Authorizing a Contractual Agreement with _________________ for Financial Advisor Services Related to Debt Management

Committee Status: 
Approved
Budget Status: 
External Source
Decision Impact: 
Routine
FTE Impact: 
No
Funding Source: 
Other (see budget status)

Purpose

Contract for financial advisor services to assist with debt issuance

Background

When it is necessary for Sauk County to borrow funds for Sauk County projects (such as replacement of the Highway facility) or when it is advantageous to refinance existing debt, to do so requires retaining the services of a qualified firm to serve as financial advisor.

A financial advisor assists the issuer in determining the best type of financing for the government, selecting other finance professionals, planning the bond sale, and successfully selling and closing the bonds.  Their work also includes advising on the size and structure of the issuance, as well as amortization schedule, term, discount/premium, and call features.  They make recommendations on the bond issue itself, and County policies and operations to enhance bond marketability, thereby reducing interest costs.

A request for proposal was developed and issued to elicit bids from qualified firms for assistance in developing financing plans and issuing debt.  X proposals were received.  A review panel consisting of the Administrator, Finance Director and Accounting Manager reviewed all proposals based on the technical qualifications and experience of the firm and its staff (weighted at 60 percent of the maximum points), cost (25 percent), and method of performance (15 percent). 

Resolution Files: 
File financial_advisor_resolution_2021.docx

Resolution Body

NOW, THEREFORE, BE IT RESOLVED, by the Sauk County Board of Supervisors, met in regular session, that the proposal of _______________ for financial advisor services related to debt management be and hereby is accepted at a cost of $___________; and,

BE IT FURTHER RESOLVED, that the Sauk County Finance Director is authorized and directed to enter into such contracts for a duration of up to five years, with the review of the Corporation Counsel and Administrator, as may be necessary and appropriate for the acceptance of said proposal for the furnishing of goods, services and the performance of work in accordance therewith; and,

BE IT FURTHER RESOLVED, that should __________________ deem it necessary or in the best interest of Sauk County to make a presentation to a bond rating agency for the purpose of maintaining or improving Sauk County's bond rating, the Sauk County Finance Committee shall be authorized to send a member of the Sauk County Board, the Administrator, and the Finance Director to an out of state location for such purpose and to allow all necessary and actual travel costs incurred (______________ shall bear all its own travel related costs); and,

BE IT FURTHER RESOLVED, that required contracts are authorized for bond counsel, disclosure counsel, rating agency, and related services incident to the performance of a debt issue based on the recommendation of ____________________ and subject to Finance Committee approval.

Requested Board Review Date: 
Monday, February 15, 2021
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