HomeMy WebLinkAboutMINUTES - 12092008 - C.67 TO: BOARD OF SUPERVISORS
FROM: DAVID TWA, COUNTY ADMINISTRATOR
Costa
DATE: December 9, 2008 � _- ,�"`��
County
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SUBJECT: Bond Disclosure Counsel Contract
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS)
APPROVE and AUTHORIZE the County Administrator or his designee to enter into a contract with Lofton
& Jennings for bond disclosure counsel services from July 1, 2008 to June 30, 2010 in an amount not to
exceed $155,000.
FISCAL IMPACT
The cost of bond disclosure 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.
CONTINUED ON ATTACHMENT: a YES SIGNATURE: '
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE ❑
1-1 APPROVE ❑ OTHER
SIGNATURE(S):
ACTION OF BOARD ON "Dem e/ G,I
APPROVED AS RECOMMENDED ❑ OTHER
VOTE OF SUPERVISORS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
UNANIMOUS(ABSENT Y)br)e ) ENTERED ON THE MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
AYES: NOES:
ABSENT: ABSTAIN:
ATTESTED: I. ectr l be( Ct
Contact: Lisa Driscoll (335-1023) DAVID TWA, CLERK OF THE BOARD
OF SUPERVISORS AND COUNTY
cc: CAO ADMINISTRATOR
Lofton&Jennings(via CAO)
By: Deputy
Page 2
BACKGROUND
The County anticipates issuing bonds during this time period. It is important to retain a firm with Lofton&
Jennings's particular skills to ensure that the County is in the best possible position for bond issues and
related legal issues.
Lofton& Jennings has provided excellent disclosure services to the County for the past seven years in the
issuance of and sale of the County's periodic lease revenue bond and pension obligation bond issues. The
staff assigned is extremely familiar with the County and are able to prepare the-required legal and other
documents-related to these issues with a minimum of time. They are also familiar with the County's
outstanding bonds and have proven to be an invaluable resource to staff responsible for the ongoing
management of the County's debt.