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Pension Debt Refinancing Update and Underwriter Selection <br />May 18, 2021 <br />Page 4 <br />4. Issue bonds immediately thereafter. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Underwriters receive their compensation from the proceeds of the bond sales. The City <br />cannot sell any bonds until the Court issues its final Judgment and the City Council <br />approves the preliminary official statement. <br />EXHIBIT(S) <br />1. Request for Proposal (RFP) # 21-025 — Underwriting Services for Pension <br />Refinancing Bonds <br />2. Response to RFP # 21-025 — Bank of America Securities, Inc. <br />3. Response to RFP # 21-025 — Stifel Financial Corp. <br />4. Response to RFP # 21-025 — Ramirez & Co., Inc. <br />Submitted By: Kathryn Downs, FMSA Executive Director <br />Approved By: Kristine Ridge, City Manager <br />