HomeMy WebLinkAboutCity of Tamarac Resolution R-2010-0971
Temp Reso #11902
Page 1
June 30, 2010
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2010-�
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA, AUTHORIZING
THE APPROPRIATE CITY OFFICIALS TO
EXERCISE THE FOURTH RENEWAL OPTION OF
AGREEMENTS TO "FURNISH, DELIVER AND
DISCHARGE OF QUICKLIME" TO, AND EXECUTE
AGREEMENT AMENDMENTS WITH, CHEMICAL
LIME COMPANY OF ALABAMA, LLC FOR THE CITY
OF TAMARAC AND ON BEHALF OF SEVENTEEN
MEMBERS OF THE SOUTHEAST FLORIDA
GOVERNMENTAL PURCHASING COOPERATIVE;
AND WITH CARMEUSE LIME & STONE,
INCORPORATED ON BEHALF OF TWO MEMBERS
OF THE SOUTHEAST FLORIDA GOVERNMENTAL
PURCHASING COOPERATIVE, FOR A PERIOD OF
ONE YEAR PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac served as "lead agency" on Bid 06-33B,
"Furnish, Deliver and Discharge of Quicklime" issued on behalf of the Southeast
Florida Governmental Purchasing Cooperative ("the Co-op") which was awarded,
on behalf of the City and seventeen (17) other agencies, to, and an Agreement
executed with Chemical Lime Co. of Alabama, LLC (Chemical Lime), as
evidenced by Resolution R-2006-205, a copy of which is on file with the City
Clerk; and
WHEREAS, as the lead agency for the Co-op, the bid was also awarded
to and an Agreement executed on behalf of two (2) agencies with the Co-op with
Temp Reso #11902
Page 2
June 30, 2010
Carmeuse Lime Sales Corporation as further evidenced by Resolution R-2006-
205; and
WHEREAS the City Commission of the City of Tamarac authorized the
first, second and third renewal options for both Chemical Lime Co., and
Carmeuse Lime & Stone, Inc. as evidenced by Resolutions R-2007-146, R-2008-
142, and R-2009-130 , copies of which are on file with the City Clerk; and
WHEREAS, both Chemical Lime and Carmeuse Lime & Stone, Inc. are
agreeable to exercising the fourth one (1) year renewal option; and
WHEREAS, pursuant to Section 5 of the executed Agreements, Chemical
Lime and Carmeuse Lime & Stone, Inc. may seek a price adjustment at the time
of renewal based on actual costs or in accordance with a recognized index; and
WHEREAS, current dynamic economic conditions dictate that the best
interests of the City and the "Co-op" will be met by the continuation of an ongoing
quarterly material price adjustment formula for Chemical Lime customers, and a
semi-annual material price adjustment formula for Carmeuse Lime & Stone, Inc.
