HomeMy WebLinkAboutMinutes_Selection Review_12/18/2020MINUTES
SELECTION COMMITTEE MEETING
VILLAGE OF TEQUESTA, FL
DECEMBER 18, 2020 10:00 AM EMERGENCY OPERATIONS CENTER
CALL TO ORDER AND ROLL CALL
The meeting was called to order by Village Clerk Lori McWilliams at 10:05 a.m. A roll call was
taken by Clerk McWilliams.
Present from the committee were:
Finance Director Hugh Dunkley, Assistant Finance Director Tatiana Racanati, and Utilities
Director Matt Hammond.
Tiffany Thomas, Inspector General Evaluator and Matt Stansbury of Hilltop Securities and
Financial Advisor to the Village were also present for the meeting.
COMMUNICATIONS FROM CITIZENS
There were no comments from citizens.
AGENDA ITEMS
1. Review Submitted Capital Improvement Revenue Note, Series 2021
Mr. Dunkley stated CenterSate Bank excluded documents from the RFP and should be
eliminated from the conversation. It was discussed that if documents were missing and
they were asked for, then they should be excluded. The meeting was opened for
questions.
Ms. Racanati declared the summary very helpful and she had no further comments.
Mr. Hammond stated that all proposals were very close and the difference was the weight
of cost, flexibility and prepayment provisions. Mr. Dunkley explained the low interest rate
environment and because of that interest rates would only increase. He did not see the
village exercising a prepayment provision. Mr. Stansbury also agreed and stated with low
rates there was not much opportunity for refinancing.
Mr. Hammond questioned the Sterling Bank proposals expiration date of December 22,
2020. Mr. Dunkley also noted that and clarified he had spoken with the village attorney
and that he was reaching out to the top ranked proposer to receive extension. Clerk
McWilliams also noted extension dates would need to be given in writing.
Mr. Hammond also asked for clarification on Professional Banks legal wording as it
pertained to jury trials. Mr. Dunkley stated that the legal issues would be reviewed by
attorneys.
Mr. Hammond questioned BB&T Banks security requirements and Mr. Dunkley
responded it was budgeted and appropriated as necessary.
Mr. Dunkley commented that they received three strong proposals. He declared council
was looking for a 20 year maturity and Sterling best meets the requirements. He wanted
to confirm Sterling would wave escrow provisions since they were not a qualified public
depository in the State of Florida. Mr. Stansbury thought that was a possibility. Mr.
Hammond asked if the $91,000 difference was worth it and Mr. Dunkley responded that
the top ranked bank would have to exclude provisions or the second ranked bank would
be selected.
The committee agreed they were ready to rank proposals.
2. Evaluation and Ranking of Capital Improvement Revenue Note, Series 2021
Clerk McWilliams informed the committee to strike out CenterSate Bank and rank the
remaining proposers, sign and turn in.
Mr. Dunkley, Mr. Hammond and Ms. Racanati turned in their completed forms.
Clerk McWilliams announced the individual results: Mr. Hammond and Mr. Dunkley
ranked Sterling Bank as number one, BB&T as number two and Professional Bank as
number three. Ms. Racanati ranked BB&T as number one, Sterling Bank as number two
and Professional Bank as number three.
Clerk McWilliams read the final results, Sterling Bank was number one, BBT was
number two and Professional Bank was number three.
MOTION: Finance Director Dunkley, Finance Director made a motion to recommend the
RFP to the top ranked proposer with the condition to extend the December 22, 2020 date
for acceptance to Jan 21, 2021 and the additional condition to exclude the escrow
requirement since Sterling Bank is not a qualified depository in the State of Florida.
Utilities Director Hammond, Utilities Director seconded the motion. Carried unanimously
3-0.
ADJOURNMENT
The meeting was adjourned at 10:38am.
MOTION: Utilities Director Hammond, Utilities Director made a motion to adjourn the meeting
Finance Director Dunkley, Finance Director seconded the motion. Carried unanimously 3-0.