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Home My WebLink Aboutbocc.conamended.127.25 B2025.05.08 CDD Contract Number Project Name Contractor Budget Line Item !#BUDGET#! 15095195.577040 $ 60,000.00 $ - $ - $ 60,000.00 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 $ 60,000.00 $ 247,000.00 127.25 B 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 11/18/2027 Change Order/Contract Amendment Finance Amendment to add the Pitkin County Certificates of Participation (COP), Series 2026 financing to the contract, extend the contract term through November 18, 2027, and allocate an additional $60,000. 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 B 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 I of the Contract – Term of Contract: The Contract term shall be extended for one (1) additional year, through November 18, 2027, pursuant to the extension provisions set forth in the Contract. 2. Amendment to Section II of the Contract – Contractor’s Obligations: a. Contractor shall provide underwriting services to support the Pitkin County Certificates of Participation (COP), Series 2026 financing in accordance with Contractor's Proposal ("Attachment A"). b. The agreed upon fee structure for the Pitkin County Certificates of Participation (COP), Series 2026 financing shall be as follows: $6.95 per certificate, plus applicable underwriting expenses, in accordance with Contractor's Proposal ("Attachment A"), with an underwriting counsel fee not to exceed Twenty Thousand Dollars and Zero Cents ($20,000.00). It is expressly understood that this amendment authorizes underwriting services for the Pitkin County Certificates of Participation (COP), Series 2026 financing and does not modify the fee structure or scope of services for the Solid Waste Center bond issuance, the Healthy Rivers & Streams bond issuance, or any other bond issuance or financing unless authorized by a subsequent written change order. 3. Allocation of additional funding in an amount not to exceed Sixty Thousand Dollars and Zero Cents ($60,000.00) for the services described herein. 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 Reason for Change: Pitkin County is proceeding with the issuance of the Certificates of Participation (COP), Series 2026, which was not included in the original scope of the Contract. This amendment authorizes the Contractor to provide underwriting services for the COP financing, updates the fee structure in accordance with the attached proposal, allocates the additional funding necessary to perform these services, and extends the Contract term to allow sufficient time to complete the services. Original Contract Amount $ 115,000.00 Previous Change Order/Amendment Amount $ 72,000.00 This Change Order/Amendment Amount $ 60,000.00 New Contract Total $ 247,000.00 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 Liz Woods Pitkin County Finance Director, Treasurer, and Public Trustee Jul-20-2026 Stifel, Director Jul-20-2026 Amy Canfield CFAO Jul-21-2026 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: July 15, 2026 Subject: Underwriting Fee Proposal: Certificates of Participation, Series 2026 We are pleased to submit this underwriting fee proposal for your upcoming Certificates of Participation, Series 2026. Based on current market conditions and the anticipated structure of the offering, we propose a gross fee of $6.95 per certificate, 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: $8,000,000 Total Spread Details $/Certificate Amount ($) Expenses 0.491 3,928.00 Average Takedown 6.459 51,672.00 Total Gross Spread per BPA $6.950 $55,600.00 Expenses $/Certificate Amount ($) Continuing Disclosure Report 0.097 775.00 IPREO 0.080 636.89 Blue Sky Survey 0.094 750.00 DTC Setup 0.122 975.00 CUSIP Numbers 0.099 789.00 Total Expenses $0.491 $3,928.00 Underwriter’s Counsel. Stifel will require the use of Underwriter’s Counsel for this transaction. Similar to the solid waste revenue bond and sales tax revenue bond transactions, this can be added in to costs of issuance, or added as an additional underwriter’s expense. Recent Comparable Transactions. Since 2021, the average per certificate fee on all Colorado COPs issued at or under $15 million has been $7.63. As a basis for our proposed takedown and expenses, Stifel has also provided a list of select comparable transactions, as shown in the table below. Comparable Underwriting Fees - Colorado COPs (Under $15MM) Dated Date Issuer Par ($MM) Underwriter Per Certificate Fee ($) 5/15/2025 Town of Snowmass Village 12.90 D.A. Davidson 9.00 7/12/2023 City of Steamboat Springs 5.05 Stifel 7.74 7/20/2021 Chaffee County 8.27 Stifel 7.50 4/26/2023 Town of Frisco 6.35 Stifel 7.50 12/17/2025 Gunnison County Library District 9.16 Northland 7.50 12/23/2024 Lake County 8.00 Stifel 7.00 9/30/2025 Town of Telluride 13.89 Stifel 6.50 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: B4F3ECE7-5BBA-8BB5-836D-17785220EB0F Status: Completed Subject: Stifel, Nicolaus & Company Inc | Pitkin County Contract Amendment 127.25 B for Review & Signature Source Envelope: Document Pages: 4 Signatures: 3 Envelope Originator: Certificate Pages: 5 Initials: 1 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: 73.14.253.198 Record Tracking Status: Original 7/17/2026 11:38:44 AM Holder: Pitkin County Procurement Procurement@PitkinCounty.com Location: DocuSign Signer Events Signature Timestamp Connie Baker connie.baker@pitkincounty.com Budget Director Pitkin County Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 74.244.9.45 Sent: 7/17/2026 11:44:10 AM Resent: 7/17/2026 3:19:59 PM Viewed: 7/17/2026 3:22:49 PM Signed: 7/17/2026 3:24:30 PM Electronic Record and Signature Disclosure: Not Offered via Docusign 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: 76.130.177.26 Sent: 7/17/2026 3:24:32 PM Viewed: 7/20/2026 3:01:50 PM Signed: 7/20/2026 3:03:34 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: 136.226.87.31 Sent: 7/20/2026 3:03:36 PM Viewed: 7/20/2026 3:33:20 PM Signed: 7/20/2026 3:34:16 PM Electronic Record and Signature Disclosure: Accepted: 7/20/2026 3:33:20 PM ID: 7afa3f2c-10b1-4121-ba57-0e8167547ef1 Company Name: Pitkin County, Colorado Ann Driggers ann.driggers@pitkincounty.com CFAO Pitkin County Signing Group: County Manager Group Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 65.38.144.66 Sent: 7/20/2026 3:34:18 PM Viewed: 7/21/2026 11:37:26 AM Signed: 7/21/2026 11:37:40 AM 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: 7/21/2026 11:37:42 AM 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: 7/21/2026 11:37:43 AM 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 7/17/2026 11:44:10 AM Certified Delivered Security Checked 7/21/2026 11:37:26 AM Signing Complete Security Checked 7/21/2026 11:37:40 AM Completed Security Checked 7/21/2026 11:37:43 AM 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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