customers, which allow for escalation and de-escalation of material pricing on a
quarterly basis, effective October 1st, January 1st, April 1 St and July 1st of each
year for Chemical Lime customers and on a semi-annual basis, with adjustments
effective January 1st and July 1st of each year for Carmeuse Lime and Stone
customers; and
WHEREAS, Carmeuse Lime & Stone, Inc. has submitted documentation
justifying a price increase based on increases for fuel surcharges and other direct
Temp Reso #11902
Page 3
June 30, 2010
administrative costs for two (2) agencies with the Co-op, which will take effect on
November 1, 2010, with adjustments to be made on a semi-annual basis
thereafter; and
WHEREAS, sufficient funds are available from the Utilities Department
Operating funds; and
WHEREAS, it is the recommendation of the Director of Utilities and
Purchasing and Contracts Manager that the fourth renewal option for the
Agreement awarded as a result of Bid #06-33B be exercised and an agreement
Amendment be executed with Chemical Lime for furnishing, delivering and
discharging quicklime, for a period of one year for the City of Tamarac, and on
behalf of seventeen (17) agencies in the Co-op; a copy of said Agreement
Amendment #4 is attached hereto as Exhibit "1 "; and
WHEREAS, it is the recommendation of the Director of Utilities and
Purchasing and Contracts Manager that the fourth renewal option for the
Agreement awarded as a result of Bid #06-3313 be exercised and an Agreement
Amendment be executed with Carmeuse Lime & Stone, Inc. for furnishing,
delivering and discharging quicklime, for a period of one year on behalf of two (2)
agencies in the Co-op, a copy of said Agreement Amendment #4 is attached
hereto as Exhibit "2"; and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it
to be in the best interest of the residents of the City of Tamarac to exercise the
fourth renewal option for Bid 06-33B and execute Agreement Amendment #4
Temp Reso #11902
Page 4
June 30, 2010
with Chemical Lime for furnishing, delivering and discharging quicklime, for a
period of one year on behalf of the City of Tamarac and seventeen (17) agencies
in the Southeast Florida Governmental Purchasing Cooperative, and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it
to be in the best interest of the residents of the City of Tamarac to exercise the
fourth renewal option for Bid 06-33B and execute Agreement Amendment #4
with Carmeuse Lime & Stone, Inc. for furnishing, delivering and discharging
quicklime, for a period of one year on behalf of two (2) agencies in the Southeast
Florida Governmental Purchasing Cooperative.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA THAT:
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 upon adoption hereof and all exhibits attached hereto are
incorporated herein and made a specific part of this resolution.
SECTION 2: Agreement Amendment #4 for the Agreement
executed as a result of the award of Bid 06-33B, "Furnish, Deliver and Discharge
of Quicklime", to Chemical Lime, on behalf of the City of Tamarac and sixteen
(16) agencies in the Southeast Florida Governmental Purchasing Cooperative, is
HEREBY AUTHORIZED.
Temp Reso #11902
Page 5
June 30, 2010
SECTION 3: The appropriate City officials are hereby authorized to
execute Agreement Amendment #4 with Chemical Lime as part of said award, a
copy of which is attached hereto as Exhibit "1" on behalf of seventeen (17)
entities within the Southeast Florida Governmental Purchasing Cooperative.
SECTION 4: Agreement Amendment #4 for the Agreement
executed as a result of the award of Bid 06-33B, "Furnish, Deliver and Discharge
of Quicklime", to Carmeuse Lime & Stone, Inc., on behalf of two (2) agencies in
the Southeast Florida Governmental Purchasing Cooperative, attached hereto as
Exhibit "2" is HEREBY AUTHORIZED.
SECTION 5: The appropriate City officials are hereby authorized to
execute Agreement Amendment #4 with Carmeuse Lime & Stone, Inc. as part of
said award, a copy of which is attached hereto as Exhibit "2" on behalf of two (2)
agencies in the Southeast Florida Governmental Purchasing Cooperative.
SECTION 6: All resolutions or parts of resolutions in conflict
herewith are HEREBY repealed to the extent of such conflict.
SECTION 7: 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.
I
Temp Reso #11902
Page 6
June 30, 2010
SECTION 8: This Resolution shall become effective immediately
upon its passage and adoption.
PASSED, ADOPTED AND APPROVED this4�7day of 2010.
BETH TALABISCO
MAYOR
Record of COMMISSION VOTE:
,MARIO"W NSON C MAYOR TALABISCO _
CITY CLERK DIST 1: COMM BUSHNEL
DIST 3: COMM GLASSER
DIST 4: VM DRESSLER
1 HEREBY CERTIFY that
1 have approved this
RESQLUTION as to form.
