HomeMy WebLinkAboutCity of Tamarac Resolution R-2010-028Temp. Reso #11773 — February 12, 2010
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. 2010- &'19V ff
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO EXTEND THE
EXISTING AGREEMENT BETWEEN THE CITY OF
TAMARAC AND DAVIDSON FIXED INCOME MANAGEMENT,
(FORMERLY KIRKPATRICK PETTIS CAPITAL
MANAGEMENT), FOR INVESTMENT ADVISORY SERVICES
FOR A TWO-YEAR PERIOD EFFECTIVE APRIL 15, 2010,
THROUGH APRIL 14, 2012, WITH UP TO TWO (2)
ADDITIONAL ONE YEAR RENEWAL OPTIONS; PROVIDING
FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City utilized due diligence in seeking responses for qualified firms to
provide investment advisory services to the City; and
WHEREAS, Resolution R-2003-77 dated April 9, 2003, authorized execution of an
agreement with Kirkpatrick, Pettis, Smith, Polian, Inc., Langhoff Brooks Division
(Contractor) providing for Investment Advisory Services, a copy of said resolution is on file
in the City Clerk's office; and
WHEREAS, Resolution R-2003-254 dated November 12, 2003, assigned the
aforementioned agreement for Investment Advisory Services to Kirkpatrick Pettis Capital
Management, Inc., under the same terms and conditions; is on file in the City Clerk's office;
and
WHEREAS, Resolution R-2004-82 dated April 28, 2004, authorized the execution of
the first renewal option effective April 14, 2004 through April 13, 2005, a copy of said
Renewal Agreement is on file in the City Clerk's office; and
Temp. Reso #11773 — February 12, 2010
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WHEREAS, Kirkpatrick Pettis Capital Management, Inc. was acquired by the
Davidson Companies, and assigned accordingly to Kirkpatrick Pettis Capital Management,
Inc. , a subsidiary of the Davidson Companies effective January 1, 2005; and
WHEREAS, Resolution R-2005-60 dated April 13, 2005, authorized the execution of
the second renewal option effective April 14, 2005 through April 13, 2006, a copy of said
Renewal Agreement is on file in the City Clerk's office; and
WHEREAS, subsequent to the assignment, the name of the firm was changed from
Kirkpatrick Pettis Capital Management Inc., a subsidiary of the Davidson Companies, to
Davidson Fixed Income Management, effective March 2, 2006, in accordance with a
March 23, 2006 correspondence is on file in the City Clerk's office; and
WHEREAS, Resolution R-2006-49 dated April 11, 2006, authorized the execution of
the third renewal option effective April 14, 2006 through April 13, 2007, a copy of said
Renewal Agreement is on file in the City Clerk's office; and
WHEREAS, Resolution R-2007-38 dated April 11, 2007, authorized the execution of
the fourth renewal option effective April 14, 2007 through April 13, 2008, a copy of said
Renewal Agreement is on file in the City Clerk's office; and
WHEREAS, Resolution R-2008-74 dated May 28, 2008, authorized the extension of
the Agreement effective April 14, 2008 through April 14, 2009, a copy of said Agreement
Amendment is on file in the City Clerk's office; and
WHEREAS, Resolution R-2009-27dated February 27, 2009, authorized the
extension of the Agreement effective April 15, 2009 through April 14, 2010, a copy of said
Agreement Amendment is on file in the City Clerk's office; and
WHEREAS, the city has had strong performance from its investments despite
the economic downturn, and wishes to extend the continuity in the area of investment
Temp. Reso #11773 — February 12, 2010
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advisory services; and
WHEREAS, an extension of the agreement with Davidson Fixed Income
Management will provide for the necessary continuity required because of their
knowledge and extensive past experience with the City of Tamarac; and
WHEREAS investment advisory services is a professional service which is
exempted from competitive competition by Section 6-151 (2) of the City of Tamarac
Purchasing Code; and
WHEREAS, Davidson Fixed income Management has agreed to extend for a two-
year period, with up to two additional one year renewal options, a copy of said Agreement
Amendment is attached hereto as Exhibit "A"; and
WHEREAS, Davidson Fixed Income Management has agreed to reduce their fee
from 9 basis points to 6 basis points as evidenced in Exhibit "A"; and
WHEREAS, available funds exist in the current budget for said purpose; and
WHEREAS, the Director of Financial Services recommends extending the existing
Agreement with Davidson Fixed Income Management, fora two-year period, effective April
15, 2010, through April 14, 2012, with the option to exercise up to two additional one-year
renewal options; and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interests of the citizens and residents of the City of Tamarac to extend the contract
between the City of Tamarac, Florida, and Davidson Fixed Income Management, for a two-
year period, effective April 15, 2010, through April 14, 2012, with the option to exercise up
to two additional one-year renewal options, as the City's investment advisor in order to
continue receiving professional investment advice regarding the investment of City funds.
