through WFSLLC. Retail distribution is primarily provided by Wells Fargo Advisors, which is the trade name used by Wells Fargo Clearing Services, LLC (“WFCS”) and Wells Fargo Advisors Financial Network, LLC (“WFAFN”), two non-bank separate registered broker-dealers (members FINRA and SIPC). WFSLLC, WFBNA MFG, WFCS, and WFAFN are affiliates and are each wholly owned subsidiaries of WFC. Any municipal underwriting, commercial paper and remarketing rankings referenced herein represent combined totals for WFBNA MFG and WFSLLC. Non-municipal underwriting, commercial paper and remarketing rankings referenced herein represent totals for WFSLLC only. Source information for any ranking information not otherwise provided herein is available on request. Any rankings referencing competitive municipal new issues for time periods prior to 2011 include issues underwritten by WFCS. Underwriting activities of WFCS are not managed or otherwise controlled by WFBNA MFG or WFSLLC. If the Materials are being provided to you under any of the following events, the information contained in the Materials and any subsequent discussions between us, including any and all information, advice, recommendations, opinions, indicative pricing, quotations and analysis with respect to any municipal financial product or issuance of municipal securities, are provided to you in reliance upon the Swap Dealer, Bank, RFP, IRMA exemptions and underwriter exclusion, as applicable, provided under the Muni Advisor Rules. In the event the Swap Dealer, Bank, RFP, IRMA exemptions, or underwriter exclusion do not apply, the information included in the Materials are provided in reliance on the general information exclusion to advice under the Muni Advisor Rules. In the event that you have provided us with your written representation in form and substance acceptable to WFBNA that you are represented by a “qualified independent representative” as defined in the Commodity Exchange Act (“CEA”) with respect to any municipal derivative or trading strategy involving municipal derivatives described in the Materials, we have provided you with our written disclosure that we are not acting as an advisor to you with respect to the municipal derivative or trading strategy pursuant to Section 4s(h)(4) of the CEA and the rules and regulations thereunder, and have taken certain other steps to establish the “Swap Dealer exemption” under the Muni Advisor Rules. Any information related to a bank-purchased bond transaction (“Direct Purchase”) included in the Materials is a product offering of WFBNA or a subsidiary thereof (“Purchaser”) as purchaser / investor. WFS will not participate in any manner in any Direct Purchase transaction between you and Purchaser, and Wells Fargo employees involved with a Direct Purchase transaction are not acting on behalf of or as representatives of WFS. The information contained herein regarding Purchaser’s Direct Purchase is being provided to you by WFS only for purposes of providing financing alternatives that may be available to you from WFC and its affiliates. Information contained in this document regarding Direct Purchase is for discussion purposes only in anticipation of engaging in arm’s length commercial transactions with you in which Purchaser would be acting solely as a principal to purchase securities from you or a conduit issuer, and not as a municipal advisor, financial advisor or fiduciary to you or any other person or entity regardless of whether Purchaser, or an affiliate has or is currently acting as such on a separate transaction. Additionally, Purchaser has financial and other interests that differ from your interests. Purchaser’s sole role would be to purchase securities from you (or the conduit issuer). Any information relating to a Direct Purchase is being provided to you pursuant to and in reliance on the “Bank exemption” under the Muni Advisor Rules and the general information exclusion to advice under the Muni Advisor Rules. In the event the Materials are being provided in connection with a RFP, the SEC exempts from the definition of municipal advisor “any person providing a response in writing or orally to a request for proposals or qualifications from a municipal entity or obligated person for services in connection with a municipal financial product or the issuance of municipal securities; provided however, that such person does not receive separate direct or indirect compensation for advice provided as part of such response” (“RFP exemption”). In such event, we have relied upon the RFP exemption, and on your distribution and execution of this RFP through a competitive process. In the event WFBNA MFG is the party providing the Materials responses to all questions, certifications, attestations, information requests, and similar in the RFP or RFQ to which this response relates are specifically limited to, in context of, and as applied to, WFBNA MFG in its capacity as a separately identifiable department of a national bank that is registered as a municipal securities dealer with the Securities and Exchange Commission, Office of the Comptroller of the Currency, and Municipal Securities Rulemaking Board; and not on behalf of Wells Fargo Bank, N.A., unless specified otherwise in our response. In the event that you have provided us with your written representation that you are represented by an independent registered municipal advisor (an “IRMA”) within the meaning of the Muni Advisor Rules, with respect to the transaction(s) described in the Materials we have provided you with our written disclosure that we are not a municipal advisor to you and are not subject to the fiduciary duty under the Muni Advisor Rules, if applicable, and have taken certain other steps to establish the “IRMA exemption” under the Muni Advisor Rules.
In the event that you have engaged us to serve as an underwriter with respect to the municipal securities issuance described in the Materials we have provided you with our written disclosure regarding our role as an underwriter, that we are not a municipal advisor to you and are not subject to the fiduciary duty under the Muni Advisor Rules, if applicable. If savings threshold level information is contained herein, please be advised that WFS is not recommending nor providing advice regarding which maturities should be refunded by you. Informational Purposes Only; Important Information Regarding These Materials The Materials are provided for general information about the transactions described herein. The Materials do not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation or commitment for any transaction involving the securities or financial products named or described herein, and are not intended as investment advice or as a confirmation of any transaction. Assumptions stated herein may or may not be valid. Externally sourced information contained in the Materials has been obtained or derived from sources we reasonably believe to be reliable, but Wells Fargo Securities and WFBNA make no representation or warranty, express or implied, with respect thereto, and do not represent or guarantee that such information is accurate or complete. Wells Fargo Securities and WFBNA do not assume or accept any liability for any loss which may result from reliance thereon. 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Terms, rates, prices and structure in the Materials are indicative only, and should not be relied upon as the terms, rates, prices or structure on which we or anyone else would be willing to enter into, terminate or transfer a transaction with you, or relied upon for any other purpose. Actual rates and prices may be higher or lower depending on market conditions at the time of execution. We reserve the right to amend, supplement or replace the Materials at any time, and your use of the Materials constitutes your agreement to update the Materials with any such amendments, supplements or replacements we furnish you. In no event shall Wells Fargo be liable to you or any third party for any direct or indirect, special, incidental, or consequential damages, losses, liabilities, costs or expenses arising directly or indirectly out of or in connection with the Materials. The information in the Materials is confidential and may not be disclosed by you to anyone without our written consent, other than to your advisors, and judicial or other governmental authorities or regulators having jurisdiction over you (including, without limitation, federal, state or local tax authorities). Applicability of Certain Regulations One or more transactions described in the Materials may be “swaps” as defined in the CEA and CFTC regulations or foreign exchange (“FX”) products subject to certain CFTC regulations. From time to time, we may furnish you with certain information or request that you furnish us with certain information or representations or take other actions we consider necessary or appropriate to comply with applicable legal or regulatory requirements, including the requirement that, in order to enter into a swap with us, you must be an Eligible Contract Participant (“ECP”) (as defined in CEA Section 1a(18) and CFTC Regulation 1.3). Nothing herein purports to be a complete statement of regulations applicable to swaps, matters which you should address with your own legal advisors. For purposes of CFTC Regulations 1.71 and 23.605, please note that the Materials are a “solicitation” of a swap and not a “research report” as defined therein. To the extent the Materials include a scenario analysis, such inclusion shall not supersede your right under CFTC Regulation 23.431(b) to request and consult in the design of a scenario analysis. Nothing in the Materials should be construed as a recommendation or opinion with respect to any swap or trading strategy involving a swap for purposes of CFTC regulations or the CEA. The Materials do not take into account your particular investment objectives, financial condition or needs and are not intended to serve as a basis for entering into a swap or to suggest, through opinion, recommendation, or otherwise, that you should enter into a particular swap or trading strategy involving a swap. In addition to the information furnished herein, you should not enter into any swap or other transaction described in the Materials without reviewing and understanding our “Disclosure of Material Information for Swaps” and accompanying documents available to you at: www.wellsfargo.com/swapdisclosures (“Swap Disclosures”). If you are a “Special Entity” within the meaning of CFTC Regulation 23.401(c), you are hereby notified that these Materials are not, are not intended to be and should not be interpreted as an expression of an opinion within the meaning of CFTC Regulation 23.440 by any person on behalf of Wells Fargo & Company and its subsidiaries as to whether you should enter into any swap or trading strategy involving a swap. If these Materials relate to an SBS they are intended only for persons that are ECPs as defined in CEA Section 1a(18) and the regulations issued thereunder. If you are not an ECP and the Materials involve an SBS, please disregard the Materials, delete the Materials without retaining a copy, and immediately notify the sender. Not Financial, Accounting, Tax or Legal Advice; Arm’s Length Relationship You should not construe the content of the Materials as financial, accounting, tax, legal or other advice, and you should consult your own financial advisor, accountant, tax advisor and attorney for opinions on whether to enter into any transaction described in the Materials and as to as to financial, accounting, tax, legal and related matters concerning these Materials. Wells Fargo is not acting as your agent or advisor, including pursuant to Section 15B of the SEA or any other applicable regulation, with respect to the transactions described in these Materials, and does not owe you a fiduciary duty. All transactions described in the Materials are arm’s length transactions to be negotiated by each party acting in its own best interests. The price and other terms of any transaction will be individually negotiated, and there is no assurance that they will represent the best price or terms available to you from us or other sources. Whether they are executable, indicative or illustrative, you should assume that any price we offer, quote or otherwise provide to you for entering into, transferring or terminating a transaction with Wells Fargo is strictly a Wells Fargo price and should not be considered a “market price” offered by anyone else in the market. In this regard, Wells Fargo under applicable CFTC regulations may be required to disclose to you a “pre-trade mid-market mark” of the transaction in order for you to assess material incentives and conflicts of interest we may have in connection with the transaction. We may also be required to disclose material economic terms and material risks of such transaction. Information about the pre-trade mid-market mark and other material disclosures regarding swaps can be found at: Swap Disclosures. LIBOR Discontinuation Risk Due to uncertainty surrounding the sustainability of the London Interbank Offered Rate (“LIBOR”), central banks and global regulators have called for financial market participants to prepare for the discontinuation of LIBOR by the end of 2021. The continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. While global regulators and financial services industry market participants, including the Alternative Reference Rates Committee in the United States, have been working on developing alternative reference rates (“ARR”) for LIBOR and other interbank offered rates, there is no guarantee that ARRs will be widely used by market participants by the end of 2021, that any ARRs developed will be suitable for each transaction as a substitute or successor for LIBOR, that the composition or characteristics of ARRs will be similar to those of LIBOR, or that ARRs will be the economic equivalent of the rate used in your LIBOR-based swap, SBS, or financing transactions. Therefore, if LIBOR is discontinued during the term of your swap or SBS, your payments would be calculated differently and could be higher or more volatile than expected. These risks and others are discussed in greater detail at the IBOR Alternative Reference Rates disclosure at: Swap Disclosures. Other information is available at: https://www.wellsfargo.com/com/focus/libor/. Negative Interest Rates (including disclosures regarding benchmark rate floors) Even if your financing includes a LIBOR floor, such as a floor set at 0%, express wording in swap transactions is required to place a floor on LIBOR or other floating benchmark rate of a swap transaction. No such 0% floor or other floor is included in an interest rate swap or other swap transaction unless mutually agreed between the parties as reflected in the swap confirmation. Absent such floor in an interest rate swap, if a Floating Amount is negative under the swap, the Floating Rate Payer does not make such payment. Instead, the Fixed Rate Payer pays the absolute value of the negative Floating Amount in addition to the Fixed Amount. See §6.4 of the 2006 ISDA Definitions, as amended. If you wish to acquire a swap with a 0% floor or other floor, this may increase the price of your swap as reflected in a higher Fixed Rate. For further information on negative interest rates, including their effect on swaps and the loans they are hedging, see the Negative Interest Rates Disclosure (including disclosures regarding benchmark rate floors) at: Swap Disclosures. Risks to Consider While transactions described in the Materials may be used for hedging purposes to reduce certain risks associated with your assets or liabilities, the effectiveness of hedging may depend upon holding these transactions to maturity and not reducing or disposing of all or any portion of the asset or liability during the term of the hedge. If a transaction is terminated early, or if you reduce or dispose of all or a portion of the underlying asset or liability before the transaction matures (such as prepaying a floating rate loan you hedge with a swap or disposing an FX or commodity liability or asset you have hedged), depending on the nature of the transaction, you may incur a substantial loss or you may receive little or no hedging benefit from any upfront premium payment or any other costs incurred in purchasing the transaction. You may also incur a substantial loss if you enter into a transaction in anticipation of hedging an asset or liability that does not materialize. You should understand that
significant potential amounts could become payable by you for modifying a transaction, terminating it early or transferring your position in the transaction to another person or entity, depending upon then existing market conditions and the terms of your transaction. You should also consider that prepaying your loan or disposing of an asset or other liability, including a foreign currency denominated or commodity liability or asset, does not relieve you of your obligations under a hedge transaction, which may be terminated early only in accordance with the terms of the swap trading relationship documentation, other transaction documents, or otherwise by mutual agreement. Such termination may require payment by you of an early termination amount, which may be substantial. Whether you use a transaction for hedging or another purpose, you should satisfy yourself that you understand these and other risks discussed in greater detail in disclosures provided to you at: Swap Disclosures. Independent Obligation To the extent any transaction described in the Materials may be used to hedge against FX risks, commodity risks, or interest rate risks, the transaction would be a separate and independent obligation and would not be contingent on whether or not any financing closes, is outstanding or is repaid, in whole or in part, at any time, subject to any contractual requirement to terminate and settle the transaction early upon prepayment of any financing or for other financing-related events. In addition, if you provide any existing or future collateral or other credit support to secure the transaction and any financing, then you would be entitled to the release of such collateral or credit support only if certain conditions contained in the related collateral agreement or credit support document are completely satisfied for both the transaction and any such financing, or we otherwise reach agreement with you on alternative collateral, credit support or other arrangements. Unmatched Terms & Conventions If the principal amount or duration of a financing, FX, or commodity asset or liability differs from that of a transaction used to hedge such financing, asset or liability (e.g., a different notional amount), you may be exposed to risk of loss from such over-hedging or under-hedging. If any other economic terms or characteristics of a financing, asset or liability differ from those of the related hedge, then in addition to any losses that you could incur from such differences, the hedge may create unanticipated accounting exposure or tax liability for you. To the extent fair value accounting applies to the hedge, you may have to reflect unrealized gains and losses (i.e., the so-called “mark-to-market” value of the hedge) over the life of the hedge on your balance sheet and/or income statement. If hedge accounting applies, any ineffectiveness in the hedge resulting from such differences may likewise need to be taken into account and reflected in your financial results. These hedge valuation considerations may also be important to you for tax purposes, including any tax laws that may require unrealized gains or losses on hedges to be taken into account in determining your income tax liability. Conventions used in the underlying market for the financing, assets or liabilities and the conventions used in the derivatives and FX markets may differ, and we are under no obligation to ensure that any transaction we offer is a perfect hedge even if we provide you with the underlying financing, asset or liability. For example, if the method for determining a loan’s floating rate differs from that for a hedge’s floating rate, the loan floating rate payments could diverge from those of the hedge. As another example, if the method for determining the applicable exchange rate for a foreign currency denominated liability differs from that for the exchange rate of the hedge, the payments associated with the underlying liability could diverge from the hedge. Such divergence may occur by convention or as the result of contractual differences, such as in the definition of or the reset timing of the exchange rate or for a referenced floating rate benchmark, the dates or times at which the benchmark is set, the number of days in the payment periods, divergent fallback rates upon the temporary or permanent discontinuation of the benchmark (e.g., LIBOR) or the benchmark rate’s rounding convention. Disclaimer Regarding Projections, Forecasts & Other Data The information in these Materials is subject to change without notice, does not constitute trading or investment advice or research, and has not been prepared in accordance with any laws or regulations designed to promote the independence of research. Historical data, past trends and past performance do not reflect or guarantee future results. Financial projections and economic forecasts are based on hypothetical assumptions about uncertain future market conditions and events and therefore should not be relied upon in connection with any asset, liability, transaction or otherwise, including any decision whether or when to invest or hedge or to acquire or dispose of any asset, liability or transaction. Projections or forecasts may not materialize, and reliance thereon could result in substantial losses. It is impossible to predict whether, when or to what extent rates, values and other economic factors will rise or fall, and there could be sharp differences between projections or forecasts and actual results. Wells Fargo makes no representation or warranty that actual results will conform to any projection or forecast and is not responsible for any loss or damage arising out of any reliance on or use of such information. Wells Fargo as Counterparty Transactions described in the Materials are not bank deposits or FDIC insured, may expose you to the credit risk of Wells Fargo, and therefore involve risk of loss to you apart from the market risk associated with the underlying rate, price or other economic measure on which the transaction is based. Financial information concerning Wells Fargo is available at: www.wellsfargo.com/invest_relations/investor_relations. Additional Information In addition to the information furnished above, you should not enter into any swap transaction described in the Materials without reviewing and understanding our “Disclosure of Material Information for Swaps” and accompanying documents available to you at: www.wellsfargo.com/swapdisclosures Updating the Materials We reserve the right to amend, supplement or replace the Materials at any time, and your use of the Materials constitutes your agreement to update the Materials with any such amendments, supplements or replacements we furnish you. Confidentiality The information in the Materials is confidential and may not be disclosed by you to anyone without our written consent, other than to your advisors, and judicial or other governmental authorities or regulators having jurisdiction over you (including, without limitation, federal, state or local tax authorities). Notwithstanding anything to the contrary contained in the Materials, all persons may disclose to any and all persons, without limitations of any kind, the U.S. federal, state or local tax treatment or tax structure of any transaction, any fact that may be relevant to understanding the U.S. federal, state or local tax treatment or tax structure of any transaction, and all materials of any kind (including opinions or other tax analyses) relating to such U.S. federal, state or local tax treatment or tax structure, other than the name of the parties or any other person named herein, or information that would permit identification of the parties or such other persons, and any pricing terms or nonpublic business or financial information that is unrelated to the U.S. federal, state or local tax treatment or tax structure of the transaction to the taxpayer and is not relevant to understanding the U.S. federal, state or local tax treatment or tax structure of the transaction to the taxpayer. Limitation of Liability In no event shall Wells Fargo be liable to you or any third party for any direct or indirect, special, incidental, or consequential damages, losses, liabilities, costs or expenses arising directly or indirectly out of or in connection with the Materials. Wells Fargo does not provide tax advice. Any tax statement herein regarding US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of a transaction or matter to which the statement relates. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. If you have any questions or concerns about the disclosures presented herein, you should make those questions or concerns known immediately to Wells Fargo.
2Q21
Town of Davie, Florida June 18, 2021
Wells Fargo Corporate & Investment Banking Municipal Finance Group 100 South Ashley Drive, Suite 820 Tampa, FL 33602
June 18, 2021
Town of Davie Purchasing Division 6591 Orange Drive Building B – Purchasing Davie, FL 33314
On behalf of Wells Fargo Securities1 (“Wells Fargo”, the “Firm”, or “WFS”), we are pleased to submit our response to the Town of Davie (the “Town”) for the Request for Proposals for senior managing or co-managing underwriter related to its anticipated Tax- Exempt Special Obligation Bonds, Series 2021 Covenant to Budget and Appropriate (Legally Available Non-Ad Valorem) transaction. Below we provide a summary of our qualifications that show why we believe Wells Fargo is well suited to serve the Town as senior manager or co-manager for the 2021 sale. Negotiated Senior Managed Experience in Florida2. Wells Fargo is an active underwriter of negotiated bonds in Florida. In fact, since 2016 WFS has served as senior or sole manager on 40 negotiated Florida municipal bond issues, totaling more than $4.5 billion in par amount.2 Furthermore, Wells Fargo currently ranks as the #3 underwriter of Florida transactions for 2021 year to date.2 Capital Strength and Ability to Underwrite. Given the recent market volatility, the Town should select underwriting firms with the capital to support its sales. As a bank dealer, WFS has access to a total equity capital base of Wells Fargo Bank, N.A. (“WFBNA”). With $164.0 billion of total risk-based capital,3 the Firm brings significant underwriting strength and a robust balance sheet to support clients like the Town, and has demonstrated an ability to commit capital and underwrite unsold balances on negotiated primary market issues. Powerful Institutional and Retail Distribution Networks. Wells Fargo provides a strong national distribution network with a balanced platform. Our institutional sales force consists of an 11-member Tier-1 municipal sales group that covers over 250 key national buyers with assets over $1 billion. In addition, Wells Fargo, through its affiliate Wells Fargo Securities, LLC, has 84 middle- market sales professionals in 17 regional offices that cover more than 6,400 Tier-2 and Tier-3 investors. Our institutional sales strength is augmented by our national retail system through Wells Fargo Advisors (“WFA”). In Florida WFA has 621 registered representatives and financial advisors in 39 offices across the State. 4 We are committed to providing the Town with the highest level of service, execution, and expertise and we sincerely appreciate the opportunity to present our credentials to serve the Town. Please do not hesitate to contact us with any questions. Sincerely,
John P. Generalli Managing Director, Southern Region [email protected] Cell: (727) 631-6711 | Fax: (813) 225-4450
1 Wells Fargo Securities is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA, and SIPC, and Wells Fargo Bank, N.A., acting through its Municipal Finance Group. 2 Thomson Reuters SDC 1/1/16-6/17/21. Transactions underwritten through WFBNA acting through its Municipal Finance Group and Wells Fargo Securities, LLC. Ranking (2021): True Economics to Bookrunner, 1/1/21-6.17/21. 3 Source: Wells Fargo investor relations website and WFBNA call report 1Q21 4 Retail data is combination of WFA Private Client Group, WFA Financial Network, and WFA Wealth Brokerage Services. WFA is the trade name used by WFAFN, LLC and WFCS, LCC as of 3/31/2021.Institutional and middle markets data as of 3/31/2021. Response to Request for Proposals Page 1
Town of Davie, Florida June 18, 2021
Firm Introduction
A. Provide a brief overview of the Firm including ownership, size, capital position as of the most recent fiscal year. Include the location of the office responsible for providing the underwriting services and the public finance professionals’ offices. Firm Overview. Wells Fargo & Company (“WFC”) is a publicly traded company headquartered in San Francisco and is one of the nation’s premier financial institutions with $1.9 trillion of assets, 260,000+ team members across 90+ businesses,5 and the 4th largest U.S. bank by market capitalization ($188 billion).6 Wells Fargo & Company has five operating segments: Consumer and Small Business Banking, Consumer Lending, Commercial Banking, Wealth & Investment Management, and Corporate & Investment Banking, which includes our Public Finance practice. Wells Fargo Securities (“WFS”) is the trade name for the capital markets and investment banking services of WFC and its subsidiaries, including Wells Fargo Bank, N.A. (“WFBNA”), which is the legal entity for the underwriting, liquidity, and swap counterparty. WFBNA is one of the strongest, best-capitalized, and highest rated banks in the world with long-term credit ratings of Aa2/A+/AA- by Moody’s, S&P, and Fitch.7 Municipal Finance Group. Wells Fargo conducts its municipal investment banking business in its Municipal Finance Group (“MFG”), in conjunction with other lines of business that cover government and institutional clients. Our Firm has been underwriting municipal bonds for over 40 years and has grown in size and stature to our current position as one of the most active underwriters of municipal bonds in the United States. Since 2015, Wells Fargo has senior managed more than 1,684 bond issues nationally with an aggregate par amount totaling over $135 billion.8 MFG is headquartered in New York City—operating 13 offices nationwide (Tampa, Los Angeles, San Francisco, Salt Lake City, Denver, Chicago, Jackson, Dallas, Houston, Charlotte, Philadelphia, New York City, and Boston) and employing 140 individuals, composed of investment banking, capital markets, sales and trading, and other professionals: . The Public Finance Investment Banking Group is comprised of 103 investment banking professionals working with local and state governments, development districts, housing, transportation, public power, water, higher education, and healthcare and not- for-profit organizations. The strategic focus and depth of our municipal finance experience has distinguished Wells Fargo as a leading bond underwriting firm nationally. . The Bond Underwriting & Trading Group includes 20 professionals who specialize in the underwriting of primary municipal bonds and the trading of long and short-term securities. This group is highly active in the secondary market and maintains substantial positions in various types of municipal bonds. This exposure requires every member of the MFG team to be familiar with current market conditions and investor appetites. Wells Fargo maintains underwriting desks in New York City, NY and Charlotte, NC. . The Institutional Sales Group is comprised of 11 professionals specializing in the marketing and sales of primary and secondary bond issues in the long-term and short-term markets. Wells Fargo’s Institutional Sales Group concentrates its efforts on selling municipal and structured finance products to top-tier institutional buyers throughout the United States. Wells Fargo’s institutional investor base includes the 250 key national buyers of municipal securities among the Firm’s 425-institutional account base as well as a significant number of 2nd and 3rd tier “middle market” institutional accounts. . The Debt Solutions Group consists of 5 experienced municipal market professionals who underwrite bonds for Wells Fargo Bank, N.A. and offer on balance sheet solutions as an alternative to traditional capital markets underwriting. Capital Position. Underwriting unsold balances requires adequate capital to support the client’s financing needs. As a bank dealer, Wells Fargo Securities has access to a total equity capital base of WFBNA. As one of the Wells Fargo Bank, N.A. Capital Position ($MMs)9 premier U.S. domiciled banks, WFBNA 2017 2018 2019 2020 Q12021 maintains the capital strength and financial Total Equity Capital $166,558 $163,379 $167,393 $170,928 $171,125 stability necessary to support the Town’s Total Risk-Based Capital $156,658 $155,557 $158,615 $164,412 $163,989 financing, both in the primary and Tier One Capital $143,293 $142,684 $145,149 $150,168 $149,957 secondary markets. The adjacent table Net Capital N/A N/A N/A N/A N.A summarizes WFBNA’s robust capital position. As of March 31, 2021, WFBNA Excess Net Capital N/A N/A N/A N/A N/A maintained total equity capital of $171.1 billion, total risk-based capital of $164.0 billion, and tier one capital of $150.0 billion.9
5 Wells Fargo & Company Form 10-K, as of December 31,2020. 6 Bloomberg as of 6/17/2021 7 Moody’s, S&P, and Fitch (reflective of Wells Fargo Bank, N.A.’s counterparty risk ratings) 8 Thomson Reuters SDC. Represents negotiated and competitive issues from 1/1/2015-6/17/21 (true economics to book runner). 9Source: Wells Fargo Bank, NA Call Reports as of 12/31/2017, 12/31/2018, 12/31/2019, 12/31/2020, and 3/31/2021 Response to Request for Proposals Page 2 Town of Davie, Florida June 18, 2021
B. Identify the primary individual(s) that will provide underwriting and investment banking services to the Town. Include individuals who will serve as the senior syndicate underwriter. Include a resume for each individual and the location of these professionals. Financing Team. Wells Fargo’s priority is to provide comprehensive investment banking and underwriting services to the Town. We understand the type of resources and commitment that this engagement requires. Key strengths of the team include: (1) lead banker and underwriter with in-depth knowledge of Florida municipal issuers, (2) national experience as an underwriter of municipal debt, (3) experienced quantitative and support staff with knowledge of the Town’s financing and structuring needs, and (4) strong national distribution platform with significant Florida presence. The lead investment banking professional and day-to-day contact assigned to the Town’s financing will be John Generalli. Mr. Generalli leads Wells Fargo Securities’ public finance effort in Florida, and works out of our Tampa office. He has served as a Florida investment banker for over 25 years. During his career he has completed over $50 billion of underwriting assignments for a wide range of issuers and credits, including sales tax, general obligation, lease, tax increment, special assessment, appropriation (CBA) financings, and a wide variety of enterprise fund credits. Walker McQuage, Managing Director and Co-Head of Wells Fargo’s Fixed-Rate Municipal Underwriting, will serve as the primary underwriter for the Town. He is responsible for and coordinates the marketing, distribution, and underwriting of all fixed rate municipal transactions managed by Wells Fargo’s institutional trading, sales, and underwriting operations and sits on the Charlotte, NC desk. Amanda Amaro, Director, will serve as an additional underwriting contact for the Town. Credit and rating agency strategy will be led by Kristen Fontana, Director, utilizing her expertise in rating agency criteria and analysis to help position any bonds in the most favorable light and achieve the highest possible ratings. Ms. Fontana will assist our team in developing and structuring its credit presentation to rating agencies and investors. Arthur Staub, Director, will support the core financing team in its quantitative efforts. Arthur is an expert in quantitative modeling and has structured some of the most complex transactions executed in municipal finance. Thomas Munn, Vice President, conducts analyses on and works with a variety of issuers to help them access the capital markets. Maria Yienger, Analyst, will support the finance team in providing quantitative and transactional execution to the Town’s financing. Please see Appendix A for detailed resumes. Professional Years of Experience Other Information
Name and Title In the Industry Current Firm Location Contact
John Generalli [email protected] Managing Director 25+ 13 Tampa, Florida Tel: (813) 225-4459 Lead Banker Walker McQuage [email protected] Managing Director 27 27 Charlotte, NC Tel: (704) 410-4082 Lead Underwriter Amanda Amaro [email protected] Director 11 11 New York City, NY Tel: (212) 214-5583 Municipal Underwriting Kristen Fontana [email protected] Director 9 9 New York City, NY Tel: (212) 214-6726 Credit Strategies Arthur Staub [email protected] Director 30+ 13 New York City, NY Tel: (212) 214-2859 Capital Markets Thomas Munn [email protected] Vice President 11 11 Houston, TX Tel: (713) 319-1800 Southern Region Coverage Maria Yienger [email protected] Analyst 2 2 Houston, TX Tel: (646) 592-0843 Southern Region Coverage
Response to Request for Proposals Page 3
Town of Davie, Florida June 18, 2021
Experience
A. Provide a listing of the senior managed Revenue Bonds since January 1, 2018 and identify the role of each individual responsible for the transaction while employed at the Firm submitting the proposal. The listing should include: 1. Issuer 2. Date of issue 3. Par amount 4. All-in-TIC 5. Underlying ratings 6. The underwriter’s gross spread breakdown including management fee and expenses. Wells Fargo is an active underwriter of negotiated bonds in Florida. In Negotiated Competitive fact, since 2016 WFS has served as senior or sole manager on 40 negotiated Florida municipal bond issues, totaling more than $4.5 Par ($mm) # Deals Par ($mm) # Deals billion in par amount. Furthermore, Wells Fargo currently ranks as the 2018 $12,130 146 $1,964 28 #3 underwriter of Florida transactions for 2021 year to date.10 2019 $14,787 152 $1,626 26 Nationally, Wells Fargo has senior managed 503 negotiated revenue 2020 $20,397 146 $2,510 21 bonds and won the competitive bid on an additional 85 transactions 2021 YTD $5,957 59 $795 10 11 since 2018. Please see the table to the right for a summary of our Total $53,270 503 $6,895 85 experience. Please see Appendix B for the requested transaction list.