7// �41P
EL S'GO'F
' ATTORN
City of Tamarac Purrhasing and Contracts Division
AGREEMENT AMENDMENT #4
BETWEEN THE CITY OF TAMARAC
AND
CHEMICAL LIME COMPANY OF ALABAMA, LLC
The CITY OF TAMARAC (City) and Chemical Lime Company of Alabama, LLC
(formerly Chemical Lime Company of Alabama, Inc.), an Alabama limited liability
corporation, with principal offices located at 3700 Hulen Street, Ft. Worth, Texas 76107,
agree to amend that certain Agreement between the City of Tamarac and Chemical Lime
Company of Alabama, LLC (formerly Chemical Lime Company of Alabama, Inc.) dated
October 25, 2006, as amended, (the "Agreement') as follows:
1. Pursuant to the terms of Section 4 Time of Commencement and Substantial
Completion, of the Agreement the City and Chemical Lime Company of Alabama, LLC
exercise the fourth renewal option for the term November 1, 2010 through October 31,
2011.
2. All other provisions of the original agreement remain in effect as written.
Remainder of Page Intentionally Blank
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 City Manager and its City Commission signing by and through
its Mayor, and Chemical Lime Company of Alabama, LLC, signing by and through its
Florida Sales Manager, duly authorized to execute same.
ATTEST:
j,parion Swenson, C
IrCity Clerk
f P
7 0W iv
Date
ATTEST:
(Corporate Secretary)
f
14- I S
Type/Print Name of Corporate Secy.
(CORPORATE SEAL)
CITY OF TAMAR
A/'W � i I
Beth Flansbaum-Talabisco, Mayor
7 , /G
Date ,
O`
117e
Jeffrok Wier, City Manager
`7 0 o.1i 0
Date
Approve as to form an(d] legal sufficiency:
I dfA
��mueI S. Goren, City Attorney
7 I-,�011_0
Date
Chemical Lime Company of Alabama, LLC
o ny am C
C"��o 141—,
gnature of Florida Sales Manager
John Thompson
Florida Sales Manager
lwc' Zo I u
Date
CORPORATE ACKNOWLEDGEMENT
STATE OF Florida
:SS
COUNTY OF Polk
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 John
Thompson, Florida Sales Manager for Chemical Lime Company of Alabama, LLC., an
Alabama Limited Liability 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 15 day of June, 2010
Signature of Notary Public
State of FL at Large
Elizabeth A. Hart
Print, Type or Stamp
Name of Notary Public
® Personally known to me or
❑ Produced Identification
Type of I.D. Produced
❑ DID take an oath, or
® DID NOT take an oath.
"N"t EUZABM A. HART
Cl`► W COMMISSION A DO 8M9
' EXPIRES: Se�erober 17, 2013
k 911. eonded Thru Notary Pubic urMerw b.
City of Tamarac Purchasing and Contracts Division
AGREEMENT AMENDMENT #4
BETWEEN THE CITY OF TAMARAC
AND
CARMEUSE LIME & STONE, INC.
The CITY OF TAMARAC (City) and Carmeuse Lime & Stone, Inc. (Carmeuse), a
Delaware corporation, with principal offices located at 11 Stanwix Street, 11 th Floor
Pittsburgh, PA 15222, agree to amend the original Agreement as follows:
1. Pursuant to the terms of Section 4, Time of Commencement and Substantial
Completion, of the original Agreement dated October 25, 2006, the City and Carmeuse
exercise the third renewal option for the term November 1, 2010 — October 31, 2011.
2. Pursuant to the price increase provisions of Section 5, Contract Sum, Exhibit
A of the Agreement shall be amended as provided and detailed on the revised Exhibit A
attached hereto, which reflects approximate pricing on November 1, 2010 (See Contract
Exhibit A, Attachment D, pp. D1 — D2), January 1, 2009 (See Contract Exhibit A,
Attachment E, pp. E1 — E2), and April 1, 2009 (See Contract Exhibit A, Attachment F, pp.
F1 — F2), and quarterly thereafter (additional price change dates on July 1 and October 1
using the same price change methodology.) Price adjustment formula examples for
material cost changes are included in Contract Exhibit A, Attachments A & B.
3. Section 5, Contract Sum, shall be amended as follows:
5.1 The Contract Sum for the above work for entities listed in Contract
Exhibit A, based on delivered cost per ton. The Contract sum includes all
labor, materials and freight charges for the job also known as Bid No. 06-
33B, "Furnish, Deliver, and Discharge Quicklime" for the Southeast Florida
Government Purchasing Cooperative entities listed in Contract Exhibit A.
