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Home My WebLink AboutMINUTES - 02271990 - FC.3 Fe.3 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on February 27, 1990 , by the following vote: AYES: Supervisors Powers, Schroder, McPeak, Torlakson, Fanden NOES: None ABSENT: None ABSTAIN: None ------------------------------------------------------------------ ------------------------------------------------------------------ SUBJECT: Mello-Roos Investment Bankers The Board received the attached report dated February 27, 1990 from the Finance Committee (Supervisors Tom Torlakson and Robert Schroder) recommending a list of qualified investment bankers for Mello-Roos Community Facilities District bond financing. After discussion by Board members, IT IS ORDERED that the list of qualified investment bankers for Mello-Roos bond financing as recommended by the Community Development Director is APPROVED as modified by the Board to delete Drexal Burnham Lambert. IT IS FURTHER ORDERED that the Community Development Director is DIRECTED to solicit proposals from firms on the list in a manner which would not preclude further consideration of smaller firms. cc: Community Development I hereby certify that this is a true and correct copy of County Administrator an action taken end entered on the minutes of the Auditor-Controller Board of Supervisorsonthe date shown. County Counsel ATTESTED: 'Ll.0 O Treasurer-Tax collector PHIL BATCHELOR, rc of the Board Redevelopment Agency of Supervisors and County Administrator By .Deputy 3 TO: BOARD OF SUPERVISORS F.......... FROM: Finance Committee Contra.;��. `�-==: �., Costa DATE: February 27, 1990 County SUBJECT: Qualified Investment Bankers for Mello-Roos Bond Financings SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS Approve list of qualified investment bankers for Mello-Roos Community Facilities District bond financing as recommended by the Deputy Community Development Director; and direct the Community Development Department to solicit proposals from firms on the qualified investment banker list in a manner which would not preclude the further consideration of smaller firms. FISCAL IMPACT None BACKGROUND/REASONS FOR RECOMMENDATIONS On January 30, 1990 , the Board of Supervisors adopted revised policies governing the award of contracts for financial advisors, investment bankers and bond council. Pursuant to procedures adopted by the Board, the Deputy Community Development Director provided this committee with a report and recommendation on the establishment of a qualified list of investment bankers for Mello-Roos transactions. In late November, the Community Development Department had solicited qualifications from the investment banking community. Twenty-one firms submitted their qualifications. All firms submitting qualifications were deemed to have the technical and financial capacity to underwrite Mello-Roos Bond Financings. CONTINUED ON ATTACB14ENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER IrAn SIGNATURE(S) : Tom Torlakson Ro r &Scer ACTION OF BOARD ON APPRO DOAS RECOMMENDED OTHER VOTE OF SUPERVIS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: S: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTA MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. cc: Community Development ATTESTED CAO PHIL BATCHELOR, CLERK OF Auditor-Controller THE BOARD OF SUPERVISORS County Counsel AND COUNTY ADMINISTRATOR Treasurer-Tax Collector Redevelopment Agency BY DEPUTY JK/jb/SRA3/invbnkrs.bos ~ CONTRA COSTA COUNTY COMMUNITY DEVELOPMENT DEPARTMENT K � DATE: February 7, 1990 � TO: INTERNAL OPERATIONS COMMITTEE Supervisor Tum Powers Supervisor Sunne McPeak FINANCE COMMITTEE —`. 3uperisur, Tom Turl k n Supervisor Robert roder FROM: Jim Kenned Deputy Director-Redevelopment SUBJECT: E t bli hment of a Qualified List of Investment Bankers lo-Roos Transactions On January 30th, the Board of Supervisors adopted procedures governing the selection of Investment Bankers for various types of Capital Financings. The first step in the new Board procedures is the establishmmnt of a qualified liat of firms. In the Pleasant Hill BART Station Area, G8W Properties, the developer of the Park Regency Project is interested in financing their development fees and the daycare center through the issuance of Mello-Roos Bonds. Bonds may be issued by a Community Facilities District if approved by 2/3 of the residents or landowners. Bonds are secured by the levy of a special tax, (Attachment B provides additional information on Mello-Roos bonds) . Other residential developers in the Pleasant Hill BART Station Area have indicated interest in Mello Rous financing and could be included' G8W Properties has indicated a desire to finance approximately $8 million in infrastructure items' In late November the Community Development Department circulated a Request for Qualifications to the the Investment Banking Community for a prospective Mello-Roos Financing, twenty-one proposals were received. Attachment 8 includes a listing of the firms submitting their qualifications, . Each of the firms has experience in Mello-Rous Financing, or in Assessment District Financing which is relatively comparable. Based on a review by the Deputy County Administrator for Capital Projects, the County Auditor Controller, and the Treasurer-Tax Collector, as well as myself, we have determined that each of the firms has the capacity to undertake structuring of a Mello-Roos Financing' The next step would be the solicitation of full bids from firms on the Qualified Advisors List' Staff is seeking direction from the respective Committees and the full Board with respect to firma from whom full bids should be obtained. 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