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Commission authorizes up to $56,000 contract with PFM to advise bond refunding
Summary
The commission authorized a contract with Public Financial Management (PFM) not to exceed $56,000 to provide financial advisory services for proposed tax allocation refunding bonds; staff estimated potential present-value savings of more than $6 million and said the advisor retention is required under dissolution law.
The commission authorized a personal-services contract with Public Financial Management (PFM) for financial-advisory services not to exceed $56,000 to support a proposed sale of tax-exempt and taxable tax allocation refunding bonds (Resolution No. 43, 2014). Staff said market conditions could permit refunding of about eight outstanding redevelopment finance authority bonds, yielding estimated present-value savings of more than $6,000,000 depending on market movements. John Daigle, senior financial analyst for OCII, said the engagement is both an industry best practice and required under dissolution law. He described the selection process: an RFP to the City’s financial advisory panel returned six responses; a four-person evaluation panel (including Mike Grosso, Jeff White and Michelle Trivedi) selected PFM with Kitahata & Company named as a local co-financial advisor; Kitahata’s separate contract would be for up to $25,000 and would be approved under the director’s authority. Commissioners moved, seconded and approved the contract by roll-call vote; the secretary recorded four ayes, one absent.
