HomeMy WebLinkAboutMINUTES - 09132011 - C.73RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract
with Tamalpais Advisors, Inc., in an amount not to exceed $275,000 for financial advisory
services for the period of July 1, 2011 through June 30, 2014.
FISCAL IMPACT:
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:
On May 2, 2011, the County issued a Request for Proposals (RFP) for financial advisory
services. After review by committee and firm interviews, Tamalpais Advisors, Inc. was
selected.
Tamalpais Advisors, Inc. is a small, woman-owned business whose staff
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 09/13/2011 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Lisa Driscoll,
925-335-1023
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: September 13, 2011
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C. 73
To:Board of Supervisors
From:David Twa, County Administrator
Date:September 13, 2011
Contra
Costa
County
Subject:Financial Advisor Contract
BACKGROUND: (CONT'D)
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.
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.
CONSEQUENCE OF NEGATIVE ACTION:
The County would not have the necessary expertise on the issuance and sale of bonds.
CHILDREN'S IMPACT STATEMENT:
None.