HomeMy WebLinkAboutMINUTES - 06152010 - C.42RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract
extension with Lofton & Jennings to extend the contract term from June 30, 2010 to June
30, 2011 for bond disclosure counsel services.
FISCAL IMPACT:
There is no change to the Contract Payment Limit of $155,000. The cost of bond disclosure
services is covered in the cost of issuance included in each bond issue. Fees are negotiated
for each borrowing transaction based upon the size and complexity of the transaction.
BACKGROUND:
In May of 2008, the County issued a Request for Proposals (RFP) for Bond Disclosure
Counsel and Lofton & Jennings was selected to serve in this role. The RFP stated that the
contract term would be for two years with the option of a third. The County wishes to
exercise the option of a third year which requires this contract extension.
The County anticipates issuing bonds during this time period.
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 06/15/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
Contact: Danielle
Fokkema, 925-335-1039
I hereby certify that this is a true and correct copy of an action taken and entered
on the minutes of the Board of Supervisors on the date shown.
ATTESTED: June 15, 2010
David J. Twa, County Administrator and Clerk of the Board of
Supervisors
By: , Deputy
cc:
C.42
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 15, 2010
Contra
Costa
County
Subject:Bond Disclosure Counsel Contract Extension
BACKGROUND: (CONT'D)
It is important to retain a firm with Lofton & Jennings’s particular skills to ensure that the
County is in the best possible position for bond issues and related legal issues.
Lofton & Jennings has provided excellent disclosure services to the County for the past nine
years in the issuance of and sale of the County’s periodic lease revenue bond and pension
obligation bond issues. The staff assigned is extremely familiar with the County and are
able to prepare the required legal and other documents related to these issues with a
minimum of time. They are also familiar with the County’s outstanding bonds and have
proven to be an invaluable resource to staff responsible for the ongoing management of the
County’s debt.