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RFP Template with Updated Disclaimer for December Responses

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RFP Template with Updated Disclaimer for December Responses T OWN OF DAVIE, FLORIDA Town of Davie, Florida Davie, of Town RESPONSE TO REQUEST FOR PROPOSALS TAX-EXEMPT SPECIAL OBLIGATION BONDS, SERIES 2021 COVENANT TO BUDGET AND APPROPRIATE (LEGALLY AVAILABLE NON-AD VALOREM) RFP NO. RM-21-65 DUE DATE: JUNE 18, 2021 @ 2:00 PM Raymond James & Associates, Inc. 807 W. Morse Boulevard, Suite 200 Winter Park, FL 32789 CLIENT COMPANY June 18, 2021 Brian K. O’ Connor, C.P.M. Procurement Manager Town of Davie – Procurement Division 6591 Orange Drive Davie, FL 33314 Dear Mr. O’ Connor: On behalf of Raymond James & Associates, Inc. (“Raymond James” or the “Firm”), we are pleased to submit our response to the Town of Davie’s (the “Town”) Request for Proposals for Underwriter Services (“RFP”) to serve as an underwriter for the Town’s proposed Tax-Exempt Special Obligation Bonds, Series 2021, Covenant to Budget and Appropriate (Legally available Non-Ad Valorem). Raymond James proposes to provide the Town with the public finance expertise, distribution capabilities and capital strength of a national firm and the market knowledge and agility of a regional firm. Raymond James fully understands the requirements set forth in the Town’s RFP and we believe that the following points not only summarize our capabilities, but also provide a solid foundation and justification for our selection by the Town as Senior Manager for its upcoming transactions. UNMATCHED FLORIDA PRESENCE AND LOCAL COMMITMENT: This is our home, not a place where we come to do deals. Raymond James is proud to be the only major financial services firm founded and headquartered in Florida. The Firm currently maintains 469 offices in Florida – including our global headquarters in St. Petersburg, Florida. Our 1,109 Florida retail advisors manage over 360,000 client accounts for Floridians totaling approximately $104.1 billion. Raymond James has proven its local commitment in that we have 13 retail offices (Coconut Creek (2), Coral Springs (2), Fort Lauderdale (4), Hollywood, Pompano Beach, and Weston (3)) with 69 advisors in Broward County, which maintain 15,399 accounts with assets under management of approximately $5.1 billion. Raymond James has the ability to not only reach local retail investors through our established retail network, but also to utilize our strong community presence and deep local knowledge to ensure retail investors are fully educated on the Town’s financings. EXTENSIVE FLORIDA AND RELEVANT PUBLIC FINANCE EXPERIENCE: Since 2018, Raymond James has underwritten 95 Florida negotiated bond issues totaling approximately $8.7 billion. Raymond James has senior managed 38 issues totaling approximately $2.4 billion in Florida over this same time period, in addition to executing billions in municipal trading volume from our St. Petersburg headquarters annually. Our role as senior manager for issuers throughout Florida, including Broward County, Miami-Dade County, Town of Golden Beach, City of Miami Beach, Sarasota County, City of Port St. Lucie, City of Sarasota, City of Bradenton, City of Venice, City of Fort Myers, City of Palm Bay, City of Lake Worth Beach, Manatee County and Charlotte County, to name a few, demonstrates our ability to develop customized financing plans and underwrite a variety of municipal financings and structures throughout Florida. DEDICATED, EXPERIENCE AND LOCAL PERSONNEL: The team of professionals assigned to the Town has extensive public finance experience serving issuers in Florida. The financing team’s skill in developing innovative financing structures, marketing programs, rating and insurer presentations and overall deal management is the product of this experience. Raymond James’ financing team for the Town will be led by Mr. Jon Eichelberger who has 31 years of municipal experience with Florida local governments and is located in our Winter Park office and Mr. Rick Patterson who has 34 years of experience and is located in our St. Petersburg office. Raymond James’ team approach allows us to provide superior service and complementary skills to each financing, ensuring that the Town has constant access to experienced senior banking, underwriting and technical professionals. COMPREHENSIVE DISTRIBUTION NETWORK: Raymond James develops a customized marketing plan for each distinct financing revolving around our ability to directly access all tiers of possible investors on a local, statewide, and national basis. Our marketing strategy is supported by Raymond James' national fixed income distribution network with retail and institutional sales offices throughout the U.S. that serve over 3.5 million customer accounts. With over 3,200 branch offices and nearly 8,300 financial advisors, we