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HomeMy WebLinkAboutMINUTES - 01191988 - 2.2 TO: HOARD Of SUPERVISORS Harvey E. Bragdon FROM: Director, Community Development Dept. C�o,�n�-.�}t ra January __19 1987 �lJJla DATE* County State Route 4 Interim Project, Westbound Lane' over allow Pass SUBJECT: SPECIFIC REQUESTS) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS: 1. Approve contract with Sutro and Company, Inc. for the investment banking services to finance the project; 2. Approve contract with Orrick Herrington and Sutcliffe for bond counsel services; and 3. Approve the terms and conditions of the Debt Service Adjustment Agreement which outlines the procedures for sharing the project' s cost. FINANCIAL IMPACT: Payment to Sutro and Company, Inc. is contingent on the sale of bonds to finance the highway project. If the Board of Supervisors or the cities of Antioch or Pittsburg decide to break this contract before the bond sale, a fee not to exceed $4,000 will be charged to the County and the cities. The County would pay 39 . 5 percent of this cost ( $1,580) . The Orrick Herrington and Sutcliffe contract involves a cost of $75,000, which would be shared by the County and the cities. The County would pay 39. 5 percent of this cost ( $29 ,625) . The East Central Travel Corridor Area of Benefit, established by the Board of Supervisors on September 9, 1986, would fund these costs. dpl\l..j an l.9bo...t01`-.,--. Orig. Dept. :CDD/TPD XX CONTINUED ON ATTACHMENT: __ YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND ON OF D OMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON January 19 , 1988 APPROVED AS RECOMMENDED X OTHER X ESTABLISHED as , policy that on all bond sales background information is to be furnished to the Board on the selection process of bond counsel , consultants and investment bankers . VOTE OF SUPERVISORS 1 HEREBY CERTIFY THAT THIS IS A TRUE X UNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. cc: County Administrator -ATTEsrED January 19 , 1988 Communit Development y PmnPHIL BATCIIEI.OR. CLERK OF THE BOARD OF ',County Counsel SUPERVISORS AND COUNTY ADMINISTRATOR Auditor-Controller Cities of Antioch & Pittsburg Or c%i Nerr ngton & Sutcliffe clif f e ©Y ,DEPUTY ^^ -Sutro & Co. REASONS FOR RECOMMENDATIONS/BACKGROUND: The recommendations are consistent with the financial plan approved by the Board of Supervisors on September 22, 1987 . At the Board' s request, the Debt Service Adjustment Agreement was revised to ensure that housing constructed in any newly incorporated territory will not be included in calculating the County' s prorata share of the cost of this project. The recommendations authorize the consultants to prepare the necessary documents to fund the westbound lane on State Route 4 over Willow Pass. The-Board of Supervisors will be required to approve these documents in a separate action. A financing schedule outlining the procedures leading to the closing of the bond sale is attached for your information. CONSEQUENCES OF NEGATIVE ACTION: Withholding approval of these actions will cause a delay in construction of this project. Rejecting these actions will require preparation of a new financial plan acceptable to the County and the cities, and delay construction of this project indefinitely. Without this project, traffic congestion will get worse. dpll: janl9'6o:t01 j