10 Thomson Reuters SDC 1/1/16-6/17/21. Transactions underwritten through WFBNA acting through its Municipal Finance Group and Wells Fargo Securities, LLC. Ranking (2021): True Economics to Bookrunner, 1/1/21-6/17/21. 11 Thomson Reuters SDC 1/1/18-6/17/21. Response to Request for Proposals Page 4 Town of Davie, Florida June 18, 2021
Underwriting Capabilities
A. Describe your Firm's distribution capabilities. Specify your National and Florida rankings and distribution capabilities including sales professionals, location and number of offices and financial consultants who will market the bonds. Distribution Capabilities and Coverage of Targeted Investors. WFS offers the Town access to one of the nation’s most extensive distribution networks in the industry, with national and Florida presence, enabling WFS to successfully execute the proposed marketing plan. WFS has three distinct distribution channels that we utilize to maximize market penetration of the bonds we market for our clients, including: 1) Institutional Municipal Sales – covering top Tier 1 institutional accounts 2) Middle Markets Municipal Sales – covering Tier 2 and Tier 3 accounts such as banks, insurance companies and investment companies; 3) national and Florida retail. The breadth and depth of our three-tier distribution system provides our team with the ability to engage the largest and most active buyers of water and sewer bonds and also bring in additional buyers (middle markets investors) who may not be day-to-day buyers of significant volume, but whose participation in an offering provides meaningful pricing leverage. Below we describe these distribution channels. Comprehensive Distribution Network 1. Municipal Institutional Sales 2. Middle Market Sales* 3. Retail Sales** . 11 Municipal Sales professionals . 84 sales professionals . 3rd Largest Brokerage by number of advisors . 3 offices nationwide . 17 offices throughout the country – 13,500 advisors and support . 250 key buyers of muni securities . Extensive network covering 6,400+ “Tier 2” and . WFA Locations: 678 . 425-account institutional base “Tier 3” Investors . Client Assets: $1.8 trillion Florida Distribution Network . 1 Sales Professional . 621 Financial Advisors in Florida . 1 office . 39 WFA offices *Provided by Wells Fargo Securities, LLC; ** Provided by Wells Fargo Advisors a trade name for Wells Fargo Clearing Services LLC Municipal Institutional Sales. WFS is a top 3 trading counterparty with many of the most influential institutional investors.12 Our long-standing relationships with Tier 1 investors gives WFS a competitive advantage in price discovery and delivering aggressive pricing on new issues. WFS’ municipal institutional sales force is comprised of 11 professionals who distribute municipal products in the primary and secondary markets, serving the investment needs of institutional investors. WFS’ account base of over 425 institutions covers the key buyers of municipal bonds and the top money market funds, with assets over $1 billion.13 This includes coverage of large high grade accounts encompassing the top water and sewer reported holders such as Vanguard, Blackrock, State Farm and Franklin, in addition to money managers, insurance companies, bank portfolios, hedge funds and pension funds. We provide a full range of services to these important investors, including a dedicated credit team on the desk which provides issue- specific and market-oriented credit information to our underwriters, sales professionals, and institutional clients. Middle Market Distribution14. Among Wells Fargo’s competitive advantages is an ability to reach middle market investors. Our middle-market distribution channel represents a sales force of approximately 84 professionals located in 17 sales offices nationally, which cover around 6,400 Tier-2 and Tier-3 investors (e.g., small corporations, insurance companies, trust departments, regional banks, and local money managers). Many of these salespersons are in the same locations as our institutional and syndicate teams, leading to effective collaboration. These accounts pay more attention to factors other than just price than the typical institutional investors due to their smaller size and their general “buy-and-hold” nature. More importantly, these accounts are generally not covered by all investment banks, as Wells Fargo has grown these relationships from its legacy regional banking coverage; thus, many of these relationships are considered exclusive to Wells Fargo. Additionally, our Firm has a two-person middle market specialist team on the trading desk that is dedicated to providing liquidity to these buyers. This coverage gives these investors the confidence to participate in transactions where Wells Fargo is serving as a senior manager because they trust that they will be allocated bonds after doing their credit work and that there will be a secondary market for the bonds after the sale, if needed. Our focus on this market enables us to secure priority orders from these accounts, which are often overlooked or not covered by most underwriters. As a Senior Manager, we will be able to best utilize this distribution channel on behalf of the Town. Florida and National Retail Strength15. Wells Fargo conducts its retail distribution through our affiliate Wells Fargo Advisors (“WFA”), which is the third largest retail brokerage network in the country by number of advisors. More importantly, our retail
12 Source: Wells Fargo Securities and MSRB data from 1/1/2017 through 12/31/2019 13 Source: Wells Fargo Securities 14 Middle Market Sales Provided by Wells Fargo Securities, LLC. 15 Retail Sales Provided by Wells Fargo Advisors a trade name for Wells Fargo Clearing Services, LLC. All data includes Wells Fargo Clearing Services, LLC (including its predecessor firms) and Wells Fargo Advisors Financial Network, LLC as of March 31, 2021. Response to Request for Proposals Page 5
Town of Davie, Florida June 18, 2021 distribution platform is fully integrated (as opposed to a third-party Wells Fargo Advisors Presence distribution system). WFA’s national retail network employs National Florida approximately 13,500 financial advisors, including 621 financial Client Assets* $1,766,335,821,428 $169,044,153,122 advisors across 39 offices in Florida. WFA customers hold Number of WFA Accounts* 9,299,475 765,990 approximately $1.8 trillion of assets and $169.0 billion for Florida WFA Salespeople* 7,153 621 residents in over 750,000 customer accounts. WFA Locations* 655 39 Tax-Exempt Holdings** $69,928,208,114 $2,507,917,877 16 Secondary Trading and Market Intelligence . WFS’ 15 municipal Davie Bonds** $11,265,000 traders are active secondary market makers in municipal securities. *Source Wells Fargo Clearing Services, LLC as of December 31, 2020 These traders provide up-to-the-minute market intelligence on **Source Wells Fargo Clearing Services, LLC as of March 1, 2021 trades to our 6-person syndicate desk, and in particular, our lead underwriter Walker McQuage. In 2020, the WFS underwriting desk had an average daily inventory of approximately $1.5 billion and traded $94 billion of bonds, including more than $4 billion for Florida issuers. This experience provides our team with important pricing data and insight into which investors are willing to bid aggressively for these credits. In addition, WFS’ track record of providing liquidity in the secondary market for these credits means investors will often turn to us to support primary offerings.
B. Identify likely purchasers of the bonds and the general percentage or breakdown by group (e.g. retail, institutional). Strong Relationships with Municipal Bond Investors17. WFS has strong relationships with the major investors that purchase tax- exempt and taxable municipal securities. We highlight, in the diagram below, the different investor groups who purchase municipal bonds and the specific maturities these investor groups typically hold. Light blue areas identify limited interest.
Targeted Investors. We expect the Town’s bonds will appeal to a wide universe of investors and we would plan to market the financing broadly to institutions, middle markets accounts and retail investors. Wells Fargo will primarily target three investor groups: (i) buyers of Florida revenue bonds, (ii) buyers of revenue bonds nationally, and (iii) holders of the Town’s bonds. Many investors participate across all segments such as Teachers, Invesco, and Franklin. The Town’s largest holders who could participate in the sale include Alliance Bernstein, T. Rowe Price and Lord Abbett.18 In addition to these institutions, we will also target middle markets investors who are important buyers of Florida municipal bonds and who are likely to have an appreciation for the credit quality of the Town’s bonds. Notably, middle markets investors are an important segment that can step up participation when large institutions temper their activity, which was indeed a relationship we saw during the COVID disruption in spring 2020. A sample of middle markets buyers includes Olive Street Investment Advisors, Allstate, Citizens Bank of Florida, First Trust, Ares Capital Management, and Victory Capital Management to name a few. Top Florida Revenue Bond Holders Top Holders of National Revenue Bonds Top Holders of the Town’s Bonds Vanguard Group Vanguard Group Alliance Bernstein TIAA-CREF TIAA-CREF Invesco Blackrock Invesco TIAA-CREF FMR LLC Blackrock T. Rowe Price Capital Group Companies FMR LLC Goldman Sachs Invesco Franklin Resources Lord Abbett & Co Franklin Resources Capital Group Companies Deutsche Bank J.P. Morgan Chase Goldman Sachs Franklin Resources Goldman Sachs Wells Fargo & Company American Century Companies Wells Fargo & Company J.P. Morgan Chase Northern Trust Corporation
16 Source: WFS Municipal Underwriting Desk as of December 31, 2020. Secondary trading through WFS, LLC. 17 Interest highly dependent on current tax-exempt/taxable ratios; subject to change 18 Source: Bloomberg data as of 4/11/2021; Publicly available holders only. Response to Request for Proposals Page 6 Town of Davie, Florida June 18, 2021
Source: Bloomberg, as of June 17, 2021; Publicly disclosed data only Retail Strategy. Wells Fargo understands the importance of making bonds available to residents within the Town’s community. Wells Fargo is well situated to sell the Town’s bonds to retail investors, and more importantly, specifically to investors living in Broward County. The success of an effective retail order marketing effort will depend on numerous factors. With the absolute level of interest rates being so low in the current market, individual retail investors have not been active participants. Professional retail investors have been more active from the retail side, and we would expect more interest from these accounts. Because of this we would expect institutional investors to contribute 90%-95% of the total orders on the transaction. If the Town and its financial advisor choose to pursue a retail strategy, we recommend giving retail priority during the order period. Retail should also be given a specific definition: our syndicate desk recommends defining “retail” as local investors – either specifically residents of Broward County, or, if the Town prefers a wider geographic target area, the State as a whole. Investor zip codes can be required at the time an order is placed to ensure the targeted distribution of the bonds. We have underwritten numerous comparable Florida transactions in the past that have been structured with this type of retail priority.
C. Please provide details of your Firm’s total capital and maximum underwriting capability as of your Firm’s latest fiscal year end or most recent information on the latest quarterly filing with the Securities and Exchange Commission. WFBNA is subject to capital definitions and standards issued by the Office of the Comptroller of the Currency, not the net capital standards of the Securities and Exchange Commission as most broker-dealers are. As such, net capital and excess net capital calculations and FOCUS reports are not applicable. As of March 31, 2021, WFBNA maintained total equity capital of $171.1 billion, total risk-based capital of $164.0 billion, and tier one capital of $150.0 billion.19 Wells Fargo Bank, N.A. is authorized to underwrite municipal securities without any regulatory-defined capital constraint. Wells Fargo Bank, N.A. has the ability to underwrite any unsold balances for any transaction contemplated by the Town. The firm does not have, nor does it require, any committed or standby lines of credit or other forms of financing from other financial institutions to support its ability to underwrite municipal securities. Wells Fargo’s only constraint as to the par value of municipal securities it underwrites is its own internal credit decision process. Once a transaction has been approved by our internal credit committee (which occurs prior to pricing), our underwriting desk is able to underwrite up to the entire par amount of the transaction if approved by Marty Bingham, Head of the Municipal Products Group, on the day of pricing, regardless of our underwriting role. Transactions with ratings of “A” or above with a total par amount less than $1 billion, such as the Town’s transaction, are ‘fast‐ tracked’ through our credit review process. While we cannot guarantee the underwriting of unsold bonds prior to Capital Commitments Since 2018 ($000s)20 pricing (this would constitute a ‘firm commitment’ in this RFP, akin to National Florida a competitive bid, rather than underwriting on a ‘best efforts’ basis via Negotiated Competitive Negotiated Competitive negotiated sale), we have a strong track record of underwriting unsold bonds to support our clients. In fact, since 2018 Wells Fargo has 2018 1,210,010 2,850,430 7,515 448,895 underwritten $14.3 billion of unsold balances nationally across 388 2019 879,137 3,149,666 14,560 432,595 negotiated and competitive transactions nationally, including $1.5 2020 944,144 5,288,800 -- 604,460 billion of unsold balances across 22 negotiated and competitive Total $3,033,291 $11,288,896 $22,075 $1,485,950 transactions within the State of Florida.20
19Source: Wells Fargo Bank, NA Call Reports as of 12/31/2017, 12/31/2018, 12/31/2019, 12/31/2020, and 3/31/2021 20Source: Thomson Reuters SDC and Wells Fargo internal database Response to Request for Proposals Page 7
Town of Davie, Florida June 18, 2021
Plan of Finance
A. For this fixed rate transaction provide a breakdown of the gross spread proposed, including management fee, average takedown and expenses. Please specify in actual dollars, the costs which you expect to incur for underwriters’ counsel fees (name of Firm and contact) and provide a budget for all other elements of underwriting expenses. Assume that the proposed bonds will be fixed rate obligations and issued in book-entry form. Additionally, assume the Project Fund amount of $43,500,000 (as noted above) and level debt service. Wells Fargo proposes the use of a compensation Wells Fargo’s Proposed Underwriting Expenses structure based on comparable fees in the recent Underwriting Spread $/1000 Actual $ Amount market and the expected level of marketing, Takedown 2.75 100,421.25 structuring, and underwriting services required for the Total Expenses 0.68 26,333.88 proposed transaction, assuming a project fund of Total $3.47 $126,805.13 $43.5 million and a par amount of $36.535 million as Breakdown of Expenses $/1000 Actual $ Amount further described in the following questions. We are proposing an average takedown of $2.75/bond. As Underwriter’s Counsel 0.55 20,000.00 Senior Manager, we would work with the Town and its DTC 0.02 800.00 FA to adjust the individual takedowns to achieve that IPREO 0.12 4,397.88 target to reflect the ultimate amortization. The table CUSIPs 0.03 1,136.00 to the right details our proposed expenses to serve as Sub-Total Expenses $0.72 $26,333.88 senior managing underwriter on the Series 2021 transaction. Certain expenses noted (such as IPREO) are a function of the par amount and would differ from the amounts shown if the size of the financing changes from the amounts assumed here.
Wells Fargo proposes to use the following firm as Underwriter’s JoLinda Herring Counsel: Bryant Miller Olive, P.A. Wells Fargo requested and received a Bryant Miller Olive, P.A. fee quote from Bryant Miller Olive, P.A., provided in the table to 1 S.E. 3rd Avenue, Suite 2200 the right. Bryant Miller Olive, P.A. reviewed this RFP and is aware Miami, FL 33131 they are expected to provide the requested services for the fees [email protected] provided and that payment of their fee will be made from the Tel: (305) 374-7349 underwriting spread - expense component. B. Provide the All-in-TIC. Interest rate scales should be written based on a current market as of June 14, 2021. Assume that the Town’s cost of issuance (bond counsel, disclosure counsel financial advisor, printing, rating agency fees, etc.) is $200,000.00. Your “fees”, along with yields in the competitive market, will be used to establish a pricing index that will be important to the Town in considering scales proposed at the actual time of sale. Your interest rate scales should reflect levels which your Firm would, if necessary, be prepared to price and underwrite the bonds, with an anticipated closing date of October 14, 2021. Financing Analysis. For quite some time, the financing structure with the deepest reception by the institutional investor community has been one incorporating 5% coupons; however, in the last few years, issuers have begun incorporating lower coupons. Over the last year, many deals were brought to market that incorporated a few 2% Financing Statistics21 coupons, with 4% coupons becoming standard. The rising interest rate market in recent Delivery Date 10/14/2021 weeks has somewhat tempered demand for very low coupons but has not prevented deals Bond Par Amount ($) $36,535,000 that incorporate these coupons from getting done. Lower coupons provide the benefit of a Premium Amount ($) $7,294,848 reduced YTM. That benefit is offset by the bonds’ spread to MMD being higher, and the value of the call option being lower. In aggregate, though, using lower coupons would likely Project Fund ($) result in a lower all-in true interest cost and a lower total gross debt service figure for the Arbitrage Yield 1.50% Town. For our analysis, our scale incorporates 5% coupons before the call date and a mix of All-In TIC 2.35% 3%, 4%, and 5% coupons thereafter. Average Coupon 3.64% In the table to the right, we provide the Town with preliminary financing statistics for its Average Life 18.4 yrs anticipated 2021 transaction. Based on the provided details and our own analysis, this new Avg Annual D/S ($) $2,038,116 money transaction would require approximately $2.0 million of additional debt service per Total D/S ($) $61,069,879 year at an all-in true interest cost of 2.35%.
C. Include an Interest Rate Scale with spreads to MMD as of June 14, 2021. Principal shall be payable annually, commencing on October 1, 2022, and interest shall be payable semi-annually, on each April 1 and October 1, commencing on April 1, 2022 on a 30/360-day count basis, with a final maturity of October 1, 2051. Assume the bonds are rated “Aa2” by Moody’s.
21. Market rates as of 6/41/2021. Aa2. UWD/COI as described in question A and B within the Plan of Finance section.10/1/2031 call date. Response to Request for Proposals Page 8 Town of Davie, Florida June 18, 2021
The table below presents our proposed pricing levels for the Town’s contemplated 2021 issuance, with rates as of June 14, 2021, assuming an Aa2 transaction with an optional par call on October 1, 2031. Indicative Scale Maturity MMD Spread Coupon Yield to Call Yield to Maturity 10/1/2022 0.06% 0.03% 5.00% 0.09% 10/1/2023 0.10% 0.04% 5.00% 0.14% 10/1/2024 0.19% 0.05% 5.00% 0.24% 10/1/2025 0.31% 0.06% 5.00% 0.37% 10/1/2026 0.42% 0.07% 5.00% 0.49% 10/1/2027 0.55% 0.08% 5.00% 0.63% 10/1/2028 0.66% 0.09% 5.00% 0.75% 10/1/2029 0.76% 0.10% 5.00% 0.86% 10/1/2030 0.85% 0.12% 5.00% 0.97% 10/1/2031 0.90% 0.13% 5.00% 1.03% 10/1/2032 0.93% 0.15% 5.00% 1.08% 1.36% 10/1/2033 0.96% 0.15% 5.00% 1.11% 1.62% 10/1/2034 0.99% 0.15% 5.00% 1.14% 1.84% 10/1/2035 1.01% 0.15% 5.00% 1.16% 2.02% 10/1/2036 1.04% 0.30% 4.00% 1.34% 2.07% 10/1/2037 1.07% 0.30% 4.00% 1.37% 2.18% 10/1/2038 1.10% 0.30% 4.00% 1.40% 2.28% 10/1/2038 1.13% 0.50% 3.00% 1.63% 2.15% 10/1/2040 1.17% 0.50% 3.00% 1.67% 2.21% 10/1/2041 1.20% 0.50% 3.00% 1.70% 2.26% 10/1/2046 (Term) 1.34% 0.30% 4.00% 1.64% 2.79% 10/1/2051 (Term) 1.39% 0.55% 3.00% 1.94% 2.54%
D. Provide the fixed price spread proposal expressed in dollars per thousand. As stated in question A, we propose a gross spread of $3.47 per bond. Certain expenses noted (such as IPREO) are a function of the par amount and would differ from the amounts shown if the size of the financing changes from the amounts assumed here.
E. Numbers - Provide detailed debt service schedules which are not included in the page limit. Please see Appendix C for detailed debt service schedules.
Response to Request for Proposals Page 9 Town of Davie, Florida June 18, 2021
Additional Information
A. Provide any additional information you feel will be helpful to the Town in evaluating your qualifications to serve as underwriter on the Town’s financing. Marketing Strategy. For any engagement, our team’s number one goal is to provide a satisfactory outcome for our issuing client. The objective of marketing a bond issue is to achieve a low cost of capital for the issuer, as well as to continue to build upon their reputation in the market to ensure a positive reception for future transactions. The implementation of an effective marketing plan includes: (1) timing the sale to take advantage of potential market opportunities; (2) timely and appropriate communication with syndicate members (including dissemination of deal information and investor feedback); (3) utilizing appropriate structure and pricing strategy; and (4) underwriting and deployment of capital when appropriate to maintain price integrity. In order to help the Town achieve its financing objectives, Wells Fargo would recommend an engagement schedule similar to that detailed below. Our strategy, in essence, is to engage both internal and external stakeholders to create awareness of and “buzz” around the financing, with the hope of creating competitive tensions in the marketplace. Additionally, Wells Fargo would assist in navigating potential macro concerns, the political calendar, and any anticipated economic announcements. Below we outline the key steps of our marketing strategy, and the goals of each step of the process.
Wells Fargo will work with the Town to create a tailored marketing approach that will ensure investor awareness of the issuance. It is important to note that in the current market, given the absolute level of rates is extremely low, individual retail investors have not been active participants. Professional retail investors have been more active participants from the retail side and we would expect considerable interest from these accounts. In terms of marketing to retail investors, our suggestion would be to give retail priority – first Florida individual retail followed by national individual retail. Our strategy would consist of the following: . Offering Documents Distributed 7 to 10 Days Prior to Sale – Individual retail investors generally require a longer lead time before making investment decisions as opposed to large institutions who study the bond market on a daily basis. In order to accommodate this extra time, Wells Fargo would work with the Town to disseminate the Preliminary Official Statement (“POS”) and rating reports as early as possible. This will ensure that retail investors and their financial advisors have sufficient time to make their investment decisions and place their orders. . Leveraging the Town’s Website – An announcement of the upcoming sale could be posted on the website, directing the reader to the site where the POS is posted. . Data Management System – Within WFS, every banker and sales person has access to a large database, which details every transaction in which our firm plays a role. Individuals would be able to access general information, as well as bond documents including the POS and rating reports. . Sales Memorandum – For every financing, WFS creates an internal Sales Memorandum to alert the sales force on upcoming transactions as well as highlight key points of each financing.
Response to Request for Proposals Page 10
Town of Davie, Florida June 18, 2021
. Internal Sales Calls – We conduct sales calls internally to make sure the sales force and underwriting team are aware of any deals coming to market as well as to discuss strategies for the forward calendar. Both bankers and underwriters present transactions to the entire sales force. The banking team will ensure the Town’s deals receive the maximum amount of exposure internally and externally. . Discussions with Local Retail Brokerage Offices – We will work with the local Florida brokerage offices to educate them about the Town’s upcoming bond issue, so that they may better market the issue to local residents. . Retail Coupons – WFS can incorporate retail friendly coupons to help spur the demand of retail buyers. These coupons are generally discount bonds that might be out of favor with institutional investors. WFS can bifurcate maturities to ensure retail orders will be filled. . Retail‐Oriented Advertising Campaign – The Town should strongly consider initiating a retail advertising campaign consisting of print advertisements in select local newspapers. These advertisements should include certain information on the upcoming bond issue (e.g., par amount of bonds, serial maturity range, a brief financing schedule, key selling points and the list of the managers, complete with their respective toll‐free telephone numbers for further inquiries and to request the preliminary official statements and/or to place orders). We have found this technique especially helpful in alerting retail investors, as well as financial advisors, of an issuer’s transaction, and we have done similar advertisements for other Florida cities in the past. In terms of marketing to institutional and middle market investors our strategy would consist of the following: . Early Announcement of the Transaction – An announcement can be placed in news/wire services alerting investors of the upcoming transaction. Such an announcement would appear 7 to 10 days before the posting of the POS. . Salesforce Meeting – Coinciding with the release of the POS, a salesforce telephonic meeting would provide an overview of the Town as well as the timing, security, and structure of the bond issue to our institutional salesforce. This meeting ensures our salesforce has sufficient information in advance of the sale to effectively communicate the Town’s positive credit features to investors. Capital Markets Team. Wells Fargo has a centralized group of four highly experienced technical bankers with over 100 years of combined experience in our Capital Market Teams that would be available to the Town. This group has extensive experience crafting aggressive allocations, minimizing transferred proceeds, and exploiting yield blending. Its combined depth and knowledge are unparalleled in the industry and have garnered consistent accolades from clients, financial advisors, attorneys and other professionals. If selected as senior manager, Wells Fargo would bring to bear its full suite of proprietary models to the service of the Town. This group also employs several internally developed proprietary computer models that offer increased flexibility when analyzing unique, sophisticated transactions. The application of these models significantly enhances Wells Fargo’s technical capabilities when analyzing non‐traditional structures. With these vast technical and analytic resources, Wells Fargo has the capabilities to develop unique financing ideas and analyze the economics of virtually any transaction. The professionals in the Capital Markets Team are equipped with industry leading software as well as proprietary computer spreadsheets and models to structure and evaluate traditional as well as highly complex municipal market transactions.