Pricing under this Agreement shall be in accordance with Contract Exhibit
A. AllPFises, Terms and Conditions, except product price, freight,
transfer, and rail and truck fuel surcharges shall remain firm feF the
through the term of the contract,
Pricing
shown in Contract Exhibit A, shall be adjusted beginning on November 1,
2010, followed by semi-annual adjustments on January 1 S and July 1 S in
accordance with Section 5.2 contained herein.
City of Tamarac Purchasing and Contracts Division
expiFatiGR.
5.2 Escalation/De-escalation:
To qualify for any increase in the Contract Sum, the vendor must submit
documentation for product price changes. Approved documentation
includes, but is not limited to published U.S. Department of Energy (DOE)
reports on coal costs, Platt's Coal Index, U.S. Bureau of Labor Statistics
(BLS) reports on Producer Price Index (PPI) for all commodities, U.S.
Energy Information Administration WTI publications on spot crude oil
prices, BLS Electric Power Generation, Transmission and Distribution
Index, BLS Crushed and Broken Limestone Index, BLS mining Machinery
and Equipment Index; and copies of vendor monthly internal cost reports
and/or actual invoices. Rail and Truck freight charges and changes for
transfer costs require written verification from vendor's freight and transfer
subcontractors, provided to the Purchasing & Contracts Division prior to
initial contract term expiration of the Agreement. All Rail and Truck fuel
surcharges will be applied initially on November 1 2010, subiect to
change each January 1st and July 1 s .
All other provisions of the original agreement remain in effect as written.
Remainder of Page Intentionally Blank
of Tamarac
and Contracts Division
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 City Manager and its City Commission signing by and through
its Mayor, and Carmeuse, signing by and through its Vice President of Sales, duly
authorized to execute same.
A�
61� M kaN o
wensoVCMC
ATTEST:
( orpor a Secr ary)
Kevin J. Whyte
Type/Print Name of Corporate Secy.
(CORPORATE SEAL)
CITY OF TAM AC
"'a�4'�o
Beth Talabisco, Mayor
7/j ho
Date
Jeffre . Mi er, City Manager ✓1�
% z410
Date
Approved as to form and legal sufficiency:
3
Cramuel 13. Goren, City Attorney
II0I 1)
Date
Carmeuse Lime & Stone, Inc.
Company Name
& if"
ignature of Vice President of Sales
Bruce D. Routhieaux
Vice President of Sales
July 1, 2010
Date
City of Tamarac Purchasing and Contracts Division
CORPORATE ACKNOWLEDGEMENT
STATE OF Pennsylvania
:SS
COUNTY OF Allegheny
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
Bruce D. Routhieaux, Vice President of Sales of Carmeuse Lime & Stone, Inc., a Delaware
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 ist day of July , 20 10
I �'Zzf'
Signatu a of Notary Public
State of at Large
Print, Type or Stamp
Name of Notary Public
Personally known to me or
❑ Produced Identification
Type of I.D. Produced
❑ DID take an oath, or
DID NOT take an oath.
COMMONWEALTH OF PENNSYLVANIA
Notmal Seal
Elaine E %kosh, Notary Public
CKY Of PiitibWA Allwfimy County
My Co W**n 60M Aug. 30, 2010
Member, t'S- 114y rrdr. hasoctetion of Notaries
City of Tamarac Purchasing and Contracts Division
AGENCY
DELIVERY ADDRESS
ESTIMATED ANNUAL USAGE
TYPE 1— Pebble Lime
City of Dania Beach
1201 Stirling Road, Dania Beach
624
TYPE 2 — High Cal Granular
City of Hollywood (3)
lWastewater, 1621 N. 141hAve., Hollywood
5000
Total Estimated Annual Tonnage
5624
of Tamarac Purchasing and Contracts Division
CONTRACT EXHIBIT A
Pricing and Price Adjustment Information
City of Tamarac Purchasing and Contracts Division
1. = The BLS Employment Cost Index (CIU201 G000400001 (B,I)) for total
compensation for private industry companies - goods -producing, natural resources,
construction and maintenance will be the first available index for the second quarter
prior to adjustment. The base index of the Labor cost component is 111.3 for quarter
three of 2009 and will remain fixed for the duration of the agreement.
