REPORT TO THE CITY COUNCIL
June 23, 2016
FROM: MICHAEL LIMA, Finance Director/Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant-Debt Administration
Finance Department
SUBJECT
Title
Award and approve administrative agreement with Willdan Financial Services to provide services in connection with City bonds relating to arbitrage calculations, continuing disclosure, and the administration of special districts within the boundaries of the City of Fresno
Body
RECOMMENDATION
Staff recommends that the Council approve the accompanying administration agreement with Willdan Financial Services ("Willdan") to provide required services in connection with City bonds and special districts.
EXECUTIVE SUMMARY
The City of Fresno has contracted with Willdan to provide administrative services relating to bonded assessment and special tax districts, arbitrage and disclosure reporting, and parcel apportionments for the last seventeen years. The current agreement expired on April 30, 2016. A new agreement must be entered into so as to prevent delays in the services performed. Willdan was selected to continue the services because, of the two companies which submitted responsive proposals, Willdan has the lowest cost, and was willing to accept all of the terms of the City's Standard Consulting Services Agreement.
BACKGROUND
There are presently four special assessment and community facilities districts in the City where bond debt has been issued to fund public improvements and infrastructure costs, such as streets, curbs, gutters, median islands, traffic signals, etc. In addition, there are four maintenance districts to maintain such improvements on an on-going basis. Some of these districts were formed as far back as 20 years ago. These district operations are secured by an assessment lien or special tax levied against the parcels within a district. The amount of the lien is proportional to the amount of benefit a parcel receives from...
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