B. Provide a statement of assurance that your Firm is not presently in violation of any statutes or regulatory rules that might impact your Firm’s operations. To the best of our knowledge, Wells Fargo is not presently in violation of any statutes or regulatory rules that might impact our Firm’s operations. Please see Appendix D for a detailed litigation statement.
C. Provide information on the nature and magnitude of any litigation in which your Firm has been a party during the past three (3) years. Also, include information on any pending litigation as well. Please see Appendix D for a detailed litigation statement.
Response to Request for Proposals Page 11
Town of Davie, Florida June 18, 2021
Appendix A: Team Resumes JOHN P. GENERALLI, Managing Director Tel: (813) 225-4459 1000 South Ashley Drive, Suite 820 Fax: (813)225-4450 Tampa, FL 33602 [email protected] Mr. Generalli leads Wells Fargo Securities’ public finance effort in Florida. He has served as a Florida investment banker for over 25 years. Mr. Generalli joined Wells Fargo in 2008. During his career he has completed over $50 billion of underwriting assignments for a wide range of issuers and credits, including sales tax, general obligation, lease, tax increment, special assessment, appropriation (CBA) and a wide variety of enterprise fund credits. Mr. Generalli has worked extensively as a bond underwriter and as a financial advisor. Prior to entering investment banking, Mr. Generalli served as an officer in the United States Army. Mr. Generalli earned a B.A. from the Eckerd College and an M.B.A from the University of South Carolina. Mr. Generalli is registered with FINRA as a General Securities Principal (Series 24), Municipal Securities Principal (Series 53), General Securities Representative (Series 7), and a Uniform Securities Agent (Series 63). WALKER MCQUAGE, Managing Director Tel: (704) 410-4082 550 South Tyron Street, Floor 4 Fax: N/A Charlotte, NC 28202 [email protected] Mr. McQuage is responsible for all fixed rate municipal underwriting commitments made by Wells Fargo Bank, National Association’s institutional trading, sales, and underwriting operations while specializing in Texas and Southeastern credits. He would coordinate the underwriting, marketing, and distribution activities for the Town’s fixed rate offering. Throughout the course of the financing, Mr. McQuage will provide pricing details and general updates regarding the municipal market and the impact of market movements on the Town’s financing. Mr. McQuage has over 20 years of underwriting experience with general obligation, revenue, taxable, and corporate municipals, as well as prior experience in the financial futures markets. Mr. McQuage holds a B.S. in Finance from the University of South Carolina and maintains Series 3, 7, 24, 53, and 63 securities registrations.
AMANDA AMARO, Director Tel: (212) 214-5583 30 Hudson Yards, Floor 14 Fax: N/A New York, NY 10001 [email protected] Ms. Amaro originally joined Wells Fargo through the 2010 analyst program. Ms. Amaro provides marketing, pricing, and distribution services for fixed rate financings. Her experience includes, but is not limited to, general market GO/revenue credits, higher education, housing, transportation, and taxable, with a focus on the Southeast and Southwest regions. Ms. Amaro is a graduate of the University of North Carolina at Chapel Hill, where she earned a B.S. in Business Administration and a B.A. in Economics. She is a General Securities Registered Representative (Series 7) and Series 63 licensed.
ARTHUR STAUB, Director Tel: (212) 214-2859 30 Hudson Yards, Floor 62 Fax: N/A New York, NY 10001 [email protected] Arthur joined Wells Fargo in 2008 and has more than 30 years of banking experience. Arthur is an expert in quantitative modeling and has structured some of the most complex transactions executed in municipal finance. He is highly proficient in the application of linear optimization techniques, particularly for debt restructurings and State Revolving Fund (“SRF”) transactions. Before joining Wells Fargo Securities, Arthur served as Principal and National Quantitative Team Leader at Banc of America Securities LLC. Previously, he was a Vice President at J.P. Morgan Securities Inc., a Director at Merrill Lynch & Co., and a Vice President at Lamont Financial Services Corporation. Arthur received a BA degree in computing science and economics from Columbia College and an MBA in finance from the Columbia University Graduate School of Business. He holds Series 7, 53 and 63 licenses. KRISTEN FONTANA, Director Tel: (212) 214-6726 30 Hudson Yards, FL 14 Fax: N/A New York, NY 10001 [email protected] Kristen Fontana joined Wells Fargo in 2011 upon graduation from the University of Chicago. Her graduate work focused on public finance and included research at the U.S. Office of Management and Budget as well as a consulting project with the Chicago Community Trust. Prior to graduate school, Kristen spent a combined six years at two large investment banks where she both fostered relationships with institutional equity clients and provided analytical support for the corporate credit derivatives business. Kristen has worked with a variety of municipal issuers including: state, local, school districts, community college districts, special districts, public utilities, housing entities as well as transportation
Appendix
Town of Davie, Florida June 18, 2021
agencies. She provides credit research and analysis as well as rating agency strategy. Kristen graduated cum laude with a B.S. in Finance from the University of Maryland, College Park and holds an M.P.P. from the University of Chicago. Kristen is registered with FINRA as a General Securities Representative (Series 7) and Series 63. THOMAS MUNN, Vice President Tel: (713) 319-1800 1000 Louisiana Street, Suite 600 Fax: (713) 571-0435 Houston, TX 77002 [email protected] Mr. Munn joined Wells Fargo Securities in June 2010, and as a vice president, he provides transactional support and quantitative analysis for senior bankers, in addition to developing marketing and presentation materials for clients. He has extensive experience in the municipal finance industry, having served as support banker on numerous senior managed financings. Mr. Munn graduated summa cum laude from Texas A&M University in May 2010 with a Bachelor of Business Administration degree in Finance. He maintains Series 7 and Series 63 registrations. Maria Yienger, Analyst Tel: (646) 592-0843 1000 Louisiana Street, Suite 600 Fax: N/A Houston, TX 77002 [email protected] Ms. Yienger joined Wells Fargo Securities full-time in 2019 after interning with the Public Finance team in 2018. Prior to covering the Southern Region, Maria provided quantitative analysis and transaction support for housing issuers including South Dakota HDA, Virginia HDA, New York State HFA, New York City HDC, Mississippi HC and Century Housing, among others. She has also provided support on senior managed financings for Midlothian ISD, Plano ISD, Little Elm ISD, the State of Louisiana and Louisiana Transportation Authority. Ms. Yienger graduated summa cum laude from Southern Methodist University with a Bachelor of Business Administration in Accounting and a Bachelor of Arts in Economics. She maintains Series 52 and 63 registrations.
Appendix
Town of Davie, Florida June 18, 2021
Appendix B: Detailed Transaction List Please see below for the detailed transaction list. Information marked “n/a” reflects data that was not available at the time of this RFP. Wells Fargo has senior managed 503 revenue bond transactions over the requested time period. We do not track the all-in TIC for each transaction within our internal database. If the Town would like additional information on any of our transactions, please feel free to contact us. Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 01/11/18 Anaheim Hsg & Pub Imp Auth 45.705 Sewer Revenue Bonds 1.540 NR/AA+/NR Sole 01/25/18 Montana Bd of Regents of Higher Ed 10.735 Facilities Improvement Rev Bonds .980 Aa3/A+/NR Sole 01/26/18 Montana Bd of Regents of Higher Ed 34.065 Facilities Improvement Rev Bonds 3.130 Aa3/A+/NR Sole 01/30/18 Hampton Roads Trans Acc Com (HRTAC) 500.000 Transportation Fund Sr Ln Bonds 1.650 NR/AA/AA+ Snr 02/01/18 District of Columbia Hsg Fin Agy 22.041 Multi-Family Mortgage-Backed Bond 10.000 NR/AA+/NR Sole 02/16/18 Monroe City-North Carolina 8.280 Limited Obligation Bonds 7.750 Aa3/AA/NR Sole 02/21/18 Utah Transit Au (UTA) 199.305 Subor Sales Tax Rev & Ref Bonds 1.850 Aa2/AAA/AA Sole 03/14/18 Colorado 50.650 Lease Purchase Fin Program COPs 2.880 Aa2/AA-/NR Sole 03/14/18 Colorado 81.430 Lease Purchase Fin Program COPs 2.640 Aa2/AA-/NR Sole 03/14/18 South Carolina Jobs Econ Dev Au .485 Revenue Bonds 4.800 NR/A+/NR Sole 03/14/18 South Carolina Jobs Econ Dev Au 20.810 Revenue Bonds 4.800 NR/A+/NR Sole 03/15/18 Wisconsin Public Finance Auth 147.115 Refunding Revenue Bonds 4.750 A1/NR/AA- Snr 03/28/18 Livermore Valley Wtr Fin Auth 5.020 Water Revenue Bonds .150 NR/AA+/AA Snr 03/28/18 Livermore Valley Wtr Fin Auth 58.990 Water Revenue Bonds 1.710 NR/AA+/AA Snr 03/28/18 Onondaga Civic Dev Corp 12.945 Revenue Refunding Bonds 4.230 Baa/NR/NR Sole 04/04/18 Idaho State Building Authority 83.165 State Building Revenue Bonds 2.660 Aa2/AA/NR Sole 04/05/18 NYC Housing Dev Corp 50.730 Multi-Family Housing Rev Bonds 7.100 Aa2/AA+/NR Snr 04/11/18 Connecticut Hlth & Ed Facs Auth 10.250 Revenue Bonds 4.050 NR/BBB/NR Sole 04/11/18 Connecticut Hlth & Ed Facs Auth 86.455 Revenue Bonds 4.000 NR/BBB/NR Sole 04/11/18 NYS Housing Fin-Mortgage Agcy 7.025 Affordable Housing Revenue Bonds n/a Aa2/NR/NR Snr 04/11/18 NYS Housing Fin-Mortgage Agcy 11.985 Affordable Housing Revenue Bonds n/a Aa2/NR/NR Snr 04/11/18 NYS Housing Fin-Mortgage Agcy 29.140 Affordable Housing Revenue Bonds n/a Aa2/NR/NR Snr 04/11/18 NYS Housing Fin-Mortgage Agcy 39.740 Affordable Housing Revenue Bonds n/a Aa2/NR/NR Snr 04/12/18 Trinity River Authority 31.050 Red Oak Sys Revenue Imp Bonds 5.250 NR/AA-/NR Snr 04/13/18 Charlotte City-North Carolina 15.885 Water & Sewer Refunding Rev Bonds .130 Aaa/AAA/AAA Snr 04/13/18 Charlotte City-North Carolina 394.030 Water & Sewer Refunding Rev Bonds 3.240 Aaa/AAA/AAA Snr 04/18/18 Lee Co-North Carolina 30.095 Limited Obligations Bonds 5.060 Aa3/AA-/NR Snr 04/18/18 Ohio Higher Ed Fac Commission 4.515 Higher Ed Facility Revenue Bonds .180 A2/A+/NR Sole 04/18/18 Ohio Higher Ed Fac Commission 48.775 Higher Ed Facility Revenue Bonds 2.710 A2/A+/NR Sole 04/18/18 Ohio Higher Ed Fac Commission 64.595 Higher Ed Facility Revenue Bonds 2.510 A2/A+/NR Sole 04/25/18 Maine Municipal Bond Bank 38.395 Revenue Bonds 5.650 Aa2/AA+/NR Snr 04/25/18 Missouri Hlth & Ed Facs Authority 49.145 Health Facilities Revenue Bonds 5.790 A1/A+/AA- Co-Snr 04/25/18 Missouri Hlth & Ed Facs Authority 73.425 Health Facilities Revenue Bonds 5.790 A1/A+/AA- Co-Snr 04/25/18 Missouri Hlth & Ed Facs Authority 154.005 Health Facilities Revenue Bonds 2.290 A1/A+/AA- Co-Snr 04/25/18 Wisconsin Hlth & Ed Fac Auth (WHEFA) 40.610 Health Facilities Revenue Bonds 5.790 A1/A+/AA- Co-Snr 05/03/18 Madison Co Hospital Auth #1 30.000 Hospital Revenue Bonds 8.000 NR/BBB/NR Sole 05/04/18 NYS Dorm Authority 13.830 Revenue Bonds n/a Aa2/AA-/NR Snr 05/04/18 NYS Dorm Authority 243.705 Revenue Bonds n/a Aa2/AA-/NR Snr 05/04/18 NYS Dorm Authority 335.050 Revenue Bonds n/a Aa2/AA-/NR Snr 05/08/18 Burlington City-Vermont 2.000 Water Sys Revenue Bonds 5.440 A1/NR/NR Sole 05/08/18 Colorado Health Facilities Auth 57.160 Hospital Revenue Refunding Bonds 5.200 NR/A-/NR Sole 05/09/18 DeKalb Newton Gwinnett Cos Jt Dev 49.545 Refunding Revenue Bonds 2.960 Aa3/NR/NR Sole 05/15/18 Garland City-Texas 31.985 Electric Util Sys Rev Ref Bonds 5.840 NR/A+/AA- Snr 05/16/18 DeKalb Newton Gwinnett Cos Jt Dev 20.990 Refunding Revenue Bonds 5.690 A1/NR/NR Sole
Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 05/23/18 Pennsylvania Housing Fin Agcy (PHFA) 31.250 Single Family Mortgage Rev Bonds 1.360 Aa2/AA+/NR Snr 05/23/18 Pennsylvania Housing Fin Agcy (PHFA) 91.925 Single Family Mortgage Rev Bonds 4.000 Aa2/AA+/NR Snr 06/13/18 North Charleston City-South Carolina 20.550 Ltd Oblig Refunding & Imp Bonds 6.270 NR/AA-/NR Sole 06/14/18 Catawba Co-North Carolina 39.085 Limited Obligation Bonds n/a Aa2/AA/NR Snr 06/19/18 Asheville Housing Authority 12.500 Multi-Family Housing Rev Bonds 7.000 NR/AA+/NR Sole 06/20/18 Colorado St Univ Sys Bd of Gov 25.000 Commercial Paper Notes n/a NR/NR/NR Sole 06/20/18 Colorado St Univ Sys Bd of Gov 25.000 Commercial Paper Notes n/a NR/NR/NR Sole 06/21/18 Auburn University 216.865 General Fee Revenue Bonds 2.600 Aa2/AA-/NR Snr 06/26/18 Utah Co-Utah 50.000 Hospital Revenue Bonds n/a Aa1/AA+/NR Co-Snr 06/26/18 Utah Co-Utah 50.000 Hospital Revenue Bonds n/a Aa1/AA+/NR Co-Snr 06/26/18 Utah Co-Utah 89.470 Hospital Revenue Bonds n/a Aa1/AA+/NR Co-Snr 06/26/18 Utah Co-Utah 110.530 Hospital Revenue Bonds n/a Aa1/AA+/NR Co-Snr 06/27/18 West Virginia Hospital Fin Auth 218.550 Revenue Improvement Bonds 3.350 A2/AA/NR Co-Snr 06/29/18 Utah Co-Utah 50.000 Hospital Revenue Bonds n/a Aa1/AA+/NR Sole 07/10/18 Lexington Ind Dev Auth 30.790 Educational Fac Rev & Ref Bonds 2.730 Aa2/AA/NR Sole 07/12/18 North Carolina Cap Facs Fin Agency 9.100 Educational Facilities Rev Bonds n/a Aa3/AA/NR Snr 07/12/18 North Carolina Cap Facs Fin Agency 88.870 Educational Facilities Rev Bonds n/a Aa3/AA/NR Snr 07/17/18 Sullivans Island Town Pub Facs Corp 19.490 Installment Purchase Rev Bonds 4.900 Aa2/AA/NR Sole 07/24/18 California Infrstr & Eco Dev Bank 281.450 Revenue Bonds n/a A2/NR/NR Snr 07/24/18 Port of Corpus Christi Auth 92.530 Senior Lien Revenue Bonds 5.570 A1/A+/NR Snr 07/24/18 Port of Corpus Christi Auth 115.000 Senior Lien Revenue Bonds 5.490 A1/A+/NR Snr 07/31/18 West Virginia Parkways Auth 166.370 Sr Lien Turnpike Toll Rev Bonds 2.450 NR/AA-/AA- Snr 08/07/18 California Educational Facs Auth 100.000 Revenue Bonds 6.450 Baa/NR/NR Sole 08/08/18 California Educational Facs Auth 5.800 Revenue Bonds n/a NR/A/NR Sole 08/08/18 California Educational Facs Auth 34.940 Revenue Bonds n/a NR/AA/NR Sole 08/09/18 Florida Municipal Loan Council 7.595 Revenue Bonds 7.330 Aa3/NR/NR Sole 08/15/18 Texas Dept of Hsg & Comm Affairs 36.010 Multi-Family Housing Rev Bonds n/a NR/AA+/NR Sole 08/16/18 California Health Facs Fin Auth 49.835 Revenue Bonds 8.700 Baa/NR/NR Sole 08/23/18 Contra Costa Transportation Auth 100.000 Sales Tax Ltd Tax Ref Rev Bonds 1.180 NR/AA+/AA+ Snr 08/28/18 Montana Bd of Regents of Higher Ed 19.800 Facilities Refunding Revenue Bond 3.550 Aa3/NR/NR Sole 09/06/18 Port Freeport-Texas 32.865 Senior Lien Revenue Bonds 4.620 NR/A/NR Snr 09/11/18 Montana Facility Finance Auth 42.210 Revenue Bonds 1.990 NR/AA-/AA- Sole 09/11/18 Montana Facility Finance Auth 54.045 Revenue Bonds 2.540 NR/AA-/AA- Sole 09/11/18 Montana Facility Finance Auth 65.295 Revenue Bonds 3.600 NR/AA-/AA- Sole 09/13/18 Lakeland City-Florida 43.945 Energy System Revenue Bonds 3.970 Aa3/AA/AA- Sole 09/18/18 Great Lakes Water Auth (GLWA) 44.180 Sewage Disposal Sys Rev&Ref Bonds .530 A2/A+/A Snr 09/18/18 Great Lakes Water Auth (GLWA) 155.595 Wtr Supp Sys Rev Ref 2nd Ln Bonds 3.100 A3/A+/A- Snr 09/18/18 Great Lakes Water Auth (GLWA) 213.285 Sewage Disposable Sys Sr Ln Bonds 2.570 A2/A+/AA Snr 09/18/18 Rochester City-Minnesota 200.000 Health Care Facilities Rev Bonds 3.610 Aa2/AA/NR Co-Snr 09/20/18 Colorado 500.000 Certificates of Participation 2.770 Aa2/AA-/NR Snr 09/20/18 Dutchess Co Local Dev Corp 35.790 Revenue Bonds n/a A2/NR/A Sole 09/21/18 Lincoln Co-North Carolina 13.895 Enterprise System Revenue Bonds 7.270 NR/AA/NR Sole 09/26/18 District of Columbia Hsg Fin Agy 34.395 Multi-Family Dev Program Bonds 2.650 Aa2/NR/NR Snr 09/26/18 District of Columbia Hsg Fin Agy 40.020 Multi-Family Dev Program Bonds 3.080 Aa2/NR/NR Snr 09/26/18 Illinois Finance Authority 8.835 Revenue Bonds 13.080 NR/NR/NR Sole 09/26/18 Illinois Finance Authority 68.675 Revenue Bonds n/a NR/NR/NR Sole 09/26/18 Illinois Finance Authority 117.830 Revenue Bonds n/a NR/NR/NR Sole 10/03/18 Maine Municipal Bond Bank 134.825 Revenue Bonds n/a Aa2/AA+/NR Co-Snr 10/04/18 NYC Housing Dev Corp 42.795 Multi-Family Housing Rev Bonds 1.130 Aa2/NR/NR Sole 10/10/18 Pennsylvania Turnpike Commission 70.000 Variable Turnpike Revenue Bonds n/a A1/NR/A+ Snr Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 10/10/18 Pennsylvania Turnpike Commission 71.200 Variable Rate Turnpike Rev Bonds n/a A1/NR/A+ Snr 10/11/18 New Jersey Hsg & Mtg Fin Agency 40.640 Multi-Family Conduit Rev Bonds 5.540 NR/AA+/NR Sole 10/11/18 University Center Facs Corp V 13.175 Installment Purchase Rev Bonds 7.800 NR/A+/NR Sole 10/11/18 University Center Facs Corp V 15.785 Installment Purchase Rev Bonds 7.800 NR/A+/NR Sole 10/17/18 Long Island Power Authority 430.000 Electric System General Rev Bonds n/a A3/A-/A- Snr 10/18/18 Greensboro City-North Carolina 20.645 Limited Obligation Bonds 4.990 Aa2/AA+/AA+ Snr 10/18/18 West Covina Public Fin Auth 4.855 Lease Revenue Ref Bonds 4.700 NR/A+/NR Sole 10/18/18 West Covina Public Fin Auth 19.365 Lease Revenue Ref Bonds 4.690 NR/A+/NR Sole 10/24/18 Henry Co Industrial Dev Auth 60.615 Public Facility Lease Rev Bonds 3.150 A1/A+/A+ Snr 10/30/18 Idaho State Building Authority 12.245 State Building Revenue Bonds 1.860 Aa2/AA/NR Sole 10/30/18 Idaho State Building Authority 22.485 State Building Ref Revenue Bonds 3.650 Aa2/AA/NR Sole 10/30/18 Idaho State Building Authority 22.875 State Building Revenue Bonds 3.480 Aa2/AA/NR Sole 11/01/18 Connecticut Hlth & Ed Facs Auth 25.150 Revenue Bonds 4.230 NR/BBB/NR Snr 11/02/18 Charlotte-Mecklenburg Hosp Auth 50.000 Health Care Revenue Bonds .820 Aa3/AA-/NR Co-Snr 11/02/18 Charlotte-Mecklenburg Hosp Auth 50.000 Healthcare Revenue Bonds .820 Aa3/AA-/NR Co-Snr 11/02/18 Charlotte-Mecklenburg Hosp Auth 100.000 Healthcare Revenue Bonds 1.630 Aa3/AA-/NR Co-Snr 11/02/18 Charlotte-Mecklenburg Hosp Auth 164.030 Health Care Refunding Rev Bonds 3.810 Aa3/AA-/NR Co-Snr 11/08/18 NYS Housing Fin-Mortgage Agcy 31.135 Homeowner Mortgage Revenue Bonds 1.340 Aa1/NR/NR Snr 11/08/18 NYS Housing Fin-Mortgage Agcy 45.000 Homeowner Mortgage Revenue Bonds 1.710 Aa1/NR/NR Snr 11/08/18 NYS Housing Fin-Mortgage Agcy 116.125 Homeowner Mortgage Revenue Bonds 5.000 Aa1/NR/NR Snr 11/13/18 Charlotte-Mecklenburg Hosp Auth 100.000 Health Care Revenue Bonds 1.320 Aa3/AA-/NR Co-Snr 11/14/18 Burlington City-Vermont 2.000 Water System Revenue Bonds n/a A1/NR/NR Sole 11/14/18 South Carolina Jobs Econ Dev Au 586.525 Hospital Revenue Bonds 3.970 A2/AA/NR Snr 11/15/18 Central Basin Municipal Water Dt 6.520 Refunding Revenue Bonds 5.270 Baa/BBB/NR Sole 11/15/18 Central Basin Municipal Water Dt 12.870 Refunding Revenue Bonds 5.270 Baa/BBB/NR Sole 11/15/18 Michigan Strategic Fund 610.300 Limited Obligation Rev Bonds 4.410 Baa/NR/NR Co-Snr 11/16/18 Central Florida Expressway Au 221.045 Senior Lien Revenue Bonds 3.300 A1/A+/A+ Snr 11/27/18 Broward Co-Florida 27.500 Industrial Development Rev Bonds n/a NR/NR/NR Sole 11/28/18 Charlotte-Mecklenburg Hosp Auth 100.000 Health Care Revenue Bonds 1.320 Aa3/AA-/NR Co-Snr 11/29/18 Louisiana Gov Env Fac & CDA (LCDA) 7.725 Revenue Bonds 15.460 NR/NR/NR Sole 11/29/18 Louisiana Gov Env Fac & CDA (LCDA) 8.000 Revenue Bonds 15.450 NR/NR/NR Sole 11/29/18 So California Water Replenish Dt 65.785 Replenishment Assessment Bonds n/a NR/AA+/AA+ Snr 11/29/18 South Carolina Jobs Econ Dev Au 100.000 Var Rate Demand Hosp Rev Bonds 1.000 A2/A/NR Sole 11/29/18 Wisconsin Public Finance Auth 14.205 Educational Facilities Rev Bonds n/a NR/BBB/NR Sole 11/29/18 Wisconsin Public Finance Auth 62.930 Educational Facilities Rev Bonds n/a NR/BBB/NR Co-Snr 12/04/18 Indiana Finance Authority 34.625 Educational Facilties Rev Bonds 4.100 A1/NR/NR Sole 12/04/18 San Bernardino Co (Barstow) USD 15.205 Certificates of Participation n/a NR/AA/NR Sole 12/05/18 Appalachian State University 39.865 Millennial Campus Revenue Bonds n/a A1/NR/NR Sole 12/05/18 Fulton Co Development Authority 13.140 Revenue Bonds 2.150 A2/NR/NR Sole 12/05/18 Fulton Co Development Authority 14.620 Revenue Bonds .550 A2/NR/NR Sole 12/05/18 Fulton Co Development Authority 37.060 Revenue Bonds 1.380 A2/NR/NR Sole 12/06/18 Massachusetts Housing Fin Agcy 12.100 Multi-Family Conduit Rev Bonds n/a NR/AA+/NR Sole 12/06/18 Massachusetts Housing Fin Agcy 32.900 Multi-Family Mtg-Backed Bonds n/a NR/AA+/NR Sole 12/06/18 NYC Housing Dev Corp 184.000 Multi-Family Housing Rev Bonds 6.400 Aa2/AA+/NR Snr 12/07/18 Wisconsin Hsg & Econ Dev Auth 66.845 Housing Revenue Bonds n/a Aa3/AA/NR Snr 12/10/18 Los Angeles Dept Wtr & Pwr (LADWP) 391.200 Power System Revenue Bonds n/a Aa2/AA/AA Snr 12/11/18 Arizona 246.355 State Lottery