2. = The three month average of the last reported monthly index for Platt's Coal
Outlook, Thacker/Kenova (1.2) with the last month of the three month average being the
second month prior to the adjustment. The base index of the Coal cost component is
58.60 as of November 2009 and will remain fixed for the duration of the agreement.
3. = The BLS Electric Power Generation, Transmission and Distribution Index
(WPU054) will be used as the index for the Power cost component. The referenced
index will be applied to the pricing adjustment by obtaining the first available index as of
the second month prior to the adjustment. The base index for the Power cost
component will be 176.3 as of November 2009 and will remain fixed for the duration of
the agreement.
4. = The BLS Crushed & Broken Limestone Index (PCU2123122123120) will be used
as the index for the Stone cost component. The referenced index will be applied to the
pricing adjustment by obtaining the first available index as of the second month prior to
the adjustment. The base index for the Stone cost component will be 232.0 as of
November 2009 and will remain fixed for the duration of the agreement.
5. = The BLS Mining Machinery and Equipment Index (WPU1192) will be used as the
index for the Machinery cost component. The referenced index will be applied to the
pricing adjustment by obtaining the first available index as of the second month prior to
the adjustment. The base index for the Power cost component will be 218.2 as of
November 2009 and will remain fixed for the duration of the agreement.
6. = The BLS Industrial Commodities Index (WPU03THRU15) will be used as the
index for the Inflationary (PPI) cost component. The referenced index will be applied to
the pricing adjustment by obtaining the first available index as of the second month prior
to the adjustment. The base index for the Inflationary cost component will be 178.1 as
of November 2009 and will remain fixed for the duration of the agreement.
- "first available index", i.e. the index that is made available by the BLS as of the date
the pricing adjustment is performed.
- "second month prior to the adjustment", i.e. the July 2010 pricing adjustment would
use the adjusted indices as of the month of May 2010 and the January 2011 pricing
adjustment would use the adjusted indices as of the month of November 2010.
of Tamarac
QUOTECARMEUSIC
anwrx tree[, Floor)
TO:
City of Dania
1200 Sterling Road
Dania, FL 33004
Attn: Keith G/atz
Re:
Contract Renewal 081209
Tons
625 tons
Phone
954 597-3567
Fax
Account's Fax number
CC:
and Contracts Division
Date 612812010
Forrest Meeks
Sales Representative
Cell Phone - (205) 215-3735
Carmeuse Lime, Inc. /Carmeuse Lime & Stone, Inc.
(Corporate Office)
11 Stanwix, 11th Floor
Pittsburgh, PA 15222
866-780-0974 - Corporate Inside Sales
To Place An Order - Call Customer Service Ren:
Maple Grove & Grand River 800-4453920
Chicago & Buffington
800-621-2154
Black River, KY
866-236-9140
River Rouge
866-243-0964
Annville & Hanover
866-277-8041
Longview
866-236-9142
Terminals
800-783-5392
Pittsburah Fax
(41219955515 (Purchase Orders)
High Calcium Quicklime Granular (CSXF 10348)
Rail Freight (CS)UFuel Surcharge) Ft. Lauderdale
FOB Longview, AL
Fuel Surcharge = $1.82
$0.22/mi.
$140.08/ton
$ 62.42/ton
Truck Freight (Walpole, 24 ton Minimum)
................................................
$ 9.23/ton
Fuel Surcharge (27% - 6 month average)
................................................
$ 2.49/ton
*Admin Fee 5.5%
................................................
