HomeMy WebLinkAboutCity of Tamarac Resolution R-2008-074Temp. Reso 11410
May 12, 2008
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. 2008-1j
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 14, 2008,
THROUGH APRIL 14, 2009; NUNC PRO TUNC, 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 11410
May 12, 2008
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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, 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
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
Temp. Reso 11410
May 12, 2008
Page 3 of 4
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 Director of Financial Services recommends extending the existing
Agreement with Davidson Fixed Income Management, for a one-year period, effective April
14, 2008, through April 14, 2009, nunc pro tunc; 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 14, 2008, through April 14, 2009, nunc pro tunc, 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,
and Davidson Fixed Income Management, for Investment Advisory Services, attached
hereto as Exhibit "A", for a one-year period, effective April 14, 2008, through April 14,
2009, nunc pro tunc.
Temp. Reso 11410
May 12, 2008
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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 oday of C 2008.
ATTEST:
MARION SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
RESOLUTION as to form.
RECORD OF COMMISSION VOTE:
MAYOR FLANSBAUM-TALABISCO
DIST 1: COMM PORTNER
DIST 2: COMM ATKINS-GRAD
DIST 3: V/M SULTANOF
DIST 4: COMM. DRESSLER
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Cily of Tamura(; purchasing and Contracts Division
AGREEMENT AMENDMENT
BETWEEN THE CITY OF TAMARAC
AND
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:
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 14, 2008 — April 13, 2009.
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 .
Date
CITY OF TAMARAC
Beth Flansbaum -Tal bisco, Mayor
d
Date
Jeffrey . Miller, City Manager"Y':.
4/
Date
Approv d a to f, and legal sufficiency:
a u S.�fm, City Attorney
Date \
r>! iatt?t<x, .: 'u chasing and Conte' ac fs� bivisrcan
ATTEST: DAVIDSON FIXED INCOME
MANAGEMENT
Company Name
(Corpora e Secretary) ignature of Managing Director
Tom S. Nelson
Type/Print Name of Corporate Secy
Christopher K. Blackwood
Type/Print Name of Senior Vice
e President
(CORPORATE SEAL) Date
CORPORATE ACKNOWLEDGEMENT
STATE OF �'o cradu
:SS
COUNTY OF hCnv e r
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 �_ day of MGy , 2008.
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