Revenue Ref Bonds 2.540 Aa3/AA+/NR Snr 12/11/18 Myrtle Beach City-South Carolina 12.655 Tax Increment Revenue Bonds 8.840 A2/A/NR Sole 12/11/18 Washoe Co-Nevada 183.235 Highway Rev (Fuel Tax) Ref Bonds 1.750 Aa3/AA/NR Snr 12/12/18 Tompkins Co Development Corp 18.895 Revenue Refunding Bonds n/a A2/NR/NR Sole Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 12/13/18 Georgia Muni Electric Au (MEAG) 242.935 General & Power Revenue Bonds n/a A1/AA/A- Co-Snr 12/14/18 Univ of So Florida (USF) Fin Corp 15.510 Ref Certificates of Participation 2.810 A1/A+/NR Sole 12/20/18 Dorchester Co-South Carolina 17.105 Assessment Revenue Bonds n/a NR/NR/NR Snr 12/21/18 Miami-Dade Co Ind Dev Auth 9.500 Industrial Development Rev Bonds n/a NR/AA-/NR Sole 01/09/19 Allegheny Co Higher Ed Bldg Auth 49.600 Revenue Bonds n/a NR/AA/NR Snr 01/09/19 Charleston City-South Carolina 130.000 Wtrwrks & Swr Sys Cap Imp Bonds 2.110 Aaa/AAA/NR Snr 01/09/19 New Jersey Trans Trust Fund Au 750.000 Transportation Program Bonds 3.150 Baa/BBB/A- Snr 01/10/19 Mississippi 268.775 Gaming Tax Revenue Bonds 4.640 NR/A+/A+ Snr 01/14/19 Cumberland Co Muni Auth 19.535 Revenue Bonds n/a NR/BBB/NR Snr 01/14/19 Washington Co Commissioners 14.325 Revenue Bonds n/a NR/NR/BBB Snr 01/15/19 Arizona 425.005 Ref Certificates of Participation 2.460 Aa3/AA-/NR Snr 01/23/19 Pennsylvania Turnpike Commission 84.365 Turnpike Revenue Refunding Bonds 3.170 A1/NR/A+ Snr 02/05/19 Garland City-Texas 147.610 Electric Utility Sys Rev Ref Bond n/a NR/A+/AA- Snr 02/07/19 California Municipal Fin Auth 57.205 Revenue Bonds n/a A3/NR/NR Sole 02/07/19 California Municipal Fin Auth 113.520 Revenue Bonds n/a A3/NR/NR Sole 02/07/19 NYC Housing Dev Corp 149.770 Multi-Family Housing Rev Bonds n/a Aa2/AA+/NR Snr 02/12/19 Univ of North Carolina Bd of Gov 150.925 General Revenue Refunding Bonds 1.120 Aaa/AAA/AAA Co-Snr 02/13/19 New Mexico Finance Auth (NMFA) 37.145 Revolving Fund Revenue Bonds 3.250 Aa2/AAA/NR Snr 02/14/19 Main Street Natural Gas Inc 695.595 Gas Supply Revenue Bonds 5.420 A3/NR/A- Co-Snr 02/14/19 Mississippi Development Bank 20.320 Special Obligation Bonds 1.870 NR/AA/NR Snr 02/14/19 Mississippi Development Bank 57.430 Special Obligation Bonds 3.350 NR/AA/NR Snr 02/20/19 Florida Govt Util Auth (FGUA) 19.195 Utility Refunding Revenue Bonds n/a A1/NR/NR Sole 02/22/19 Mississippi Home Corporation 58.740 Single Family Mortgage Rev Bonds 7.990 Aaa/NR/NR Snr 02/22/19 North Carolina Medical Care Commiss 39.725 Health Care Facilities Rev Bonds 4.690 A2/A/NR Snr 02/22/19 North Carolina Medical Care Commiss 60.605 Health Care Facs Rev Bonds 4.690 A2/A/NR Snr 02/22/19 North Carolina Medical Care Commiss 105.905 Health Care Facs Rev Bonds 3.150 A2/A/NR Snr 03/21/19 Pennsylvania Hghr Ed Facs Auth 10.000 University Revenue Bonds 1.040 A2/A/NR Sole 03/21/19 Pennsylvania Hghr Ed Facs Auth 18.690 University Revenue Bonds 1.940 A2/A/NR Sole 03/27/19 Salt Lake Co Muni Bldg Auth 17.840 Lease Revenue Bonds 3.000 NR/AA+/AA+ Sole 03/28/19 Louisiana Gov Env Fac & CDA (LCDA) 10.400 Revenue Bonds 15.360 NR/NR/NR Sole 03/29/19 District of Columbia Hsg Fin Agy 3.335 Multi-Family Dev Program Bonds n/a Aa2/NR/NR Sole 03/29/19 District of Columbia Hsg Fin Agy 9.190 Multi-Family Dev Program Bonds n/a Aa2/NR/NR Sole 03/29/19 Univ of Massachusetts Bldg Au 208.725 Refunding Revenue Bonds n/a Aa2/AA-/AA Snr 04/04/19 Florida Municipal Loan Council 16.500 Revenue Bonds 5.100 NR/AA+/NR Sole 04/04/19 Louisiana 185.000 Grant Anticipation Rev Bonds n/a NR/AA/NR Snr 04/04/19 Univ of North Carolina Bd of Gov 42.045 General Revenue Bonds 2.450 A3/NR/NR Snr 04/10/19 Jacksonville City-Florida 57.610 Health Care Facs Rev Ref Bonds 4.900 NR/AA/NR Co-Snr 04/11/19 Charlotte City-North Carolina 120.950 Certificates of Participation 3.930 Aa2/AA+/AA+ Snr 04/17/19 Jacksonville City-Florida 98.955 Health Care Facs Rev Ref Bonds 2.150 NR/AA/NR Sole 04/25/19 Metro Wastewater Reclamation Dt 72.830 Sewer Refunding Bonds n/a Aa1/AAA/NR Sole 05/08/19 Mississippi Development Bank 13.000 Special Obligation Bonds 15.310 NR/NR/NR Sole 05/09/19 Charlotte City-North Carolina 34.935 Ref Certificate of Participation 4.870 Aa2/AA+/AA+ Snr 05/09/19 Charlotte City-North Carolina 96.975 Ref Certificate of Participation 3.880 Aa2/AA+/AA+ Snr 05/17/19 Albany-Dougherty Inner City Auth 21.190 Refunding Revenue Bonds n/a NR/A+/NR Snr 05/17/19 Rock Hill City-South Carolina 76.225 Combined Utility System Rev Bonds n/a A2/A/NR Sole 05/22/19 South Carolina Trans Infras Bank 350.375 Revenue Refunding Bonds 1.160 A1/NR/A Snr 05/23/19 North Charleston City-South Carolina 13.120 Ltd Tax Increment Pledge Bonds 7.250 NR/AA-/NR Sole 05/29/19 Arizona Reg Pub Transport Auth 23.620 Trans Excise Tax Rev Ref Bonds 3.800 NR/AA+/AA Sole 05/31/19 Sanford City-North Carolina 2.455 Enterprise Sys Rev & Ref Bonds n/a Aa3/NR/AA- Sole 05/31/19 Sanford City-North Carolina 36.140 Enterprise Sys Rev & Ref Bonds n/a Aa3/NR/AA- Sole Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 05/31/19 Univ of North Carolina Bd of Gov 6.205 General Revenue Bonds .790 Aa3/NR/NR Sole 05/31/19 Univ of North Carolina Bd of Gov 10.435 General Revenue Bonds 1.330 Aa3/NR/NR Sole 06/06/19 High Point City-North Carolina 47.610 Combined Enterprise Sys Rev Bonds 4.880 Aa2/AAA/AA+ Snr 06/11/19 Fontana City-California 4.045 Special Tax Bonds n/a NR/NR/NR Sole 06/13/19 Wake Co-North Carolina 196.805 Limited Obligation Bonds n/a Aa1/AA+/AA+ Snr 06/25/19 Illinois State Toll Highway Auth 300.000 Toll Highway Senior Revenue Bonds n/a A1/AA-/AA- Snr 06/25/19 Los Angeles Dept Wtr & Pwr (LADWP) 29.765 Wtr Sys Var Rate Demand Rev Bonds .240 NR/AA+/AA Sole 06/25/19 Los Angeles Dept Wtr & Pwr (LADWP) 70.000 Wtr Sys Var Rate Demand Rev Bonds .580 NR/AA+/AA Sole 06/26/19 Louisiana Gov Env Fac & CDA (LCDA) 10.160 Revenue Bonds 15.370 NR/NR/NR Sole 06/26/19 Louisiana Gov Env Fac & CDA (LCDA) 11.500 Revenue Bonds 15.340 NR/NR/NR Sole 06/26/19 New Jersey Hsg & Mtg Fin Agency 14.700 Multi-Family Conduit Rev Bonds 5.140 Aaa/NR/NR Sole 07/02/19 Green Bay Redevelopment Auth 150.000 Facility Redev Revenue Bonds n/a NR/A+/NR Sole 07/03/19 Illinois Finance Authority 117.830 Revenue Bonds n/a NR/NR/NR Sole 07/10/19 Charleston City-South Carolina 129.025 Wtrwrks&Swr Sys Cap Imp Rev Bonds n/a Aaa/AAA/NR Snr 07/11/19 NYS Housing Fin-Mortgage Agcy 9.600 Affordable Housing Revenue Bonds .590 Aa2/NR/NR Sole 07/11/19 NYS Housing Fin-Mortgage Agcy 72.770 Affordable Housing Revenue Bonds 4.470 Aa2/NR/NR Sole 07/16/19 Massachusetts Dev Finance Agcy 85.765 Revenue Bonds n/a Aa3/AA-/NR Snr 07/18/19 Maine Hlth & Hghr Ed Facs Auth 54.640 Revenue Bonds n/a A1/NR/AA Snr 07/24/19 Pennsylvania Hghr Ed Facs Auth 26.905 College Revenue Bonds 2.900 Aa2/AA+/NR Sole 07/25/19 Virginia Resources Auth (VRA) 7.860 StMoralOblig&InfrastructureBonds 5.870 Aaa/AAA/NR Snr 07/25/19 Virginia Resources Auth (VRA) 17.355 StMoralOblig&InfrastructureBonds 4.700 Aaa/AAA/NR Snr 07/25/19 Virginia Resources Auth (VRA) 40.990 Infrastructure Revenue Bonds 2.870 Aaa/AAA/NR Snr 07/30/19 San Diego Assoc of Governments 48.630 Capital Grant Receipts Rev Bonds .350 NR/A-/NR Snr 07/30/19 San Diego Assoc of Governments 51.125 Capital Grant Receipts Rev Bonds .360 NR/A-/NR Snr 07/30/19 San Diego Assoc of Governments 53.745 Capital Grant Receipts Rev Bonds .380 NR/A-/NR Snr 07/30/19 San Diego Assoc of Governments 56.500 Capital Grant Receipts Rev Bonds .400 NR/A-/NR Snr 07/30/19 San Diego Assoc of Governments 125.000 Capital Grant Receipts Rev Bonds .890 NR/A-/NR Snr 08/01/19 Lancaster Industrial Dev Auth .555 Revenue Bonds 14.970 NR/AA-/NR Sole 08/01/19 Lancaster Industrial Dev Auth 4.825 Revenue Bonds 2.790 NR/AA-/NR Sole 08/01/19 Lancaster Industrial Dev Auth 21.770 Revenue Bonds 12.590 NR/AA-/NR Sole 08/14/19 Arizona Industrial Dev Auth .765 Lease Revenue Bonds n/a NR/BBB/NR Sole 08/14/19 Arizona Industrial Dev Auth 14.555 Lease Revenue Bonds n/a NR/BBB/NR Sole 08/15/19 District of Columbia Hsg Fin Agy 7.415 Multi-Family Housing Rev Bonds n/a Aaa/NR/NR Sole 08/15/19 District of Columbia Hsg Fin Agy 12.285 Multi-Family TE Mtg Backed Bonds n/a NR/NR/NR Sole 08/21/19 Wisconsin Hsg & Econ Dev Auth 125.000 Home Ownership Revenue Bonds n/a Aa2/AA/NR Snr 09/04/19 Placer Co (Tahoe Truckee) USD 40.000 Certificates of Participation n/a NR/AA-/NR Sole 09/11/19 West Virginia University Bd of Gov 85.840 Improvement Revenue Bonds 1.920 Aa3/NR/AA- Snr 09/12/19 Missouri-Illinois Met Dt Bi-St Dev Agy 164.430 Mass Trans Sales Tax App Bonds n/a NR/AA+/NR Snr 09/19/19 St Joseph Co-Indiana 9.455 Economic Development Rev Bonds 1.490 NR/A-/NR Sole 09/19/19 St Joseph Co-Indiana 16.545 Economic Development Rev Bonds 4.410 NR/A-/NR Sole 09/19/19 St Joseph Co-Indiana 20.545 Economic Development Rev Bonds 3.230 NR/A-/NR Sole 09/20/19 Georgia Muni Electric Au (MEAG) 266.975 Revenue Bonds n/a Baa/BBB/BBB Snr 09/20/19 Georgia Muni Electric Au (MEAG) 445.635 Revenue Bonds n/a A2/AA/BBB Snr 09/20/19 Greater Orlando Aviation Auth 1135.370 Airport Facilities Revenue Bonds 2.930 Aa3/AA-/AA- Snr 09/23/19 District of Columbia Hsg Fin Agy 7.700 Multi-Family Dev Program Bonds n/a Aa2/NR/NR Snr 09/23/19 District of Columbia Hsg Fin Agy 17.720 Multi-Family Dev Program Bonds n/a Aa2/NR/NR Snr 09/24/19 New Jersey Trans Trust Fund Au 150.000 Transportation Program Notes 3.150 Baa/BBB/A- Sole 09/24/19 New Jersey Trans Trust Fund Au 1000.000 Transportation Program Bonds n/a Baa/BBB/A- Snr 09/26/19 Louisiana Gov Env Fac & CDA (LCDA) 14.420 Revenue Bonds 15.290 NR/NR/NR Sole 09/26/19 Montgomery Co Hsg Opportunities Comm 3.580 Multi-Family Housing Dev Bonds n/a Aaa/NR/NR Snr Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 09/26/19 Montgomery Co Hsg Opportunities Comm 51.420 Multi-Family Housing Dev Bonds n/a Aaa/NR/NR Snr 09/26/19 North Charleston City-South Carolina 19.915 Ltd Oblig Tx Inc Pledge Bonds n/a NR/AA-/NR Sole 10/01/19 Univ of North Carolina Bd of Gov 2.355 General Revenue & Refunding Bonds .110 Aa3/NR/NR Sole 10/01/19 Univ of North Carolina Bd of Gov 39.040 General Revenue & Refunding Bonds 1.830 Aa3/NR/NR Sole 10/01/19 Univ of North Carolina-Wilmington 11.180 General Revenue Refunding Bonds 2.070 Aa3/NR/NR Sole 10/02/19 Indianapolis Loc Pub Imp Bond Bank 50.000 Revenue Bonds n/a NR/AAA/NR Snr 10/02/19 Ohio Higher Ed Fac Commission 49.940 Revenue Bonds 5.240 A2/AA/NR Snr 10/02/19 Trinity River Authority 29.895 Revenue Improvement & Ref Bonds 4.960 NR/AA-/NR Snr 10/03/19 So California Pub Pwr Au (SCPPA) 111.920 Refunding Revenue Bonds n/a NR/AA-/AA Snr 10/09/19 Wisconsin Public Finance Auth 33.615 Revenue Bonds n/a NR/NR/NR Sole 10/10/19 Sacramento Transportation Auth 106.100 Sales Tax Revenue Ref Bonds n/a NR/NR/NR Sole 10/11/19 So Regional Joint Development Auth 49.965 Refunding Revenue Bonds n/a A1/NR/NR Sole 10/15/19 Beaufort-Jasper Wtr & Swr Auth 52.565 Waterworks & Swr Sys Rev Bonds n/a Aa1/AA+/NR Sole 10/16/19 Albuquerque City-New Mexico 42.575 Refunding & Improvement Rev Bonds 3.820 NR/AAA/NR Co-Snr 10/16/19 Semitropic Improvement Dt 70.960 Water Banking Rev Ref Bonds n/a NR/A+/AA- Sole 10/17/19 Richland Co-South Carolina 26.670 Installment Purchase Rev Bonds n/a Aa1/AA+/NR Sole 10/21/19 Virginia Housing Dev Auth (VHDA) 106.478 Commonwealth Mortgage Bonds n/a Aaa/AAA/NR Snr 10/31/19 Mississippi Development Bank 49.035 Special Obligation Ref Bonds n/a Aa3/AA-/NR Snr 10/31/19 Mountain Reg Water Spec Svc Dt 25.815 Water Revenue Ref Bonds 3.380 NR/AA-/AA- Sole 11/06/19 Utah Transit Au (UTA) 61.830 Sales Tax Revenue Bonds n/a Aa2/AA/AA Snr 11/06/19 Utah Transit Au (UTA) 247.880 Sales Tax Revenue Ref Bonds n/a Aa2/AA/AA Snr 11/07/19 Indiana Finance Authority 53.445 St Revolv Fund Prog Ref Bonds 2.640 Aaa/AAA/AAA Snr 11/08/19 Central Florida Expressway Au 570.940 Senior Lien Revenue Bonds n/a A1/A+/A+ Snr 11/08/19 Georgia Muni Electric Au (MEAG) 252.385 Subordinated Revenue Bonds 3.400 A2/A-/BBB Snr 11/13/19 California Housing Finance Agcy 74.000 Multi-Family Mtg Backed Bonds 5.000 Aaa/NR/NR Sole 11/14/19 Clark Co-Nevada 369.045 Refunding Revenue Bonds n/a Aa3/A+/NR Snr 11/14/19 Conroe City-Texas 9.075 Limited Tax Refunding Bonds 5.900 Aa1/AA+/NR Snr 11/14/19 Conroe City-Texas 19.915 Certificates of Obligation 5.850 Aa1/AA+/NR Snr 11/14/19 Gary Building Corporation 40.000 Lease Rental Revenue Bonds n/a NR/NR/NR Sole 11/14/19 Hawaii 81.835 Highway Revenue Bonds 3.280 Aa1/AA+/NR Co-Snr 11/14/19 Metro Wastewater Reclamation Dt 332.770 Sewer Refunding Bonds n/a Aa1/AAA/NR Snr 11/15/19 Florida Gulf Coast Univ Fin Corp 32.575 Capital Improvement Ref Rev Bonds n/a A2/NR/A+ Snr 11/15/19 Orange Water & Sewer Authority 9.500 Water & Sewer Sys Rev Ref Bonds n/a Aa1/AAA/AA+ Sole 11/15/19 Orange Water & Sewer Authority 16.640 Water & Sewer Sys Rev Bonds 6.550 Aa1/AAA/AA+ Sole 11/19/19 Memorial City Redev Auth 37.400 Tax Inc Contract Rev & Ref Bonds n/a NR/A-/NR Snr 11/19/19 Salt Lake City-Utah 2.620 Sales & Excise Tx Rev Ref Bonds n/a Aa1/AAA/NR Sole 11/19/19 Salt Lake City-Utah 58.540 Sales & Excise Tx Rev Ref Bonds n/a Aa1/AAA/NR Sole 11/20/19 Fairfax Co Water Authority 18.765 Water Refunding Revenue Bonds n/a Aaa/NR/AAA Snr 11/20/19 Fairfax Co Water Authority 91.230 Water Refunding Revenue Bonds 1.750 Aaa/NR/AAA Snr 11/20/19 Idaho State Building Authority 39.205 St Building Refunding Rev Bonds n/a Aa2/AA/NR Sole 11/20/19 Midland Co Fresh Wtr Supply Dt #1 98.120 Revenue Refunding Bonds n/a Aa3/AA-/NR Snr 11/21/19 University of Cincinnati 86.145 General Receipts Bonds n/a Aa3/AA-/NR Snr 11/21/19 University of Cincinnati 234.215 General Receipts Bonds 2.600 Aa3/AA-/NR Snr 11/26/19 Henry Co Industrial Dev Auth 5.785 Public Facility Lease Rev Bonds n/a A1/A+/A+ Snr 11/26/19 Henry Co Industrial Dev Auth 19.515 Grant RANs n/a A1/NR/A+ Snr 12/04/19 Delano Earlimart Irrigation Dt 14.970 Refunding Revenue Bonds n/a NR/AA-/NR Sole 12/04/19 Lexington Ind Dev Auth 37.710 Educational Facs Rev Ref Bonds n/a Aa2/AA/NR Snr 12/05/19 Patriots Energy Group 19.390 Gas System Imp & Ref Rev Bonds n/a A2/NR/NR Sole 12/06/19 NYC Housing Dev Corp 22.130 Multi-Family Housing Rev Bonds n/a Aa2/NR/NR Sole 12/11/19 Alaska Indus Dev & Export Auth 68.480 Refunding Revenue Bonds 5.970 NR/A/A+ Snr Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 12/12/19 Erie Commons Metro Dt #2 12.400 Sub GO Limited Tax Bonds n/a NR/NR/NR Sole 12/12/19 Greenwood City-South Carolina 7.770 Comb Pub Util Sys Rev Ref Bonds n/a Aa3/NR/NR Sole 12/12/19 Illinois Finance Authority 122.915 Revenue Refunding Bonds n/a Baa/NR/NR Sole 12/12/19 Metro Washington Airports Auth 72.165 Airport Sys Revenue Ref Bonds n/a Aa3/AA-/AA- Snr 12/12/19 Metro Washington Airports Auth 283.385 Airport Sys Revenue Ref Bonds n/a Aa3/AA-/AA- Snr 12/17/19 New Jersey Hsg & Mtg Fin Agency 15.070 Multi-Family Conduit Rev Bonds 5.640 Aaa/NR/NR Sole 12/17/19 New Jersey Hsg & Mtg Fin Agency 37.480 Multi-Family Conduit Rev Bonds 5.620 Aaa/NR/NR Sole 01/16/20 South Dakota Housing Dev Auth 33.000 Homeownership Mortgage Bonds 2.600 Aaa/AAA/NR Sole 01/16/20 South Dakota Housing Dev Auth 66.000 Homeownership Mortgage Bonds 6.660 Aaa/AAA/NR Snr 01/23/20 Arizona Board of Regents 36.345 Speed Revenue Refunding Bonds n/a A2/AA/NR Snr 01/23/20 Arizona Board of Regents 39.805 Speed Revenue Refunding Bonds n/a A2/A/NR Snr 01/23/20 Bowling Green State University 53.685 General Receipts Bonds 3.490 A1/A+/NR Snr 01/23/20 Oklahoma Dev Finance Auth 125.000 Limited Obligation Revenue Bonds 3.210 Baa/NR/NR Sole 02/04/20 Anaheim Hsg & Pub Imp Auth 32.445 Water System Revenue Ref Bonds n/a NR/AA+/AAA Sole 02/04/20 Anaheim Hsg & Pub Imp Auth 38.000 Revenue Bonds n/a NR/AA+/AAA Sole 02/06/20 Richland Co-South Carolina 31.645 Utility System Revenue Bond n/a Aa3/AA-/NR Sole 02/12/20 Roanoke Economic Dev Authority 45.800 Hospital Revenue Ref Bonds 1.020 Aa1/AA+/NR Sole 02/13/20 Cleveland City-Ohio 69.820 Sub Lien Income Tax Ref Bonds n/a A1/AA/NR Snr 02/19/20 Mississippi Home Corporation 62.320 Single Family Mortgage Rev Bonds n/a Aaa/NR/NR Snr 02/19/20 Pima Co-Arizona 35.295 Sewer System Revenue Obligations n/a NR/AA/AA- Snr 02/20/20 Auburn University 35.560 General Revenue Refunding Bonds 2.140 Aa2/AA-/NR Snr 02/20/20 Auburn University 104.770 General Revenue Refunding Bonds 2.090 Aa2/AA-/NR Snr 02/20/20 California Infrstr & Eco Dev Bank 100.000 Revenue Bonds n/a Aa2/NR/NR Sole 02/25/20 University of Idaho Regents 44.015 General Revenue & Ref Bonds n/a A1/NR/NR Sole 02/28/20 Sullivans Island Town Pub Facs Corp 17.525 Installment Purchase Rev Bonds n/a Aa2/AA/NR Sole 03/04/20 Northern Illinois Univ Brd of Rgt 126.435 Auxiliary Facs Sys Ref Rev Bonds 5.130 Ba2/NR/NR Snr 03/04/20 Utah Transit Au (UTA) 216.650 Sales Tax Revenue Ref Bonds 1.850 Aa2/AA/AA Snr 03/05/20 Georgia Higher Ed Facs Auth 47.640 Refunding Revenue Bonds 4.080 A1/NR/NR Snr 03/26/20 Missouri Hlth & Ed Facs Authority 450.000 Educational Facilities Rev Bonds n/a Aa1/AA+/NR Snr 04/07/20 Richmond City-Virginia 135.445 Public Utility Revenue Bonds 2.670 Aa1/AA/AA Snr 04/07/20 Richmond City-Virginia 180.000 Public Utility Revenue Ref Bonds 3.150 Aa1/AA/AA Snr 04/08/20 Allen Co-Ohio 242.590 Hospital Facilities Revenue Bonds 1.640 A1/A+/AA- Snr 04/08/20 South Carolina Jobs Econ Dev Au 87.380 Hospital Facilities Revenue Bonds n/a A1/A+/NR Snr 04/08/20 South Carolina Jobs Econ Dev Au 234.855 Hospital Facilities Revenue Bonds 1.590 A1/A+/AA- Snr 04/08/20 Virginia Small Business Fin Auth 206.450 Health Facilities Revenue Bonds 1.400 A1/A+/AA- Snr 04/09/20 Marshall University 45.960 Improvement & Ref Rev Bonds n/a A1/NR/AA- Sole 04/09/20 Marshall University 56.035 Improvement & Refunding Bonds n/a A1/NR/AA- Sole 04/09/20 Virginia Public Building Auth 100.295 Public Facilties Rev Bonds 2.130 Aa1/AA+/AA+ Snr 04/09/20 Virginia Public Building Auth 408.950 Public Facilties Rev Ref Bonds 2.130 Aa1/AA+/AA+ Snr 04/14/20 Arizona Board of Regents 30.000 System Revenue Bonds n/a Aa2/AA/NR Snr 04/14/20 Arizona Board of Regents 154.455 System Revenue Bonds n/a Aa2/AA/NR Snr 04/14/20 Inlivian 13.500 Multi-Family Mtg-Backed Bonds n/a Aaa/NR/NR Sole 04/14/20 Massachusetts Dev Finance Agcy 346.680 Revenue Bonds 3.490 Aaa/AAA/NR Snr 04/14/20 Virginia Housing Dev Auth (VHDA) 150.659 Commonwealth Mortgage Bonds 4.830 Aaa/AAA/NR Snr 04/16/20 Colorado Hsg & Fin Auth (CHFA) 10.375 Multi-Family Housing Rev Bonds n/a Aaa/AAA/NR Snr 04/16/20 Colorado Hsg & Fin Auth (CHFA) 29.000 Multi-Family Housing Rev Bonds n/a Aaa/AAA/NR Snr 04/17/20 California St Public Works Board 113.280 Lease Revenue & Ref BOnds n/a Aa3/A+/AA- Snr 04/23/20 Wyndham Hill Metro Dt # 2 9.600 Subordinate GO Limited Tax Bonds n/a NR/NR/NR Sole 04/23/20 Wyndham Hill Metro Dt # 2 20.070 Senior GO Limited Tax Bonds n/a Baa/NR/NR Sole 05/13/20 Texas Dept of Hsg & Comm Affairs 10.000 Multi-family Green Bonds 7.500 Aaa/NR/NR Sole Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 05/15/20 Indiana Finance Authority 25.710 Educational Facilities Rev Bonds n/a A2/NR/NR Sole 05/27/20 Dorchester Co-South Carolina 14.465 Limited Obligation Bonds n/a NR/AA-/NR Sole 05/28/20 Pennsylvania Housing Fin Agcy (PHFA) 30.000 Single Family Mortagage Rev Bonds 1.020 Aa1/AA+/NR Sole 05/28/20 Pennsylvania Housing Fin Agcy (PHFA) 117.965 Single Family Mortagage Rev Bonds 4.000 Aa2/AA+/NR Snr 05/28/20 Univ of North Carolina Bd of Gov 42.485 General Revenue Bonds n/a A2/NR/NR Sole 06/04/20 Los Angeles Dept Wtr & Pwr (LADWP) 204.255 Water System Revenue Bonds n/a Aa2/NR/AA Snr 06/04/20 Raleigh City-North Carolina 33.935 Limited Obligation Bonds n/a Aa1/AA+/AA+ Snr 06/04/20 Raleigh City-North Carolina 59.620 Limited Obligation Bonds n/a Aa1/AA+/AA+ Snr 06/09/20 Muscle Shoals Solid Waste Disposal Auth 4.530 Solid Waste Disposal Rev Bonds n/a NR/NR/NR Snr 06/09/20 Muscle Shoals Solid Waste Disposal Auth 14.100 Solid Waste Disposal Rev Bonds n/a NR/NR/NR Snr 06/09/20 So California Metro Water Dt 267.995 Water Revenue Refunding Bonds n/a Aa1/AAA/NR Snr 06/11/20 Houston City-Texas 178.390 Comb Util Sys 1st Lien Rev & Ref n/a Aa2/NR/AA Snr 06/11/20 Houston City-Texas 432.330 Comb Util Sys 1st Lien Rev & Ref n/a Aa2/NR/AA Snr 06/17/20 Indiana State University Bd of Trustees 18.595 Student Fee Bonds n/a Aaa/AAA/NR Snr 06/17/20 Indiana State University Bd of Trustees 81.265 Stufent Fee Bonds n/a Aaa/AAA/NR Snr 06/18/20 Bulloch Co Development Authority 16.420 Revenue Bonds 3.110 A1/NR/NR Sole 06/18/20 Charleston City-South Carolina 12.085 Wtrwrks & Swr Sys Cap Imp Bonds n/a Aaa/AAA/NR Snr 06/18/20 Charleston City-South Carolina 168.695 Wtrwrks & Swr Sys Ref Rev Bonds n/a Aaa/AAA/NR Snr 06/18/20 Spartanburg Regional Hlth Svcs Dt 55.805 Hospital Revenue Bonds n/a A3/A/NR Sole 06/18/20 Spartanburg Regional Hlth Svcs Dt 69.195 Hospital Revenue Bonds n/a A3/A/NR Sole 06/24/20 California