ORDINANCE No. 180700

*Authorize contract with Orrick, Herrington & Sutcliffe LLP for bond counsel services (Ordinance)

The City of Portland ordains:

Section 1.  The Council finds:

1.  Bond counsel services are required by the City for issuance of general fund-backed obligations, revenue bonds and notes, housing revenue bonds and notes, tax increment bonds and notes, special assessment bonds and notes, and for other services related to its debt program.

2.  A selection committee comprised of City staff in various bureaus and an outside party reviewed and ranked proposals from four responding firms in accordance with Section 5.68 of the City Code.

3.  Orrick, Herrington & Sutcliffe LLP was selected to provide supplementary bond counsel services for work associated with the City’s debt program as needed.

4.  Sufficient appropriation resides in the Office of Management and Finance’s Debt Management program and/or in the bureaus and agencies that issue debt and are provided services by the bond counsel.

NOW, THEREFORE, the Council directs:

a.  The Mayor and Auditor are hereby authorized to enter into a contract with Orrick, Herrington & Sutcliffe, attached hereto as Exhibit A.

b.  The Mayor and Auditor are hereby authorized to draw and deliver checks payable to Orrick, Herrington & Sutcliffe in an amount not to exceed $200,000 during the life of the contract.

Section 2.  The Council declares that an emergency exists in order that bond counsel services may proceed without delay; therefore this ordinance shall be in full force and effect from and after its passage by the Council.

Passed by the Council, January 3, 2007  Gary Blackmer

   Auditor of the City of Portland

Mayor Tom Potter

Office of Management and Finance        By: /s/Susan Parsons

KLR:JS:EJ

December 18, 2006                Deputy

BACKING SHEET INFORMATION

AGENDA NO. 11-2007

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 180700