DATE: April 23, 2019
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Retroactive Agreement with KNN Public Finance, LLC
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute a retroactive Agreement with KNN Public Finance, LLC to provide professional municipal advisory services, as requested and to act as the Municipal Advisor for the County's Tax and Revenue Anticipation Notes, if any, effective January 14, 2019 through January 13, 2024, which includes a three-year base contract and two optional one-year extensions, total not to exceed $450,000.
REPORT
This agreement is for periodic professional municipal advisory services as needed, and for municipal advisory services related to a Tax and Revenue Anticipation Notes (TRAN) issuance, if any. The County has utilized the services of KNN Public Finance, LLC (KNN) for over 15 years, assisting the County with all of its currently outstanding bonds and notes. On December 21, 2019, after execution of a Request for Proposal (RFP) for these services, the Debt Advisory Committee approved staff's recommendation to accept the KNN proposal. Approval of the recommended action will allow the County to maintain consistency in financial advisory services related to public finance matters.
ALTERNATIVE ACTION(S):
Your Board may choose not to approve the recommended action. If the recommended action were not approved, the County would not receive professional municipal advisory services as needed, and would not be able to issue a TRAN, if needed.
RETROACTIVE AGREEMENT:
The recommended agreement is retroactive to January 14, 2019, due to finalization of the RFP process. The prior agreement expired on January 13, 2019.
FISCAL IMPACT:
There is no increase in Net County Cost associated with the recommended action. The maximum compensation for all services provided under this agreement is $450,000, which includes hourly rates for profes...
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