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For Immediate Release

October 24, 2016

PA Treasury, Wolf Administration Save Taxpayers Money Using Competitive Bidding Process for Bond Counsel

Most Recent Deal Results in Record Low Fee

Harrisburg, PA – 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. 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.”

Pennsylvania Treasurer, Timothy Reese