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County hires Kutak Rock as bond counsel for planned TIFIA financing; funding from airport reserves
Summary
The board approved an engagement letter with Kutak Rock for bond counsel services on a planned TIFIA loan for Yampa Valley Regional Airport; estimated legal fees from YVRA reserves are $175,000–$225,000 and a supplemental appropriation will be required.
Routt County commissioners authorized an engagement letter with Kutak Rock to serve as bond counsel on a proposed TIFIA loan related to Yampa Valley Regional Airport financing.
County staff told the board they had met with Kutak Rock partner Michael Thomas and felt comfortable retaining the firm for legal work on the TIFIA loan and associated airport documenation. Commissioners and staff cited Kutak Rock’s long history as bond counsel in municipal financings and prior work on local projects as reasons for selection.
County financial staff said the funding source for Kutak Rock’s fees will come from YVRA (Yampa Valley Regional Airport) reserves and estimated legal costs in the range of $175,000 to $225,000; a supplemental budget request for that amount will be necessary. Commissioners approved the engagement and noted they will proceed with municipal advisory and related financial advisory engagements in the near future.
The motion to authorize the chair to sign the engagement letter passed unanimously.
