| 20250425 |
LA County |
Los Angeles |
City Council |
Item |
(6)
24-0275
PERSONNEL AND HIRING and BUDGET AND FINANCE COMMITTEES’
REPORTS relative to Prioritized Critical Hiring (PCH) process updates for the
period of August through December 2024, and January through February 2025.
A. PERSONNEL AND HIRING COMMITTEE
Recommendation for Council action:
NOTE and FILE the following City Administrative Officer (CAO) reports
relative to the PCH process:
a. September 13, 2024
b. October 9, 2024
c. November 7, 2024
d. December 9, 2024
e. January 16, 2025
f. February 28, 2025
g. March 6, 2025
B. BUDGET AND FINANCE COMMITTEE
Recommendations for Council action:
a. CONCUR with the Personnel and Hiring Committee action of March
14, 2025.
b. INSTRUCT the CAO to include in future PCH reports to the Budget
and Finance Committee and Personnel and Hiring
Committee statistics regarding:
1. How many of the positions for review were for vacated
positions due to promotion or lateral movement.
2. How many positions were approved, and across what time
frame.
Fiscal Impact Statement: Not applicable |
April 25, 2025
LA County
Los Angeles
City Council
Item
#6
|
| 20250423 |
LA County |
Los Angeles |
City Council |
Item |
(7)
25-0006-S56
AD HOC COMMITTEE FOR LA RECOVERY REPORT relative to the
transportation and equitable distribution of fire-related debris from the January
2025 wildfires.
Recommendations for Council action, pursuant to Motion (Padilla – Lee, et al.):
1. INSTRUCT the Bureau of Sanitation (BOS), with the assistance of the
Los Angeles Department of Building and Safety’s (LADBS) Local
Enforcement Agency (LEA), to report to Council within 15 days on the
following:
a. Debris Transport and Destinations
i. Identify all landfills and trash facilities where fire-related debris
is being transported in the City.
ii. Provide detailed maps of these facilities and their proximity to
vulnerable communities, particularly in the East San
Fernando Valley.
b. Distribution Methodology
i. Describe the methodology being used to determine how
debris is dispersed among landfills and facilities to ensure
equitable distribution across the region.
c. Contractor Oversight
i. List the vendors and contractors being considered for debris
hauling and storage that are based in the City, use existing
public or private facilities in the City, or operate haul routes in
the City.
ii. Evaluate the geographic locations of these vendors to ensure
no over-concentration of operations in the East Valley or other
historically burdened areas.
d. Haul Routes
i. Provide a detailed analysis of the haul routes being used to
transport debris out of fire-affected areas.
ii. Include measures to mitigate noise, air pollution, and safety
risks in communities along these routes.
e. Hazardous Waste Management
i. Outline how hazardous waste is being identified, packaged,
transported, and disposed of safely, ensuring compliance with
state and federal regulations.
ii. Note which permits and other regulations will be removed or
expedited as part of the recovery.
iii. Specify what safeguards are in place to protect communities
from potential exposure to hazardous materials.
f. Debris Composition and Management
i. Provide a breakdown of the types of debris being removed,
including hazardous waste, non-hazardous waste, green
waste, and recyclable materials.
ii. Clarify whether any categories of debris are being managed
or transported by entities outside of the City and under what
conditions.
g. City-owned Facilities in Fire Recovery
i. Identify any City-owned facilities that are being used as part
of fire recovery efforts, including for debris processing,
storage, or any other recovery-related operations.
ii. Provide a status update on the capacity, operations, and
environmental monitoring at these facilities to ensure
compliance with local, state, and federal standards.
h. Intergovernmental Collaboration
i. Detail BOS and LADBS LEA efforts to coordinate with County,
State, and Federal officials in the region's fire recovery efforts,
including any collaborative agreements or partnerships.
ii. Include information on any funding or resources being
secured through these partnerships to aid in debris
management and environmental restoration.
i. Timeline for Debris Removal
i. Offer a clear timeline for the anticipated completion of debris
removal efforts, specifying benchmarks for various phases of
the process.
