Agenda

Return

C. 51

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	July 27, 2021

Contra

Costa

County

Subject:

DISCLOSURE COUNSEL CONTRACT - SCHIFF HARDIN LLP

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 07/27/2021

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

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

Contact:

Timothy Ewell, (925) 655-2043

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: July 27, 2021
,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract with Schiff Hardin LLP in an amount not to exceed $150,000 for bond disclosure counsel services for the period of July 27, 2021 through June 30, 2024.

FISCAL IMPACT:

The cost of tax and bond counsel services is covered in the cost of issuance included in each bond issue. Fees will be capped at a maximum dollar amount based on the type of bond issuance (e.g. lease revenue bond, tax revenue anticipation notes, etc.). This allows the County to plan for costs of issuance related to it's future bond transactions.

BACKGROUND:

On May 21, 2021, the County issued a Request for Proposals (RFP) for tax, bond and disclosure counsel services. After review by Debt Affordability Advisory Committee (DAAC), Schiff Hardin LLP was recommended to the County Administrator for consideration of a contract award to provide disclosure counsel services to the County through June 30, 2024 with two, optional one-year extensions based on performance through June 30, 2026.

BACKGROUND: (CONT'D)

Schiff Hardin LLP has provided excellent disclosure services to the County in the issuance of and sale of the County’s periodic lease revenue bond and pension obligation bond issues. In addition, Schiff Hardin LLP is extremely familiar with the County and able to prepare the required legal and other disclosure documents related to these bond issues quickly and accurately. The firm is also familiar with the County’s outstanding bonds and have proven to be an invaluable resource to staff responsible for the ongoing management of the County’s debt portfolio.

In addition to the firm's direct experience with the County, Schiff Hardin has worked on financings with the Successor Agency to the Richmond Redevelopment Agency, the California Infrastructure and Economic Development Bank, the State of California Public Works Board and the California Housing and Community Development Department.The firms experience with housing related financing will be important due to the significant amount of federal and state funds available for housing development in the near term.

CONSEQUENCE OF NEGATIVE ACTION:

The County would not have legal representation on County bond disclosure issues.

CHILDREN'S IMPACT STATEMENT:

No impact.