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Home My WebLink Aboutbocc.con.amended.127.25 A2025.05.08 CDD Contract Number Project Name Contractor Budget Line Item 41652100.577040 !#BUDGET#! 12332100.577040 $ 72,000.00 $ - $ - $ 72,000.00 Procurement Method: Form: Contract Effective Date:11/19/2025 Contract End Date Contract Type Retainage If this is a new contractor, please enter the New Vendor information into Munis for workflow approval. Contact Information: Department: Project Lead:Liz Woods Phone:(970) 309-3002 Provide a brief description of the Contract or Change Order: Contract Value Summary: $ 115,000.00 $ - $ 72,000.00 $ 187,000.00 127.25 A Pitkin County Procurement Cover Sheet Cover Sheets are to be included with the contract record to provide an accurate summary of the Contract type, amounts, budget(s), and dates. Contract Information No Underwriting Services for Pitkin County Revenue Bonds, Series 2026 Stifel, Nicolaus & Company, Incorporated Additional Budget Line Item(s) (Please fully allocate Contract Total if multiple lines apply) Formal Services/Maintenance 11/18/2026 Change Order/Contract Amendment Finance Amendment to incorporate underwriting services for the Healthy Rivers and Streams debt issuance; allocate additional funding in the amount of $72,000.00 Original Contract Amount Previous Change Order/Amendment Amount This Change order/Amendment amount Contract Total Contract #: 127.25 Rev. 2022.08.04 CDD *Increases over $25,000 and/or 10% (single increase or accumulative) of original contract must have County Manager signature. 1 CHANGE ORDER / CONTRACT AMENDMENT Change Order Number: 127.25 A OWNER: Pitkin County, Colorado 530 E. Main St., Suite #302 Aspen, CO 81611 CONTRACTOR: Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 The Provision of Underwriting Services for Pitkin County Revenue Bonds, Series 2026 (the “Contract”) dated November 19, 2025 between the Board of County Commissioners of Pitkin County, Colorado (the “County”) and Stifel, Nicolaus & Company Incorporated (the “Contractor”), is hereby amended as follows: Description of Change: 1. Amendment to Section II of the Contract – Contractor’s Obligations: a. The agreed upon fee structure shall be amended as follows: $6.95 per $1,000 of bond principal with an underwriting counsel fee not to exceed Twenty Thousand dollars and Zero cents ($20,000.00). b. Contractor shall provide underwriting services to support the Healthy Rivers and Streams bond issuance in accordance with Contractor’s Proposal (“Attachment A”). It is expressly understood that the amendment to the fee structure applies solely to the Healthy Rivers & Streams bond issuance and does not apply to the Solid Waste Center bond issuance or any other bond issuance. 2. Allocation of additional funding in the amount of Seventy-Two Thousand dollars and Zero cents ($72,000.00) Reason for Change: This amendment incorporates the Healthy Rivers and Streams debt issuance, modifies the fee structure, and allocates additional funding. Contract #: 127.25 Rev. 2022.08.04 CDD *Increases over $25,000 and/or 10% (single increase or accumulative) of original contract must have County Manager signature. 2 Original Contract Amount $ 115,000.00 Previous Change Order/Amendment Amount $ This Change Order/Amendment Amount $ 72,000.00 New Contract Total $ 187,000.00 In all other respects, the Contract is in full force and effect and remains unchanged by this Amendment. STIFEL, NICOLAUS & COMPANY INCORPORATED ________________________________________________ !#VENDOR SIGNATURE#! Date PITKIN COUNTY, COLORADO RECOMMENDED FOR APPROVAL: _________________________________________________ !#DEPARTMENT REPRESENTATIVE#! Date MANAGER APPROVAL: ________________________________________________ !#COUNTY MANAGER#! Date Pitkin County Finance Director, Treasurer, and Public Trustee Liz Woods Apr-02-2026 Amy Canfield Stifel, Director Apr-02-2026 CFAO, Treasurer, and Public Trustee Apr-02-2026 Ann Driggers STIFEL, NICOLAUS & COMPANY, INCORPORATED 1401 LAWRENCE ST. SUITE 900  DENVER, COLORADO 80202  (303) 296-2300  WWW.STIFEL.COM/PUBLICFINANCE | MEMBER SIPC & NYSE To: Pitkin County, Colorado CC: Piper Sandler From: Stifel MEMO Date: March 31, 2026 Subject: Underwriting Fee Proposal: Sales Tax Revenue Bonds, Series 2026 We are pleased to submit this underwriting fee proposal for your upcoming Sales and Use Tax Revenue Bonds, Series 2026. Based on current market conditions and the anticipated structure of the offering, we propose a gross fee of $6.95 per