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CC - (1) Approval of a Three-Year Professional Services Agreement with Urban Futures Inc. for Professional Financial Advisory Services; and (2) Authorization to the Chief Financial Officer to Exercise Two One-Year Options to Extend the Agreement.
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Meeting Date: May 28, 2019
Contact Person/Dept: Onyx Jones/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (05/22/19)
Department Approval: Onyx Jones, Chief Financial Officer (05/21/19)
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RECOMMENDATION
Staff recommends the City Council (1) approve a three-year professional services agreement with Urban Futures Inc. for financial advisory services; and (2) authorize the Chief Financial Officer to exercise two one-year options to extend the agreement.
BACKGROUND
The City's Series A Wastewater Facilities Refunding Revenue Bonds were issued in 2009 primarily to refinance the remaining $18.1M in City's 1999 Series A Wastewater Facilities Refunding Revenue Bonds. Proceeds from these bonds fund the ongoing replacement of sewer transmission pipes and construction and improvement of pump stations. As a result of current interest rates, there may be an opportunity to explore extending the bond to fund new projects while capitalizing on savings without extending the current terms of debt. Additionally, as the City explores future capitalization needs, qualified financial advisory consulting services will provide the City assistance in a variety of services including financial analysis and other reporting as required.
DISCUSSION
It was determined to release a Request for Proposals (RFP) for firms to provide financial advisory services including but not limited...
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