"Requiring a competitive bidding process for bond counsel is transparent, fair and cost effective," said Treasurer Timothy Reese. "Treasury was the first state agency to competitively bid these services and it resulted in significant savings. That trend continued this time as the state will pay the lowest amount ever for bond counsel services."
"Using a competitive procurement process is more transparent, and I commend Treasurer Reese for voluntarily adopting my administration's policy," said Governor Wolf. "Together, we have saved taxpayers money and reformed what was an opaque process into one that is more efficient, ethical and open to the public."
Treasury led the process of soliciting and reviewing bids, joined by representatives from the Governor's Budget Office and the Department of the Auditor General. The agencies evaluated proposals submitted from 11 different law firms.
The GO Bond is expected to be issued later this year and proceeds will be used to refinance existing debt, fund transportation projects and support various capital improvements.
PA Treasury: Scott Sloat, 717-783-4098 or email@example.com
Governor Wolf: Jeffrey Sheridan, 717-783-1116 or firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pa-treasury-wolf-administration-save-taxpayers-money-using-competitive-bidding-process-for-bond-counsel-300349666.html
SOURCE Pennsylvania Treasury