MEETING DATE: 4/16/2019
DEPARTMENT: COUNTY ADMINISTRATION OFFICE
DEPT HEAD/DIRECTOR: Ray Espinosa
AGENDA ITEM PREPARER: Dulce Alonso
SBC DEPT FILE NUMBER: 119
SUBJECT:
COUNTY ADMINISTRATION OFFICE - R. ESPINOSA
Approve contract with KNN Public Finance, LLC for continuing disclosure services obligations for certificates of participation for an amount not to exceed $50,000, finding it to be in the public interest to sole source contract with KNN pursuant to section 5.09.010(A) of the San Benito County Code.
SBC FILE NUMBER: 119
AGENDA SECTION:
CONSENT AGENDA
BACKGROUND/SUMMARY:
The County has worked with KNN Financial Services for multiple projects which include the new San Benito County Jail, solar and renewable energy projects. The County issued lease Certificates of Participation in approximately $7.5 million to finance a portion of the construction costs of the new County jail facility.
KNN possess institutional knowledge and deep understanding of the County's financial structure and will be the Dissemination Agent. KNN will prepare and file the Annual Report with the Municipal Securities Rulemaking Board (“MSRB”) through the MSRB’s Electronic Municipal Market Access system (“EMMA”), under the County’s Continuing Disclosure Certificate for each general obligation bond or other financing obligations issued on or after July 3, 1995. (Annual Report may be filed in the form of filing additional documents as well, e.g., Annual Report plus CAFR or Interim Report filed separately.) Also, KNN will file an Event Notice with EMMA on behalf of the County if the County should have a “significant event” under the terms of a Continuing Disclosure Certificate. The County will notify KNN of any event deemed significant by the County as soon as such activity is identified.
Staff recommends the Board of Supervisors find it to be in the public interest to sole source contract for continuing disclosure services obligations with KNN pursuant to section 5.09.010(A) of the San Benito County Code, because KNN has an advanced, specialized type of knowledge, expertise and training, and an extensive knowledge of the County's COPs and financing, critical to providing continuing disclosure services accurately and efficiently.
BUDGETED:
SBC BUDGET LINE ITEM NUMBER:
CURRENT FY COST:
STAFF RECOMMENDATION:
That the Board of Supervisors:
1) find it to be in the public interest to sole source contract for continuing disclosure services obligations with KNN pursuant to section 5.09.010(A) of the San Benito County Code, because KNN has an advanced, specialized type of knowledge, expertise and training, and an extensive knowledge of the County's COPs and financing, critical to providing continuing disclosure services accurately and efficiently; and
2) approve the contract with KNN Public Finance, LLC for continuing disclosure services obligations for certificates of participation for an amount not to exceed $50,000, and authorize the Chair to execute it.
ADDITIONAL PERSONNEL: