To: Board of Supervisors
From: Monica Nino, County Administrator
Report Title: Independent Registered Municipal Advisor (IRMA) Contract - KNN Public Finance LLC
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract extension with KNN Public Finance LLC, for Independent Registered Municipal Financial Advisor services extending the termination date from June 30, 2026, to June 30, 2028, with no change to the payment limit of $350,000.
FISCAL IMPACT:
Up to $350,000. The cost of municipal advisory services for bond issuances is covered as a cost of issuing the bonds. The County essentially borrows the additional funds necessary to compensate all consultants assisting with a specific bond issuance - known as "cost of issuance" fees.
The contract also provides for advisory services outside of the bond issuance process, for services such as the County's Annual Debt Report and other projects that come up from time to time. Fees for general advisory services such as this are charged at a pre-negotiated, hourly rate and are generally paid from the County Administrator's budget within the General Fund.
BACKGROUND:
On May 28, 2021, the County issued a Request for Proposals (RFP) for Independent Registered Municipal Advisor (IRMA) services. After review by the Debt Affordability Advisory Committee (DAAC), KNN Public Finance LLC was recommended to the County Administrator for consideration of a contract award to provide municipal advisory services to the County.
On September 7, 2021, the Board of Supervisors approved an initial three-year contract with KNN Public Finance LLC for the period September 8, 2021, through June 30, 2024. Since that time, KNN Public Finance LLC has provided excellent services to the County. Subsequently, the Board of Supervisors authorized an extension through June 30, 2026, as KNN had been meeting performance expectati...
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