2. INSTRUCT the BOS and the LADBS LEA to advocate for an equitable
distribution of debris management impacts in their coordination with our
multijurisdictional partners working on the fire recovery, ensuring that
historically overburdened areas like those in the East Valley, do not
disproportionately shoulder the burden of debris hauling, storage, or
processing. This includes identifying additional processing sites in less
impacted areas, and strategies that balance our urgent work to recover
and rebuild with our ongoing commitment to equity and environmental
justice.
Fiscal Impact Statement: Neither the City Administrative Officer nor the Chief
Legislative Analyst has completed a financial analysis of this report. |
April 23, 2025
LA County
Los Angeles
City Council
Item
#7
|
| 20250423 |
LA County |
Los Angeles |
City Council |
Item |
(3)
25-0006-S6
AD HOC COMMITTEE FOR LA RECOVERY REPORT relative to staffing and
resources for the January 2025 Wildfires; and requesting an updated Recovery
Annex document tailored to the January 2025 Wildfire emergency event that
clarifies the roles and responsibilities of each City department and bureau; and
related matters.
Recommendations for Council action:
1. INSTRUCT the Emergency Management Department, with the
assistance of all departments and bureaus involved in recovery
operations, to report to Council with an updated Recovery Annex
document that is tailored specifically to the January 2025 Wildfires
emergency event and clarifies the roles and responsibilities of each
department and bureau and takes the Council and Mayor's emergency
instructions into account.
2. INSTRUCT all City departments and bureaus to review the list of Wildfire
Recovery Initiatives attached to the Chief Legislative Analyst (CLA) report
dated March 13, 2025, attached to Council file No. 25-0006-S6, and the
updated Recovery Annex to determine whether additional, unbudgeted
resources will be necessary to conduct recovery work.
3. INSTRUCT all City departments and bureaus to submit to the CLA and
the City Administrative Officer (CAO) any staffing or resources needed
immediately for the continued recovery efforts from the January 2025
windstorm and wildfires.
4. INSTRUCT the CLA and the CAO to review all department and bureau
requests and to continue to report on any needed staffing and resources,
including exemptions to Prioritized Critical Hiring, in order to support
recovery work.
5. INSTRUCT all City departments and bureaus to submit budget requests
to the Mayor's Office for inclusion in the Fiscal Year 2025-26 Proposed
Budget for any staffing or resources needed in the next fiscal year.
6. INSTRUCT the CAO and the CLA; and, REQUEST the Mayor's Office to
continue to expedite the filling of authorized positions needed for
recovery work through the Prioritized Critical Hiring process, and to
report to Council with recommendations for additional exemptions to this
process as necessary.
7. INSTRUCT the CAO, with the assistance of the CLA, to report to Council
on any expenditures incurred by City departments and bureaus in
providing emergency response and recovery services that are
determined to be ineligible for reimbursement from the 2025 Wildfire
Emergency Response and Recovery account.
Fiscal Impact Statement: Neither the CAO nor the CLA has completed a
financial analysis of this report. |
April 23, 2025
LA County
Los Angeles
City Council
Item
#3
|
| 20250423 |
LA County |
Los Angeles |
City Council |
Item |
(28)
25-0006-S55
AD HOC COMMITTEE FOR LA RECOVERY and BUDGET AND FINANCE
COMMITTEES’ REPORT relative to an update on the Wildfire Business Tax
Relief Program.
Recommendation for Council action:
NOTE and FILE the Office of Finance report dated March 20, 2025, attached
to Council file No. 25-0006-S55, relative to an update on the Wildfire Business
Tax Relief Program.
