HomeMy WebLinkAboutReso 2010-199RESOLUTION NO.2010-199
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AGREEMENT WITH
PUBLIC FINANCIAL MANAGEMENT, INC TO PROVIDE
FINANCIAL ADVISORY SERVICES
WHEREAS, the approved allocation of the CREB/QECB tax credits was the important first
step in obtaining financing vehicles for the energy retrofits; and
WHEREAS, the next step in the process is to determine whether the contemplated projects
are indeed economically feasible for inclusion in any future debt issuance; and
WHEREAS, the energy savings from the proposed projects must be less than the cost of
financing the retrofits and the General Fund must be pledged as a source of repayment in the event
that the projected savings are insufficient to service the debt; and
WHEREAS, the commitment of the General Fund is required in order to ensure that the
debt quality is at least investment grade for any potential investors; and
WHEREAS, as such, the services of a financial advisor are required to assist in determining
the optimal financing structures for the CREB/QECB allocations; and
WHEREAS, a Request for Proposals (RFP) was issued for Financial Advisors; and
WHEREAS, the proposal was opened on June 11, 2010, and closed June 28, 2010; and
WHEREAS, the RFP was advertised on Planet Bids, The Bond Buyer (a bond industry
periodical) and The Star News; and
WHEREAS, the City received four responses to the RF'P; and
WHEREAS, the respondents were: 1) Fieldman Rolapp, 2) Urban Futures Inc., 3) Harrell
and Company, LLC, and 4) Public Financial Management, Inc.; and
WHEREAS, the proposals were reviewed and all four respondents were interviewed by a
selection committee composed of the Finance Director, Assistant Finance Director and
Environmental Resource Manager; and
WHEREAS, the selection committee agreed that Public Financial Management, Inc. was the
best qualified to assist the City in determining the optimal financing strategy for the CREB/QECB
allocations with the goal of minimizing risks to the General Fund; and
WHEREAS, the decision was based primarily upon their current experience working with
several large jurisdictions in the State on how best to use their allocations of CREB/QECB.
Resolution No. 2010-199
Page 2
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista hereby approves an agreement with Public Financial Management, Inc. to provide financial
advisory services.
Presented b~y I
l.~-~-_
Mazia Ka hadoorian
Director of Finance
Approved as to form by
Bart
PASSED, APPROVED, and ADOPTED by the City Corincil of the City of Chula Vista,
California, this 3rd day of August 2010 by the following vote:
AYES: Councilmembers: Bensoussan, Castaneda, McCann, Ramirez and Cox
NAYS
ABSENT:
ATTEST:
dl o
Donna R. Norris, CM ,City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
Cheryl Coa ay r
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2010-199 was duly passed, approved, and adopted by the City Council at a
regulaz meeting of the Chula Vista City Council held on the 3rd day of August 2010.
Executed this 3rd day of August 2010.
Councilmembers: None
Councilmembers: None
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Donna R. Norris, CMC, City Clerk