To: Board of Supervisors
From: Monica Nino, County Administrator
Report Title: TAX AND BOND COUNSEL CONTRACT - STRADLING YOCCA CARLSON & RAUTH
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract amendment with Stradling Yocca Carlson & Rauth for tax and bond counsel services extending the termination date from June 30, 2026 to June 30, 2028 and increasing the payment limit by $100,000, from $250,000 to $350,000.
FISCAL IMPACT:
The cost of tax and bond counsel services is covered in the cost of issuance included in each bond issue. Fees are to be capped at a maximum dollar amount (for both tax and bond counsel services) based on the type of bond issuance (e.g. lease revenue bond, tax revenue anticipation notes, etc.). This allows the County to plan for costs of issuance related to its future bond transactions. In addition to bond transactions bond and tax counsel may assist with regulatory matters or provide general consultation on an hourly basis. Those costs are paid by the County department seeking such consultation, which is typically within the County Administrator's Office or the Department of Conservation and Development (DCD).
BACKGROUND:
On May 21, 2021, the County issued a Request for Proposals (RFP) for tax, bond and disclosure counsel services. After review by Debt Affordability Advisory Committee (DAAC) and firm interviews, Stradling Yocca Carlson & Rauth was recommended to the County Administrator for consideration of a contract award to provide bond and tax counsel services to the County through June 30, 2024. Subsequently, the contract was extended through June 30, 2026.
In addition to assistance with bonds, the services of Stradling Yocca Carson & Rauth are needed on an occasional basis to prepare presentations to rating agencies and complete other ad hoc projects in support of County business. It is important ...
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