Almost 13 months after it started the request for proposals process, New York City is expected to rename Brown & Wood as its bond counsel and Lord, Day & Lord as its disclosure counsel.
The selection process is not complete, however, and the final appointments are not expected to be announced to Michael Burke, chief of according to Michael Burke, chief of the municipal finance division of the city's Law Department.
Both firms, vying with 16 other firms in their respective categories, scored highest in the selection process conducted by a seven-member panel made up of city officials and staff members, according to Mr. Burke.
Barnes & Darby, a minority-owned law firm, is expected to be named as co-bond counsel through a subcontract with Brown & Wood.
The selection panel consists of Darcy Bradbury, deputy city comptroller; Paula Chester, general counsel to the city comptroller's office; Mark Page, deputy director of the Office of Management and Budget; Paula Gagen, counsel to the Office of Management and Budget; Michael Geffrard, deputy executive director of the city's Office of Economic Development; Sandy Altman, senior assistant corporation counsel of revenue and finance of the city's Law Department; and Mr. Burke.
City officials had hoped to have the selection process completed in early 1991, the city's budget problems and other distractions delayed the process, a city official involved in the process said. The original request for proposals was sent out on Oct. 4.
Mr. Burke said other firms that competed in the selection process may qualify for other posts on city-related financings. A firm from the group is likely to be named as bond counsel to the city's Municipal Water Authority, he pointed out. And a firm is likely to be named as counsel to the city's proposed certificates of participation financing program.
Brown & Wood was ranked second as a bond counsel in 1990, with 152 issues totaling $7.5 billion, according to Securities Data Co./Bond Buyer. Lord Day was not ranked. And Barnes & Darby was ranked 41st, with 14 issues totaling $865 million.
For the first half of 1991, Brown & Wood ranked second, with 91 issues totaling $4.05 billion. Lord Day was not ranked, and Barnes and Darby ranked 53d, with three issues totaling $413 million.
After the city sent out the requests for proposals for bond counsel and special disclosure counsel in October, 21 firms responded. Special disclosure counsel coordinates theproduction of the city's official statements.
Other firms in the running for either post were Hawkins, Delafield & Wood, LeBoeuf, Lamb, Leiby & MacRae, Mudge Rose Guthrie Alexander & Ferdon, Rogers & Wells, and Willkie Farr & Gallagher.
The city said it pays its bond counsel $150 per hour for a partner's time; $100 per hour for associates; and $30 per hour for a para-professional. In 1990, the city paid Brown & Wood $571,000 as bond counsel. Lord Day was paid $517,000.
