Item Number: 4.
MEETING DATE: 4/17/2018
DEPARTMENT: COUNTY COUNSEL
DEPT HEAD/DIRECTOR: Barbara Thompson
AGENDA ITEM PREPARER: Joe Paul Gonzalez
SBC DEPT FILE NUMBER: 119
SUBJECT:
COUNTY COUNSEL'S OFFICE - B. THOMPSON
Approve legal services agreement with Jones Hall for Bond Counsel Services in connection with general fund lease financing for Solar Project, in an amount not to exceed $29,500.00.
SBC FILE NUMBER: 119
AGENDA SECTION:
CONSENT AGENDA
BACKGROUND/SUMMARY:
Under the guidance of KNN Financial Inc., the County is in the process of procuring lease financing in the amount of $8,185,000 for Solar improvements as proposed by the ENGIE Services presented at the meeting in February 2018. The intention of the County is not to collateralize any of the County's assets in the intended equipment lease agreement. This will allow the County to utilize, if necessary, the County's assets as collateral in a future debt financing should the County wish to pursue additional financing. According to KNN Financial Inc., Bond Counsel services are required for this financing effort. The selection of Jones Hall is based on the recent fee quotes from Jones Hall and Orrick procured by KNN Financial Inc. Both Jones Hall and Orrick are familiar with modest escalation lease payment financing; however, the quote by Jones Hall was $4,000 lower. In addition, KNN Financial Inc. have worked with Jones Hall in other financings and are comfortable moving forward with their legal guidance for this project. The not to exceed $29,500 cost of this contract is expected to be paid from the proceeds of successful lease equipment financing.
BUDGETED:
No
SBC BUDGET LINE ITEM NUMBER:
CURRENT FY COST:
$29,500
STAFF RECOMMENDATION:
Approve legal services agreement with Jones Hall for Bond Counsel Services in connection with general fund lease financing for Solar Project, in an amount not to exceed $29,500.00.
ADDITIONAL PERSONNEL:
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