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Council engages Stifel Nicolaus to underwrite refinancing of 2015 tax revenue bonds
Summary
Herriman approved an underwriter engagement agreement with Stifel Nicolaus for a negotiated sale to refinance the 2015A/B sales and franchise tax revenue bonds, following a competitive process and procurement tie-breaking guidance.
Herriman — The Herriman City Council authorized staff to engage Stifel Nicolaus as underwriter for a negotiated sale to refinance the city’s 2015A and B sales and franchise tax revenue bonds.
Staff explained that market volatility makes a negotiated sale preferable this cycle; a formal bid process produced a tie between KeyBank and Stifel Nicolaus. Under the city’s purchasing policy the lower vendor in a tie is selected; staff recommended Stifel Nicolaus and cited prior positive experience working with the firm. Council approved the engagement by motion.
Motion and outcome: A motion to approve the underwriter engagement agreement with Stifel Nicolaus and Company was made and seconded; roll-call votes were taken and the motion carried.
Why it matters: Engaging an underwriter initiates the process to refinance outstanding bonds, which can affect long-term debt service costs and the city’s fiscal plan.
Quote: "Due to market volatility we elected a negotiated sale and selected Stifel per our purchasing policy," staff said.
Next steps: Staff will proceed with the negotiated sale process and return with financing details.