Fiscal Impact Statement: Not applicable |
April 23, 2025
LA County
Los Angeles
City Council
Item
#28
|
| 20250423 |
LA County |
Los Angeles |
City Council |
Item |
(24)
25-0006-S24
CD 11
AD HOC COMMITTEE FOR LA RECOVERY and PUBLIC WORKS
COMMITTEE REPORT relative to updates on tasks completed to protect the
Palisades Fire burn area from debris flow and landslide risks.
Recommendations for Council action:
1. NOTE and FILE the Bureau of Engineering (BOE) report dated January
24, 2025, attached to Council file No. 25-0006-S24, inasmuch as no
further Council action is required at this time.
2. INSTRUCT the BOE to report to Council with debris flow and mudslide
mitigation plans in relation to the Hurst Fire.
Fiscal Impact Statement: The BOE states that there is no fiscal impact
resulting from the report. Consistent with the Motion direction, BOE staff is
tracking time spent and expenses incurred on debris flow and landslide
mitigation for potential reimbursement by the Federal Emergency Management
Agency. |
April 23, 2025
LA County
Los Angeles
City Council
Item
#24
|
| 20250423 |
LA County |
Los Angeles |
City Council |
Item |
(19)
24-0489
PUBLIC WORKS COMMITTEE REPORT and ORDINANCE FIRST
CONSIDERATION relative to amending the Los Angeles Municipal Code
(LAMC) to update the approval process for metal plaques, plates, or individual
letters or figures on a sidewalk.
Recommendation for Council action, SUBJECT TO THE APPROVAL OF THE
MAYOR:
PRESENT and ADOPT the accompanying ORDINANCE, dated October 21,
2024, relative to amending LAMC Chapter II, Article 8, Section 28.04(d) to
update the approval process for metal plaques, plates, or individual letters or
figures on a sidewalk.
Fiscal Impact Statement: None submitted by the City Attorney. Neither the City
Administrative Officer nor the Chief Legislative Analyst has completed a
financial analysis of this report. |
April 23, 2025
LA County
Los Angeles
City Council
Item
#19
|
| 20250422 |
LA County |
Los Angeles |
City Council |
Item |
(28)
15-0719-S19
EXEMPTION, ENVIRONMENTAL IMPACT REPORT (EIR), ADDENDA and
RELATED CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA)
FINDINGS; TRANSPORTATION, PLANNING AND LAND USE
MANAGEMENT, and BUDGET AND FINANCE COMMITTEES’ REPORTS
relative to a proposed Ordinance amending Los Angeles Municipal Code
(LAMC) Section 12.26 J to update the City's Transportation Demand
Management (TDM) Ordinance, proposed New Development Review Fee
Ordinance, and Mobility Investment Trust Fund Ordinance, and related actions
to repeal existing Ordinances to align with the City’s climate action goals.
A. TRANSPORTATION COMMITTEE REPORT
Recommendations for Council action, SUBJECT TO THE APPROVAL OF
THE MAYOR:
1. RECEIVE and FILE the Los Angeles Department of Transportation
(LADOT) report, dated June 5, 2019, attached to the Council file,
relative to the status of proposed updates to the City's TMD
Ordinance requirements for new developments.
2. FIND that:
a. Based on the independent judgment of the decision-maker,
after consideration of the whole of the administrative record,
the project was assessed in the previously certified EIR, No.
ENV-2013-0911-EIR, SCH No. 2013041012, certified on
November 25, 2015 (Council file No. 15-0719); Addendum
No. ENV-2013-0911-EIR-ADD1, dated December 3, 2015
(Council File No. 15-0719-S15); Addendum No. ENV-2013-
0911-EIR-ADD2, dated March 2016 (Council File No. 15-
0719); and pursuant to CEQA Guidelines, Sections 15162
and 15164, and the Addendum No. ENV-2013-0911-EIR-
ADD3, dated September 9, 2022, that no major revisions to
the EIR are required and no subsequent EIR or negative
declaration is required for approval of the Project.
