TO: AC Transit Board of Directors
FROM: Aimee L. Steele, General Counsel/Chief Legal Officer
SUBJECT: Outside Legal Counsel Agreement
ACTION ITEM
AGENDA PLANNING REQUEST: ☐
RECOMMENDED ACTION(S):
Title
Consider authorizing the General Manager to execute an agreement for outside legal services with Orrick Herrington & Sutcliff LLP.
Staff Contact:
Aimee L. Steele, General Counsel/Chief Legal Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
The purpose of this contract is to provide legal advice on potential state loans.
BUDGETARY/FISCAL IMPACT:
This contract will be used as needed; therefore, the total costs associated with this contract is unknown but anticipated to be less than $250,000.
BACKGROUND/RATIONALE:
The District has been in communication with representatives from the State regarding potential loan terms and obligations that may be placed on the District that could impact the prioritization of other debts. There are no firms on the District’s current outside legal panel that have the necessary expertise. Orrick Herrington & Sutcliff LLP was the District’s legal counsel for a debt issuance process in 2019 and are therefore already familiar with the District’s finances and the documents and structure of the debt.
ADVANTAGES/DISADVANTAGES:
Awarding this contract to Orrick Herrington & Sutcliff LLP will allow the District to seek sound legal advice in advance of the issuance of any loan terms. There are no identified disadvantages.
ALTERNATIVES ANALYSIS:
The District needs the legal advice on an accelerated timeframe, therefore using the same legal counsel that worked on the original debt issuance is the best alternative.
PRIOR RELEVANT BOARD ACTION/POLICIES:
None
ATTACHMENTS:
None
Prepared by:
Aimee Steele, General Counsel/Chief Legal Officer
In Collaboration with:
Chris Andrichak, Chief Financial Officer
Approved/Reviewed by:
Aimee L. Steele, General Counsel/Chief Legal Officer
Chris Andrichak, Chief Financial Officer