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7 RTt _ <br />To the Public Finandr>Ig Authority Board <br />From the Executive Director <br />November 3, 2003 <br />Subject <br />Appointment of a bond underwriter, financial advisor, bond counsel, and disclosure <br />counsel to provide professional services in connection with the sale of bonds by the <br />Redwood City Public Financing Authority. <br />Recommendation <br />In connection with the sale of bonds to refinance existing bonds and to provide <br />supplemental funding for various downtown improvements, approve by motion the <br />appointment of: <br />• Stone & Youngberg LLC as bond underwriter, <br />• William Euphrat Municipal Finance, Inc. as financial advisor, <br />• Nossaman, Gunther, Knox & Elliot as bond counsel, and <br />• Jones Hall as disclosure counsel, <br />and authorizing the Authority's Finance Director to enter into professional service <br />contracts for such services. <br />Background <br />In September 2003 the Redevelopment Agency (Agency) and the City Council <br />approved the Agency's sale of $34 million in bonds to finance a portion of the various <br />downtown improvements that were included in the Agency's adopted FY2003/04 <br />budget. The Council also approved in concept the refinancing of existing Public <br />Financing Authority bonds for the purpose of obtaining interest rate savings and to <br />provide some additional funds that the City may lend to the Agency to finance the <br />remaining portion of downtown projects included in the Agency's budget. <br />The recommended financing team consists of the same firms that assisted in the <br />issuance of the Agency's bonds. The attachment contains a description of the <br />responsibilities of the respective members of the financing team. <br />Aftemative <br />The Authority Board may reject staff's recommendation to engage these firms to provide <br />the professional services needed to successfully sell bonds for this project. Doing so, <br />however, will require staff to obtain proposals from other firms, as staff does not have <br />the expertise to perform these functions. Obtaining proposals from other firms would <br />delay the issuance of bonds by up to two months. <br />