$ 0.51/ton
Delivered Price
$214.73/ton
• IF QUOTE ACCEPTED PRICE GOOD TILL 12/31/2010
• ALL QUOTES GOOD FOR 30 DAYS FROM ISSUE DATE (unless agreed to otherwise in bid)
• ALL TAXES ARE EXTRA IF APPLICALBLE
• THIS PRICE IS BASED ON AVAILABILITY OF MATERIAL
• TERMS NET 30 DAYS FROM DATE OF INVOICE (unless agreed to otherwise in bid)
• Carmeuse Lime will guarantee to meet the information on the Product Typical Sheets enclosed.
• Enclosed are Terms and Conditions IN NO EVENT SHALL CARMEUSE BE LIABLE FOR INDIRECT, SPECIAL, INCIDENTIAL,
PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS, ARISING OUT OF, OR IN ANY WAY CONNECTED
WITH THE PRODUCT OR CARMEUSE'S OBLIGATIONS HEREUNDER. All sales are expressly contingent upon this limitation of
liability. To the extent any purchase order contains terms or conditions different from or contrary to such limitation, then such terms
or conditions are objected to, null and void, and will not form a part of the parties' contract.
*Any freight charges where it is necessary for Carmeuse to prepay for shipment will carry an Administration Fee of 5 Y2 %.
Exceptions:
of Tamarac
DOTE
City of Hollywood WWTP
1621 North 14th Avenue
Hollywood, FL 33020
Contract Renewal 081209
Account's Fax number
and Contracts Division
I Date 6/28/2010
Forrest Meeks
Sales Representative
Cell Phone — (205) 215-3735
Carmeuse Lime, Inc. /Carmeuse Lime & Stone, Inc.
(Corporate Office)
11 Stanwix, 11th Floor
Pittsburgh, PA 15222
866-780-0974 — Corporate Inside Sales
To Place An Order - Call Customer S
Maple Grove & Grand River 800-445-3920
Chicago & Buffington
800-621-2154
Black River, KY
866-236-9140
River Rouge
866-243-0964
Annville & Hanover
866-277-8041
Longview
866-236-9142
Terminals
800-783-5392
Pittsburgh Fax
(4121995-5515 (Purcha,
High Calcium Quicklime Granular (CSXF 10348)
Rail Freight CSX/Fuel Surcharge) Ft. Lauderdale
FOB Longview, AL
Fuel Surcharge = $1.82 $0.22/mi.
$140.08/ton
$ 62.42/ton
Truck Freight (Walpole, 24 ton Minimum)
................................................
$ 9.23/ton
Fuel Surcharge (27% - 6 month average)
.................................................
$ 2.49/ton
*Admin Fee 5.5%
................................................
$ 0.51/ton
Delivered Price
I
$214.73/ton
• IF QUOTE ACCEPTED PRICE GOOD TILL 12/31/2010
• ALL QUOTES GOOD FOR 30 DAYS FROM ISSUE DATE (unless agreed to otherwise in bid)
• ALL TAXES ARE EXTRA IF APPLICALBLE
THIS PRICE IS BASED ON AVAILABILITY OF MATERIAL
• TERMS NET 30 DAYS FROM DATE OF INVOICE (unless agreed to otherwise in bid)
• Carmeuse Lime will guarantee to meet the information on the Product Typical Sheets enclosed.
• Enclosed are Terms and Conditions IN NO EVENT SHALL CARMEUSE BE LIABLE FOR INDIRECT, SPECIAL, INCIDENTIAL,
PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS, ARISING OUT OF, OR IN ANY WAY CONNECTED
WITH THE PRODUCT OR CARMEUSE'S OBLIGATIONS HEREUNDER. All sales are expressly contingent upon this limitation of
liability. To the extent any purchase order contains terms or conditions different from or contrary to such limitation, then such terms or
conditions are objected to, null and void, and will not form a part of the parties' contract.
*Any freight charges where it is necessary for Carmeuse to prepay for shipment will carry an Administration Fee of 5-Y2 %.
Exceptions