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CC:HA:PA - ACTION ITEM: (1) Authorization to the City Manager to Pursue the Formation of a Joint Powers Authority (JPA) to Finance Existing City Obligations and Future Special Projects; (2) Approval of a Professional Services Agreement with Orrick, Herrington & Sutcliffe LLP for the Establishment of the JPA and Bond Counsel Services; (3) Approval a Professional Services Agreement with PFM Financial Advisors LLC for Financial Advisory Services Related to Lease Revenue Bonds; (4) Approval of a Professional Services Agreement with Ernst & Young U.S. LLP for Financial Analysis and (5) Other Direction to the City Manager as Deemed Appropriate.
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Meeting Date: March 16, 2026
Contact Person/Dept: Elizabeth Shavelson/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Attachments: Yes [X] No []
Public Notification: (Email) Meetings and Agendas - City Council (03/12/2026); (Email) Ongoing Topics - Fiscal and Budget Issues (03/12/2026)
Department Approval: Lisa Soghor, Assistant City Manager (03/11/2026)
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RECOMMENDATION
Staff recommends the City Council, Housing Authority and Parking Authority: (1) authorize the City Manager to pursue the formation of a Joint Powers Authority (JPA) to finance existing City obligations and future special projects; (2) approve a professional services agreement with Orrick, Herrington & Sutcliffe LLP (Orrick) for the establishment of the JPA and bond counsel services; (3) approve a professional services agreement with PFM Financial Advisors LLC (PFM) for financial advisory services related to lease revenue bonds; (4) approve a professional services agreement with Ernst & Young U.S. LLP for financial analysis and (5) other direction to the City Manager as deemed appropriate.
BACKGROUND
On February 24, 2025, the City Council received the Fiscal Year 2024-2025 Mid-Year Budget update...
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