have one of the largest retail distribution networks in the country by number of locations and registered representatives. Our municipal institutional sales and trading force is among the largest in the nation, and these professionals have well established relationships with all the major institutional investors and bond funds. In addition, they cover many smaller and regional investors often overlooked by other firms. Access to these second and third tier investors is a competitive advantage of our Firm that will allow us to maximize the distribution and pricing efficiency of the Town’s bond issues. FINANCIAL STABILITY AND SERVICE FIRST CULTURE: Unlike many firms that have suffered instability, Raymond James, because of our conservative nature and service first culture, has continued to prosper even in turbulent markets. Raymond James reported record annual net revenue of $7.99 billion for the fiscal year ended 2020. Our dedication to always putting clients first allowed us to finish the fiscal year with our 133nd consecutive quarter of profitability. This corporate culture combined with our strong capital position gives us maximum flexibility to aggressively price bonds and support the Town in volatile markets. With over 6,400 employees and a 2020 payroll of $962 million in Florida, serving issuers in the State like the Town is important to us and we assure you that by selecting Raymond James, you will receive the highest level of professional service and performance. Raymond James represents the only firm that offers the combination of the highest level of direct and comparable financing experience, extensive local, statewide and national retail distribution capabilities and demonstrated commitment to and support of the Town, our Florida clients and the local region. Please do not hesitate to contact us if you have any questions about our proposal or credentials. All signed forms can be found at the end of this proposal. Respectfully submitted, RAYMOND JAMES & ASSOCIATES, INC. Jon Eichelberger Rick Patterson Frank Leto Managing Director, Public Finance Managing Director, Public Finance Vice President, Public Finance 807 W. Morse Boulevard, Suite 200 880 Carillon Parkway 880 Carillon Parkway Winter Park, FL 32789 St. Petersburg, Florida 33716 St. Petersburg, Florida 33716 407-644-3173 (Direct) 727-567-1191 (Direct) 727-567-2260 (Direct) [email protected] [email protected] [email protected] CLIENT COMPANY TABLE OF CONTENTS Page Cover Letter 1. Firm Introduction ............................................................................................................................. 1 2. Experience ....................................................................................................................................... 4 3. Underwriting Capabilities ................................................................................................................ 8 4. Plan of Finance............................................................................................................................... 12 5. Additional Information .................................................................................................................. 15 Appendix A: Resumes Town of Davie, Florida Davie, of Town Appendix B: National Negotiated Senior Managed Revenue Bond Transactions Appendix C: Financing Schedules 1. Firm Introduction General Information. Raymond James Financial, Inc. (“RJF”), founded 59 years ago in 1962, is a diversified holding company that provides financial services to individuals, corporations and municipalities through its subsidiary companies. The Firm is proud to be the only major financial services firm founded and headquartered in Florida, with our global headquarters in St. Petersburg. Since its modest beginnings, Raymond James has grown into one of the largest financial services firms in the United States, achieving its ranking as a Fortune 500 company in July 2016. A public company since 1983, the Firm is listed on the New York Stock Exchange under the symbol “RJF”, with a current market capitalization of approximately $17.7 billion, making it the most valuable publicly traded company in the Tampa Bay area, and was added to the S&P 500 Index in 2017. The Firm currently has over 20,100 employees worldwide, including 6,423 in Florida. The Firm achieved record annual net revenues of $7.99 billion for fiscal year 2020. Because of our conservative business practices, Raymond James remained profitable throughout the economic downturn and is proud to report 133 consecutive quarters of profitability dating back to 1987. In 2020, Raymond James was named to the FORTUNE 500 list for the fifth year in a row. The firm currently manages approximately $1.09 trillion in client assets. The subsidiaries of Raymond James include Raymond James & Associates,
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