Impact
WARD: Citywide
COMMITTEE:
$ IMPACT:
Title
Authorize Resolution 2014-14 the Execution of a Non-Binding Letter of Intent and/or Financial Advisor Agreements from Time to Time with Raymond James & Associates, Inc
Body
ISSUE: The City of Smyrna (the "City") and the Downtown Smyrna Development Authority (the "Authority") have for many years enjoyed a robust flow of the widest scope of information and ideas both from and with its Investment Bankers, Gordon Mortin and Tom Owens.
New rules and regulations, effective July 1, 2014, promulgated by the United States Securities and Exchange Commission ("SEC") pursuant to the 2010 Dodd-Frank Act of the United States Congress (the "Rule") have the potential to fundamentally alter and adversely impact the way public finance bankers may interact with the City and the Authority by limiting the exchange of information and ideas between underwriters of municipal debt and issuers of such debt, and potentially precluding an underwriter from underwriting (either on a negotiated or competitive sale basis) or privately placing certain municipal debt of such issuer under certain facts and circumstances.
BACKGROUND:
RECOMMENDATION/REQUESTED ACTION: City Attorney