Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John L. Maltbie, County Manager
Roberto Manchia, Budget Director
Subject: Agreement with KeyAnalytics
RECOMMENDATION:
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Adopt a resolution authorizing:
A) An agreement with KeyAnalytics to provide cumulative financial tracking, reporting, and disclosure services for all current financings, for a term of July 1, 2018, through June 30, 2023, for an amount not to exceed $375,000; and
B) The Director of Budget and Performance or his designee to execute contract amendments that modify the County's maximum fiscal obligation by no more than $25,000; and
C) The waiver of the County's competitive solicitation process for financial tracking, reporting and disclosure services for County financings.
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BACKGROUND:
KeyAnalytics is a wholly-owned subsidiary of California Financial Services ("CFS") that was created to perform the tracking and compliance services previously provided directly by CFS. Over the years, CFS has become a key strategic advisor and partner to the County and San Mateo County Joint Powers Authority (the "Authority") in the issuance of bonds, tracking bond expenditures, and meeting continuing disclosure requirements. The staff of KeyAnalytics are the same professionals that have provided tracking and compliance services for County bond projects in the past. At its April 25, 2017, meeting, the Board approved a Capital Project Plan. Of the projects listed therein, five are anticipated to be funded through the issuance of lease revenue bonds for which CFS's and KeyAnalytics' services will be required.
DISCUSSION:
The issuance of bonds requires unique financial consulting and record keeping expertise, including project budget and expenditure tracking, bond-related covenant compliance, municipal securities reporting, and preparation of information necessary for federal tax law compliance. Federal laws require issuers or...
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