MEETING DATE:
JANUARY 24, 2017
SUBJECT:
Title
CONTRACT AWARD FOR FINANCIAL ADVISORY SERVICES
Body
Recommendation
Recommendation
NOTE AND FILE
Body
Board or Commission Action
Not applicable.
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
Not applicable.
Introduction
Municipal finance has grown considerably more complex in recent years coupled with regulations requiring more transparency and continuing disclosure. The City will be well served by engaging an independent expert that will assist and advise the City on services consisting of bond and CFD financings, continuing disclosure requirements, and third party alternative and special facility financing, to name a few. To date, the City has not engaged the services of a financial advisory firm for "as-needed/on-call" services.
On October 3, 2016, the City issued a Request for Proposal ("RFP") for Financial Advisory Services. The RFP was posted on the City's website and a legal ad appeared in the October 3rd issue of the San Diego Union-Tribune, which is a general circulation newspaper.
Discussion
The City is an active participant in the municipal bond market and oversees direct obligations and conduit financings issued by the City, Redevelopment/Successor Agency, as well as the Public Facilities/Financing Authorities.
In addition, through the issuance of various Mark-Roos Pooled financings the City also oversees local obligations issued by Community Facility Districts:
Community Facilities District No. 88-1
Community Facilities District No. 91-01
Community Facilities District No. 99-01
Community Facilities District No. 2002-01
The City also relies on various Community Facilities Districts ('CFDs") as a source of funding for various services and facilities, such as police, fire/paramedic and lighting and landscaping which includes, street lights, traffic signals, medians/parkways, trails, and other facilities that are project specific. These CFDs include:
Com...
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