Laserfiche WebLink
CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of June 4, 1996 <br />TO: Honorable Mayor and City Council rp <br />APPROVAL: Nabar Enrique Martinez, City Manage <br />FROM: Anna A. Vega, Finance DirectoQ�—�� <br />SUBJECT: Engagement Letter with Orrick, Herrington & Sutcliffe for Arbitrage <br />Rebate Calculation services in the amount of $2,525 per Bond Issue. <br />DATE: May 28,1996 <br />5AUKUKUUND <br />The City of Colton has issued Bonds for Community Facilities Districts, Redevelopment <br />Agency and Electric revenues. The Internal Revenue Code Sections require an annual <br />calculation relating to the arbitrage rebate contained under this code. <br />DISCUSSIONIANALYSIS <br />It is a requirement that all of the above mentioned Bonds comply with arbitrage rebates <br />calculations annually. Therefore, staff solicited proposals from three arbitrage consultants. <br />Those were reviewed by Staff, City Treasurer, Karen Scott and Financial Advisor, Fieldman, <br />Rolapp & Associates. It was determined that Orrick, Herrington & Sutcliffe were best <br />qualified and were also the lowest bidder. <br />ALTERNATIVES <br />Select another firm for arbitrage calculations at a higher service fee. <br />FINANCIAL IMPACT <br />Cost for these services are included in the annual tax levy. Therefore, funds are available in <br />the respective CFD's, RDA and Electric Revenue Bond issues. <br />Anna A. Vega, FinanceciDir <br />��ctor <br />ENVIRONMENTAL IMPACT <br />None. <br />RECOMMENDATION <br />Staff recommends that the Finance Director be authorized to sign Orrick, Herrington and <br />Sutcliffe's engagement letter for arbitrage rebate services in the amount of $2,525 per bond <br />issue. <br />Attachment: Engagement Letter <br />Item# 3 <br />