Title
RESOLUTION NO. 2015-181 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA WAIVING THE COMPETITIVE FORMAL BID REQUIREMENT AND APPROVING AN AGREEMENT WITH HARRELL AND COMPANY ADVISORS, LLC TO PROVIDE FINANCIAL ADVISORY SERVICES
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
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SUMMARY
The Finance Department has evaluated the economic feasibility of refinancing the 2004 and 2006 Certificates of Participation that were used to finance the construction of the first two phases of the Civic Center construction and remodeling. Harrell and Company Advisors, LLC was the financial advisor on the original bond issuances and is recommended to assist in the financing plan that will be used to structure the refinancing.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that project, providing financial advisory services is not a "Project" as defined under Section 15378(b)(5) of the State CEQA Guidelines because it is a fiscal activity that will not result in a physical change to the environment; therefore, pursuant to Section 15060(b)(4) of the State CEQA Guidelines the actions proposed are not subject to CEQA
BOARD/COMMISSION RECOMMENDATION
Not applicable.
DISCUSSION
Harrell and Company Advisors, LLC ("Harrell") brought forward a proposal for refunding the 2004 and 2006 Certificates of Participation ("COP"). Interest rates are still near historical lows and the financial market conditions appear favorable for a refinancing of the COPs.
Harrell has served in the past as financial advisor during the time of issuance of the 2004 and 2006 Certificates of Participation and understands the financing plan that was used to structure the bonds. Suzanne Harrell, the president of the firm has served as a financial advisor to the City on the 2004, 2006 and 2010 Certificates of Participation issued...
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