2001/05/22 City Council Resolution (7)RESOLUTION NO. 2001-112
A RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK
APPROVING A CONTRACT WITH MUNIFINANCIAL FOR ARBITRAGE REBATE
SERVICES
WHEREAS, the Internal Revenue Service requires municipal-
ities to remit any arbitrage earned on proceeds from tax-exempt
debt in accordance with Section 148(f) of the IRS Code; and
WHEREAS, failure to report arbitrate earnings could result
in a loss of the issuance tax-exempt status; and
WHEREAS, the city of Rohnert Park has eleven tax-exempt
issuances, two of which are currently under contract for
arbitrage rebate calculations and three of which are not yet
subject to arbitrage; and
WHEREAS,the City has received a proposal from Munifinancial
to perform the arbitrage rebate services for the six issuances;
and
WHEREAS, Munifinancial is currently under contract for
arbitrage rebate services for the Rohnert Park Housing Financing
Authority issuance; and
WHEREAS, Munifinancial is one of the largest nationally
recognized public financing-consulting firms in the United
States; and
WHEREAS, Munifinancial will perform arbitrage rebate
services for all six issuances at a ten percent discount, with a
total cost not to exceed $15,000.
NOW, THEREFORE, BE IT RESOLVED that the Council does
hereby award the arbitrage rebate services to the firm
MuniFinancial.
DULY AND REGULARLY ADOPTED by the Rohnert Park city Council
this 22nd day of May, 2001. CITY
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