HomeMy WebLinkAboutMINUTES - 06172014 - C.74RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee to execute a contract amendment with Orrick,
Herrington & Sutcliffe LLP, effective June 29, 2014, extend the contract term from June 30, 2014 through June 30,
2016, with no change in the contract payment limit of $500,000.
FISCAL IMPACT:
The cost of 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 is 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
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 06/17/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, 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: June 17, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Chris Heck, Deputy
cc: Robert Campbell, Auditor-Controller
C. 74
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 17, 2014
Contra
Costa
County
Subject:Tax and Bond Counsel Contract Extension
BACKGROUND: (CONT'D)
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 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.
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. As stated in the RFP, the contract term would be three years with the option of two
additional years. The County Administrator’s Office wishes to exercise the option of two additional years through
this contract extension request.
CONSEQUENCE OF NEGATIVE ACTION:
The County will not retain the representation needed for tax and bond counsel.
CHILDREN'S IMPACT STATEMENT:
Not applicable.