b. The Fee Ordinance and Trust Fund Ordinance do not
constitute a "project," as defined by CEQA pursuant to CEQA
Guidelines Section 15378(b)(4), which states that a "project"
does not include "[t]he creation of government funding
mechanisms or other government fiscal activities which does
not involve any commitment to any specific project which may
result in a potentially significant physical impact on the
environment."
c. The adoption of the Fee Ordinance and Trust Fund Ordinance
are exempt from CEQA based upon CEQA Guidelines
Section 15061 (b)(3), since it can be seen with certainty that
there is no possibility that the activity in question may have a
significant effect on the environment, and as such the activity
is not subject to CEQA.
3. CONCUR with the action of the Los Angeles City Planning
Commission (LACPC) recommending approval of the proposed
TMD Ordinance, approved at its meeting of September 22,
2022, attached to the Department of City Planning (DCP) report for
Case No. CPC-2021-3141-CA, dated October 24, 2022, attached to
the Council file.
4. ADOPT the:
a. Findings of the LACPC as the Findings of Council, attached to
the DCP report for Case No. CPC-2021-3141-CA, dated
October 24, 2022, attached to the Council file.
b. Proposed TMD Ordinance amending LAMC Section 12.26 J,
Transportation Demand Management and Trip Reduction
Measures, attached to the DCP report for Case No. CPC-
2021-3141-CA, dated October 24, 2022, attached to the
Council file.
5. REQUEST the City Attorney, in coordination with the DCP, to:
a. Prepare and present the following:
i. An Ordinance amending LAMC Section 19.15 (Fee
Ordinance) (Attachment B - currently titled: Department
of Transportation Traffic Study Review, Condition
Clearance and Permit Issuance Fees), to incorporate
the new and revised fees detailed in the October 26,
2022 LADOT report, attached to the Council file.
ii. An Ordinance to:
1. Add Article 33 to Chapter 5 of Division 5 of the Los
Angeles Administrative Code (LAAC) to establish
a new special fund that combines multiple trust
funds to be known as the “Mobility Investment
Trust Fund,” as detailed in Attachment C of the
October 26, 2022 LADOT report, attached to the
Council file, and include revisions to the hotel
thresholds as follows:
50 rooms for Level 2
135 rooms for Level 3
2. Repeal LAAC Article 13.9 of Chapter 5 of Division
5 Neighborhood Traffic Management Trust Fund
and LAAC Article 26 of Chapter 5 of Division 5
Bicycle Plan Trust Fund, as detailed in
Attachments D and E, respectively, of the October
26, 2022 LADOT report, attached to the Council
file.
b. Incorporate the new TDM Ordinance, once it is adopted by
City Council, into the New Zoning Code, subject to changes to
conform to the format, style, and nomenclature of the New
Zoning Code.
B. PLANNING AND LAND USE MANAGEMENT COMMITTEE REPORT
Recommendations for Council action:
1. CONCUR with the Transportation Committee Recommendation
Nos. 2a, 2b, 2c, 3, 4a, 4b, and 5ai, as detailed in the Transportation
Committee report.
2. CONCUR with the DCP recommendations contained in the report
dated October 21, 2022, and the LADOT recommendations
contained in the report dated October 26, 2022, relative to the
proposed TDM Ordinance, Trip Reduction Measures, findings, and
Environmental findings, as denoted in the Mobility Plan EIR
certified on November 25, 2015; and three Addendums.
3. APPROVE the LACPC recommendations in report CPC-2021-
3141-CA that includes Exhibit A, (proposed TDM Ordinance),
approved at the LACPC meeting on September 22, 2022
(Attachment A), attached to the LADOT report dated October 26,
2022.
