TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Libby Bretthauer, Acting Finance Director
SUBJECT:Title
Consideration of a Resolution Approving Amendment No. 1 to the Agreement with Stradling, Yocca, Carlson & Rauth for Bond and Disclosure Counsel Services Through June 30, 2028 (No Immediate Budget Impact) (Finance Director Bretthauer).
ADOPT RESOLUTION NO. 25-0056
Body
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RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 25-0056 approving Amendment No. 1 to the agreement with Stradling, Yocca, Carlson & Rauth for bond and disclosure counsel services through June 30, 2028.
FISCAL IMPLICATIONS:
There are no fiscal implications associated with the approval of this contract. Typically, compensation for these services is contingent upon the successful issuance of debt by the public agency; there is no fee until and unless debt is issued. Necessary funds will be appropriated with each debt issuance.
BACKGROUND:
The City has historically utilized bond counsel services to provide legal advice on all aspects of financing (contractual, tax-exempt status, etc.). The same firm has also served as disclosure counsel to provide advice on City disclosure obligations and to prepare the official statement and/or continuing disclosure agreement.
The firm of Stradling, Yocca, Carlson & Rauth (SYCR) has served in this dual role for several of the City's past financings, including:
* Certificates of Participation for Police/Fire, Metlox, Water/Wastewater, Marine Avenue Sports Fields, and Fire Station #2;
* Pension Obligation Bonds; and
* Utility Underground Assessment Districts.
DISCUSSION:
As the City Council contemplates various high-priority and significant capital improvements, the issuance of debt is likely to spread the costs over multiple years for affordability. As the City prepares for these projects and financing options, it is pr...
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