HomeMy WebLinkAboutMINUTES - 09202011 - C.36RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract
with Orrick, Herrington & Sutcliffe LLP in an amount not to exceed $500,000 for tax and
bond counsel services for the period of July 1, 2011 through June 30, 2014.
FISCAL IMPACT:
The cost of tax and bond counsel 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 tax and bond counsel
services . After review by committee and firm interviews, Orrick, Herrington & Sutcliffe
LLP was selected.
Orrick, Herrington & Sutcliffe LLP has worked with the County for over two decades in the
issuance and sale of the County’s annual tax and revenue anticipation notes, periodic lease
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 09/20/2011 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, County
Finance Director (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 20, 2011
David Twa, County Administrator and Clerk of the Board of
Supervisors
By: June McHuen, Deputy
cc:
C.36
To:Board of Supervisors
From:David Twa, County Administrator
Date:September 20, 2011
Contra
Costa
County
Subject:Tax and Bond Counsel Contract
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 efficiently and effectively. 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 Orrick, Herrington & Sutcliffe LLP 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 is in the best possible position for both bond
issues and staying updated on advantageous market trends and related legal issues.
BACKGROUND: (CONT'D)
Orrick, Herrington & Sutcliffe regularly performs legal services for both public and private entities.
As a result, the County acknowledges that an actual or potential conflict of interest may exist in
connection with Orrick, Herrington & Sutcliffe’s representation of the County, The County agrees
to waives any such conflict.
CONSEQUENCE OF NEGATIVE ACTION:
The County would not have the necessary legal representation on the issuance and sale of
bonds.
CHILDREN'S IMPACT STATEMENT:
None.