Infrstr & Eco Dev Bank 98.800 Revenue Refunding Bonds n/a Aa2/NR/NR Sole 06/25/20 California Municipal Fin Auth 85.000 Revenue Bonds n/a NR/AA-/AA Sole 06/25/20 Campbell Co Indus Dev Auth 39.645 Public Facility Lease Rev Bonds n/a Aa3/AA-/AA- Snr 07/01/20 Univ of Colorado Bd of Regents 140.885 Univ Enterprise Ref Rev Bonds n/a Aa1/NR/AA+ Snr 07/07/20 Missouri-Illinois Met Dt Bi-St Dev Agy 12.950 Comb Ln Mass Transit Ref Bonds n/a Aa2/AA-/NR Co-Snr 07/07/20 Missouri-Illinois Met Dt Bi-St Dev Agy 158.255 Comb Ln Mass Transit Ref Bonds n/a Aa2/AA-/NR Co-Snr 07/08/20 Virginia Housing Dev Auth (VHDA) 44.770 Rental Housing Bonds n/a Aa1/AA+/NR Snr 07/08/20 Virginia Housing Dev Auth (VHDA) 200.000 Rental Housing Bonds n/a Aa1/AA+/NR Snr 07/09/20 Regents of the Univ of California 323.335 General Revenue Bonds n/a Aa2/AA/AA Snr 07/09/20 Regents of the Univ of California 400.000 General Revenue Bonds n/a Aa2/AA/AA Snr 07/09/20 Regents of the Univ of California 500.000 General Revenue Bonds n/a Aa2/AA/AA Snr 07/09/20 Regents of the Univ of California 600.000 General Revenue Bonds n/a Aa2/AA/AA Snr 07/09/20 Regents of the Univ of California 826.195 General Revenue Bonds n/a Aa2/AA/AA Snr 07/09/20 Wisconsin 315.840 Transportation Revenue Ref Bonds 4.230 NR/AA+/AA+ Snr 07/15/20 Pennsylvania Hghr Ed Facs Auth 17.760 Revenue Bonds n/a A3/A-/NR Snr 07/15/20 Pennsylvania Hghr Ed Facs Auth 134.735 Revenue Bonds n/a A3/A-/NR Snr 07/21/20 San Antonio City-Texas 76.695 Water System Jr Lien Rev Bonds n/a Aa2/AA/AA Snr 07/21/20 San Antonio City-Texas 76.695 Water System Jr Lien Rev Bonds n/a Aa2/AA/AA Snr 07/22/20 NYS Housing Fin-Mortgage Agcy 78.500 Housing Revenue Bonds n/a Aaa/NR/NR Snr 08/11/20 Los Angeles Co Metro Trans Auth 255.115 Sales Tax Revenue Ref Bonds n/a NR/AA/AA Snr 08/11/20 Los Angeles Co Metro Trans Auth 1100.980 Sales Tax Revenue Ref Bonds n/a NR/AA/AA Snr 08/12/20 California Poll Control Fin Auth 35.000 Water Facs Ref Rev Bonds n/a Baa/A/NR Sole 08/12/20 Illinois Finance Authority 25.000 Water Facilities Ref Rev Bonds n/a Baa/A/NR Sole 08/12/20 Owen Co-Kentucky 26.000 Water Facilities Ref Rev Bonds n/a Baa/A/NR Sole 08/13/20 Lincoln Co-North Carolina 28.435 Enterprise System Revenue Bonds n/a NR/AA/NR Sole 08/26/20 Lower Tule River Irrigation Dt 13.810 Refunding Revenue Bonds n/a NR/A-/NR Sole 08/27/20 Louisiana Regional Transit Auth 20.190 Sales Tax Revenue Ref Bonds n/a Aa3/A+/NR Snr 08/27/20 Louisiana Regional Transit Auth 62.815 Sales Tax Revenue Ref Bonds n/a Aa3/A+/NR Snr 09/01/20 Arizona Industrial Dev Auth 1.455 Lease Revenue Bonds n/a A1/NR/NR Sole 09/01/20 Arizona Industrial Dev Auth 51.165 Lease Revenue Bonds n/a A1/NR/NR Sole Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 09/01/20 Virginia Transportation Board 100.760 Federal Transportation Rev GANs n/a Aa1/AA+/AA+ Snr 09/03/20 California Infrstr & Eco Dev Bank 122.520 Refunding Revenue Bonds n/a A2/NR/NR Sole 09/03/20 Florida St Board Admin Fin Corp 3500.000 Revenue Bonds 2.050 Aa3/AA/AA Co-Snr 09/10/20 Rosedale-Rio Bravo Wtr Storage Dt 2.535 Revenue Refunding Bonds n/a NR/A/NR Sole 09/10/20 Rosedale-Rio Bravo Wtr Storage Dt 9.460 Revenue Refunding Bonds n/a NR/A/NR Sole 09/10/20 Rosedale-Rio Bravo Wtr Storage Dt 16.235 Revenue Refunding Bonds n/a NR/A/NR Sole 09/10/20 Rosedale-Rio Bravo Wtr Storage Dt 26.180 Revenue Refunding Bonds n/a NR/A/NR Sole 09/11/20 Charlotte City-North Carolina 333.445 Water & Sewer Sys Ref Ref Bonds n/a Aaa/AAA/AAA Snr 09/22/20 Mobile Co-Alabama 28.090 Limited Obligation Warrants n/a NR/NR/NR Snr 09/30/20 Harris Co-Houston Sports Auth 52.035 Senior Lien Revenue Ref Bonds n/a A3/BBB/NR Snr 09/30/20 Harris Co-Houston Sports Auth 60.130 Senior & 2nd Ln Revenue Ref Bonds n/a A3/BBB/NR Snr 10/01/20 Charleston Ed Excellence Fin Corp 156.835 Installment Purchase Rev Ref Bond n/a Aa3/AA-/NR Sole 10/01/20 Colorado 44.225 Certificates of Participation n/a Aa2/AA-/NR Snr 10/01/20 Colorado 68.670 Certificates of Participation n/a Aa2/AA-/NR Snr 10/06/20 Ohio Water Development Authority 250.000 Wtr Poll Ctrl Ln Fund Ref Bonds n/a Aaa/AAA/NR Snr 10/07/20 Shafter Wasco Irrigation Dt 9.410 Refunding Revenue Bonds n/a NR/A+/NR Sole 10/08/20 Albany-Dougherty Inner City Auth 47.395 Refunding Revenue Bonds n/a NR/A+/NR Snr 10/14/20 Arlington Co Industrial Dev Auth 26.650 Revenue Bonds n/a Aa1/NR/AA+ Snr 10/14/20 Arlington Co Industrial Dev Auth 30.940 Revenue Bonds n/a Aa1/NR/AA+ Snr 10/14/20 Metro Wastewater Reclamation Dt 146.545 Sewer Improvement Bonds n/a Aa1/AAA/NR Sole 10/15/20 Centerra Metropolitan Dt #1 33.105 Special Rev Ref & Imp Bonds n/a NR/NR/NR Sole 10/15/20 North Carolina Turnpike Authority 499.260 Revenue BANs n/a NR/BBB/BBB Snr 10/22/20 Connecticut Housing & Fin Auth (CHFA) 77.035 Housing Mortgage Fin Prog Bonds n/a NR/NR/NR Sole 10/22/20 Los Angeles Co Pub Works Fin Au 363.230 Lease Revenue Bonds n/a NR/AA+/AA Snr 10/28/20 California St Public Works Board 502.615 Lease Revenue Refunding Bonds n/a Aa3/A+/AA- Snr 10/28/20 Charleston Public Facs Corp 27.395 Installment Purchase Rev Bonds n/a Aa1/AA+/NR Snr 10/28/20 Utah Transit Au (UTA) 74.750 Sales Tax Revenue Ref Bonds n/a Aa2/AA/NR Snr 10/29/20 Georgia Muni Electric Au (MEAG) 252.810 General Resolution & Sub Bonds n/a A2/A-/BBB Snr 11/12/20 Mesa City-Arizona 36.010 Excise Tax Revenue Obligations n/a Aa3/AA+/NR Sole 11/18/20 Georgia Muni Electric Au (MEAG) 77.390 Revenue Bonds n/a A1/A-/BBB Snr 11/19/20 Athens Housing Authority 38.970 Revenue Bonds n/a Aa2/NR/NR Snr 11/20/20 Franklin Co Industrial Dev Auth 38.070 Public Fac Lease Rev Ref Bonds n/a Aa3/AA/AA- Snr 11/20/20 NYC Housing Dev Corp 31.530 Housing Impact Bonds n/a Aa2/NR/NR Snr 11/20/20 NYC Housing Dev Corp 257.535 Housing Impact Bonds n/a Aa2/NR/NR Snr 11/24/20 Shreveport City-Louisiana 9.415 Water & Sewer Rev Ref Bonds n/a A3/A-/NR Snr 11/24/20 Shreveport City-Louisiana 18.035 Water & Sewer Rev Ref Bonds n/a A3/A-/NR Snr 12/01/20 Colorado Reg Transportation Dt 6.965 Revenue Bonds n/a Baa/NR/A- Co-Snr 12/01/20 Colorado Reg Transportation Dt 304.820 Revenue Bonds n/a Baa/NR/A- Co-Snr 12/02/20 Louisiana Gov Env Fac & CDA (LCDA) 22.035 Revenue Bonds n/a NR/NR/NR Sole 12/02/20 Westchester Co Indust Dev Agcy 23.500 Multi-Family Housing Rev Bonds n/a Aaa/NR/NR Sole 12/03/20 NYS Housing Fin-Mortgage Agcy 194.570 Affordable Housing Rev Bonds n/a Aa2/NR/NR Snr 12/08/20 Ohio Higher Ed Fac Commission 37.040 Revenue Bonds n/a A2/A+/NR Snr 12/09/20 El Paso Co-Colorado 15.585 Revenue Refunding Bonds n/a Aa3/AA/NR Sole 12/09/20 El Paso Co-Colorado 22.765 Revenue Refunding Bonds n/a Aa3/AA/NR Sole 12/09/20 New Jersey Hsg & Mtg Fin Agency 39.050 Multi-Family Revenue Bonds n/a NR/AA-/NR Snr 12/09/20 New Jersey Hsg & Mtg Fin Agency 41.550 Multi-Family Revenue Bonds n/a NR/AA-/NR Snr 12/09/20 Port of Morrow-Oregon 202.315 Transmission Facs Rev Bonds n/a Aa2/NR/AA Snr 12/10/20 Tucson City-Arizona 27.240 Ref Certificates of Participation n/a NR/AA-/A+ Sole 12/11/20 Florida Gulf Coast Univ Fin Corp 19.800 Capital Improvement Ref Rev Bonds n/a A2/NR/A+ Sole 12/15/20 Travis Co Housing Finance Corp 39.000 Multi-Family Housing Rev Bonds n/a Aaa/NR/NR Snr Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 12/16/20 District of Columbia Hsg Fin Agy 21.000 Multi-Family Housing Rev Bonds n/a Aaa/NR/NR Sole 12/17/20 South Carolina St Hsg Fin & Dev Au .500 Multi-Family Rental Hsg Rev Bonds n/a NR/NR/NR Sole 12/17/20 South Carolina St Hsg Fin & Dev Au 14.500 Multi-Family Rental Hsg Rev Bonds n/a Aaa/NR/NR Sole 01/06/21 Louisiana Transportation Auth 54.275 Refunding Bonds n/a A1/NR/A+ Snr 01/07/21 California Infrstr & Eco Dev Bank 71.500 Refunding Revenue Bonds n/a A3/NR/NR Sole 01/07/21 California Infrstr & Eco Dev Bank 228.500 Refunding Revenue Bonds n/a A3/NR/NR Sole 01/13/21 Mississippi Home Corporation 46.665 Single Family Mortgage Rev Bonds n/a Aaa/NR/NR Sole 01/15/21 Greensboro City-North Carolina 35.780 Limited Obligation Bonds n/a Aa1/AA+/NR Snr 01/21/21 Montgomery Co Hsg Opportunities Comm 99.250 Multi-Family Housing Dev Bonds n/a NR/NR/NR Snr 01/21/21 Scottsdale Muni Property Corp 7.920 Excise Tax Rev Ref Bonds n/a Aa1/AAA/AA+ Snr 01/21/21 Scottsdale Muni Property Corp 135.185 Excise Tax Rev Ref Bonds n/a Aa1/AAA/AA+ Snr 01/26/21 Los Angeles Dept Wtr & Pwr (LADWP) 50.000 Power System Demand Rev Bonds n/a Aa2/NR/AA- Sole 01/26/21 Los Angeles Dept Wtr & Pwr (LADWP) 125.000 Power System Demand Rev Bonds n/a Aa2/NR/AA- Sole 01/26/21 University of Idaho Regents 38.295 General Revenue Ref Bonds n/a A1/NR/NR Sole 02/04/21 NYC Transitional Finance Auth 900.000 Future Tax Secured Sub Bonds 4.560 Aa1/AAA/AAA Snr 02/18/21 Virginia Housing Dev Auth (VHDA) 81.590 Rental Housing Bonds n/a Aa1/AA+/NR Snr 03/10/21 San Diego Co Reg Trans Comm 149.840 Ltd Tx Sales Tax Rev Bonds n/a NR/AA/AA Snr 03/16/21 Alaska Housing Finance Corp 90.420 State Capital Project Bonds n/a Aa2/AA+/NR Snr 03/17/21 Orlando Utilities Commission (OUC) 143.250 Utility Sytem Revenue Bonds n/a Aa2/AA/AA Snr 03/17/21 Texas Dept of Hsg & Comm Affairs 15.000 Sustainble Multifamily Bonds n/a Aaa/NR/NR Sole 03/23/21 California St Public Works Board 695.475 Lease Revenue Ref Bonds n/a Aa3/A+/AA- Snr 03/24/21 California Educational Facs Auth 52.995 Revenue Bonds n/a A2/NR/NR Sole 03/25/21 Calleguas Municipal Water Dt 39.145 Water Revenue Ref Bonds n/a Aa2/AA/NR Sole 04/01/21 Troy Industrial Dev Board 18.785 Industrial Development Bonds n/a NR/BBB/NR Sole 04/06/21 Purdue Univ Board of Trustees 2.350 Certificates of Participation n/a Aaa/AAA/NR Snr 04/06/21 Purdue Univ Board of Trustees 29.935 Certificates of Participation n/a Aaa/AAA/NR Snr 04/07/21 Central Florida Expressway Au 548.175 Sr Lien Refunding Rev Bonds n/a NR/NR/NR Snr 04/07/21 Florence Co Public Facilities Corp 37.870 Installment Purchase Rev Ref Bond n/a Aa3/NR/NR Sole 04/07/21 Univ of Texas Sys Bd of Regents 381.865 Revenue Financing System Bonds n/a Aaa/AAA/AAA Snr 04/08/21 Clayton Co Development Authority 29.755 Revenue Bonds n/a NR/A+/NR Sole 04/08/21 San Antonio Hsg Trust Fin Corp 19.840 Multi-Family Housing Rev Bonds n/a Aaa/NR/NR Sole 04/14/21 Texas Dept of Hsg & Comm Affairs 74.000 Sustainable Multi-Family Bonds n/a Aaa/NR/NR Sole 04/21/21 NYC Housing Dev Corp 150.000 Multi-Family Housing Rev Bonds n/a Aa2/AA+/NR Snr 05/05/21 Milledgeville-Baldwin Co Dev Auth 66.890 Revenue Bonds n/a NR/A+/NR Sole 05/05/21 Wisconsin Hsg & Econ Dev Auth 40.020 Housing Revenue Bonds n/a Aa3/AA/NR Snr 05/05/21 Wisconsin Hsg & Econ Dev Auth 40.860 Housing Revenue Bonds n/a Aa3/AA/NR Snr 05/05/21 Wisconsin Hsg & Econ Dev Auth 75.495 Housing Revenue Bonds n/a Aa3/AA/NR Snr 05/11/21 Energy Northwest 101.125 Electric Revenue & Ref Bonds n/a Aa2/AA-/AA Snr 05/11/21 Indiana Finance Authority 17.695 Educ Fac Ref Revenue Bonds n/a A2/NR/NR Sole 05/11/21 Orange Co (Huntington Beach) UHSD 6.785 Ref Certificates of Participation n/a NR/A+/NR Sole 05/12/21 North Charleston Pub Fac Corp 22.105 Installment Purchase Rev Bonds n/a Aa3/AA-/NR Sole 05/12/21 North Charleston Pub Fac Corp 39.755 Installment Purchase Ref Bonds n/a Aa3/AA-/NR Sole 05/13/21 Bulloch Co Development Authority 35.820 Revenue Bonds n/a A1/NR/NR Sole 05/19/21 University of Cincinnati 82.340 General Receipts & Ref Bonds n/a Aa3/AA-/NR Snr 05/20/21 Wisconsin Public Finance Auth 32.920 Revenue & Refunding Bonds n/a NR/BB+/NR Snr 05/20/21 Wisconsin Public Finance Auth 34.080 Revenue Bonds n/a NR/BB+/NR Snr 05/21/21 Univ of North Carolina Bd of Gov 50.100 General Revenue Refunding Bonds n/a Aa3/AA-/NR Sole 05/25/21 California Housing Finance Agcy 16.300 Multi-Family Mtg-Backed Rev Bonds n/a Aaa/NR/NR Sole 05/25/21 Glendale City-Arizona 22.720 Water & Sewer Revenue Bonds n/a NR/AA-/AA Snr 05/25/21 Indiana Finance Authority 17.355 Educational Facs Ref Rev Bonds n/a Baa/NR/NR Sole Appendix
Town of Davie, Florida June 18, 2021
Par Issue Gross Sale Date Issuer ($mm) Description Spread Rating Role 05/26/21 Baseline Metro Dt #1 26.705 Sub & Special Revenue Bonds n/a NR/NR/NR Sole 05/26/21 Hawaii 137.205 Highway Revenue Bonds n/a Aa2/AA+/NR Co-Snr 05/26/21 Louisiana Gov Env Fac & CDA (LCDA) 11.755 Revenue Bonds n/a NR/NR/NR Sole 06/02/21 Contra Costa Transportation Auth 12.675 Sales Tax Rev Ltd Tx Ref Bonds n/a NR/AA+/AAA Snr 06/02/21 Contra Costa Transportation Auth 97.240 Sales Tax Rev Ltd Tx Ref Bonds n/a NR/AA+/AAA Snr 06/02/21 Pennsylvania Housing Fin Agcy (PHFA) 25.800 Spec Ltd Oblig Multi-Fam Hsg Bond n/a Aaa/NR/NR Sole 06/02/21 Salt Lake & Sandy Metro Water Dt 12.240 Water Revenue Refunding Bonds n/a NR/AA+/NR Sole 06/02/21 Salt Lake & Sandy Metro Water Dt 43.340 Water Revenue Refunding Bonds n/a NR/AA+/NR Sole 06/09/21 Piedmont Muni Power Agency 55.370 Electric Revenue Ref Bonds n/a A3/A-/A- Snr 06/09/21 Savannah Economic Dev Auth 23.360 Revenue Refunding Bonds n/a NR/A+/NR Sole 06/09/21 West Virginia Parkways Auth 333.630 Sr Ln Turnpike Toll Rev Bonds n/a NR/AA-/AA- Snr 06/15/21 Charleston City-South Carolina 122.480 Wtrwrks & Swr Sys Ref Rev Bonds n/a Aaa/AAA/NR Snr Thomson Reuters SDC, 1/1/2018-6/17/2021. Transactions underwritten through WFBNA acting through its Municipal Finance Group and Wells Fargo Securities, LLC.
Appendix
Town of Davie, Florida June 18, 2021
Appendix C: Detailed Debt Service Schedules
Appendix
TABLE OF CONTENTS
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Report Page
Sources and Uses of Funds ...... 1
Bond Summary Statistics ...... 2
Bond Pricing ...... 3
Bond Debt Service ...... 4
Cost of Issuance ...... 5
Underwriter's Discount ...... 6
Important Disclosures ...... 7 SOURCES AND USES OF FUNDS
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Dated Date 10/14/2021 Delivery Date 10/14/2021
Sources:
Bond Proceeds: Par Amount 36,535,000.00 Premium 7,294,847.70
43,829,847.70
Uses:
Project Fund Deposits: Town Hall 34,000,000.00 Davie Wetlands Park 9,500,000.00 43,500,000.00
Delivery Date Expenses: Cost of Issuance 200,000.00 Underwriter's Discount 126,805.13 326,805.13
Other Uses of Funds: Contingency or Bond Fund 3,042.57
43,829,847.70 BOND SUMMARY STATISTICS
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Dated Date 10/14/2021 Delivery Date 10/14/2021 First Coupon 04/01/2022 Last Maturity 10/01/2051
Arbitrage Yield 1.501287% True Interest Cost (TIC) 2.318992% Net Interest Cost (NIC) 2.576011% All-In TIC 2.353018% Average Coupon 3.639241%
Average Life (years) 18.453 Weighted Average Maturity (years) 18.107 Duration of Issue (years) 13.650
Par Amount 36,535,000.00 Bond Proceeds 43,829,847.70 Total Interest 24,534,879.03 Net Interest 17,366,836.46 Bond Years from Dated Date 674,175,680.56 Bond Years from Delivery Date 674,175,680.56 Total Debt Service 61,069,879.03 Maximum Annual Debt Service 2,040,600.00 Average Annual Debt Service 2,038,115.92
Underwriter's Fees (per $1000) Average Takedown 2.750000 Other Fee 0.720785
Total Underwriter's Discount 3.470785
Bid Price 119.619659
Par Average Average PV of 1 bp Bond Component Value Price Coupon Life Duration change
Serial Bond 19,370,000.00 124.317 4.079% 11.986 9.797 17,458.95 Term Bond 2046 7,830,000.00 121.612 4.000% 23.042 16.058 8,064.90 Term Bond 2051 9,335,000.00 109.561 3.000% 28.023 19.583 8,868.25
36,535,000.00 18.453 34,392.10
All-In Arbitrage TIC TIC Yield
Par Value 36,535,000.00 36,535,000.00 36,535,000.00 + Accrued Interest + Premium (Discount) 7,294,847.70 7,294,847.70 7,294,847.70 - Underwriter's Discount (126,805.13) (126,805.13) - Cost of Issuance Expense (200,000.00) - Other Amounts
Target Value 43,703,042.57 43,503,042.57 43,829,847.70
Target Date 10/14/2021 10/14/2021 10/14/2021 Yield 2.318992% 2.353018% 1.501287% BOND PRICING
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount)
Serial Bond: 10/01/2022 575,000 5.000% 0.090% 104.729 27,191.75 10/01/2023 625,000 5.000% 0.140% 109.528 59,550.00 10/01/2024 655,000 5.000% 0.240% 114.049 92,020.95 10/01/2025 690,000 5.000% 0.370% 118.202 125,593.80 10/01/2026 720,000 5.000% 0.490% 122.090 159,048.00 10/01/2027 760,000 5.000% 0.630% 125.538 194,088.80 10/01/2028 795,000 5.000% 0.750% 128.784 228,832.80 10/01/2029 835,000 5.000% 0.860% 131.800 265,530.00 10/01/2030 875,000 5.000% 0.970% 134.518 302,032.50 10/01/2031 920,000 5.000% 1.030% 137.502 345,018.40 10/01/2032 965,000 5.000% 1.080% 136.935 C 1.362% 10/01/2031 100.000 356,422.75 10/01/2033 1,015,000 5.000% 1.110% 136.596 C 1.622% 10/01/2031 100.000 371,449.40 10/01/2034 1,065,000 5.000% 1.140% 136.258 C 1.843% 10/01/2031 100.000 386,147.70 10/01/2035 1,120,000 5.000% 1.160% 136.034 C 2.025% 10/01/2031 100.000 403,580.80 10/01/2036 1,175,000 4.000% 1.340% 124.732 C 2.070% 10/01/2031 100.000 290,601.00 10/01/2037 1,225,000 4.000% 1.370% 124.416 C 2.181% 10/01/2031 100.000 299,096.00 10/01/2038 1,270,000 4.000% 1.400% 124.101 C 2.279% 10/01/2031 100.000 306,082.70 10/01/2039 1,320,000 3.000% 1.630% 112.552 C 2.154% 10/01/2031 100.000 165,686.40 10/01/2040 1,360,000 3.000% 1.670% 112.161 C 2.211% 10/01/2031 100.000 165,389.60 10/01/2041 1,405,000 3.000% 1.700% 111.868 C 2.258% 10/01/2031 100.000 166,745.40 19,370,000 4,710,108.75
Term Bond 2046: 10/01/2042 1,445,000 4.000% 1.640% 121.612 C 2.792% 10/01/2031 100.000 312,293.40 10/01/2043 1,505,000 4.000% 1.640% 121.612 C 2.792% 10/01/2031 100.000 325,260.60 10/01/2044 1,565,000 4.000% 1.640% 121.612 C 2.792% 10/01/2031 100.000 338,227.80 10/01/2045 1,625,000 4.000% 1.640% 121.612 C 2.792% 10/01/2031 100.000 351,195.00 10/01/2046 1,690,000 4.000% 1.640% 121.612 C 2.792% 10/01/2031 100.000 365,242.80 7,830,000 1,692,219.60
Term Bond 2051: 10/01/2047 1,760,000 3.000% 1.940% 109.561 C 2.542% 10/01/2031 100.000 168,273.60 10/01/2048 1,810,000 3.000% 1.940% 109.561 C 2.542% 10/01/2031 100.000 173,054.10 10/01/2049 1,865,000 3.000% 1.940% 109.561 C 2.542% 10/01/2031 100.000 178,312.65 10/01/2050 1,920,000 3.000% 1.940% 109.561 C 2.542% 10/01/2031 100.000 183,571.20 10/01/2051 1,980,000 3.000% 1.940% 109.561 C 2.542% 10/01/2031 100.000 189,307.80 9,335,000 892,519.35
36,535,000 7,294,847.70
Dated Date 10/14/2021 Delivery Date 10/14/2021 First Coupon 04/01/2022
Par Amount 36,535,000.00 Premium 7,294,847.70
Production 43,829,847.70 119.966738% Underwriter's Discount (126,805.13) (0.347079%)
Purchase Price 43,703,042.57 119.619659% Accrued Interest
Net Proceeds 43,703,042.57 BOND DEBT SERVICE
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Period Ending Principal Coupon Interest Debt Service
10/01/2022 575,000 5.000% 1,391,229.03 1,966,229.03 10/01/2023 625,000 5.000% 1,414,600.00 2,039,600.00 10/01/2024 655,000 5.000% 1,383,350.00 2,038,350.00 10/01/2025 690,000 5.000% 1,350,600.00 2,040,600.00 10/01/2026 720,000 5.000% 1,316,100.00 2,036,100.00 10/01/2027 760,000 5.000% 1,280,100.00 2,040,100.00 10/01/2028 795,000 5.000% 1,242,100.00 2,037,100.00 10/01/2029 835,000 5.000% 1,202,350.00 2,037,350.00 10/01/2030 875,000 5.000% 1,160,600.00 2,035,600.00 10/01/2031 920,000 5.000% 1,116,850.00 2,036,850.00 10/01/2032 965,000 5.000% 1,070,850.00 2,035,850.00 10/01/2033 1,015,000 5.000% 1,022,600.00 2,037,600.00 10/01/2034 1,065,000 5.000% 971,850.00 2,036,850.00 10/01/2035 1,120,000 5.000% 918,600.00 2,038,600.00 10/01/2036 1,175,000 4.000% 862,600.00 2,037,600.00 10/01/2037 1,225,000 4.000% 815,600.00 2,040,600.00 10/01/2038 1,270,000 4.000% 766,600.00 2,036,600.00 10/01/2039 1,320,000 3.000% 715,800.00 2,035,800.00 10/01/2040 1,360,000 3.000% 676,200.00 2,036,200.00 10/01/2041 1,405,000 3.000% 635,400.00 2,040,400.00 10/01/2042 1,445,000 4.000% 593,250.00 2,038,250.00 10/01/2043 1,505,000 4.000% 535,450.00 2,040,450.00 10/01/2044 1,565,000 4.000% 475,250.00 2,040,250.00 10/01/2045 1,625,000 4.000% 412,650.00 2,037,650.00 10/01/2046 1,690,000 4.000% 347,650.00 2,037,650.00 10/01/2047 1,760,000 3.000% 280,050.00 2,040,050.00 10/01/2048 1,810,000 3.000% 227,250.00 2,037,250.00 10/01/2049 1,865,000 3.000% 172,950.00 2,037,950.00 10/01/2050 1,920,000 3.000% 117,000.00 2,037,000.00 10/01/2051 1,980,000 3.000% 59,400.00 2,039,400.00
36,535,000 24,534,879.03 61,069,879.03 COST OF ISSUANCE
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Cost of Issuance $/1000 Amount
Cost of Issuance 5.47420 200,000.00
5.47420 200,000.00 UNDERWRITER'S DISCOUNT
Town of Davie, Florida Tax- Exempt Special Obligation Bonds, Series 2021 ***Preliminary, for Discussion Purposes Only*** Market Rates as of June 14, 2021
Underwriter's Discount $/1000 Amount
Average Takedown 2.75000 100,471.25 DTC 0.02190 800.00 CUSIP 0.03109 1,136.00 IPREO 0.12037 4,397.88 Underwriter's Counsel 0.54742 20,000.00
3.47079 126,805.13 IMPORTANT DISCLOSURES
This document and any other materials accompanying this document (collectively, the 'Materials') are provided for general informational purposes only. By accepting any Materials, the recipient acknowledges and agrees to the matters set forth below.
