Title
Consider approving Amendment No. 1 to the Agreement for Services with Fieldman, Rolapp and Associates, Inc., to extend the term of the contract from August 3, 2028, to December 31, 2028, to increase the dollar amount by $75,000 for a total contract amount not to exceed $165,000 for municipal financing services; and authorize the General Manager to execute the amendment. (Presenter: Ara Azhderian)
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors:
Approve Amendment No. 1 to the Agreement for Services with Fieldman, Rolapp and Associates, Inc., to extend the term of the contract from August 3, 2028, to December 31, 2028, to increase the dollar amount by $75,000 for a total contract amount not to exceed $165,000 for municipal financing services; and authorize the General Manager to execute the amendment.
SUMMARY/DISCUSSION:
The Agency has initiated an effort to identify and implement future funding and cost allocation and recovery methods to support the local cost share for safety projects and operations at Nacimiento and San Antonio dams. This effort has included, among other things, an update to the Agency’s 1998 Historical Benefits Analysis, development and maintenance of a Long Range Financial Plan Model, and development and presentation of potential financing options to the Agency’s Planning Committee, Finance Committee, and July 9th funding strategies stakeholder workshop and special meeting of the Board of Directors.
The successful development and implementation of future funding and cost allocation and recovery methods will require engagement several subject matter experts, including a municipal finance team. Typically, a municipal finance team is comprised of (a) bond counsel – a law firm experienced in structuring multiple forms of municipal financial structures and products; this firm is also experienced in federal tax code regulations enabling issuers and investors to rely upon its opi...
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