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Return
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Consent-General Government # 15.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Approve amendment to Agreement No. 1502-2016 with KNN Public Finance to increase agreement by $92,500 to provide financial advisory services for the County's bond issuance connected with the Capital Improvement Plan. (No general fund impact) (Newens) |
| Recommended Action |
- Approve amendment to Agreement No. 1502-2016 with KNN Public Finance to increase agreement by $92,500 to provide financial advisory services for the County's bond issuance connected with the Capital Improvement Plan.
- Authorize the Assistant County Administrator to sign the amendment.
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| Strategic Plan Goal(s) |
Operational Excellence
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| Reason for Recommended Action/Background |
KNN Public Finance is contracted to perform Financial Advisory Services for the County's Capital Improvement Plan (CIP) including debt capacity analysis and creation of the financing plan for the period of July 1, 2015 to June 30, 2018. The previous work performed by KNN was the development of the financing plan for the program. A timeline of the previous work of both the County's Capital Improvement Committee (CIC) and KNN is summarized below for reference.
| Date |
Work Completed |
| November 11, 2015 |
2015-2018 Capital Improvement Plan - Inaugural Report |
| April 26, 2016 |
Capital Improvement Plan Financing Proposal |
| May 31, 2016 |
Capital Improvement Project Options |
| July 12, 2016 |
Capital Improvement Plan Reimbursement Resolution |
| October 25, 2016 |
2017-2019 Capital Improvement Plan |
As shown above, the Inaugural CIP Plan for 2015-2018 was provided to the County in November of 2015, and the initial financing plan was presented to the Board in April of 2016. A reimbursement resolution was taken to the Board in July, 2016 to allow project costs to be reimbursed by the Board proceeds and projects were further refined in May and October 2016.
The financing plan presented included pursuing the issuance of Bonds (either Lease Revenue Bonds or Certificates of Participation) in order to generate funding to address the project scope presented in the financing plan. At this point working with KNN and the County CIC, a July, 2017 date as been targeted for completion of a bond sale to continue the projects. Due to KNN's knowledge gained during the development of the financing plan and the timeline required to meet bond issuance, we recommend amending the existing contract with KNN for the additional $92,500 required to complete the bond sale.
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| Collaborations (including Board advisory groups and external partner agencies) |
The County's CIC, which includes team members from the County Administrator's Office, Department of Financial Services, and Department of General Services, collaborated with KNN on the development of the financing plan and will continue to collaborate on completing required tasks for a bond sale.
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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Explanation (Expenditure and/or Revenue) |
| Further explanation as needed: |
| The Contract with KNN Public Finance is to be the County's Municipal Advisor on the 2017 Certificates of Participation. KNN will be paid from the Bond proceeds upon successful completion of the Bond issuance in July, 2017 (2017/18 Budget). The transaction will be included as part of the 2017-18 requested budget. The total anticipated costs of issuances for all parties in the financing will be approximately $250,000 (includes financial advisor, bond counsel, disclosure counsel and other parties to financing). |
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