Agenda

Return

C. 78

To:	Board of Supervisors
From:	David Twa, County Administrator
Date:	December 20, 2016

Contra

Costa

County

Subject:

Contract Extension with Montague DeRose & Associates, LLC

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 12/20/2016

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Mary N. Piepho, District III Supervisor
Karen Mitchoff, District IV Supervisor

ABSENT:

Federal D. Glover, District V Supervisor

Contact:	Timothy Ewell, (925) 335-1036
cc:	Timothy Ewell, Senior Deputy County Administrator

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: December 20, 2016
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract amendment with Montague DeRose & Associates, LLC, to extend the term from June 30, 2016 through June 30, 2018, with no change to the original payment limit of $350,000, for Independent Registered Municipal Financial Advisor services.

FISCAL IMPACT:

The cost of financial advisory services is covered in the cost of issuance included in each bond issue. Fees are negotiated for each borrowing transaction based upon the size and complexity of the transaction. Other special bond related projects are billed on an hourly basis and charged to occupants of the property for which the bond was issued. Non-issuance and Special Project services are billed hourly and will be funded by General Fund debt management monies.

BACKGROUND:

BACKGROUND: (CONT'D)

On October 21, 2014 the Board of Supervisors approved a contract with Montague DeRose & Associates, LLC, to provide Independent Registered Municipal Financial Advisor (IRMA) services, with a two year renewal option. County Administration staff recommends extending the contract term from June 30, 2016 to December 31, 2018, with no change to the original payment limit, to allow for the continued provision of IRMA services.

CONSEQUENCE OF NEGATIVE ACTION:

The County would not have the necessary expertise of an Independent Registered Municipal Financial Advisor.