HomeMy WebLinkAboutMINUTES - 12091997 - C68 TC: BOARD OF SUPERVISORS Contra
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FROM: Phil Batchelor, County Administrator Costa
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December 9, 1997 �`�:., -_ County
DATE: o'rrq-'CC VU c
SUBJECT: Financial and Bond Counsel Services
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Approve and authorize the County Administrator or his designee to execute contracts with the C.
M. de Crinis Co., Inc. and Orrick Herrington & Sutcliffe for financial and bond counsel
consulting services for various financing issues.
FINANCIAL IMPACT:
The cost of the consulting services is covered in the cost of issuance included in each bond or
note issue. Fees are negotiated for each issue and vary based upon the size and complexity of the
issue.
BACKGROUND:
The C.M. de Crinis Co., Inc. and Orrick Herrington& Sutcliffe have assisted the County to
achieve the lowest interest cost for the Tax and Revenue Anticipation Note program for the past
three years. The consulting staff are familiar with the County and are able to prepare the required
documents and tax revues for issues with a minimum of cost. Approval of a longer term contract
for each firm will permit continued use of these consultants without further Board approval.
Approval of the contracts does not preclude use of other consultants or competitive proposals.
The two consulting firms provide on-going assistance in review and evaluation of ideas and
proposals for various financings under consideration. Such reviews are done without a fee unless
substantial analysis becomes necessary. The proposed contract will provide an hourly basis for
paying for the additional services should it become necessary.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON roL^ 09 9 9 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT V ) 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. Q q y
De Bell (5-1093) ATTESTED 9 I l 1
Contact: County Administrator PHIL BATCHELOR,CLERK OF THE BOARD OF
cc: County Auditor-Controller SUPERVISORS AND COUNTY ADMINISTRATOR
C. M. de Crinis Co., Inc. (via CAO)
Orrick Herrington & Sutcliffe (via CAO)
BY ,DEPUTY