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Finance and Management Services <br />https://www.santa-ana.org/finance <br />Item # 18 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />February 16, 2021 <br />TOPIC: Pension Debt Refinancing Bond Counsel, Disclosure Counsel and Court <br />Validation Services <br />AGENDA TITLE: <br />Approve Agreement with Stradling Yocca Carson & Rauth for Pension Debt Refinancing <br />Bond Counsel, Disclosure Counsel and Court Validation Services <br />RECOMMENDED ACTION <br />Authorize the City Manager to execute an agreement with Stradling Yocca Carson & <br />Rauth for legal services related to pension debt refinancing, for an amount not to exceed <br />$154,500 including a contingency of $35,000 for the period February 16, 2021 through <br />August 16, 2022 with an option to extend for up to one year subject to non-substantive <br />changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />On February 2, 2021, the City Council directed staff to propose a contract for bond and <br />validation counsel services necessary to begin the court validation process to refinance <br />the City’s existing pension debt. <br />The City’s Financial Advisor, Urban Futures, Inc. (UFI) in conjunction with staff requested <br />proposals from five (5) law firms providing municipal bond counsel and validation services <br />(Exhibit 1). The City received four proposals (listed in order of lowest cost to highest cost): <br />1. Orrick, Herrington & Sutcliffe LLP (“Orrick”) <br />2. Stradling Yocca Carson & Rauth (Exhibit 2) <br />3. Jones Hall <br />4. Norton Rose Fulbright US LLP