Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael Callagy, County Manager
Subject: Amendment to agreement for financial advisory services with California Financial Services
RECOMMENDATION:
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Adopt a resolution authorizing an amendment to extend agreement with California Financial Services to September 30, 2021 for financial advisory services in connection with the issuance and refunding of Lease Revenue Bonds and to update covered transactions.
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BACKGROUND:
The County and the Community Development Commission are the members of the San Mateo County Joint Powers Financing Authority (the "Authority"). The Authority has issued Lease Revenue Bonds (LRBs) to refund outstanding LRBs and to provide new financing for County Office Building No.3, Parking Garage No. 2, and San Mateo Medical Center Upgrade projects ("Refunding and Capital Projects"). The County also plans to finance the replacement of the Cordilleras Mental Health Facility ("Cordilleras Project"). These issuances present unique legal and financial issues for the Authority and the County requiring specific expertise in bond financing.
On April 10, 2018, this Board approved a resolution to waive the Request for Proposals process and to authorize an agreement with California Financial Services ("CFS") to provide bond financing expertise to the County and the Authority in connection with issuance and refunding of LRBs for the above-referenced bond financings (the "Agreement"; Resolution No. 18-280).
Under the Agreement, which covers the Refunding and Capital Projects and the Cordilleras Project financings, the total not to exceed amount for three financings is $375,000. To date, the County has paid $250,000 to CFS and has $125,000 remaining to spend in connection with the issuance of the LRBs for the Cordilleras Project. The term of the Agreement is currently set to expire on July 15, 2021.
DISCUSSION:
The Authority is preparing f...
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