4. REQUEST the City Attorney to:
a. Prepare and present an ordinance to add Article 33 to
Chapter 5 of Division 5 of the LAAC to establish a new special
fund that combines multiple trust funds to be known as the
“Mobility Investment Trust Fund” (Fund) (Attachment C), and
repeal LAAC Article 13.9 of Chapter 5 of Division 5
Neighborhood Traffic Management Trust Fund (Attachment D)
and LAAC Article 26 of Chapter 5 of Division 5 Bicycle Plan
Trust Fund (Attachment E), attached to the LADOT report
dated October 26, 2022.
b. Prepare and present a new TDM Ordinance, and thereby
repeal the existing ordinance adopted in 1993 (Ordinance No.
168700), as recommended in the DCP report dated October
21, 2022; and, in the LADOT report dated October 26, 2022,
attached to the Council file.
5. REFER to the Budget and Finance Committee and INSTRUCT the
City Administrative Officer (CAO) to prepare a report with
recommendations relative to the proposed New Development
Review Fee Ordinance and ‘Mobility Investment Trust Fund’ as
recommended in the LADOT report dated October 26, 2022,
attached to the Council file; and further, INSTRUCT the CAO to
indicate in the report if the recommended fee Ordinance is fully cost
recoverable and not expected to negatively impact the General
Fund.
6. REQUEST the City Attorney, upon completion of the CAO fee
analysis report, to prepare and present the following ordinances:
a. The new Development Review Fee Ordinance
b. A second Ordinance to create a new Special Fund that
combines multiple trust funds, to be known as the ‘Mobility
Investment Trust Fund’ and thereby repeal the existing
“Neighborhood Traffic Management Trust Fund” and the
“Bicycle Plan Trust Fund.”
7. REQUEST the City Attorney, in coordination with the DCP and
LADOT, to include in the Transportation Demand Management
Ordinance, the following:
a. Revise of hotel thresholds to:
i. 25 rooms for Level 1 (currently proposed)
ii. 50 rooms for Level 2 (on par with housing)
iii. 135 rooms for Level 3
8. INSTRUCT the DCP to incorporate the ordinance once adopted by
the Council, into the LAMC, Chapter 1A (proposed new Zoning
Code), and thereby conform to its new format/style.
C. BUDGET AND FINANCE COMMITTEE REPORT
1. CONCUR with the Transportation Committee’s recommendation to
receive and file the LADOT report dated June 5, 2019, attached to
the Council file.
2. CONCUR with the Transportation and Planning and Land Use
Management Committees’ recommendations approved on
November 1, 2022 related to the DCP Report dated October 24,
2022 and LADOT Report dated October 26, 2022, attached to the
Council file.
3. NOTE and FILE the CAO report dated November 16, 2022,
attached to the Council file.
Fiscal Impact Statement:
None submitted by the DCP. The LADOT reports that the TDM program update
includes a cost recovery fee ordinance, and is not expected to impact the
General Fund. The City Administrative Officer (CAO) reports that approval of
the recommendation in this report will have no impact on the General Fund.
With the approval of the new proposed Development Review Fees in the
LADOT report dated October 26, 2022, attached to this Council file, LADOT
estimates a total of $2.17 million in annual revenue of which $1.74 million will
be received as revenue by the General Fund and $430,000 will be received as
revenue by the Transportation Review Fee Fund, a fee-supported Special
Fund. The proposed fees provide full cost recovery.
Financial Policies Statement:
The CAO reports that the recommendation in the report complies with the City
Financial Policies in that it recommends to note and file this report. |
April 22, 2025
LA County
Los Angeles
City Council
Item
#28
|
| 20250422 |
LA County |
Los Angeles |
City Council |
Item |
(25)
25-0184
TRADE, TRAVEL AND TOURISM COMMITTEE REPORT relative to
requesting that the Port of Los Angeles (POLA) and the Los Angeles Fire
Department (LAFD) provide a verbal update on the current operational status
of fireboat marine operators, including availability and capacity to support
wildfire response efforts.
