Placement: Consent Agenda
Action Requested: Motion / Vote
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Approval of Two Contracts Related to Bonds: (1) Bond Counsel with Nabors, Giblin & Nickerson, P.A. and (2) Bond Disclosure with Bryant Miller Olive P.A.
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Submitted By: Max Previlon, CPPB / Procurement Contracting Officer III.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Max Previlon, CPPB / PMD.
2. Parties: City of Port St. Lucie and Nabors, Giblin & Nickerson, P.A. (bond counsel); City of Port St. Lucie and Bryant Miller Olive P.A. (bond disclosure).
3. Purpose: The role of Bond Counsel is to provide a legal opinion confirming the city’s bond issuance is valid, properly authorized, and compliant with tax and securities laws. In addition, Bond Disclosure ensures that all investor-facing documents in a bond offering are accurate, complete, and legally compliant with securities laws.
4. New/Renewal/Modified: New.
5. Duration: Each Contract is for five (5) years (January 18, 2026-January 17, 2031) with an option to renew for an additional five-year period.
6. Benefits to Port St. Lucie: Ensures the legal validity and tax compliance of a bond issuance by providing a formal opinion that instills confidence in investors. Additionally, bond counsel offers expert legal guidance throughout the financing process and beyond, helping the City navigate complex regulations and maintain long-term compliance.
7. Cost to Port St. Lucie (Annual and Potential): The Bond Counsel Contract is estimated at $125,000 per year or $625,000 over 5 years. Bond Disclosure Contract is estimated at $100,000 per year or $500,000 over 5 years. Future expenditures will be appropriated in each fiscal year budget.
Presentation Information: N/A.
Staff Recommendation: Move that the Council approve, per City Code of Ordinances, Section 35.08(a)(1) (incorporating exemptions provided under section 287.057, Florida Statutes) and section 287.057(3)(e)4. (exempting legal services, including attorneys, from competitive solicitation), Contract #20250212 for Bond Counsel and Contract #20250219 Bond Disclosure.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve to Contracts #20250212 and #20250219.
2. Move that the Council not approve to Contracts #20250212 and #20250219 and provide staff with direction.
Background: These Contracts will put in place specialized legal roles to ensure that City bond issuances comply with federal, state, and local laws, particularly regarding tax-exempt status and disclosure requirements.
Issues/Analysis: Both Nabors, Giblin & Nickerson, P.A. and Bryant Miler Olive P.A. have deep institutional knowledge of the City's financial history and legal framework, ensuring continuity and reducing risk. Additionally, they both have a proven expertise for bond issuance and disclosures involving complex or specialized legal issues with over 40 years of experience.
Financial Information: N/A.
Special Consideration: These two contracts were awarded pursuant to City Code of Ordinances, Section 35.08(a)(1) (incorporating exemptions provided under section 287.057, Florida Statutes) and section 287.057(3)(e)4., which exempts legal services from competitive solicitation requirements.
Location of Project: N/A
Attachments:
1. Contract #20250212 - Bond Counsel.
2. Nabors, Giblin & Nickerson, P.A. - Engagement Letter.
3. Contract #20250219 - Bond Disclosure.
5. Bryant Miller Olive P.A. - Engagement Letter.
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: 25338-01 & 25337-19
Legal Sufficiency Review:
Reviewed by Alyssa Lunin, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.