bond, plus applicable underwriting expenses. Stifel’s philosophy on fees is to ensure a quality pricing outcome for each issue we underwrite. Our underwriting and sales team will work closely with the Piper Sandler team and their desk to achieve the lowest possible cost of borrowing. Par Amount: $5,500,000 Total Spread Details $/bond Amount ($) Expenses 0.652 3,587.65 Average Takedown 6.298 34,639.00 Total Gross Spread per BPA $6.950 $38,226.65 Expenses $/bond Amount ($) Continuing Disclosure Report 0.136 750.00 IPREO 0.040 220.50 Blue Sky Survey 0.136 750.00 DTC Setup 0.177 975.00 CUSIP Numbers 0.162 891.00 Total Expenses $0.652 $3,586.50 Underwriter’s Counsel. Stifel will require the use of Underwriter’s Counsel for this transaction. Similar to the solid waste revenue bond transaction, this can be added in to costs of issuance, or added as an additional underwriter’s expense. Recent Comparable Transactions. As a basis for our proposed takedown and expenses, Stifel has also provided a list of comparable transactions with par amounts of less than $10 million, as shown in the table below: Year Issuer Name and Description Par Amount Per Bond Fee 2025 Trails Park and Rec Dist., CO || Certificates of Participation $8,500,000 $7.00 2025 Genesee Fire Prot. Dist., CO || General Obligation Bonds $7,840,000 $7.50 2025 Berthoud, CO || Wastewater Revenue Ref Bonds $5,660,000 $6.15 2024 Crested Butte, CO || Certificates of Participation $7,645,000 $6.50 2024 Lake County, CO || Certificates of Participation $8,000,000 $7.00 2022 Carbondale, CO || Sales and Use Tax Revenue Bonds $8,000,000 $6.95 We welcome any questions or additional comments on our fee proposal. Sincerely, Amy Canfield, Director Stacey Mast, Director 303-291-5362 303-291-5299 canfielda@stifel.com masts@stifel.com Attachment A Certificate Of Completion Envelope Id: 5A11198D-496B-465D-9C2C-9FEAEA6389F0 Status: Completed Subject: Stifel, Nicolaus & Company Incorporated | Pitkin County Contract 127.25 A for Review & Signature Source Envelope: Document Pages: 4 Signatures: 3 Envelope Originator: Certificate Pages: 5 Initials: 0 Pitkin County Procurement AutoNav: Enabled EnvelopeId Stamping: Disabled Time Zone: (UTC-07:00) Mountain Time (US & Canada) 530 East Main Street Suite 203 Aspen, CO 81611 Procurement@PitkinCounty.com IP Address: 65.38.144.66 Record Tracking Status: Original 4/2/2026 12:27:37 PM Holder: Pitkin County Procurement Procurement@PitkinCounty.com Location: DocuSign Signer Events Signature Timestamp Liz Woods Liz.Woods@PitkinCounty.com Pitkin County Finance Director, Treasurer, and Public Trustee Pitkin County Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 65.38.144.66 Sent: 4/2/2026 12:29:47 PM Viewed: 4/2/2026 12:31:06 PM Signed: 4/2/2026 12:31:37 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Amy Canfield canfielda@stifel.com Stifel, Director Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 165.225.10.243 Sent: 4/2/2026 12:31:39 PM Viewed: 4/2/2026 12:33:02 PM Signed: 4/2/2026 12:45:20 PM Electronic Record and Signature Disclosure: Accepted: 4/2/2026 12:33:02 PM ID: f27a8f4e-c328-4acb-96cc-5cfa5d7f6b08 Company Name: Pitkin County, Colorado Ann Driggers ann.driggers@pitkincounty.com CFAO, Treasurer, and Public Trustee Pitkin County Signing Group: County Manager Group Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 69.170.199.204 Signed using mobile Sent: 4/2/2026 12:45:22 PM Viewed: 4/2/2026 12:59:32 PM Signed: 4/2/2026 12:59:57 PM Electronic Record and Signature Disclosure: Not Offered via Docusign In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Pitkin County Procurement procurement@pitkincounty.com Ruslana Ivanova, Procurement Specialist Pitkin County Security Level: Email, Account Authentication (None) Sent: 4/2/2026 12:59:58 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Accounts Payable AP@pitkincounty.com Accounts Payable Pitkin County Security Level: Email, Account Authentication (None) Sent: 4/2/2026 12:59:59 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 4/2/2026 12:29:47 PM Certified Delivered Security Checked 4/2/2026 12:59:32 PM Signing Complete Security Checked 4/2/2026 12:59:57 PM Completed Security Checked 4/2/2026 12:59:59 PM Payment Events Status Timestamps Electronic Record and Signature Disclosure ELECTRONIC RECORD AND SIGNATURE DISCLOSURE From time to time, Pitkin County (we, us or Pitkin County) may be required by law to provide you with certain written notices or disclosures. 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