Laserfiche WebLink
6.2.C. - Page 3 <br /> served as disclosure counsel for the recently issued Pacific Shores CFD refunding <br /> bonds. <br /> Staff has been very pleased with the timeliness and quality of the services each of these <br /> firms has provided. Accordingly, staff recommends the appointment of these firms for <br /> this bond sale. <br /> Council Finance Committee Review <br /> The Council Finance Committee was briefed on this matter at their September 25tn <br /> meeting and indicated their support to pursue this refunding with the financing team and <br /> the process for selecting the underwriter. <br /> Tonight's Actions <br /> The resolution before the Council authorizes staff to enter into professional services <br /> agreements with William Euphrat Municipal Finance, Inc. as the City's financial advisor, <br /> Nossaman LLP as bond counsel, Quint & Thimmig as disclosure counsel, and selects <br /> De La Rosa & Co as underwriter. <br /> Future Actions <br /> At a future Council meeting on this matter, which is presently anticipated to be in <br /> December 2012 or January 2013, the Council will be asked to consider a resolution in <br /> connection with the sale of bonds. At that time the Council will be asked to authorize <br /> the sale of refunding bonds and approve a fiscal agent agreement, a bond purchase <br /> contract, a continuing disclosure certificate, and an official statement. No public hearing <br /> or property owner vote is required. <br /> ANALYSIS <br /> Refunding these bonds will reduce the special taxes levied upon properties within this <br /> district by 12.5% assuming current interest rates remain in place through January 2013. <br /> ALTERNATIVES <br /> Financing Team <br /> The Council may reject staff's recommendation to engage the firms presented in this <br /> report to provide the professional services needed to successfully sell refunding bonds. <br /> Staff will need to obtain proposals from other firms since staff does not have the <br /> expertise to perform these functions. Obtaining proposals from other firms will delay the <br /> issuance of refunding bonds by up to two months without any guarantee that staff will <br /> be able to identify firms that can provide comparable services at less cost. <br /> FISCAL IMPACT <br /> The cost for each member of the financing team is as follows: <br /> Contingent Fees: <br /> Nossaman, bond counsel $ 55,000 <br /> Quint & Thimmig, disclosure counsel $ 30,000 <br /> William Euphrat Municipal Finance, financial advisor $ 50,000 <br />