HomeMy WebLinkAboutMINUTES - 12092008 - C.68 sE_L
TO: BOARD OF SUPERVISORS
FROM: DAVID TWA COUNTY ADMINISTRATOR - =
• Costa
DATE: December 9, 2009 °STA coiiK GAS County
SUBJECT: Tax and Bond 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 Orrick,
Herrington& Sutcliffe LLP for tax and bond counsel services from July 1, 2008 to June 30, 2010 in an
amount not to exceed$500,000.
FISCAL IMPACT
The cost of tax and bond counsel 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.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR VV' RECOMMENDATION OF BOARD COMMITTEE ❑
01-A'PPROVE ❑ OTHER
SIGNATURE(S):
ACTION OF BOARD ON Etehnbt( CL ,
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 YIU( ) ENTERED ON THE MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
AYES: NOES: �� "�
ABSENT: ABSTAIN: ATTESTED: bbl G
Contact: Lisa Driscoll (335-1023) DAVID TWA, CLERK OF THE BOARD
OF SUPERVISORS AND COUNTY
cc: CAO ADMINISTRATOR
Orrick, Herrington & Sutcliffe LLP(via CAO)
By: l/`"'_ ��.��"_—Deputy
Page 2
BACKGROUND
The County anticipates issuing bonds during this time period. In addition to assistance with bonds, the
services of Orrick, Herrington & Sutcliffe LLP are needed on an occasional basis to prepare presentations
to rating agencies. Itis important to retain a firm with these particular skills to ensure that the County is in
the best possible position for both bond issues and staying updated on advantageous market trends and
related legal issues.
Orrick, Herrington & Sutcliffe LLP has worked with the County for over two decades in-the issuance and
sale of the County's annual tax and revenue anticipation notes, periodic lease revenue bond issues and its
pension obligation bonds. The staff assigned is extremely familiar with the County and is able to prepare
the required legal and rating agency documents related to these issues with a minimum of time and cost.
They are also familiar with the County's outstanding bonds and have proven to be an invaluable resource to
staff responsible for'he ongoing management of the County's debt.