Wells Fargo Securities (“WFS”) is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company (“WFC”) and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA, and SIPC and Wells Fargo Bank, National Association, acting through its Municipal Finance Group. Municipal derivatives services are provided by Wells Fargo Bank, N.A. (“WFBNA”), a swap dealer registered with the CFTC and member of the NFA. Commercial banking products and services are provided by Wells Fargo Bank, N. A. Investment banking and capital markets products and services provided by Wells Fargo Securities, are not a condition to any banking product or service.
Wells Fargo Securities is providing these Materials to you for discussion purposes only in connection with serving as an underwriter or placement agent (collectively referred to herein as '' underwriter'') to you. As part of our services as underwriter, Wells Fargo Securities may provide advice concerning the structure, timing, terms, and other similar matters concerning the issue of municipal securities that Wells Fargo Securities proposes to underwrite as described in the Materials. The Materials may also contain such advice. Any such advice has been, and would be, provided by Wells Fargo Securities in the context of serving as an underwriter and not as your financial advisor. In our capacity as underwriter, our primary role is to purchase securities from you ( or the issuer in the case of a conduit transaction) for resale to investors, or arrange for the placement of securities with investors on your behalf, in an arm's length commercial transaction between you and Wells Fargo Securities in which Wells Fargo Securities is acting solely as a principal or agent, as applicable, and not as a municipal advisor, financial advisor or fiduciary to you or any other person or entity regardless of whether we, or an affiliate has or is currently acting as such on a separate transaction (the use of the term ''agent'' does not imply any fiduciary relationship). As underwriter, Wells Fargo Securities' financial and other interests differ from your (or the issuer's) interests. The information in the Materials is not intended to be and should not be construed as ''advice'' within the meaning of Section 15B of the Securities Exchange Act of 1934. Wells Fargo Securities will not have any duties or liability to any person or entity in connection with the information being provided in the Materials. You should consult with your own financial and/or municipal, legal, accounting, tax, and other advisors, as applicable, to the extent you deem appropriate.
Please be advised that any information in the Materials regarding municipal derivatives is being provided by WFBNA as a swap dealer and that any swap offered or recommended in the Materials is being offered or recommended by WFBNA as a swap dealer.
If you would like a municipal advisor that has legal fiduciary duties to you, you are certainly free to engage a municipal advisor to serve in that capacity.
Any municipal underwriting, commercial paper and remarketing rankings referenced herein represent combined totals for Wells Fargo Bank, National Association, acting through its Municipal Finance Group (“WFBNA MFG”) and Wells Fargo Securities, LLC (“WFSLLC”). Non-municipal underwriting, commercial paper and remarketing rankings referenced herein represent totals for WFSLLC only. Source information for any ranking information not otherwise provided herein is available on request. Any rankings referencing competitive municipal new issues for time periods prior to 2011 include issues underwritten by Wells Fargo Clearing Services, LLC (“WFCS”), a separate broker-dealer subsidiary of WFC. Underwriting activities of WFCS are not managed or otherwise controlled by WFBNA MFG or WFSLLC. Information for 2009 and prior includes transactions that may have been underwritten by other broker-dealers that were acquired by WFC and/ or its predecessors.
If the Materials are being provided to you under any of the following events, the information contained in the Materials and any subsequent discussions between us, including any and all information, advice, recommendations, opinions, indicative pricing, quotations and analysis with respect to any municipal financial product or issuance of municipal securities, are provided to you in reliance upon the Swap Dealer, Bank, RFP, IRMA exemptions and underwriter exclusion, as applicable, provided under the Muni Advisor Rules. In the event the Swap Dealer, Bank, RFP, IRMA exemptions, or underwriter exclusion do not apply, the information included in the Materials are provided in reliance on the general information exclusion to advice under the Muni Advisor Rules.
In the event that you have provided us with your written representation in form and substance acceptable to WFBNA that you are represented by a 'qualified independent representative' as defined in the Commodity Exchange Act ('CEA') with respect to any municipal derivative or trading strategy involving municipal derivatives described in the Materials, we have provided you with our written disclosure that we are not acting as an advisor to you with respect to the municipal derivative or trading strategy pursuant to Section 4s(h)(4) of the CEA and the rules and regulations thereunder, and have taken certain other steps to establish the 'Swap Dealer exemption' under the Muni Advisor Rules.
Any information related to a bank-purchased bond transaction ('Direct Purchase') included in the Materials is a product offering of WFBNA or a subsidiary thereof ('Purchaser') as purchaser / investor. WFS will not participate in any manner in any Direct Purchase transaction between you and Purchaser, and Wells Fargo employees involved with a Direct Purchase transaction are not acting on behalf of or as representatives of WFS. The information contained herein regarding Purchaser's Direct Purchase is being provided to you by WFS only for purposes of providing financing alternatives that may be available to you from WFC and its affiliates. Information contained in this document regarding Direct Purchase is for discussion purposes only in anticipation of engaging in arm's length commercial transactions with you in which Purchaser would be acting solely as a principal to purchase securities from you or a conduit issuer, and not as a municipal advisor, financial advisor or fiduciary to you or any other person or entity regardless of whether Purchaser, or an affiliate has or is currently acting as such on a separate transaction. Additionally, Purchaser has financial and other interests that differ from your interests. Purchaser's sole role would be to purchase securities from you (or the conduit issuer). Any information relating to a Direct Purchase is being provided to you pursuant to and in reliance on the 'Bank exemption' under the Muni Advisor Rules and the general information exclusion to advice under the Muni Advisor Rules.
In the event the Materials are being provided in connection with a RFP, the SEC exempts from the definition of municipal advisor “any person providing a response in writing or orally to a request for proposals or qualifications from a municipal entity or obligated person for services in connection with a municipal financial product or the issuance of municipal securities; provided however, that such person does not receive separate direct or indirect compensation for advice provided as part of such response” (“RFP exemption”). In such event, we have relied upon the RFP exemption, and on your distribution and execution of this RFP through a competitive process. In the event WFBNA MFG is the party providing the Materials responses to all questions, certifications, attestations, information requests, and similar in the RFP or RFQ to which this response relates are specifically limited to, in context of, and as applied to, WFBNA MFG in its capacity as a separately identifiable department of a national bank that is registered as a municipal securities dealer with the Securities and Exchange Commission, Office of the Comptroller of the Currency, and Municipal Securities Rulemaking Board; and not on behalf of Wells Fargo Bank, N.A., unless specified otherwise in our response.
In the event that you have provided us with your written representation that you are represented by an independent registered municipal advisor (an 'IRMA') within the meaning of the Muni Advisor Rules, with respect to the transaction(s) described in the Materials we have provided you with our written disclosure that we are not a municipal advisor to you and are not subject to the fiduciary duty under the Muni Advisor Rules, if applicable, and have taken certain other steps to establish the 'IRMA exemption' under the Muni Advisor Rules.
In the event that you have engaged us to serve as an underwriter with respect to the municipal securities issuance described in the Materials we have provided you with our written disclosure regarding our role as an underwriter, that we are not a municipal advisor to you and are not subject to the fiduciary duty under the Muni Advisor Rules, if applicable.
If savings threshold level information is contained herein, please be advised that WFS is not recommending nor providing advice regarding which maturities should be refunded by you.
On July 27, 2017, the Chief Executive of the United Kingdom Financial Conduct Authority, which regulates the London Interbank Offered Rate ('LIBOR'), announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR to the administrator of LIBOR after 2021. The announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. It is impossible to predict whether and to what extent banks will continue to provide LIBOR submissions to the administrator of LIBOR or whether any additional reforms to LIBOR may be enacted in the United Kingdom or elsewhere. While global regulators and financial services industry market participants, including the Alternative Reference Rates Committee in the United States, have been working on developing alternative reference rates ('ARR') for LIBOR and other interbank offered rates, there is no guarantee that ARRs will be developed or widely used by market participants by the end of 2021, that any ARRs developed will be suitable for each transaction as a substitute or successor for LIBOR, that the composition or characteristics of ARRs will be similar to those of LIBOR, or that ARRs will be the economic equivalent of the rate used in your LIBOR-based swap or financing transactions. Therefore, if LIBOR is discontinued during the term of your swap, your payments would be calculated differently and could be higher or more volatile than expected. These risks and others are discussed in greater detail at the IBOR Alternative Reference Rates disclosure at: www.wellsfargo.com/swapdisclosures.
The Materials do not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation or commitment for any transaction involving the securities or financial products named IMPORTANT DISCLOSURES
or described herein, and are not intended as investment advice or as a confirmation of any transaction. Assumptions stated herein may or may not be valid. Externally sourced information contained in the Materials has been obtained or derived from sources we reasonably believe to be reliable, but Wells Fargo Securities makes no representation or warranty, express or implied, with respect thereto, and does not represent or guarantee that such information is accurate or complete. Such information is subject to change without notice and Wells Fargo Securities accepts no responsibility to update or keep it current. Wells Fargo Securities does not assume or accept any liability for any loss which may result from reliance thereon. Wells Fargo Securities and/or one or more of its affiliates may provide advice or may from time to time have proprietary positions in, or trade as principal in, any securities or other financial products that may be mentioned in the Materials, or in derivatives related thereto.
Notwithstanding anything to the contrary contained in the Materials, all persons may disclose to any and all persons, without limitations of any kind, the U.S. federal, state or local tax treatment or tax structure of any transaction, any fact that may be relevant to understanding the U.S. federal, state or local tax treatment or tax structure of any transaction, and all materials of any kind ( including opinions or other tax analyses) relating to such U.S. federal, state or local tax treatment or tax structure, other than the name of the parties or any other person named herein, or information that would permit identification of the parties or such other persons, and any pricing terms or nonpublic business or financial information that is unrelated to the U.S. federal, state or local tax treatment or tax structure of the transaction to the taxpayer and is not relevant to understanding the U.S. federal, state or local tax treatment or tax structure of the transaction to the taxpayer.
Any opinions or estimates contained in the Materials represent the judgment of Wells Fargo Securities at this time, and are subject to change without notice. Interested parties are advised to contact Wells Fargo Securities for more information.
Wells Fargo does not provide tax advice. Any tax statement herein regarding US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of a transaction or matter to which the statement relates. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
If you have any questions or concerns about the disclosures presented herein, you should make those questions or concerns known immediately to Wells Fargo Securities.
2Q21 Town of Davie, Florida June 18, 2021
Appendix D: Litigation Statement Wells Fargo Bank N.A. ("WFBNA") is a subsidiary of Wells Fargo & Company (“WFC”), a corporation organized under the laws of Delaware. As with any large diversified financial institution in the highly regulated banking and securities field, Wells Fargo receives inquiries and subpoenas from regulators and law enforcement from time to time, some of which may be confidential in nature, and is subject to civil litigation. Wells Fargo responds regularly to inquiries and investigations by governmental entities and has in the past entered into settlements of some of those investigations, including those listed below. None have resulted in any material restrictions on Wells Fargo’s ability to operate its businesses as related to the services and products addressed in our responses to this RFP. Wells Fargo Bank, NA Municipal Finance Group (“WFBNA MFG”), the party responding to this RFP, is a separately identifiable department of WFBNA and is registered with the Securities and Exchange Commission (“SEC”) as a municipal securities dealer, authorized to provide underwriting and investment banking services in connection with municipal securities. Below is a summary of (i) certain resolved regulatory matters related to WFBNA MFG and WFBNA that are related to municipal securities and (ii) certain matters relating to actions involving municipal entities. During the fourth quarter of 2011, WFBNA entered into a settlement with various regulators regarding municipal derivatives contracts. Please see the Legal Actions section of WFC’s 2011 Annual Report for additional information regarding the municipal derivatives bid practices settlement with the Office of the Comptroller of the Currency, SEC, the U.S. Internal Revenue Service, U.S. Department of Justice and a group of state Attorneys General. See press release dated December 8, 2011 at https://www.sec.gov/litigation/litreleases/2011/lr22183.htm. WFBNA has paid municipal fines in connection with a small number of houses for alleged violations of local housing ordinances, some of which are characterized as misdemeanors. During the third quarter of 2016, WFBNA entered into settlements with the City of Los Angeles, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency regarding certain sales practices. For additional information, see the press release at https://newsroom.wf.com/press-release/corporate-and-financial/wells-fargo-issues-statement-agreements- related-sales. (the “2016 Settlement”). Following the announcement of the 2016 Settlement discussed above, certain state and local governmental bodies and municipal entities have temporarily suspended or removed WFBNA MFG as underwriter from certain of such issuers’ municipal underwritings. On February 2, 2016, WFBNA MFG entered into an agreement with the SEC resulting from a self-report submitted to the SEC by WFBNA MFG pursuant to the SEC’s Municipalities Continuing Disclosure Cooperation Initiative (“MCDC”) (see https://www.sec.gov/litigation/admin/2016/33-10028.pdf). On December 26, 2018, WFC was served with a Complaint for a qui tam action pending in San Francisco County, California, which was subsequently amended to add WFBNA as a defendant. State of California, ex rel., Edelweiss Fund, LLC v. JP Morgan Chase & Co., et al., Case No. CGC-14-540777. The California qui tam action alleges Wells Fargo and other remarketing agents conspired to inflate the interest rates on certain tax-exempt bonds issued by public entities called variable rate demand obligations issued by the State of California or its political subdivisions. In July 2019, the San Francisco Superior Court dismissed the claims against a group of defendants, including WFC, due to untimely service, and the Court of Appeals upheld that dismissal in December 2020. On June 1, 2021, the Court dismissed the Relator’s, Edelweiss Fund, LLC, seventh amended complaint without leave to amend. On February 20, 2019, the City of Philadelphia filed a putative class action against WFBNA and related entities, along with six other banks and their related entities. The City of Philadelphia v. Bank of America Corporation, et al., No. 1:19-cv-01608, U.S.D.C., S.D.N.Y. The plaintiff alleges that the defendants conspired to inflate the interest rates on certain tax-exempt bonds issued by public entities called variable rate demand obligations from February 1, 2008 to June 30, 2016. On March 25, 2019, the City of Baltimore filed a similar putative class action complaint against WFBNA and related entities, along with nine other banks and related entities. Mayor and City Council of Baltimore v. Bank of America Corporation, et al., No. 1:19-cv-02667, U.S.D.C., S.D.N.Y. The City of Baltimore’s allegations are substantially similar to the allegations in the City of Philadelphia case. The Philadelphia and Baltimore cases were consolidated and an amended consolidated complaint was filed on May 31, 2019, naming WFBNA and related entities, along with seven other banks and related entities. On June 2, 2021, a substantially similar class action complaint was filed in the Southern District of New York on behalf of a putative class of California issuers of variable rate demand obligations against the same defendants. (Board of Directors of the San Diego Association of Governments v. Bank of America Corporation, et al., No. 1:21-cv-4893, U.S.D.C., S.D.N.Y.) The allegations and class period largely track those in the Philadelphia and Baltimore consolidated complaint. On or about July 26, 2019, another qui tam action was unsealed in Mercer County, New Jersey. State of New Jersey, ex rel., Edelweiss Fund, LLC v. JP Morgan Chase & Co., et al., Docket No. L. 885-15. The New Jersey qui tam action names Wells Fargo & Co. and several other financial institutions as defendants. The allegations in the New Jersey qui tam action are substantially similar to the California qui tam action.
Appendix
Town of Davie, Florida June 18, 2021
WFBNA was named as a defendant in an antitrust case filed in the U.S. District Court for the Middle District of Louisiana on October 21, 2019, by the City of Baton Rouge/East Baton Rouge Parish, Consolidated Parish Employees Retirement System and Police Guaranty Fund. No. 3:19-cv-00725. The plaintiffs allege that WFBNA and 11 other defendants colluded to keep the bid-offer spreads artificially wide in secondary market trading for Government Sponsored Enterprise bonds, including those issued by Fannie Mae, Freddie Mac, and Federal Home Loan Banks. WFC and Wells Fargo Securities, LLC (“WFSLLC”) and 23 other parties were named as defendants in a case filed in the U.S. District Court for the Eastern District of Louisiana on July 17, 2020, by the Louisiana Asset Management Pool (“LAMP”). No. 2:20-cv-1095. WFC and WFSLLC and 22 other parties were named as defendants in a case filed in the U.S. District Court for the Eastern District of Louisiana on September 21, 2020, by the City of New Orleans, the New Orleans Municipal Employees Retirement System and the New Orleans Aviation Board. No. 2:20-cv-2570. The allegations in the LAMP and City of New Orleans cases are substantially similar to the allegations in the City of Baton Rouge case. All three cases were settled and dismissed on June 9, 2021. In October 2020, WFBNA, JPMorgan Chase & Co., and Stifel, Nicolaus & Co., Inc. were sued in Michigan federal court on behalf of children who allegedly were harmed by polluted water in the City of Flint, Michigan. The plaintiffs allege that the banks violated their Constitutional rights and Michigan law by underwriting a 2014 municipal bond offering for a Michigan-based water authority with alleged knowledge that the bond offering would result in the City of Flint, Michigan transitioning to an unsafe water source. Please be further advised of the following: On February 2, 2018, WFC entered into a consent order with the Board of Governors of the Federal Reserve System, relating to governance oversight and the company’s compliance and operational risk management program. This consent order does not relate to new matters, but rather to prior issues including the 2016 sales practices matter. For additional information, see the press release at https://newsroom.wf.com/press-release/corporate-and-financial/wells-fargo-commits-satisfying-consent- order-federal. In April 2018, WFC entered into consent orders with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency that address matters relating to WFC’s compliance risk management program and issues regarding certain interest rate-lock extensions on home mortgages and collateral protection insurance placed on certain auto loans. For additional information, see the press release at https://newsroom.wf.com/press-release/corporate-and-financial/wells-fargo-enters- consent-orders-occ-and-cfpb. In August 2018, WFC announced that it entered into an agreement with the U.S. Department of Justice (DOJ) to resolve a previously disclosed investigation by the DOJ regarding claims related to certain 2005–07 residential mortgage-backed securities activities. For additional information, see the press release at https://newsroom.wf.com/press-release/consumer-lending/wells- fargo-reaches-agreement-doj-resolve-legacy-rmbs-claims. On December 4, 2018, WFC reached an agreement with the Attorney General of the State of Illinois, pursuant to which it agreed to pay $17.25 million in remediation relating to certain prior RMBS activities. On December 28, 2018, WFC entered into a settlement with all 50 state Attorneys General and the District of Columbia regarding previously disclosed retail sales practices, auto collateral protection insurance and guaranteed asset/auto protection, and mortgage interest rate lock matters. For additional information, see the press release at https://newsroom.wf.com/press- release/community-banking-and-small-business/wells-fargo-reaches-agreement-state-attorneys. On February 21, 2020, WFC entered into settlement agreements with the U.S. Department of Justice and the U.S. Securities and Exchange Commission to resolve these agencies’ investigations into Community Bank sales practices and related disclosures. For additional information, see the press release at https://newsroom.wf.com/press-release/corporate-and-financial/wells-fargo- reaches-settlements-resolve-outstanding-doj-and. WFC also reached an agreement with the Attorney General of the State of Maryland on June 15, 2020, pursuant to which it agreed to pay $20 million in remediation to resolve claims relating to certain prior RMBS activities. On January 5, 2021, the Office of the Comptroller of the Currency terminated a 2015 consent order related to WFC’s anti-money laundering compliance program. For additional information, please see the press release at newsroom.wf.com/English/news- releases/news-release-details/2021/Wells-Fargo-Announces-Termination-of-AML-Related-Consent-Order/default.aspx. Many of the actions that Wells Fargo has taken in connection with these settlements are described at https://www.wellsfargo.com/assets/pdf/commitment/progress-report.pdf To the extent any litigation or regulatory matters are required to be reported, they are disclosed in WFC’s SEC filings and are matters of public record. Copies of the (i) Legal Proceedings sections from Wells Fargo & Company recent public filings and (ii) Wells Fargo & Company’s most recent periodic reports are available via the internet link below: https://www.wellsfargo.com/invest_relations/filings Wells Fargo & Company Annual Report Link: https://www.wellsfargo.com/invest_relations/annual
Appendix
Town of Davie, Florida June 18, 2021
Appendix E: Forms
Appendix
RFP# RM-21-65
SECTION5.0 REQUIRED FORMS
SIGNATURE PAGE
A submittal shall be considered an offer on the part of the proposer. Failure to sign this form is grounds for immediate disqualification. By signing this document, you are affirming:
• That you have read and understood the terms, conditions, and information included within this solicitation.
• That all the information provided above is true and accurate.
• That the business associated with this solicitation has not been debarred, convicted of a public entity crime, and does not have a conflict of interest in any manner as described herein.
• That you have the proper authority to sign this document and the ability to bind this business entity to the terms and conditions herein.
Authorized Signatory: ______
John Generalli Print Name: ______Town of Davie, Florida Purchasing Division (954) 797-1016
ADDENDUM TO RFP DOCUMENTS
SOLICITATION RFP No. RM-21-65 Tax- Exempt Special Obligation Bonds, Series 2021 2:00 PM EST ADDENDUM No. 1 RFP DUE DATE ON 06/18/2021 TODAY’S DATE 5/28/2021
To All Proposers:
This addendum is issued to modify the previously issued solicitation documents and/or given for informational purposes and is hereby made a part of the solicitation documents. Please attach this addendum to the documents in your possession and acknowledge receipt of this addendum in the space provided.
Advertisement language has been updated as follows. (Highlighted and Underlined indicates added language. Highlighted Strikethrough indicates deleted language.):
TOWN OF DAVIE RFP NO. RM-21-65 REQUEST FOR PROPOSALS Tax- Exempt Special Obligation Bonds, Series 2021 Covenant to Budget and Appropriate (Legally available Non-Ad Valorem)
Dear Potential Respondent:
The Town of Davie, Florida invites qualified firms to submit responses in accordance with the requirements stated herein no later than 02:00PM EST on Friday, June 18, 2021, for RFP NO. RM -21-65 Tax- Exempt Special Obligation Bonds, Series 2021 Covenant to Budget and Appropriate (Legally available Non-Ad Valorem). Interested firms may secure the solicitation package and all other pertinent information by visiting http://www.davie-fl.gov/bids or at DemandStar.com.
Questions regarding this solicitation shall be submitted in writing to [email protected] no later than 5:00 PM on Thursday, June 03, 2021. Responses to those questions considered material to the solicitation will be made available as formal addenda to the Town’s Purchasing website and DemandStar.com. It is the responsibility of prospective bidders to ensure they are aware of all addenda issued relative to this solicitation.
Respondents shall submit all proposal documents electronically through www.demandstar.com. A full instructional guide on how to submit documents will be included with this solicitation. Under "Bid Amount," enter "0". All calculations and review of responses will be conducted through administrative review and a review committee meeting to be scheduled later. Only prosper names were proposer names will be read into the record. The Town will maintain documentation on its own website at www.davie-fl.gov/purchasing for general public information and posting requirements. Late submissions shall not be accepted.
