City Council Meeting


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  F.2.f.       
Meeting Date: 04/19/2022  
Contact: Tracy Cormier, Managing Director of Financial Services

COUNCIL ACTION
Motion by Councilmember Dr. Dinah Marks with a second by Councilmember Letitia Hughes to approved as presented, Motion passes 7-0.
AGENDA ITEM:
Consider authorizing the City Manager to negotiate and execute a professional services agreement for bond counsel services with the team of West & Associates, L.L.P. and Orrick, Herrington & Sutcliffe LLP.
BACKGROUND:
The City of DeSoto, with the guidance of its Capital Improvement Plan, periodically sells bonds to cover the cost of the capital projects included in that improvement plan. This process requires the City to enter into an agreement with bond counsel to assist in the preparation of resolutions, ordinances, legal documents, and render legal opinions in connection with authorizing the issuance of bonds and other City debt instruments. 
FINDINGS:
On February 22, 2022, the City of DeSoto issued RFQ 2022-003 for Bond Counsel Services. The selection process entails selecting the most highly qualified provider on the basis of demonstrated competence and qualifications. Two proposals were received in response to the RFQ. Subsequently, negotiations ensue for a fair and reasonable price. 

The objectives of bond counsel services are as follows:
  1. Assist in the preparation of resolutions, ordinances, official statements, escrow agreements and legal documents in connection with authorizing the issuance of bonds and other City debt instruments.
  2. Assist in obtaining approval of the issuance of the City’s bonds from the Texas Attorney General.
  3. Render legal opinions and representations in connection with the issuance of City bonds.
  4. Provide legal advice as needed in connection with City bond elections, financings, and related matters.

Two firms responded to the City's solicitation: a team of West & Assoc. and Orrick, Herrington & Sutcliffe firms and the Jones Walker firm. The West Orrick team is a partnership between a local Texas firm led by Royce West and top ranked national bond counsel firm. The West firm has significant experience in Texas and with the City of DeSoto. The Jones Walker firm has significantly less experience working with north Texas municipalities. 
FINANCIAL IMPACT:
Bond Counsel is compensated through charges that are included in the transaction costs related to the issuance or incurrence of significant debt. Amounts are determined based on the size of the debt issuance and are part of the closing documents associated with that debt.
RECOMMENDATION:
Staff recommends that the City Council authorize the City Manager to negotiate and execute a professional services agreement for bond counsel services with the team of West & Associates, L.L.P. and Orrick, Herrington & Sutcliffe LLP.
MANAGEMENT REVIEW
Attachments
West & Associates, L. L. P.


    

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