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Item 18 - Pension Dept Refinancing Bound Counsel, Disclosure Councel and Court Validation Services
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Item 18 - Pension Dept Refinancing Bound Counsel, Disclosure Councel and Court Validation Services
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Agenda Packet
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Clerk of the Council
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18
Date
2/16/2021
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CITY OF SANTA ANA <br />RFP No. 20-160 BOND AND VALIDATION COUNCEL SERVICES Page 3 of 26 <br /> <br />I. INTRODUCTION <br /> <br />The City of Santa Ana (City) provides its employees with pension benefits through the <br />California Public Employees’ Retirement System (CalPERS). The City’s CalPERS liability has <br />increased dramatically over the past few years, increasing to $709.9 million as of the most <br />recent valuation, June 30, 2019. <br /> <br />Urban Futures, Inc., (UFI) was hired to work with City staff in evaluating potential funding <br />solutions and developing a recommendation strategy to address the UAL. <br /> <br />The City has developed a comprehensive management plan, which considers multiple options, <br />including the sale of Pension Obligation Bonds (POBs). <br /> <br />II. PROJECT PURPOSE <br />The City of Santa Ana (the City) is currently accepting proposals from interested bond and <br />validation counsel firms in connection with the potential issuance of 2021 Pension Obligation <br />Bonds (2021 POBs). The City is interested in retaining one firm to provide both validation and <br />bond counsel services, which are expected to be sized to fund a portion of the UAL - <br />approximately $709.9 million. <br /> <br />III. SCOPE OF SERVICES <br />The City of Santa Ana is soliciting proposals from qualified firms to serve as the City’s bond <br />and validation counsel in connection to the issuance of pension obligation bonds and intends <br />to award a professional services contract for the defined scope of work detailed in this Request <br />for Proposal. <br /> <br />The firm selected as bond and validation counsel will be required to have the capabilities to <br />perform the following services including, but not limited to: <br /> <br /> Provide necessary legal documents related to the financing and validation. <br /> Participating in meetings (presentations) to the City Council, City Staff, and court if <br />necessary. <br /> Assisting in the review of the official statement (OS) and disclosure documents. <br /> Participating in the rating strategy and credit package for submittal to the rating <br />agency(s) for the proposed issue. <br /> Providing assistance in closing the bond issue. <br /> <br />The above list is not meant to constitute an exhaustive list of duties. The awarded Firm may <br />be called upon to provide other services not identified here in connection with a particular <br />transaction. In addition, the City expects bond counsel, to conduct such review as is necessary <br />to attain a reasonable basis for belief in the accuracy and completeness of the key <br />representations in the Official Statement. <br /> <br />IV. TERM OF AGREEMENT <br />The term of the agreement is for two (2) years. The City may, at its discretion, extend the <br />agreement with the same or more limited scope of required services for up to two (2) additional <br />one-year term, contingent upon direction of the City Manager.
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