Recommendation for Council action, pursuant to Motion (McOsker - Nazarian):
REQUEST the Port of Los Angeles (POLA) and INSTRUCT the Los Angeles
Fire Department (LAFD) to provide a verbal update on the current operation
status of fireboat marine operators, including their availability and capacity to
support wildfire response efforts. The update should address the following:
a. Fireboat Fleet Overview: Provide details on the available fireboats
deployed in operations, including their specific capabilities, such as
pumping capacities, specialized equipment, and readiness for
emergency deployment.
b. Integration with Wildfire Response: Discuss the capability and readiness
of fireboats to assist in wildfire situations, including their equipment,
staffing, and operational procedures. Include the ability of fireboats with
advanced pumping capacities such as Fireboats 2, 4, and 5, and the
potential to include utilizing fireboats in tandem with land-based
firefighting resources.
c. Staffing and Training: Highlight the training and staffing levels of LAFD
marine operators, ensuring they are equipped with the necessary skills
and knowledge to engage in wildfire support operations when necessary.
d. Interagency Coordination: Opportunities for future collaboration between
the POLA, LAFD, and other relevant agencies to enhance wildfire
response capabilities. Discuss the challenges faced by marine operators
in supporting wildfire operations, particularly concerning resources,
logistics, and coordination with firefighting agencies.
Fiscal Impact Statement: Neither the City Administrative Officer nor the Chief
Legislative Analyst has completed a financial analysis of this report. |
April 22, 2025
LA County
Los Angeles
City Council
Item
#25
|
| 20250422 |
LA County |
Los Angeles |
City Council |
Item |
(17)
25-0277
HOUSING AND HOMELESSNESS COMMITTEE REPORT relative to a
comprehensive breakdown of the City’s homelessness budget; an analysis of
the City’s spending on homelessness; and creating a database where the data
will be published and updated regularly to ensure transparency and public
accessibility.
Recommendations for Council action, pursuant to Motion (Raman, Yaroslavsky
– Soto-Martinez):
1. INSTRUCT the City Administrative Officer (CAO), Chief Legislative
Analyst (CLA), and the Los Angeles Housing Department (LAHD), in
coordination with the Los Angeles Homeless Services Authority (LAHSA),
to report to Council within 60 days and quarterly thereafter with a single
comprehensive breakdown of the City's homelessness budget, including
all funding sources (including whether costs are reimbursable by the
County of Los Angeles or Federal government, etc.), committed funds,
expenditures, and underspends for each program and contract the City
holds related to homelessness, including, but not limited to:
a. All Homeless Housing, Assistance and Prevention funded programs
b. All Emergency Solutions Grant funded programs
c. Inside Safe
d. Interim Housing projects
e. Council District specific contracts
f. Crisis and Incident Response through Community-Let Engagement
(CIRCLE)
g. LAHSA contracts
h. Safe Parking
i. Safe Sleep
j. Recreational Vehicle programming
k. Street Medicine Teams
l. Permanent Supportive Housing investments
m. Homelessness Prevention Programs, including those funded by
United to House LA
n. Sanitation
o. Winter Shelter/Augmented Winter Shelters
2. INSTRUCT the CAO, CLA, and LAHD to:
a. Supplement the above report initially and, thereafter, annually at the
start of the third quarter of the fiscal year, with an analysis of the
City's spending on homelessness, to include budget
recommendations based on best practices, efficacy, cost benefit
analysis, and progress towards the City's goal of reducing
homelessness.
b. Work with the Controller to create a page where the data described
above will be published and updated regularly to ensure
transparency and public accessibility.
Fiscal Impact Statement: Neither the CAO nor the CLA has completed a
financial analysis of this report. |
April 22, 2025
LA County
Los Angeles
City Council
Item
#17
|
| 20250422 |
LA County |
Los Angeles |
City Council |
Item |
(14)
22-0195
BUDGET AND FINANCE COMMITTEE REPORT relative to the proposed
update to the existing qualified list for investment banking services for debt
programs managed by the City Administrative Officer (CAO).
