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City Council Regular
FINANCIAL ADVISORY SERVICES
Find that the exception to competitive bidding procedures under Chino Hills Municipal Code Section 3.18.050(D) applies because Harrell & Company Advisors, LLC personnel has demonstrated competence, qualifications for the types of services to be performed, and has the experience and knowledge of the City due to a long-standing relationship.
Authorize the execution of a three-year agreement with two one-year renewal options with Harrell & Company Advisors, LLC for financial advisory services in an amount not-to-exceed $141,500.
Adopt a resolution entitled: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHINO HILLS, CALIFORNIA, ADOPTING A BUDGET AMENDMENT FOR FISCAL YEAR 2018-19 INCREASING THE BUDGET IN VARIOUS FUNDS BY $3,300 FOR DISSEMINATION AGENT SERVICES.
On July 10, 2007, the City Council authorized Agreement No. A07-68 with Harrell & Company Advisors, LLC for financial advisory services. Since that time, the firm has provided a variety of services consisting of financial analysis, assistance with bond issuance and refunding transactions, the preparation of bond official statements, and the preparation of Continuing Disclosure Statements. Due to the long standing relationship, special expertise, and significant knowledge about prior bond issues and other financing mechanisms of the City of Chino Hills, staff recommends finding that the exception to competitive bidding per Chino Hills Municipal Code Section 3.18.050(D) applies, and therefore competitive bidding should be waived.
Staff recommends that the City Council authorize the execution of a new agreement to allow for updated terms and a refinement of the scope of services to be provided. A summary of services in the scope of this agreement are as follows:
Consult and provide analysis on potential bond issues and refunding transactions.
Provide guidance and analysis on Bond Calls and other early payment options.
Provide guidance on the financing of programs and projects (current and new).
Assist in developing and maintaining a long-term financial plan for on-going operational costs, current and new programs, and capital improvement projects.
Assist in developing financial condition factors to evaluate the City’s financial condition.
Assist in gathering/preparing the SEC required Annual Continuing Disclosure reports.
Act as Dissemination Agent under and pursuant to the existing Continuing Disclosure Agreements for various debt issues.
The compensation for the new agreement will be $28,300 annually, for a total amount not-to-exceed $141,500 for the total agreement term.
ENVIRONMENTAL (CEQA) REVIEW:
This proposed action is exempt from review under the California Environmental Quality Act (California Public Resources Code §§ 21000, et seq.; "CEQA") and CEQA regulations (14 California Code Regulations §§ 15000, et seq.) because it does not involve any commitment to a specific project which could result in a potentially significant physical impact on the environment; and constitutes an organizational or administrative activity that will not result in direct or indirect physical changes in the environment. Accordingly, this action does not constitute a "project" that requires environmental review (see specifically 14 CCR § 15378(b)(4-5)).
The proposed budget amendment will increase the expenditure budget in various funds by a total of $3,300, which will decrease the projected ending fund balance in those same funds. There is no impact to the General Fund with this item. Future agreement costs will be budgeted for in the appropriate fiscal year.
REVIEWED BY OTHERS:
Exhibit No. 1 to Resolution
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