Summary
PICA adopted Resolution No. 2021-07, approving the procurement of a financial advisor to assess the potential termination of two basis cap swap transactions associated with previously issued bonds. The Board determined that seeking expert financial advice was necessary to evaluate whether terminating these transactions would be prudent. PFM Financial Advisors and Phoenix Capital Partners, previously engaged as financial advisors for PICA, were invited to submit proposals. The resolution authorized the Executive Director and Chairperson to select a firm and execute an engagement based on the most advantageous terms. This step ensured that PICA would receive the best possible financial guidance before making a termination decision. The resolution took effect immediately.