Loading...
HomeMy WebLinkAboutAgenda - 10-15-1996 - 5b 1 Orange County Board of County Commissioners Action Agenda Item No Action Agenda Item Abstract rl Meeting Date: October 15, 1996 Subject: Resolution Authorizing Request for Proposals for Bond Counsel Department: Finance/Manager/Attorney Attachment(s): Public Hearing: Yes No x Resolution Budget Amendment Needed: Yes No x Information Contact Ken Chavious, ext 2450 Rod Visser, ext 2300 Geof Gledhill, 732-2196 Telephone and Extension Number Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 Purpose: To consider a resolution that would authorize County staff and the County Attorney to solicit proposals for a new County bond counsel. Background: For many years, Orange County has been ably represented by the firm of Brown &Wood, of New York City, when it has required the services of bond counsel to provide legal advice on debt and related financial matters. During that time, the County has worked specifically with Mr. Gundars Aperans. The County recently received notice that Mr. Aperans will be leaving Brown &Wood because of changes in the focus of that company's practice. County and Chapel Hill-Carrboro School staffs are working on the procedural steps necessary to pursue private placement financing for the planned new Southern Village Elementary School. The County's Capital Improvement Plan includes plans to obtain $5 million of the funding needed for this elementary school before the end of calendar year 1996. The County will require the services of bond counsel to review numerous aspects of this planned financing, including its tax-exempt status. Given Mr. Aperans's departure from Brown &Wood, staff recommends that the Board approve the attached resolution authorizing staff and the County Attorney to distribute a Request for Proposals(RFP)to firms in North Carolina who may be interested in and qualified for service as bond counsel for the Southern Village Elementary School financing deal. The intent is to bring back a recommendation on appointment of bond counsel from the Manager for consideration by the Board at the November 4 regular meeting. This appointment would be for this specific project, with the option of retaining the same bond counsel for future debt issues, or conducting another RFP process for future planned debt issues. Recommendation: The Manager recommends that the Board adopt the attached resolution. 2 ORANGE COUNTY BOARD OF COMMISSIONERS A RESOLUTION AUTHORIZING REQUEST FOR PROPOSALS FOR BOND COUNSEL WHEREAS, Orange County will require the legal services of bond counsel to review documentation relating to the County's planned private placement financing of the new Southern Village Elementary School, and WHEREAS, Mr. Gundars Aperans is leaving employment with Brown &Wood, having rendered excellent legal representation over the years while serving in the capacity of Orange County's bond counsel, and WHEREAS, it is impractical for Mr. Aperans to serve as bond counsel for the Southern Village Elementary School project financing due to the timing of the need for those services, and WHEREAS, there are a number of law firms in the State of North Carolina likely to be capable of, and interested in, providing representation to Orange County as bond counsel, NOW, THEREFORE BE IT RESOLVED, THAT the Orange County Board of Commissioners do hereby authorize the County Manager, County staff, and County Attorney to prepare and distribute a Request for Proposals to various law firms in the State of North Carolina to ascertain their qualifications for, and interest in, providing representation to the County as bond counsel for the Southern Village Elementary School project financing, and BE IT FURTHER RESOLVED THAT the County Manager is directed to present a recommendation on selection of County bond counsel consistent with the timetable necessary to facilitate the Southern Village Elementary project financing according to the approved Capital Improvements Plan. This, the 15th day of October, 1996.