HomeMy WebLinkAboutMINUTES - 10212014 - C.95RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract with Montague DeRose
& Associates, LLC, in an amount not to exceed $350,000 for Independent Registered Municipal Financial Advisor
services for the period of November 1, 2014 through June 30, 2016.
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.
Non-issuance and Special Project services are billed hourly and will be funded by General Fund debt management
monies.
BACKGROUND:
On July 18, 2014, the County issued a Request for Proposals (RFP) for Independent Registered Municipal Financial
Advisor (IRMA) services. After review by members of the County's Debt Affordability Advisory Committee and
firm interviews, Montague DeRose and Associates, LLC (MDA) was unanimously recommended to provide IRMA
services to the County for the next contract period. The contract terms specified in the RFP indicated an initial
contract agreement through June 30, 2016 with a two year renewal option.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 10/21/2014 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: October 21, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc: Robert Campbell, Auditor-Controller, Russell Watts, Treasurer-Tax Collector, Kristen Lackey, Department of Conservation and Development
C. 95
To:Board of Supervisors
From:David Twa, County Administrator
Date:October 21, 2014
Contra
Costa
County
Subject:Independent Registered Municipal Financial Advisor Contract
BACKGROUND: (CONT'D)
MDA, a small business financial advisory firm, has nearly 20 years of experience assisting municipal issuers by
advising on the sale of short and longer-term issues. The County team will be led by Frank Perdue, Principal, who
will be responsible for the overall performance of MDA fulfilling the requirements of the County. Mr. Perdue has
been with MDA since 2007 following 25 years of experience in financial strategy development, capital allocation and
valuation. MDA is fully compliant with all Securities and Exchange Commision (SEC) and the Municipal Securities
Rulemaking Board (MSRB) regulations applicable to municipal financial advisors and is registered with both the
SEC and the MSRB as an IRMA.
As a result of the aforementioned RFP, the Department of Conservation and Development has also selected a firm,
CSG Advisors, to provide Single and Multi-Family Housing Bond IRMA services. Retaining these services will be
on a separate contract through the Department of Conservation and Development.
CONSEQUENCE OF NEGATIVE ACTION:
The County would not have the necessary expertise of an Independent Registered Municipal Financial Advisor.
CHILDREN'S IMPACT STATEMENT:
Not applicable.