Summary
The PICA Board convened on August 26, 2019, to deliberate on bond refunding, reviewing financial advisor recommendations for selecting underwriters and bond counsel. The Board initially postponed a vote on Resolution 2020-04 to allow further review, reconvening on September 6 and September 9 to finalize selections. After extensive discussion, the Board appointed RBC as the senior underwriter with Siebert as co-manager, and later approved PNC as an additional co-manager. Ahmad Zaffarese and Saul Ewing were selected as bond counsel, with legal fees capped at $65,000. The meeting concluded with debates on ensuring cost efficiency in bond issuance and the Board’s commitment to fiscal responsibility​.