Recommendations for Council action:
1. APPROVE the following firms to serve on the City’s existing list of
qualified firms for investment banking services for various debt programs
managed by the CAO, (Existing Qualified List), for the remainder of the
existing five-year term that was authorized on March 9, 2022 by City
Council and expiring on March 8, 2027 with four optional one-year
extensions, including updates to the Existing Qualified List as follows
(Council file No. 22-0195):
a. The removal of Citigroup Global Markets Inc. and UBS Financial
Services Inc. from the Existing Qualified List as these firms exited
the municipal bond business and no longer provide underwriting
services for negotiated municipal bond sales.
b. A modification of the role for TD Securities LLC, currently on the
Existing Qualified List eligible as a co-manager, to also include
eligibility as a senior manager.
c. The addition of PNC Capital Markets LLC to the Existing Qualified
List, eligible to serve as senior manager and co-manager:
Existing Qualified List (Proposed Update, March 2025)
i. Academy Securities, Inc. [Disabled Veterans Business
Enterprise (DVBE), Minority Business Enterprise (MBE)]
ii. American Veterans Group, Public Benefit Corporation* [Small
Business Enterprise (SBE), Service-Disabled Veteran-Owned
Business (SDVOB)]
iii. Bancroft Capital, LLC* [Service-Disabled Veteran-Owned
Small Business (SDVOSB)]
iv. Barclays Capital Inc.
v. BofA Securities, Inc.
vi. Cabrera Capital Markets, LLC (MBE)
vii. D.A. Davidson & Co.
viii. Drexel Hamilton, LLC (SDVOB)
ix. FHN Financial Capital Markets*
x. Goldman Sachs & Co. LLC
xi. Jefferies LLC
xii. J.P. Morgan Securities LLC
xiii. Loop Capital Markets [MBE, Minority/Women Business
Enterprise (M/WBE)]
xiv. Morgan Stanley
xv. Piper Sandler
xvi. PNC Capital Markets LLC
xvii. Ramirez & Co. Inc. (MBE)
xviii. Raymond James & Associates, Inc.
xix. RBC Capital Markets, LLC
xx. Siebert Williams Shank & Co., LLC (M/WBE)
xxi. SMBC Nikko Securities America, Inc.*
xxii. Stern Brothers* (WBE)
xxiii. Stifel Public Finance
xxiv. TD Securities LLC
xxv. UMB Bank, N.A.*
xxvi. US Bancorp*
xxvii. Wells Fargo Securities
*Co-Managers Only
2. AUTHORIZE the CAO to negotiate and execute contracts with TD
Securities LLC or PNC Capital Markets LLC, as needed, for the
remainder of the current term of the Existing Qualified List expiring on
March 8, 2027 with four optional one-year extensions, to serve as senior
managers and co-managers for investment banking services for various
City debt programs, subject to the approval of the City Attorney as to
form.
Fiscal Impact Statement: The CAO reports that the 2024-25 Adopted Budget
includes appropriations within the Capital Finance Administration Fund and
Sewer and Construction Maintenance Fund for costs attributed to services
provided by commercial paper dealers and remarketing agents. Annual budget
appropriations for such services are subject to Mayor and City Council
approval. Fees for other investment banking services will be funded from bond
proceeds upon successful closing of a transaction. There is no additional fiscal
impact on the City’s General Fund from the approval of recommendations in
said report.
Financial Policies Statement: The CAO reports that the report
recommendations are in compliance with the City’s Financial Policies, which
state that all municipal advisors, bond counsel, underwriters, and other as
needed market participants will be selected through a Request for
Qualifications or Request for Proposals process.
Debt Impact Statement: The CAO reports that approval of the report
recommendations will have no impact on the City’s debt limits. |
April 22, 2025
LA County
Los Angeles
City Council
Item
#14
|