FIN 2017-03-07 Item 2A - Contract Amendment #1 - Bond Counsel with Pacifica Law Group

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TO: CC: FROM: DATE: SUBJECT: City of Tukwila Allan Ekberg, Mayor Finance & Safety Committee Mayor Ekberg Peggy McCarthy, Finance Director March 1, 2017 Approve Pacifica Law Group Contract Amendment ISSUE Approve an amendment to the contract with Pacifica Law Group for bond counsel services. BACKGROUND In October 2016, Pacifica Law Group was selected as bond counsel for the City. A $35,000 contract for bond counsel services was established to support the first voted debt bond issuance in December 2016 of $36,500,000. DISCUSSION An amendment to the bond counsel contract is proposed to increase the contract amount and extend the contract term to cover all debt issuances planned in the next 3 3/4 years, through December 31, 2020. A recap of the original and proposed, amended contract terms follows: The prop Contract Terms Original Amended Start date October 13, 2016 Aril 1, 2017 date March 31, 2017 December 31, 2020 —Expiration Amount $35,000 $105,000 Dsed amended contract amount was estimates oasea on piannea bona issuances a: Estimated Bond Counsel Fees Bond Issue Estimated April 1, 2016 - December 31, 2020 Size Fee (a) Public Safety Plan - voted debt remaining $ 40,885,000 $ 33,000 (b) Public Safety Plan - Shops 29,493,000 31,000 ( c) Residential Streets, 42nd and 53rd 8,400,000 21,000 Other, unspecified at this time 10,000,000 21,000 $ 88,778,000 $105,000 (a) Authorized voted debt of $77,385,000 less debt issued in December 2016 of $36,500, 000 = $40,885, 000 remaining voted debt to issue. (b) assuming financing is through debt obligations and not a lease (c) see CIP pages 2 and 3. follows: RECOMMENDATION The Council is being asked to approve the contract amendment and consider this item at the March 20, 2017 Regular Meeting Consent Agenda. ATTACHMENTS Contract amendment Original contract 14 -086 2017 -2022 Capital Improvement Program, pages 2 and 3 i