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Home My WebLink AboutCity of Tamarac Resolution R-2009-028Temp. Reso #11575 — February 6, 2009 Page 1 of 4 CITY OF TAMARAC, FLORIDA RESOLUTION NO. 2009- •2 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 ONE-YEAR PERIOD EFFECTIVE APRIL 15, 2009, THROUGH APRIL 14, 2010; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FORAN 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 #11575 — February 6, 2009 Page 2 of 4 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, the city has had strong performance from its investments despite the economic downturn, the subprime mortgage market collapse, the lowering of the federal funds rate, and the problems associated with the State Board of Administration's (SBA) LGIP and wishes to extend the continuity in the area of investment advisory services; and Temp. Reso #11575 — February 6, 2009 Page 3 of 4 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 one- year period, a copy of said Agreement Amendment is attached hereto as Exhibit "A"; and WHEREAS, available funds exist in the current budget for said purpose; and WHEREAS, the Interim Director of Financial Services recommends extending the existing Agreement with Davidson Fixed Income Management, for a one-year period, effective April 15, 2009, through April 14, 2010, 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 one- year period, effective April 15, 2009, through April 14, 2010, as the City's _investment advisor in order to continue receiving professional investment advice regarding the investment of City funds. 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, Temp. Reso #11575 - February 6, 2009 Page 4 of 4 and Davidson Fixed Income Management, for Investment Advisory Services, attached hereto as Exhibit "A", for a one-year period, effective April 15, 2009, through April 14, 2010. 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. SECTION 5: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this day of 2009. BETH FLANS UM TALA91SCO, MAYOR ATTEST: �`-� RECORD OF COMMISSION VOTE: MARION S`VUENgON, CMC MAYOR FLANSBAUM-TALABISCO CITY CLERK DIST 1: COMM BUSHNELL -� DIST 2: VM ATKINS-GRADCZ Z-1 DIST 3: COMM. GLASSER DIST 4: COMM. DRESSLER -�- --� I HEREBY CERTIFY that 1 have approved this RESOLUTION as to form. a' ry/ 0 - . VJ "/ )� SAMUEL S. CITY ATTORN 5V i AGREEMENT AMENDMENT #2 BETWEEN THE CITY OF TAMARAC AND DAVIDSON FIXED INCOME MANAGEMENT The City of Tamarac, a municipal corporation, with principal offices located at 7525 NW 88t" 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: Per the terms of Article 2 — Effective Date of the original Agreement, the City and Davidson Fixed Income Management agree to extend the current agreement, effective for the term April 15, 2009 —April 14, 2010. 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. ATTEST: Marion Swenson, CIVIC City Clerk 4426 Date CITY OF TAMARAC Beth Flansbaum-Talabi o, Mayor do Date Jeffrey/l/MiH§r, City Manager Date Approv d as to form and legal sufficiency: Sapduel S. o"ren ity Attorney Date Oty of ATTEST: l„ ( 50-r ate Secre ary) Jackie Beauprez Type/Print Name of,Corporate Secy iM@ UN F., 5Y rr Lft DAVIDSON FIXED INCOME MANAGEMENT— Cp p, ame r ure of Managing Director Glenn Scott _ Type/Print Name of Vice President (CORPORATE SEAL) Date CORPORATE ACKNOWLEDGEMENT STATE OF C olorA�o :SS COUNTY OF pw%~ 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 Glenn Scott, Vice President 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 1 .7"6 day of 2009. Signature of Notary Public State of Rk pat) Large CP Print, Type or Stamp FpF 'Co 0�OQ` Name of Notary Public f4Q=dWbnEx0ms0W520jo Personally known to me or Produced Identification Type of I.D. Produced ❑ DID take an oath, or ❑ DID NOT take an oath.