HomeMy WebLinkAboutMINUTES - 06152010 - C.45RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract
extension with Tamalpais Advisors, Inc. to extend the contract term from June 30, 2010 to
June 30, 2011 for financial advisory services.
FISCAL IMPACT:
There is no change to the Contract Payment Limit of $275,000. The cost of financial
advisory 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. Other special bond related projects are billed on an hourly basis and charged to
occupants of the property for which the bond was issued.
BACKGROUND:
In May of 2008, the County issued a Request for Proposals (RFP) for financial advisory
services and Tamalpais Advisors, Inc. 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.
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.45
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 15, 2010
Contra
Costa
County
Subject:Financial Advisor Contract Extension
BACKGROUND: (CONT'D)
The County anticipates issuing bonds during this time period. In addition to assistance with
bonds, the services of Tamalpais Advisors Inc. are needed on an occasional basis to prepare
presentations to rating agencies. It is important to retain a firm with these particular skills to
ensure that the County stays updated on advantageous market trends and to assist in the
evaluation of financing ideas that are presented to staff by underwriters from time to time.
Tamalpais Advisors, Inc. is a small, woman-owned business whose staff has worked with
the County for over a decade in the issuance and sale of the County’s annual tax and
revenue anticipation notes, periodic lease revenue bond issues and its pension obligation
bonds. The staff assigned is extremely familiar with the County and is able to prepare the
required legal and rating agency documents related to these issues with a minimum of time
and cost. 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.