HomeMy WebLinkAboutMINUTES - 09141993 - 1.127 TO: BOARD OF SUPERVISORS yF L Contra
FROM: Phil Batchelor, County Administrator '`" Costa
County
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DATE: rs'a C U.
September 14, 1993
SUBJECT: Contract Amendment for Prager, McCarthy & Sealy
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
Recommendations :
Approve and authorize the County Administrator to execute a contract amendment
to the contract with Prager, McCarthy & Sealy for financial advisory services
for the County Tax and Revenue Anticipation Program,Series B issue.
Background:
The Board, on March 30, 1993 directed the County Administrator to proceed with
the steps necessary to complete the annual cash flow borrowing program,
including use of . Prager, McCarthy & Sealy as financial advisors . The
authorization included issuance of a Series A and if possible or necessary, a
Series B. The fee proposal for the financial advisors only covered the Series
A issue. The Series B issue was subsequently completed and costs of $15,841 .54
have been incurred. The financial advisory fee is $10,000 and the remaining
$5, 841 . 54 is for costs of issuance advanced by Prager for ratings and other
costs .
The original authorization was for a Series A and B but it was considered very
unlikely to issue the Series B since the County has done so on only one other
occasion. As a result no provisions were made to cover Series B consulting and
cost of issuance fees in the original contracts. Approval of the amendment
allows for payment of charges incurred for the County in the successful issue
of Tax and Revenue Anticipation Notes in the amount of $15, 000,000 for Series
B. The costs will be more than covered by excess interest earnings from
investing the funds until needed for cash flow requirements .
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON SEP 14 199- APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
yy' I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
ATTESTED SEP 14 1993
Contact: PHIL BATCHELOR.CLERK OF THE BOARD OF
CC: Auditor-Controller SUPERVISORS AND COUNTY ADMINISTRATOR
Treasurer-Tax Collector
BY DEPUTY