RFP responses will be publicly opened and firm names read aloud in the Town Hall Council Chambers, 6591 Orange Drive, Davie, FL 33314, on the due date/time noted above.
Requirements (in relation to the COVID-19 Pandemic): • Inform guard upon entry of attendance to this meeting
Members of the public may still attend virtually by phone or online. Please see below for virtual meeting information: Meeting Information Meeting link: https://daviepurchasing.webex.com/daviepurchasing/j.php?MTID=mb457c3190599ebb508690731bb47628d Meeting number: 173 012 5814 Password: CCvM25sMmM5
More ways to join Join by video system Dial [email protected] You can also dial 173.243.2.68 and enter your meeting number. Join by phone +1-408-418-9388 United States Toll Access code: 173 012 5814
6591 Orange Drive Davie, FL 33314 954-797-1016 [email protected]
Town of Davie Town of Davie, Florida Purchasing Division (954) 797-1016
The selection of the successful respondent(s) shall be at the Town’s discretion and shall be made in a prompt manner after the receipt and evaluation of all RFP responses. The Town of Davie reserves the right to reject any and all submissions, to waive any and all irregularities in any submission, and to make awards in the best interest of the Town.
Persons with disabilities requiring accommodations in order to participate should contact the Town Clerk at 954-797-1023 at least forty- eight (48) hours prior to the meeting to request such accommodation. If you are hearing or speech impaired, please contact the Florida Relay Service by using the following numbers: 1-800-955-8770 (voice) or 1-800-955-8771 (TDD).
Brian K. O’Connor Procurement Manager Town of Davie
Pursuant to Florida Statutes 119.071, sealed bids, proposals or replies by an agency pursuant to a competitive solicitation are exempt from inspection until such time as the agency provides notice of an intended decision or until thirty (30) days after the opening of the bids, proposals, or final replies, whichever is earlier.
Pursuant to Florida Statute § 286.0105, if a person decides to appeal any decision made by this board, agency, committee, or council with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings. For such purpose he or she will need to ensure that a verbatim record of the proceeding is made, which record includes the testimony and evidence upon which the appeal is to be based.
Reviewed by: WFBNA
John Generalli
------Managing Director Procurement Coordinator Purchasing Division
06/17/2021
6591 Orange Drive Davie, FL 33314 954-797-1016 [email protected]
Town of Davie Town of Davie, Florida Purchasing Division (954) 797-1016
ADDENDUM TO RFP DOCUMENTS
SOLICITATION RFP No. RM-21-65 Tax- Exempt Special Obligation Bonds, Series 2021 2:00 PM EST ADDENDUM No. 2 RFP DUE DATE ON 06/18/2021 TODAY’S DATE 6/7/2021
To All Proposers:
This addendum is issued to modify the previously issued solicitation documents and/or given for informational purposes and is hereby made a part of the solicitation documents. Please attach this addendum to the documents in your possession and acknowledge receipt of this addendum in the space provided.
RFIs:
Q. 1: For Underwriter Services Questions under Experience subsection A, we have over 500 nationally senior managed revenue bond transactions within the listed timeframe and our internal database doesn’t track All-in-TIC. Is it sufficient to provide just our Florida senior managed revenue bond deal list since our public finance group practices in Florida?
A.1: Please provide what information is available. Note any requested “missing” information and why it is not included your response.
Q.2: Should the senior managed revenue bond deal list include just negotiated transactions or negotiated & competitive transactions?
A.2: Please provide a table breaking out the number of negotiated and competitive issues. Provide only a listing on negotiated transactions.
Reviewed by: WFBNA
John Generalli
Managing Director
------Procurement Manager 06/17/2021 Purchasing Division
6591 Orange Drive Davie, FL 33314 954-797-1016 [email protected]
Town of Davie This form is not applicable.
RFP# RM-21-65
AFFIDAVIT OF ELIGIBILITY FOR LOCAL VENDOR PREFERENCE (Davie Code of Ordinances Sec. 2-329)
**Complete the boxes below as applicable:**
1. ___ My Business is located within the Town of Davie.
Legal Name of Firm:
Taxpayer ID No.: Physical Address: SHALL NOT BE A P.O. BOX OR RESIDENCE
Phone Number:
Email Address:
Has the business name changed since it was opened in Davie? Yes___ No___
If yes, provide the previous business name:
Date your business was established in Town of Davie:
Business License Number: Date Issued:
The business employs ______(insert a number) full time employees.
2. ___ My Business is located within Broward County.
Legal Name of Firm:
Taxpayer ID No.: Physical Address: SHALL NOT BE A P.O. BOX OR RESIDENCE
Phone Number:
Email Address:
Has the business name changed since it was opened in Broward County? Yes___ No___
If yes, provide the previous business name:
Date your business was established in Broward County:
Business License Number: Date Issued:
The business employs ______(insert a number) full time employees.
____ I have attached copies of applicable Business Tax Receipt(s) (REQUIRED).
The undersigned states that the forgoing statements are true and correct. The undersigned also acknowledges that any person, firm, corporation or entity intentionally submitting false information to the Town in an attempt to qualify for local preference shall be prohibited from bidding on Town of Davie products and services for a period of one (1) year.
Authorized Signatory: ______Print Name: ______RFP# RM-21-65
CLIENT REFERENCE FORM
Provide a minimum of three (3) client references from recent similar transactions.
1) Name of Client Entity: ______Orlando Utilities______Commission Address: ______500 South Orange Avenue______City/State/Zip: ______Orlando , FL 32802 ______Contact: ______Mike Hollingsed Title: ______Treasurer Email Address: [email protected] Telephone: ______(407) 434-2171 ______Scope of Work: ______Tax-Exempt Underwriting Description of Services Provided: ______Senior Manager______on multiple transactions ______this year, totaling over $150 million in par amount
2) Name of Client Entity: ______Jacksonville Electric______Authority Address: ______21 W. Church Street City/State/Zip: ______Jacksonville, FL 32202 Contact: ______Joe Orfano ______Title: ______Treasurer Email Address: [email protected] Telephone: ______(904) 65-4541 Scope of Work: ______Tax-Exempt Underwriting______Description of Services Provided: ______Most recently mandated______as senior manager ______for a $120 million issuance of water and sewer system revenue bonds
Central Florida Expressway Authority 4974 ORL Tower Road Orlando , FL 32202 Lisa Lumbard Chief Financial Officer [email protected] (407) 690-5323 Underwriting Recently senior managed a transaction consisting of over half a billion of revenue bonds RFP# RM-21-65
REQUIRED PROPOSER/BIDDER QUESTIONNAIRE Wells Fargo Bank, NA Name of Firm: ______Municipal Finance Group Date: ______June 19, 2021
Primary Contact Person for this RFP: ______John Generalli
Primary Contact Person Email Address: [email protected] (727) 631-6711 Primary Contact Person Phone Number: ______140+ years 1. How many years has your firm been in business under its present business name?: ______
2. Under what other former name(s) has your firm operated?: ______Wells Fargo Bank, NA Municipal Finance Group is a separately identifiable department of Wells Fargo Bank, N.A. ("WFBNA"). ______WFBNA is a subsidiary of Wells Fargo & Company (“WFC”). On December 31, 2008, WFC acquired the former Wachovia Corporation and its subsidiaries, including a predecessor firm, Wachovia Bank, N.A (“WBNA”). On March 20, 2010, WBNA merged into WFBNA. 3. Have any similar agreements held by proposer for a similar project to the proposed project ever been canceled? Circle one: No Yes If yes, please explain: ______
______
______
4. Has the proposer or any principals of the firm failed to qualify as a responsible proposer, refused to enter into a contract after an award has been made, failed to complete a contract during the past five (5) years, or been declared to be in default in any contract in the last five (5) years? Circle one: No Yes
If yes, please explain: ______
______
______
5. Has the proposer or any principals of the firm ever been declared bankrupt or reorganized under Chapter 11 or put into receivership? Circle one: No Yes
If yes, please explain and give date, court jurisdiction, action taken, and any other explanation deemed necessary: ______
______
6. Litigation/Judgements/Settlements/Debarments/Suspensions – Submit information on any pending litigation and any judgements and settlements of court cases relative to providing the services requested herein that have occurred within the last three (3) years. Also indicate if your firm has been debarred or suspended from bidding or proposing on a procurement project by any government entity during the last five (5) years. __Please______refer to the litigation statement included in the appendix______
______RFP# RM-21-65
LOBBYING INTEREST FORM
Please selection one option:
______My company is not interested in lobbying either staff or elected officials on any subject associated with this solicitation.
______My company is interested in lobbying either staff or elected officials on matters associated with this solicitation.
Authorized Signatory: ______Print Name: ______John Generalli RFP# RM-21-65
SOURCE OF INFORMATION SURVEY
How did you find out about this solicitation? Check all that apply:
1. www.davie-fl.gov
2. www.demandstar.com
3. The Sun-Sentinel
5. Referral/word-of-mouth Specify Source: ______
6. Search Engine/Internet search
[email protected] 7. E-mail Specify Source: ______
8. Banner or Link on another website
9. Flyer, newsletter, direct mail Specify Source: ______
10. Other, Specify Source: ______
Please note: This survey form is used for internal Procurement purposes only. RFP# RM-21-65 Not applicable
REASON FOR “NO BID”
For firms choosing NOT to bid/propose on this opportunity, the Town appreciates your response using this form.
Please return via email to [email protected] or [email protected]:
1. Why did your firm chose not to respond to this opportunity?
Circle all that apply from below list: ____ a. We do not offer these services or equivalent. b. Insufficient time to respond to the solicitation. c. Our project schedule would not permit us to perform. d. Unable to meet requirements. e. Other: ______
2. Additional remarks:
______RFP# RM-21-65 Wells Fargo anticipates that, in lieu of this sample agreement, a Bond Purchase Agreement will be entered into in connection with the underwriting services proposed hereunder.
SAMPLE AGREEMENT ONLY
AGREEMENT No. ______BETWEEN THE TOWN OF DAVIE AND FIRM’S NAME
THIS AGREEMENT is made and entered into as of this ______day of ______, 2021 by and between Wells FargoFirm Bank, Name NA Here a corporation organized and existing under the laws of the State of ______United States, with offices at Complete Address Here (hereinafter referred to as the "Contractor"), and the Town of Davie, a political subdivision of the State of Florida, having its principal office at 6591 Orange Drive Davie, Florida 33314 (hereinafter referred to as the "Town").
WITNESSETH:
WHEREAS, the Contractor has offered to provide the materials and/or services and to be bound by the Plans and the terms and conditions of the Request for Proposals/Qualifications (“RFP”)/(“RFQ”) No. ______Complete Title Here. which includes the General Terms and Conditions of the Request for Proposals, Specifications, Bid Forms, and associated addenda attached hereto and incorporated herein as Exhibit "A", and the terms of Contractor’s Proposal attached hereto and incorporated herein as Exhibit "B"; and
WHEREAS, the Contractor has submitted a written proposal dated type their proposal date here, hereinafter referred to as the "Contractor’s Proposal", the terms of which are incorporated herein by reference as if fully set forth herein; and
WHEREAS, the Town desires to procure from the Contractor such services for the Town, in accordance with the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:
1. The Contractor agrees to provide the materials and/or services pursuant to and to be bound by the terms and conditions of the Request for Proposals, which includes General Terms and Conditions, Specifications, Bid Forms, and associated addenda and the terms of which are incorporated herein by reference as if fully set forth herein and attached hereto as Exhibit "A", and the Contractor's Proposal attached hereto and incorporated herein as Exhibit "B".
2. The Town agrees to abide by and to be bound by the terms and conditions of the Request for Proposals, which includes General Terms and Conditions, Specifications, Bid Forms, and associated addenda attached hereto and incorporated herein as Exhibit "A", and by the terms of Contractor's Proposal attached hereto and incorporated herein as Exhibit "B".
3. Contractor shall deliver materials and/or provide services in accordance with the terms and conditions of the Request for Proposals, Bid Forms and addenda attached hereto and incorporated herein as Exhibit "A" and with the terms of Contractor's Proposal attached hereto and incorporated herein as Exhibit "B". RFP# RM-21-65
4. The Town agrees to make payment in accordance with the terms and conditions of the Request for Proposals, Bid Forms and addenda attached hereto and incorporated herein as Exhibit “A” and with the terms of Contractor's Proposal attached hereto and incorporated herein as Exhibit “B”.
5. This Agreement and attachments hereto constitute the entire agreement between the parties hereto, and its provisions shall not be amended, except in writing, after formal approval by both parties.
6. This Agreement will commence as provided for in Agreement No. ______unless Contractor is otherwise notified by the Town [or enter specific initial term and renewal terms here]. Any extension to this Agreement shall be in writing. The Town Administrator is authorized to extend or terminate this Agreement on behalf of the Town.
7. In addition to any other contractual indemnification provisions in Exhibit “A” or Exhibit “B” in favor of the Town, Contractor hereby agrees to indemnify and hold the Town harmless from any and all claims, suits, actions, damages, causes of action, and attorney’s fees, arising from any personal injury, loss of life, or damage to person or property sustained by reason of or as a result of the products or materials used or supplied in the performance of this Agreement. If selected, Wells Fargo is willing to discuss indemnification and allocation of responsibility between the parties. Generally, Wells Fargo is open to discussing its responsibility for claims or expenses arising directly from the grossly negligent acts or willful misconduct of Wells Fargo or its principals, employees or agents (as determined in a final judgment by a competent court of law) related to the underwriting or services provided pursuant to a request for proposal executed with the Town of Davie. Any such allocation of responsibility, mutually agreed upon by the parties, shall be as set forth in the final agreement governing the services to be provided pursuant to such Request for Proposal.” IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on this______day of ______, 2021.
SAMPLE AGREEMENT ONLY TOWN OF DAVIE
VENDOR REGISTRATION FORM VENDOR INFORMATION
Is this a form being filled out as a new application or an update to an existing application? New Application Updating Application Vendor Name: (Business Name Registered With The State OR Full Name If An Individual) Wells Fargo Bank
Mailing Address: 100 South Ashley Drive, Suite 820 Tampa, FL 33602
Remit to Address (If Different from Mailing Address):
Contact Name: John Generalli Telephone: Federal Tax ID Number: (727) 631-6711 94-1347393 Fax Number: Company Email Address: (813) 225-4450 [email protected] Business Website (If Applicable):
Emergency Contact Information Please enter information the Town can use to contact you for disaster or emergency services below Name Contact Information
John Generalli (727) 631-6711 [email protected]
Maria Yienger (646) 592-0843 [email protected]
Eric Knorr (203) 253-0179 [email protected] Have you been awarded any government contracts recently or in the past? If yes, please list the contract #’s, the agency, the service provided , and if it is still active. No
Products & Services
In the space provided below please indicate any product or services that your firm provides Underwriting Services Ownership Disclosure
1. If the contract or business transaction is with a company, the full legal name and business address shall be provided for each officer and director and each stockholder who directly or indirectly holds five percent (5%) or more of the corporation’s stock. If the contract or business transaction is with a trust, the full name and address shall be provided for each trustee and each beneficiary. All such names and address are as follows (Post Office addresses are not acceptable):
Full Legal Name Address Ownership % Principal Owner of WFBNA: WFC Holdings, LLC, a wholly owned subsidiary of Wells Fargo & Company.
Wells Fargo & Company 420 Montgomery Street San Francisco, CA 94104
2. The full legal names and business addresses of any other individual (other than subcontractors, materialmen, suppliers, laborers, and lenders) who have, or will have, any legal, equitable, or beneficial interest in the contract or business transaction with the Town are as follows (Post Office addresses are not acceptable):
Full Legal Name Address National Banking Association 3. The officers of the Corporation are as follows:
Name Address President: Vice President:
Secretary: Treasurer: Registered Agent:
For purposes of this question, the Firm is identifying the following officers as those officers who direct the daily operations of the Firm
Charlie Scharf, CEO of Wells Fargo Bank, NA
Martin Bingham, Managing Director, Head of Municipal Finance Group
Charles Peck, Managing Director, Head of US Public Finance Investment Banking - Municipal Finance Group TOWN OF DAVIE CERTIFICATION PURSUANT TO FLORIDA STATUTE § 287.135
Wells Fargo Bank, NA Municipal Finance Group ______does not: Company Name
1. Participate in a boycott of Israel; and
2. Is not on the Scrutinized Companies that Boycott Israel list; and
3. Is not on the Scrutinized Companies with Activities in Sudan List; and
4. Is not on the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List; and
5. Has not engaged in business operations in Cuba or Syria.
Affirm: TOWN OF DAVIE CERTIFICATION REGARDING DEBARMENT
Certification Regarding Debarment, Suspension And Other Responsibility Matters TO BE COMPLETED BY PROSPECTIVE VENDOR A. The prospective Vendor certifies that it and its principals (subcontractors and suppliers):
1. Are not presently debarred, suspended, proposed for debarment, declared ineligible, or involuntarily excluded by any Federal, State, County, City or Town or other government agency;
2. Have not within a three (3) year period preceding this bid proposal been convicted of or had a civil judgment entered against it for commission of fraud or a criminal offense in connection with obtaining, attempting to obtain, or performing a public (Federal, State, City or Town of other local agency) transaction or contract; violation of Federal or State antitrust statutes or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements, or receiving stolen property;
3. Are not presently indicted for or otherwise criminally or civilly charged by a government entity (Federal, State or local) within commission of any of the offenses enumerated in paragraph (A)(2) of this certification; and
4. Have not within a three (3) year period preceding this bid proposal had one or more public contracts (Federal, State, City or Town or other agency) terminated for cause or default.
B. Where the prospective Vendor is unable to certify to any of the statements in this certification, an authorized signatory to this proposal shall complete, sign and attach a detailed explanation. Except as set forth below, WFBNA MFG, a separately identifiable department of WFBNA, has not been terminated from any engagement or contract for the Affirm: provision of municipal securities underwriting services. During the third quarter of 2016, WFBNA entered into settlement agreements with the City of Los Angeles, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency regarding certain sales practices ("2016 Settlement"). WFC entered into a consent order with the Board of Governors of the Federal Reserve System on February 2, 2018, relating to our governance oversight, and compliance and operational risk management program, which relates to prior issues including the 2016 Settlement, and such consent order placed certain limitations on WFC’s growth, as described therein. Following the announcement of the 2016 Settlement discussed above, certain state and local governmental bodies and municipal entities temporarily suspended or removed WFBNA MFG as underwriter from certain of such issuers’ municipal underwritings. Notwithstanding the fact that municipal securities underwriting services provided by WFBNA MFG are unrelated to the settlement agreements, certain of these actions include the temporary removal of WFBNA MFG as a municipal securities underwriter for municipal securities offerings of such municipal entities. These decisions are a result of the referenced settlement. Vendor or Contractor Conflict of Interest Disclosure Statement
What Defines A Conflict Of Interest According To The Town:
A. An officer, director, employee, agent, or other consultant of the Town or a member of the immediate family or household of the aforesaid has directly or indirectly received or been promised any form of benefit, payment or compensation, whether tangible or intangible, in connection with a grant of the Agreement with the Town or its Departments.
B. There are undisclosed persons or entities interested with the Contractor in the Agreement. The Agreement is entered into by the Contractor with a connection with another entity or person making a proposal for the same purpose, and possibly with collusion, fraud or conflict of interest. Elected or appointed officer(s) or official(s), director(s), employee(s), agent(s) or other consultant(s) of the Town, or of the State of Florida (including elected and appointed members of the legislative and executive branches of government), or member of the immediate family or household of any of the aforesaid: 1.) Is interested on behalf of or through the Contractor directly or indirectly in any manner whatsoever in the execution or the performance of the Agreement, or in the services, supplies or work, to which the Agreement relates or in any portion of the revenues; or 2.) Is an employee, agent, advisor, or consultant to the Contractor or to the best of the Contractor’s knowledge, any subcontractor or supplier to the Contractor.
DISCLOSURE OF CONFLICT OF INTEREST
VENDOR SHALL DISCLOSE BELOW, TO THE BEST OF HIS OR HER KNOWLEDGE, ANY TOWN OF DAVIE OFFICER OR EMPLOYEE, OR ANY RELATIVE OF ANY SUCH OFFICER OR EMPLOYEE AS DEFINED ABOVE AND IN SECTION 112.3135, FLORIDA STATUTES, WHO IS AN OFFICER, PARTNER, DIRECTOR OR PROPRIETOR OF, OR HAS A MATERIAL INTEREST IN THE VENDOR’S BUSINESS OR ITS PARENT COMPANY, ANY SUBSIDIARY, OR AFFILIATED COMPANY, WHETHER SUCH TOWN OFFICIAL OR EMPLOYEE IS IN A POSITION TO INFLUENCE THIS PROCUREMENT OR NOT.
For the purposes of this response, "family members" is defined as spouse or domestic partner or as any of the following, whether by blood or adoption: parent, child, brother or sister, aunt or uncle, niece or nephew, grandparent, grandchild, father-in-law or mother-in-law, son-in-law or daughter-in-law, brother- in-law or sister-in-law, stepfather or stepmother, stepson or stepdaughter, stepbrother or stepsister, or half-brother or half-sister. Please indicate below if there is a Conflict Of Interest. (Please select one option)
YES NO If you indicated yes above please list the names and relationships of those who you believe would lead to a conflict of interest in the space provided below
Name: Relationship:
By signing this document you are affirming that you have read and understood the terms, conditions, and information above. That all the information provided above is true and accurate. That the business associated with this application has not been debarred and does not have a conflict of interest in any manner as described above. That you have the proper authority to sign this document.
John Generalli, Managing Director Name & Title, Typed or Printed
June 19, 2021 Authorized Signature Date Wells Fargo & Company Risk & Insurance Management 550 S 4th Street MAC N9310-061 Minneapolis, MN 55415
DIRECT QUESTIONS/COMMENTS REGARDING THIS EVIDENCE OF INSURANCE TO YOUR WELLS FARGO CONTACT. Date: 06/17/2021
EVIDENCE OF CASUALTY INSURANCE COVERAGE
Insured: Insurance Company: Wells Fargo & Company and Its Subsidiaries including Old Republic Insurance Company Wells Fargo Bank, N.A
This form certifies that the insurance policy described below has been issued to Wells Fargo & Company and its Subsidiaries.
Coverage Covered Location(s) Limits of Liability Policy Period Policy Number Commercial General Liability Omnibus Additional Insured $10,000,000 Each 04/01/2020 - 04/01/2025 MWZY 315337 Including premises operations, endorsement extends coverage Occurrence occurrence form; blanket contractual to any person or organization $10,000,000 Aggregate liability; host liquor liability coverage for whom Wells Fargo & $10,000,000 Personal & Company or its Subsidaries Adv. Injury have agreed under contract $10,000,000 Products and or agreement to provide Completed insurance. In no event shall the Operations insurance provided hereunder exceed the scope of coverage required by contract or agreement
Automobile Liability Covers all owned, non-owned $10,000,000 Each 04/01/2020 - 04/01/2025 MWTB 315336 and hired automobiles Occurrence Combined Single Limit
Workers' Compensation and Provides workers' Statutory - WC 04/01/2020 - 04/01/2025 MWC-302638-20 Employers' Liability compensation coverage for $1,000,000 - EL Each employees in all states - Accident except statutory workers' $1,000,000 - EL Disease compensation provided either Each through a Monopolistic State Employee Fund or Self-Insurance in the following states: Ohio, North Dakota, Washington and Wyoming or by the Wells Fargo Injury Benefit Plan in Texas.
Evidence of Insurance Issued To: Wells Fargo & Company Town of Davie Risk & Insurance Management
6591 Orange Drive Building B – Purchasing Jill M. Combs Davie, FL 33314 Head of Risk & Insurance Management
The information provided in the Evidence of Insurance document is basic in nature and should not be viewed as a definitive position to any coverage issue, claim or loss scenario. In the event of a claim or loss, the actual policy terms shall apply. Wells Fargo & Company Risk & Insurance Management 550 S 4th Street MAC N9310-061 Minneapolis, MN 55415
DIRECT QUESTIONS/COMMENTS REGARDING THIS EVIDENCE OF INSURANCE TO YOUR WELLS FARGO CONTACT. Date: 06/17/2021
EVIDENCE OF PROPERTY INSURANCE COVERAGE Insured: Insurance Company: Wells Fargo & Company and Its Subsidiaries including Superior Guaranty Insurance Company (domiciled in Vermont) Wells Fargo Bank, N.A Reinsured by: Interstate Fire & Casualty Company (Alternus) (A+ XV); ACE American Insurance Company (A++ XV); Allied World Assurance Company, Ltd. (A XV); Endurance Assurance Corporation (A+ XV); Lloyd's of London (A XV); Liberty Mutual Insurance Company (A XV); Markel Bermuda Limited (A XIV); Munich Reinsurance America, Inc. (A + XV); Berkshire Hathaway Specialty Insurance Company (A++ XV); Starr Surplus Lines Insurance Company (A XV).
A.M. Best Rating for Reinsurers listed above are as of the effective date of the program shown.
This form certifies that the insurance policy described below has been issued to Wells Fargo & Company and its Subsidiaries.
Coverage Covered Location(s) Limits of Liability Policy Period Policy Number Property ... Any location or business $100,000,000 - 4/30/2021 - 4/30/2022 404-1PRCI-23 "All Risk" of physical loss or personal property owned, Except as sublimited damage to real and personal rented, or leased by Wells under the policy property including property under Fargo & Company or its construction, business interruption, Subsidiaries. extra expense, rental value, royalties, inland transit, flood, Additional Interest shall be accounts receivable, leasehold extended subject to 1) policy interest, earthquake, named terms and conditions; and 2) windstorm, terrorism, and boiler & the existence of an authorized, machinery on a replacement cost written contractual agreement basis with no coinsurance. All requiring a Wells Fargo entity coverage is subject to policy to provide such coverage conditions and exclusions.
Evidence of Insurance Issued To: Wells Fargo & Company Risk & Insurance Management Town of Davie
6591 Orange Drive Building B – Purchasing Jill M. Combs Davie, FL 33314 Head of Risk & Insurance Management
The information provided in the Evidence of Property Insurance document is basic in nature and should not be viewed as a definitive position to any coverage issue, claim or loss scenario. In the event of a claim or loss, the actual policy terms shall apply. Wells Fargo & Company Risk & Insurance Management 550 S 4th Street MAC N9310-061 Minneapolis, MN 55415
DIRECT QUESTIONS/COMMENTS REGARDING THIS EVIDENCE OF INSURANCE TO YOUR WELLS FARGO CONTACT. Date: 06/17/2021 EVIDENCE OF PROFESSIONAL (Errors & Omissions) LIABILITY COVERAGE
Insured: Insurance Company: Wells Fargo & Company and Its Subsidiaries including Old Republic Wells Fargo Bank, N.A
This form certifies that the insurance policy described below has been issued to Wells Fargo & Company and its Subsidiaries.
Coverage Coverage Details Limits of Liability Policy Period Policy Number
Professional Liability Provides Wells Fargo & Company $100,000,000 Per Occurrence 10/1/2020 - 10/1/2022 MWZY 315838 and its Subsidiaries with and Aggregate coverage for claims arising out of an Employee's error or omission that occurs in performing professional services for others.
