OCII hires municipal adviser for debt work in three-year, $120,000 contract

The Commission on Community Investment and Infrastructure on June 15 authorized a three-year personal services contract with Fieldman Rolapp and Associates for general financial advisory services, approving a not-to-exceed amount of $120,000 to support debt administration.

John Daigle, OCII finance staff, told commissioners the city agency manages a complex debt portfolio and needs dedicated municipal advisory services to handle financial modeling, post-issuance compliance, investor and rating-agency relations and other technical tasks. "OCII has a complex $922,000,000 debt portfolio," Daigle said, describing multiple tax-allocation bond credits and community facilities district credits that require separate tracking and analysis.

Daigle said the contract will be billed hourly and paid from property tax revenues. Anna Sarabian, a principal at Fieldman Rolapp and Associates, introduced herself and said the firm looks forward to supporting OCII.

Commissioners asked no substantive questions. Commissioner Scott moved to approve the contract and Vice Chair Rosales seconded; the roll call vote was 5 ayes, and the motion carried (Resolution 22-21). The firm will begin work as needed to support OCII's debt administration and to review financing proposals that, under current regulations, must be presented to a municipal adviser before coming to an issuer.

OCII staff said they selected Fieldman Rolapp from the city's pool following an RFP process and an evaluation panel that included OCII and Office of Public Finance staff. The panel cited the firm's California tax-allocation and CFD experience and competitive pricing. The contract term reflects the time needed for a municipal adviser to learn OCII's portfolio and provide consistent guidance over multiple financing opportunities.

The commission did not receive public comment on the item. The agency will proceed to execute the agreement and use the adviser for future debt-related work.