Temp. Reso #11773 — February 12, 2010
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this Resolution.
SECTION 2: The appropriate City officials are hereby authorized to extend
the Agreement originally approved on April 9, 2003, between the City of Tamarac, Florida,
and Davidson Fixed Income Management, for Investment Advisory Services, attached
hereto as Exhibit "A", for a two-year period, effective April 15, 2010, through April 14,
2012, with the option to exercise up to two additional one-year renewal options for a
revised fee of 6 basis points.
SECTION 3: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 4: If any clause, section, other part or application of this Resolution is
held by any court of competent jurisdiction to be unconstitutional or invalid, in part or
application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
1
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SECTION 5-
passage and adoption.
Temp. Reso #11773 — February 12, 2010
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This Resolution shall become effective immediately upon its
PASSED, ADOPTED AND APPROVED this /� day of A"4, 2010.
ATTEST:
MARION SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
RESOLUTION as to form.
j"
SA UEL S. N
CITY ATTORNEY
1
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Record of COMMISSION VOTE:
MAYOR TALABISCO
DIST 1: COMM BUSHNELL
DIST 2: COMM ATKINS-GRAD"
DIST 3: COMM GLASSER
DIST 4: VM DRESSLER
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Purchasing & l 'ontracts Dit'ision
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The City of Tamarac, a municipal corporation, with principal offices located at 7525
NW 88th Avenue, Tamarac FL 33321 (CITY), and Davidson Fixed Income Management, a
Nebraska corporation, with principal offices located at 1600 Broadway, Suite 1100, Denver
CO 80202, (CONTRACTOR), agree to amend the original Agreement dated April 14, 2003
as follows:
Article 2 - "EFFECTIVE DATE": Amend Article 2 to read as follows:
"The effective date of this Agreement shall be for eee-yeaEr two (2) years, effective
April 1.5, 2010 through April 14, 2012 f em the date of exec Lion by City, with the option to
renew for four (4) two (2) additional one-year periods, for a- term -not to exreed;iyeeFs-,
subject to the satisfactory negotiation of terms, the concurrence of the City Commission, the
annual availability of appropriation, and satisfactory performance of services."
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"The CITY shall pay CONSULTANT for investment advisory services in accordance
with the provisions contained in the request for proposals, a fee of n�Re six basis points
annually on the average monthly market value of the assets under management, billed
monthly. No other fees shall apply under this Agreement."
All other provisions of the original agreement remain in effect as written.
IN WITNESS WHEREOF, the parties hereby have made and executed this
Amendment to Agreement on the respective dates under each signature, the City of
Tamarac signing through its Mayor and City Manager, and Davidson Fixed Income
Management, signing by and through its Managing Director, duly authorized to execute
same.
Remainder of Page Intentionally Blank
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CITY OF TAMARAC
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Beth Flansb um -Tala ' co, Mayor
Date
ATTEST:
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Jeffrey L. Miller, City Manager
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Marian Swenson, CMC
Date
City Clerk
/
Approveq 9s to form nd legal sufficiency:
Date
vommy
Samu S. Goibn, Ci Attorney
3/9/Ia..
Date
ATTEST:
DAVIDSON FIXED INCOME
MANAGEMENT
Company Name
( or rate Secretary)
Signature of Managing Director
"Jkrlm< F'�s (Jrr�T__ Christopher K. Blackwood _
Type/Print Name of Corporate Secy. Type/Print Name of Senior Vice President
cc) /
(CORPORATE SEAL)
Date
CORPORATE ACKNOWLEDGEMENT
1
STATE OF��jt�f�r0r>
:SS
COUNTY OFy' s'
I HEREBY CERTIFY that on this day, before me, an Officer duly authorized in the State
aforesaid and in the County aforesaid to take acknowledgments, personally appeared
Christopher K. Blackwood, Managing Director of Davidson Fixed Income Management, a
Nebraska Corporation, to me known to be the person(s) described in and who executed the
foregoing instrument and acknowledged before me that he/she executed the same.
WITNESS my hand and official seal this t h day of e 6 r 2010.
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Print, T e or Stamp
Name of Notary Public
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❑ Produced Identification
Type of I.D. Produced
❑ DID take an oath, or
❑ DID NOT take an oath.