Evidence of Insurance Issued To: Wells Fargo & Company Risk & Insurance Management Town of Davie
6591 Orange Drive Building B – Purchasing Jill M. Combs Davie, FL 33314 Head of Risk & Insurance Management
The information provided in the Evidence of Insurance document is basic in nature and should not be viewed as a definitive position to any coverage issue, claim or loss scenario. In the event of a claim or loss, the actual policy terms shall apply. CERTIFICATE OF CORPORATE EXISTENCE AND FIDUCIARY POWERS
I, Blake Paulson, Acting Comptroller of the Currency, do hereby certify that:
1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of all records pertaining to the chartering, regulation, and supervision of all national banking associations.
2. “Wells Fargo Bank, National Association,” Sioux Falls, South Dakota (Charter No. 1), is a national banking association formed under the laws of the United States and is authorized thereunder to transact the business of banking and exercise fiduciary powers on the date of this certificate.
IN TESTIMONY WHEREOF, today, April 2, 2021, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of the Treasury, in the City of Washington, District of Columbia.
______Acting Comptroller of the Currency
2021-00574-C
Detail by Entity Name
Designation of Agent
WELLS FARGO BANK, N.A.
Filing Information
Document Number Q95000000097 FEI/EIN Number 941347393 Date Filed 07/25/1995 State OC Status ACTIVE
Principal Address 420 MONTGOMERY ST. SAN FRANCISCO, CA 94163
Mailing Address
420 MONTGOMERY ST. This is not a change of address SAN FRANCISCO, CA 94163 submitted for information purposes only
Registered Agent Name & Address
CORPORATION SERVICE COMPANY 1201 HAYS STREET TALLAHASSEE, FL 32301-2525
Name Changed: 09/07/2000
Address Changed: 09/07/2000
Officer/Director Detail
NONE
Annual Reports
No Annual Reports Filed
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Copyright© and Privacy Policies State of Florida, Department of State
Request for Taxpayer Give Form to the Form W-9 requester. Do not (Rev. October 2018) Identification Number and Certification Department of the Treasury send to the IRS. Internal Revenue Service ► Go to www.irs.gov/FormW9for instructions and the latest information. 1 Name (as shown on your income tax return). Name is requiredon this line; do not leave this line blank. WELLS FARGO BANK, N.A. 2 Business name/disregardedentity name, if differentfrom above
C") 3 Check appropriate box for federal tax classification of the person whose name is entered on line 1. Checkonly one of the 4 Exemptions (codes apply only to following seven boxes. certainentities, not individuals; see 0.. instructions on page 3): C: Partnership Trust/estate 0 □ Individual/sole proprietor or 0 C Corporation D S Corporation D D ·"' single-member LLC Exempt payee code (if any) 5 8. 5 �:g □ Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=Partnership)► 0...... ::s Note: Check the appropriate box in the line above forthe tax classification of the single-member owner. Do not check Exemption from FATCA reporting LLC if the LLC is classified as a single-member LLC that is disregardedfrom the owner unless the owner of the LLC is code (if any) E,J another LLC that is not disregardedfrom the ownerfor U.S. federaltax purposes. Otherwise, a single-member LLC that :e0.--- i(,) is disregarded from the owner should checkthe appropriate box for the tax classification of its owner. ·c::; □ Other (seeinstructions) ► (Applies to accountsmaintained outside the U.S.) en 5 Address (number, street, and apt. or suite no.) See instructions. Requester's name and address (optional) (1) (1) 550 S 4TH STREET (MAC N9310-076) 6 City, state, and ZIP code MINNEAPOLIS, MN 55415 7 List account number(s) here (optionaQ lilD Taxpayer Identification Number (TIN) Enter you TIN in the appro ri te box. I Social security number � _ _ � � :h� TIN provided must_ match t�e name given on line 1 to avoid I backup withholding. For md1v1duals, this Is generally your social secunty number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for PartI, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, DJJor -[I] -I I I I I later. Note: If the account is in more than one name, see the instructions for line 1. Also see What Name and Number To Give the Requester for guidelines on whose number to enter. -1347393 Certification Under penalties of perjury, I certifythat: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and 2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to reportall interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and 3. I am a U.S. citizen or other U.S. person (defined below); and 4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions.You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgageinterest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part 11, later.
Sign Signature of Here U.S. person► Date► 2 January 2021 General Instructions • Form 1099-DIV (dividends, including those from stocks or mutual funds) Section references are to the Internal Revenue Code unless otherwise • Form 1099-MISC (various types of income, prizes, awards, or gross noted. proceeds) Future developments. For the latest information about developments • Form 1099-B (stock or mutual fund sales and certain other related to Form W-9 and its instructions, such as legislation enacted transactions by brokers) after they were published, go to www.irs.gov/FormW9. • Form 1099-S (proceeds from real estate transactions) Purpose of Form • Form 1099-K (merchant card and third party network transactions) An individual or entity (Form W-9 requester) who is required to file an • Form 1098 (home mortgage interest), 1098-E (student loan interest), information return with the IRS must obtain your correct taxpayer 1098-T (tuition) identification number (flN) which may be your social security number • Form 1 099-C (canceled debt) (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number • Form 1099-A (acquisition or abandonment of secured property) (EIN), to report on an information return the amount paid to you, or other Use Form W-9 only if you are a U.S. person (including a resident amount reportable on an information return. Examples of information alien), to provide your correct TIN. returns include, but are not limited to, the following. Ifyou do not return Form W-9 to the requester with a TIN, you might • Form 1099-INT (interest earned or paid) be subject to backup withholding. See What is backup withholding, later.
Cat. No. 10231X Form W-9 (Rev. 10-2018) Town of Davie, Florida June 18, 2021
Appendix F: Proposed Changes to Terms & Conditions After review of the Town of Davie’s RFP, Wells Fargo proposes the following revisions to the Town’s Terms and Conditions. The proposed changes and additions are detailed below.
1.21 Agreement – An agreement shall be sent to the awarded bidder to be signed, witnessed, and returned to the Town for execution, when applicable. The Town will provide a copy of the fully executed agreement to the awarded bidder. Comment: Wells Fargo anticipates that a Bond Purchase Agreement will be executed in connection with the underwriting services proposed hereunder
1.28 Patents and Copyrights – It shall be understood and agreed that by the submission of a proposal, the bidder, if awarded a contract, shall save harmless and fully indemnify and defend the Town and any of its officers or agents from any and all damages that may, at any time, be imposed or claimed for infringement of any patent right, trademark, or copyright, of any person or persons, association, or corporation, as the result of the use of such articles by the Town, or any of its officers, agents, or employees, and of which articles the contractor is not the patentee, assignee, licensee, or owner, or lawfully entitled to sell same. Comment: If selected, Wells Fargo is willing to discuss indemnification and allocation of responsibility between the parties. Generally, Wells Fargo is open to discussing its responsibility for claims or expenses arising directly from the grossly negligent acts or willful misconduct of Wells Fargo or its principals, employees or agents (as determined in a final judgment by a competent court of law) related to the underwriting or services provided pursuant to a request for proposal executed with Town of Davie. Any such allocation of responsibility, mutually agreed upon by the parties, shall be as set forth in the final agreement governing the services to be provided pursuant to such Request for Proposal.
1.30.2 Contractor Compliance with Public Records Law – Upon request from the Town Clerk, provide the Town of Davie with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in the applicable Florida Statutes. Addition: Limited to regular business hours in a reasonable and practicable manner. In no event will the foregoing be interpreted or construed to constitute Contractor's consent, commitment or agreement to provide the Town of Davie or any of its regulators or any governmental entity with access or audit rights with respect to (1) WFS's facilities, systems, networks or equipment; or (2) any technology documentation, test or scan results, or any other artifact relating to WFS’s security practices
1.34 Indemnification and Hold Harmless Agreement – The contractor shall indemnify, defend and hold harmless the Town of Davie, its officers, employees, volunteers, agents, boards, elected and appointed officials, instrumentalities and the Davie Community Redevelopment Agency from and against any and all liability, losses or damages, including but not limited to attorney’s fees and costs, incurred as a result of claims, demands, suits, Causes of Actions or proceedings of any kind or nature arising out of, relating to or resulting from the performance of the agreement by the contractor or its employees, agents, servants, partners, principals or subcontractors. The awarded bidder shall pay all claims and losses in connection with this agreement, and shall investigate and defend all claims, suits, or actions of any kind or nature in the name of the Town or the Community Redevelopment Agency, where applicable, including appellate proceedings, and shall pay all costs, judgments, and attorney’s fees which may be incurred thereon. The contractor expressly understands and agrees that any insurance protection required by this contract or otherwise provided by the contractor shall in no way limit the responsibility to indemnify, defend, keep and save harmless and defend the Town, the Community Redevelopment Agency, or its officers, employees, agents, and instrumentalities as herein provided. The above indemnification provisions shall survive the expiration or termination of this contract. Notwithstanding anything set forth in the Contract to the contrary, nothing in this Contract shall be deemed as a waiver of immunity or limits of liability of the Town beyond any statutory limited waiver of immunity or limits of liability which may have been or may be adopted by the Florida Legislature and the cap on the amount and liability of the Town for damages, regardless of the number or nature of claims in tort, equity, or Contract, shall not exceed the dollar amount set by the legislature for tort. Nothing in this Contract shall inure to the benefit of any third party for the purpose of allowing any claim against the Town, which claim would otherwise be barred under the doctrine of sovereign immunity or by operation of law. Alternative Language: If selected, Wells Fargo is willing to discuss indemnification and allocation of responsibility between the parties. Generally, Wells Fargo is open to discussing its responsibility for claims or expenses arising directly from the grossly negligent acts or willful misconduct of Wells Fargo or its principals, employees or agents (as determined in a final judgment by a competent court of law) related to the underwriting or services provided pursuant to a request for proposal executed with Town of Davie. Any such allocation of responsibility, mutually agreed upon by the parties, shall be as set forth in the final agreement governing the services to be provided pursuant to such Request for Proposal.
1.37 Interpretation of the Approximate Quantities – The bidder's attention is called to the fact that the estimate of quantities to be furnished under the specifications is approximate only and not guaranteed. The Town does not assume any responsibility that the final quantities shall remain in strict accordance with the estimated quantities, nor shall the Bidder plead misunderstanding or deception because of such estimate of quantities. Appendix
Town of Davie, Florida June 18, 2021
Exception: Not applicable to services in proposal.
1.38 Quantities – The Town specifically reserves the right to accept all or any part of the bid, to split the award, to increase or decrease the quantity to meet additional or reduced requirements of the Town, without such change affecting the contract unit price set forth in the proposal form by the bidder. Exception: Not applicable to services in proposal.
1.39 Delivery, Inspection & Title – Prices quoted and deliveries are to be FOB Destination and unloaded, unless otherwise specified in the Invitation for Bids, and made during regular business hours. Inspection and acceptance will be destination unless otherwise provided. Title to/or risk of loss or damage to all items shall be the responsibility of the successful bidder until acceptance by the Town unless loss or damage results from negligence by the Town. If the materials or services supplied to the Town are found to be defective or to not conform to specifications, the Town reserves the right to cancel the order upon written notice to the contractor and return product at bidder’s expense. Exception: Not applicable to services in proposal.
1.40 Warranty – Unless otherwise specified, all items proposed by the bidder shall include a warranty covering services, parts and/or labor for a specified period of time. The bidder shall submit information on both manufacturer and dealer warranties, including proposed term of warranty coverage, where applicable, with the bid proposal. All goods furnished shall be fully guaranteed by the successful Bidder against factory defects and workmanship. At no expense to the Town, the successful Bidder shall correct any and all apparent and latent defects that may occur within the manufacturer’s standard warranty. The Special Conditions of the Bid solicitation may supersede the manufacturer’s standard warranty. Exception: Not applicable to services in proposal.
1.41 Claims – Successful bidder(s) will be responsible for making any and all claims against carriers for missing or damaged items. Exception: Not applicable to services in proposal.
1.44 Safety Data Sheet (SDS) – Under the terms of the Florida Right-to-Know Law (Chapter 442, Florida Statutes), all suppliers of products deemed to be toxic in substance, as indicated in the State of Florida Substance List, are required to submit a Safety Data Sheet (SDS) for each substance as a condition of the award of the bid by the Town. Exception: Not applicable to services in proposal.
1.45 Condition of Materials and Packaging – All equipment, materials, supplies, and components supplied under this bid must be new and unused, free from defects, and shall be the latest manufacturer’s models unless otherwise specified. No others will be accepted under the terms and intent of this bid. All containers shall be new and suitable for storage or shipment, and bid price shall include standard commercial packaging. Any exceptions to this provision shall be detailed on the proposal page under exceptions to specifications. Exception: Not applicable to services in proposal.
1.46 Samples – Samples, when required, must be submitted within the time specified at no expense to the Town. If not destroyed or used up during testing, samples will be returned upon request at the bidder's expense. Each individual sample must be labeled with bidder's name and manufacturer's brand name and number. Exception: Not applicable to services in proposal.
1.51 Purchasing Agreements with Other Government Agencies – It is hereby made part of this solicitation that the submission of any bid response to this advertised request constitutes a bid made under the same terms and conditions, for the same price, to other government agencies if agreeable by the bidder and the government agency. At the option of the vendor/contractor, the use of the contract resulting from this solicitation may be extended to other governmental agencies, including the State of Florida, its agencies, political subdivisions, counties, and cities. Each governmental agency allowed by the vendor/contractor to use this contract shall do so independently of any other governmental entity. Each agency shall be responsible for its own purchases and shall be liable only for goods or services ordered, received, and accepted. No agency receives any liability by virtue of this bid and subsequent contract award. Exception: Not applicable to services in proposal.
1.52 Access to Records – The Town reserves the right to require the Contractor to submit to an audit. The Contractor shall provide access to all of its records which relate directly or indirectly to the Agreement at its place of business during regular business hours. The Contractor shall retain all records pertaining to the Agreement, as specified in Florida Statute Chapter 119 and section 1.30 of this agreement, and upon request make them available to the Town following expiration of the Agreement. The Contractor agrees to provide such assistance as may be necessary to facilitate the review or audit by the Town to ensure compliance with applicable accounting and financial standards at no cost to the Town.
Appendix
Town of Davie, Florida June 18, 2021
Addition: Limited to regular business hours in a reasonable and practicable manner. In no event will the foregoing be interpreted or construed to constitute Contractor's consent, commitment or agreement to provide the [issuer/borrower] or any of its regulators or any governmental entity with access or audit rights with respect to (1) WFS's facilities, systems, networks or equipment; or (2) any technology documentation, test or scan results, or any other artifact relating to WFS’s security practices.
1.56.C. Order of Precedence – The Contractor’s Proposal Addition: Notwithstanding the foregoing, a Bond Purchase Agreement shall govern to the extent of any conflict with this Agreement and any addenda and attachments.
1.60 Guarantee – The Contractor shall be responsible for technically deficient designs, reports, or studies due to its errors and omissions, and shall promptly correct or replace all such deficient work due to its errors and omissions without cost to Town upon the request of the Town for five years after the date of acceptance of the project by the Town, which are judged to have been in error by a court of competent jurisdiction. Contractor shall also be responsible for the cost of correcting deficient construction which was built from technically deficient designs, where applicable. Payment in full by the Town for work performed does not constitute a waiver of this guarantee. Exception: Not applicable to services in proposal.
1.61.B. Manner of Performance – The Contractor agrees to defend, hold harmless and indemnify the Town and shall be liable and responsible for any and all claims, suits, actions, damages and costs (including attorney's fees and court costs) made against the Town, occurring on account of, arising from or in connection with the removal and replacement of any Contractor’s personnel performing services hereunder at the behest of the Town. Removal and replacement of any Contractor’s personnel as used in this Article shall not require the termination and or demotion of such Contractor’s personnel. Alternative Language: If selected, Wells Fargo is willing to discuss indemnification and allocation of responsibility between the parties. Generally, Wells Fargo is open to discussing its responsibility for claims or expenses arising directly from the grossly negligent acts or willful misconduct of Wells Fargo or its principals, employees or agents (as determined in a final judgment by a competent court of law) related to the underwriting or services provided pursuant to a request for proposal executed with Town of Davie. Any such allocation of responsibility, mutually agreed upon by the parties, shall be as set forth in the final agreement governing the services to be provided pursuant to such Request for Proposal.
1.63.C. Authority of the Town’s Project Manager – In those situations where the Agreement imposes an indemnity or defense obligation on the Contractor, the Town may, at its expense, elect to participate in the defense if the Town should so choose. Furthermore, the Town may at its own expense defend or settle any such claims if the Contractor fails to diligently defend such claims, and thereafter Contractor agrees to pay the Town’s costs, attorney’s fees and/or any resulting judgment or settlement from the Contractor. Alternative Language: If selected, Wells Fargo is willing to discuss indemnification and allocation of responsibility between the parties. Generally, Wells Fargo is open to discussing its responsibility for claims or expenses arising directly from the grossly negligent acts or willful misconduct of Wells Fargo or its principals, employees or agents (as determined in a final judgment by a competent court of law) related to the underwriting or services provided pursuant to a request for proposal executed with Town of Davie. Any such allocation of responsibility, mutually agreed upon by the parties, shall be as set forth in the final agreement governing the services to be provided pursuant to such Request for Proposal.
1.66 Audits – The Town, or its duly authorized representatives or governmental agencies shall, until the expiration of three (3) years after the expiration of the Agreement and any extension thereof, have access to and the right to examine and reproduce any of the Contractor's books, documents, papers and records and those of its subcontractors and suppliers which apply to all matters of the Town as needed. Such records shall conform to Generally Accepted Accounting Principles requirements, as applicable, and shall only address those transactions related to the Agreement. The Contractor agrees to grant access to the Town’s Auditor to all financial and performance related records, property, and equipment purchased in whole or in part with government funds. The Contractor agrees to maintain an accounting system that provides accounting records that are supported with adequate documentation, and adequate procedures for determining the allow ability and allocability of costs. Additional Language: Limited to regular business hours in a reasonable and practicable manner. In no event will the foregoing be interpreted or construed to constitute Contractor's consent, commitment or agreement to provide the [issuer/borrower] or any of its regulators or any governmental entity with access or audit rights with respect to (1) WFS's facilities, systems, networks or equipment; or (2) any technology documentation, test or scan results, or any other artifact relating to WFS’s security practices.
1.72 Event of Default – The Contractor has failed to make prompt payment to subcontractors or suppliers for any Services; The Contractor has Become insolvent (other than As interdicted by the bankruptcy laws), or has assigned the proceeds received for the benefit of the Contractor's creditors, or the Contractor has taken advantage of any insolvency statute or debtor/creditor law or if the Contractor's affairs have been put in the hands of a receiver. Comment: Such an event of default may require QFC Stay Rule requirements. Appendix
Town of Davie, Florida June 18, 2021
1.74 Patent and Copyright Indemnification - Contractor warrants that all Deliverables furnished hereunder, including but not limited to: services, equipment programs, documentation, software, analyses, applications, methods, ways, processes, and the like, do not infringe upon or violate any patent, copyrights, service marks, trade secret, or any other third party proprietary rights. The Contractor shall be liable and responsible for any and all claims made against the Town or the CRA for infringement of patents, copyrights, service marks, trade secrets or any other third party proprietary rights, by the use or supplying of any programs, documentation, software, analyses, applications, methods, ways, processes, and the like, in the course of performance or completion of, or in any way connected with, the Work, or the Town's or the CRA's continued use of the Deliverables furnished hereunder. Accordingly, the Contractor at its own expense, including the payment of attorney's fees, shall indemnify, defend, and hold harmless the Town and the CRA and defend any action brought against the Town with respect to any claim, demand, and cause of action, debt, or liability. In the event any Deliverable or anything provided to the Town or the CRA hereunder, or a portion thereof is held to constitute an infringement and its use is or may be enjoined, the Contractor shall have the obligation, at the Town's or CRA's option, to (i) modify, or require that the applicable subcontractor or supplier modify, the alleged infringing item(s) at the Contractor’s expense, without impairing in any respect the functionality or performance of the item(s), or (ii) procure for the Town or the CRA, at the Contractor's expense, the rights provided under the Agreement to use the item(s). The Contractor shall be solely responsible for determining and informing the Town and/or the CRA whether a prospective supplier or subcontractor is a party to any litigation involving patent or copyright infringement, service mark, trademark, violation, or proprietary rights claims or is subject to any injunction which may prohibit it from providing any Deliverable hereunder. The Contractor shall enter into agreements with all suppliers and subcontractors at the Contractor's own risk. The Town or the CRA may reject any Deliverable that it believes to be the subject of any such litigation or injunction, or if, in the Town's judgment, use thereof would delay the Work or be unlawful. The Contractor shall not infringe any copyright, trademark, service mark, trade secrets, patent rights, or other intellectual property rights in the performance of the Work. Alternative Language: If selected, Wells Fargo is willing to discuss indemnification and allocation of responsibility between the parties. Generally, Wells Fargo is open to discussing its responsibility for claims or expenses arising directly from the grossly negligent acts or willful misconduct of Wells Fargo or its principals, employees or agents (as determined in a final judgment by a competent court of law) related to the underwriting or services provided pursuant to a request for proposal executed with the Town of Davie. Any such allocation of responsibility, mutually agreed upon by the parties, shall be as set forth in the final agreement governing the services to be provided pursuant to such Request for Proposal.
1.75 Proprietary Information – During the term of the contract, the Contractor will not use directly or indirectly for itself or for others, or publish or disclose to any third party, or remove from the Town's property, or the CRA's property, any computer programs, data compilations, or other software which the Town has developed, has used or is using, is holding for use, or which are otherwise in the possession of the Town (hereinafter “Computer Software”). The Contractor acknowledges and agrees that all third-party license agreements must also be honored by the contractors and their employees, except as authorized by the Town or the CRA and, if the Computer Software has been leased or purchased by the Town or the CRA, all third party license agreements must also be honored by the contractors’ employees with the approval of the lessor or Contractors thereof. This includes mainframe, minis, telecommunications, personal computers and any and all information technology software. Additional Language: From the Contractor or on its behalf (the "Deal Team") (for avoidance of doubt, this shall not include members of the Contractor's and its affiliates respective senior and executive management finance, risk, legal and compliance personnel customarily involved in the approval of participation in such transaction.
1.76 Proprietary Rights – The Contractor hereby acknowledges and agrees that the Town and the CRA retains all rights, title and interests in and to all materials, data, documentation and copies thereof furnished by the Town and the CRA to the Contractor hereunder or furnished by the Contractor to the Town and/or created by the Contractor for delivery to the Town, even if unfinished or in process, as a result of the Services the Contractor performs in connection with the Agreement, including all copyright and other proprietary rights therein, which the Contractor as well as its employees, agents, subcontractors and suppliers may use only in connection with the performance of Services under the Agreement. The Contractor shall not, without the prior written consent of the Town, use such documentation on any other project in which the Contractor or its employees, agents, subcontractors or suppliers are or may become engaged. Submission or distribution by the Contractor to meet official regulatory requirements or for other purposes in connection with the performance of Services under the Agreement shall not be construed as publication in derogation of the Town's copyrights or other proprietary rights.
B. All rights, title and interest in and to certain inventions, ideas, designs and methods, specifications and other documentation related thereto developed by the Contractor and its subcontractors specifically for the Town, hereinafter referred to as "Developed Works" are works for hire and are the property of the Town. Appendix
Town of Davie, Florida June 18, 2021
C. Accordingly, neither the Contractor nor its employees, agents, subcontractors or suppliers shall have any proprietary interest in such Developed Works. The Developed Works may not be utilized, reproduced or distributed by or on behalf of the Contractor, or any employee, agent, subcontractor or supplier thereof, without the prior written consent of the Town, except as required for the Contractor's performance hereunder. Except as otherwise provided in subsections a, b, and c above, or elsewhere herein, the Contractor and its subcontractors and suppliers hereunder shall retain all proprietary rights in and to all licensed software provided hereunder, that have not been customized to satisfy the performance criteria set forth in the Scope of Services. Notwithstanding the foregoing, the Contractor hereby grants, and shall require that its subcontractors and suppliers grant, if the Town or the CRA so desire, a perpetual, irrevocable and unrestricted right and license to use, duplicate, disclose and/or permit any other person(s) or entity(ies) to use all such licensed software and the associated specifications, technical data and other documentation for the operations of the Town, the CRA or entities controlling, controlled by, under common control with, or affiliated with the Town, or the CRA, or organizations which may hereafter be formed by or become affiliated with the Town or the CRA. Such license specifically includes, but is not limited to, the right of the Town or the CRA to use and/or disclose, in whole or in part, the technical documentation and licensed software, including any source code provided hereunder, to any person or entity outside the Town for such person's or entity's use in furnishing any and/or all of the Deliverables provided hereunder exclusively for the Town, the CRA, or entities controlling, controlled by, under common control with, or affiliated with the Town, the CRA, or organizations which may hereafter be formed by or become affiliated with the Town or the CRA. No such licensed software, specifications, data, documentation or related information shall be deemed to have been given in confidence and any statement or legend to the contrary shall be void and of no effect.
Exception: Not applicable to services in proposal.
1.86 Asbestos Statement – All material supplied must be 100% asbestos free. Bidder, by virtue of bidding, certifies that if awarded any portion of the project he will supply only material or equipment that is 100% asbestos free.
Exception: Not applicable to services in proposal.
1.98 Solid Waste Construction and Demolition Debris Collection and Disposal Requirements for Bidding Jobs in the Town of Davie – The Town of Davie has an exclusive solid waste franchise agreement with Waste Management, Inc. of Florida for the collection and disposal of all solid waste including construction and demolition (C & D) debris as defined within Florida Statutes Chapter 403. All applicants for bids to perform construction work for the Town of Davie or the CRA shall be subject to the requirements found in the Town’s exclusive solid waste franchise agreement and must contract with Waste Management for the collection and disposal of all construction and demolition debris generated at such construction job sites. For the current applicable rates and fees for Waste Management dumpsters, roll-off containers, and other related solid waste service equipment needs, please contact Kay Hurley, Waste Management Construction Services Account Manager at (954) 439- 4067 or [email protected] . For further information related to bid specifications related to solid waste franchise requirements, please contact Brian O’Connor, Procurement Manager, at (954) 797-1016 or [email protected] . For solid waste franchise enforcement questions, please contact the Town of Davie Program Division’s representative at (954) 797-1045 or Danny Stallone, Code Compliance Official at (954) 693-8237. PLEASE BE ADVISED THAT THE FAILURE OF ANY BIDDER FOR A CONSTRUCTION PROJECT FOR THE TOWN OF DAVIE, INCLUDING AND NOT LIMITED TO GENERAL CONTRACTORS AND DEVELOPERS, TO ADHERE TO THE REQUIREMENTS OF THE TOWN OF DAVIE’S EXCLUSIVE SOLID WASTE FRANCHISE AGREEMENT SHALL RESULT IN A NOTICE OF VIOLATION, CITATION OR SIMILAR CODE ENFORCEMENT ACTION BEING TAKEN AGAINST THE BIDDER. ENFORCEMENT ACTION MAY INCLUDE DENIAL OR REVOCATION OF A BID APPLICATION AND ITS APPROVAL. THE ENFORCEMENT ACTION WILL RESULT IN FINES AND LIENS UP TO $15,000/DAY FOR IRREPARABLE VIOLATIONS, UP TO $1,000/DAY FOR FIRST VIOLATIONS, UP TO $5,000/DAY FOR REPEAT VIOLATIONS PLUS APPLICABLE COST RECOVERY AND ATTORNEY FEES. Exception: Not applicable to services requested in proposal
Appendix