Report to Mayor and City Council
Tuesday, April 02, 2024
Consent
SUBJECT:
Title
CONSIDER SELECTION AND AWARD OF A PROFESSIONAL SERVICES AGREEMENT FOR UNDERWRITING SERVICES RELATED TO LEASE REVENUE BONDS, SERIES 2024, FOR THE CITY OF CARSON (CITY COUNCIL)
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I. SUMMARY
This item transmits a recommendation for the City Council to approve a selection and award of a professional services agreement for underwriting services related to lease revenue bonds, series 2024, for the City of Carson.
Staff recommends the City Council approve the proposed professional services agreement (Exhibit 1) between the City of Carson and Samuel A. Ramirez & Company, Inc. for a total not to exceed amount of $500,000.00 over two years.
Should the City Council approve this item, staff anticipates a minimum lead time of 90 days for the funds to be received by the City of Carson.
The purpose of this item is only for the selection and award of the firm that will provide the professional underwriting services to the City of Carson for lease revenue bonds, series 2024.
A subsequent item and public hearing will be introduced for City Council consideration at the time of bond issuance, which is anticipated in May or June 2024.
II. RECOMMENDATION
Recommendation
1. AWARD a two-year professional services contract to Samuel A. Ramirez & Company, Inc. at a discount (fee) of $5.00/bond of the total amount of bonds sold (bonds are sold in $1,000 denominations) for an anticipated not-to-exceed amount of $500,000.00.
2. AUTHORIZE the Mayor to execute the contract after approval as to form by the City Attorney.
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III. ALTERNATIVES
TAKE another action deemed appropriate by City Council that is consistent with applicable laws.
IV. BACKGROUND
Selection Process
Staff initiated a formal Request for Qualifications process on March 8, 2024, and received bids from five firms to provide underwriting services for lease revenue bonds, Series 2024. The bids were reviewed by a panel of staff...
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