HARRISBURG, Pa., Oct. 24, 2016 /PRNewswire/ -- The Pennsylvania Treasury today announced it has selected McNees, Wallace & Nurick to provide bond counsel legal services following a competitive bidding process. The Commonwealth will pay a historically low $25,000 flat fee for legal services related to the issuance of General Obligation bonds (GO bond).
While Treasury is an independent state agency, it again chose to follow the Wolf administration's policy of engaging legal services through competitive proposals. Last year, Treasury completed the first-ever competitive bidding process for bond counsel legal services and the resulting fees were 36 percent lower than the $116,250 paid when bond counsel was selected without a competitive process.
"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.
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SOURCE Pennsylvania Treasury