HomeMy WebLinkAboutMINUTES - 06242014 - C.58RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee to execute a contract amendment with
Tamalpais Advisors, Inc., effective June 29, 2014, to extend the contract term from June 30, 2014 through March 31,
2015, with no change in the contract payment limit of $275,000.
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 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
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 06/24/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYES 5 NOES ____
ABSENT ____ ABSTAIN ____
RECUSE ____
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 24, 2014
David J. Twa, County Administrator and Clerk of the Board of
Supervisors
By: Chris Heck, Deputy
cc:
C. 58
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 24, 2014
Contra
Costa
County
Subject:Financial Advisor Contract Extension
BACKGROUND: (CONT'D)
revenue bond issues and its pension obligation bonds. The financial advising services provided have been under the
direction of Ms. Jean Buckley, Financial Consultant/Project Leader. Ms. Buckley is extremely familiar with the
County and has been able to prepare the required legal and rating agency documents related to these issues with a
minimum of time and cost. She has also proven to be an invaluable resource to staff responsible for the ongoing
management of the County’s debt.
Ms. Buckley has informed the County of her retirement. Therefore, the County is requesting to only extend the
contract term for an additional 9 months. This extension will allow the County to issue a RFP to contract financial
advising services through another consultant, and provide a transition period for Ms. Buckley to bring the new
consultant up to speed with County financial matters. The transition period will be critical to ensure the County stays
updated on advantageous market trends, financing ideas are thoroughly evaluated, and the ongoing management of
the County's debt is secured.
CONSEQUENCE OF NEGATIVE ACTION:
The County would not have the necessary expertise on the issuance and sale of bonds.
CHILDREN'S IMPACT STATEMENT:
Not applicable.