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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />APRIL 1, 2014 <br />TITLE: <br />APPROVAL OF FINANCING FIRMS <br />AND AGREEMENTS <br />T / r <br />(\ yCITY MANA R <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 151 Reading <br />❑ Ordinance on 2n' Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1) Award contract to Quint & Thimmig LLP as Bond Counsel in the amount of $55,000 and <br />receive and file contract with Fieldman, Rolapp, & Associates for financial advisory services <br />for the refunding or consideration of other cash savings of the 1994A and 2004A Police <br />Administration Lease Revenue Bonds; subject to non - substantive changes approved by the <br />City Manager. <br />2) Approve proposal with Best, Best, and Krieger LLP, for Bond Counsel Services; Letter of <br />Agreement with De La Rosa & Company /Stifel and receive and file contract with Urban <br />Futures, Inc., for underwriting services for refunding opportunities of the 2004 Water <br />Revenue Bonds; subject to non - substantive changes approved by the City Manager. <br />DISCUSSION <br />On January 21, 2014 the City Council approved a list of financial advisors that staff could use to <br />review the City's existing debt portfolio of $162 million for potential refunding opportunities. Based <br />on the financial advisor proposals submitted, Finance identified two opportunities for refunding: the <br />1994A & 2004A Police Lease Revenue Bonds and the 2004 Water Revenue Bonds. As such, staff <br />engaged Fieldman, Rolapp, & Associates to review the Police Revenue Bonds and Urban Futures, <br />Inc. to review the Water Revenue Bonds. Both firms have identified potential cash savings <br />opportunities of over $1 million each. <br />In order to continue the development and implementation of cash saving strategies, the financial <br />advisory firms were asked to develop and initiate a Request for Proposal (RFP) for bond counsel <br />services based on the bond issuance assigned. Bond proposals were received by three bond <br />counsel firms: Best, Best and Krieger; Quint & Thimmig LLP; and Orrick, Herrington & Sutcliffe <br />LLP. Each firm was evaluated on responsiveness, experience as to the type of issuance, approach <br />and recommended bond counsel team. Based on the proposals submitted, Fieldman, Rolapp, & <br />Associates recommend Quint & Thimmig LLP as Bond Counsel for the Police Lease Revenue <br />Bonds. Urban Futures, Inc. recommends Best, Best & Krieger for the Water revenue Bonds. Staff <br />has reviewed the proposals and supports the recommendations. <br />2513-1 <br />