Agenda

Return

C. 55

To:	Successor to the Contra Costa County Redevelopment Agency
From:	John Kopchik, Director, Conservation & Development Department
Date:	March 28, 2017

Contra

Costa

County

Subject:

Independent Registered Municipal Financial Advisor Contract

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 03/28/2017

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:

Kristen Lackey (925) 674-7888

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: March 28, 2017
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the Director of Conservation and Development, or designee, to execute a contract amendment with Montague DeRose & Associates, LLC (MDA), to extend the term from June 30, 2016 through June 30, 2018 with no change to the payment limit of $85,000 for continuing independent registered municipal financial advisor services.

FISCAL IMPACT:

No impact to the County General Fund. The cost of financial advisory services is covered in the cost of issuance included in each bond issuance. Fees are negotiated for each borrowing transaction based upon the size and complexity of the transition. Non-issuance and Special Project services are billed hourly and will be funded by Redevelopment Property Tax Trust Fund monies.

BACKGROUND:

The County issued a Request for Proposal (RFP) for Independent Registered Municipal Financial Advisor (IRMA) services on July 18, 2014, and Montague DeRose and Associates, LLC (MDA) was selected to provide the service. The contract terms specified in the RFP indicate an initial contract agreement through June 30, 2016, with a two-year renewal option. The contract amendment exercises the two-year renewal option with no change to the original payment limit.

MDA is a small business financial advisory firm with nearly 20 years of experience assisting municipalities with the issuance of bonds. The firm is fully compliant with all Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB) regulations applicable to municipal financial advisors, and is registered with both the SEC and the MSRB as an IRMA.

The County, through the County Administrator's office, also contracts with MDA for IRMA services.

CONSEQUENCE OF NEGATIVE ACTION:

The County, in its capacity as Successor Agency to the former Contra Costa County Redevelopment Agency, would not have the necessary expertise of an Independent Registered Municipal Financial Advisor.