Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Robert Manchia, County Chief Financial Officer
Subject: Resolution Authorizing an Agreement with Public Resources Advisory Group, Inc. (PRAG) for Municipal Financial Advisory Services in connection with the County Financings
RECOMMENDATION:
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Adopt a resolution authorizing the President of the Board of Supervisors to execute an agreement with Public Resources Advisory Group, Inc. to provide municipal financial advisory services to the County and the San Mateo County Joint Powers Financing Authority, for a term through June 30, 2027, in an amount not to exceed $300,000.
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BACKGROUND:
The County's Five-Year Capital Improvement Plan ("CIP") outlines the County's capital improvement needs over a five-year period and is submitted to this Board in connection with the budget process. The CIP summarizes the capital projects, projected expenditures, and funding sources for the projects.
The County finances certain capital improvement projects through the issuance of lease revenue bonds issued by the San Mateo County Joint Powers Financing Authority ("Authority"). Projects financed with these kinds of bonds are structured as secured leases of a public building or asset. Using bond financing for such projects allows the County to save General Fund dollars for capital projects that are non-revenue generating and/or that will depreciate more quickly.
In prior years, the County has approved lease revenue bond financings for a range of capital projects, including the San Mateo Medical Center ("SMMC") Improvements project, construction of County Office Building #3 ("COB3"), construction of the Government Center Parking Structure, and the new Cordilleras Mental Health Facility ("Cordilleras"), among others. The County has also refunded and refinanced prior lease revenue bond issuances. The County and the Authority may pursue lease revenue bond...
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