Presenter/Contact
Presenter
Martie Simpson, Director of Finance
Contact Info
(830) 221-4385 - msimpson@nbtexas.org
Subject Header
SUBJECT:
Title
Approval of a contract with McCall, Parkhurst & Horton for bond counsel services.
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BACKGROUND / RATIONALE:
The City’s bond counsel services have been performed by Norton Rose Fulbright, formerly Fulbright & Jaworski, since 1996. Bond Counsel performs all usual and necessary legal services with reference to the authorization, sale, and delivery of the City’s bonds, certificates and obligation, notes or other obligations.
On October 10, 2017, the City issued a solicitation for Bond Counsel Services. The city was very fortunate to receive responses from four (4) highly qualified firms: Andrews Kurth Kenyon, Bracewell, McCall Parkhurst & Horton, and Norton Rose Fulbright. After an initial review by the City’s evaluation committee, the firms were interviewed and scored.
The review committee recommends award of the contract to the highest-ranking respondent, McCall, Parkhurst & Horton (hereafter “McCall”), as the firm is highly experienced in public finance laws and will provide in-depth support to the City.
McCall is one of the leading public finance law firms in the nation and is ranked in the top 10 by Thomson Reuters. McCall has served as bond counsel to more issuers of public debt than any other firm in Texas over the last 10 years. McCall is currently representing nearly 200 municipalities in Texas as Bond Counsel. Their attorneys have special expertise in legal matters, and practical matters, involving municipalities and their finances. They have represented all types and sizes of political subdivisions in the state regarding the issuance of bonds and associated services. They understand the needs and challenges faced by cities to provide essential services and capital improvements necessary to provide such services. McCall is properly staffed in Austin and San Antonio to satisfy the legal needs for New Braunfels relating to debt matters. McCall will support and provide legal advice as necessary to the City and its financial advisor regarding the appropriate debt program for New Braunfels and the appropriate financing structure for each transaction.
This is an annual contract with four (4) subsequent fiscal year renewals. Renewals will be awarded annually based on satisfactory performance.
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
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Yes |
Strategic Priorities: |
Maintain fiscal stability of City operations |
FISCAL IMPACT:
The funding for Bond Counsel services is incorporated and expended from bond sales and therefore, sufficient funds would be available when necessary.
Recommendation
COMMITTEE RECOMMENDATION:
N/A
STAFF RECOMMENDATION:
Staff recommends approval of a contract with McCall, Parkhurst & Horton for bond counsel services.