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Home My WebLink AboutCity of Tamarac Resolution R-2007-038Temp. Reso 11159 — March 28, 2007 Page 1 of 4 CITY OF TAMARAC, FLORIDA RESOLUTION NO. 2007-3 F; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXERCISE THE FOURTH RENEWAL OPTION TO 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, 2007, THROUGH APRIL 14, 2008; 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; and WHEREAS, Resolution R-2004-82 dated April 14, 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 11159 — March 28, 2007 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, 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 2005-60 dated April 14, 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, Resolution 2006-49 authorized the execution of the third renewal option to the existing agreement effective April 14, 2006, through April 14, 2007, a copy of said Renewal Agreement is on file in the City Clerk's office; and WHEREAS, Article 2 of the Agreement for Investment Advisory Services provides the City with the option to renew the Agreement for four additional one-year periods; and WHEREAS, Davidson Fixed income Management has agreed to renew for a onc year period, a copy of said renewal Agreement Amendment is attached hereto as Exhibit 1; and WHEREAS, available funds exist in the current budget for said purpose; and WHEREAS, the Director of Financial Services recommends exercising the fourth renewal option to the existing Agreement with Davidson Fixed Income Management, for a one-year period, effective April 14, 2007, through April 14, 2008; and 1 1 Temp. Reso 11159 — March 28, 2007 Page 3 of 4 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 renew the contract between the City of Tamarac, Florida, and Davidson Fixed Income Management, for a one- year period, effective April 14, 2007, through April 14, 2008, 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 exercise the fourth renewal option to the April 9, 2003, Investment Advisory Services Agreement between the City of Tamarac, Florida, and Davidson Fixed Income Management, for Investment Advisory Services, attached hereto as Exhibit 1, for a one-year period, effective April 14, 2007, through April 14, 2008. 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. Temp. Reso 11159 — March 28, 2007 Page 4 of 4 SECTION 5: and adoption. This Resolution shall become effective immediately upon its passage PASSED, ADOPTED AND APPROVED thisday of April, 2007. -r MARION SWENS N, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to form. MUEL S. GOREN ITY ATTORNEY � C�i MAYOR RECORD OF COMMISSION VOTE: MAYOR FLANSBAUM-TALABISCO DIST 1: COMM. PORTNER DIST 2: COMM. ATKINS-GRAD DIST 3: V/M SULTANOF DIST 4: COMM. DRESSLERVC 1 1 1 (" t,y of Tr.-prnanrx: Pwu J'ia,Smg and Contrails Division a AGREEMENT AMENDMENT BETWEEN THE CITY OF TAMARAC �6I 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 exercise the fourth renewal option, effective for the term April 14, 2007 — April 13, 2008. 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: Mariam: Swenson, CIVIC' City Clerk. 4I it 1 to1. CITY OF TAMARAC Beth Flansbaum-Talabisco, Mayor N 76M - 4 W9 F0162 CT�C. /`7WWf,� Jeff y L. Miller, City Manage A ( I C /0-1 Date Ap veil as to form and legal sufficiency: rS uel S. Goren, City Attorney L-(// Date f,rry of ATTEST: DAVIDSON FIXED INCOME MANAGEMENT Company Name (Corporate Secretary) Signature of Managing Director Tom S. Nelson Type/Print Name of Corporate Secy Christopher K. Blackwood Type/Print Name of Senior Vice President q-2-67 (CORPORATE SEAL) Date �r CORPORATE ACKNOWLEDGEMENT STATE OF COUNTY OF De(l-Jt''r SS 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 thane/she executed the same. WITNESS my hand and official seal this �E R:•STE p`'�•p�AAy:�ti t(P� • ;At C) 00 ` 611- cov My Commission Expires 0810512010 A day of _(•G" 12007, I Signature of Notary Public State of F �ge e_vf\ X \ e'. S)cC)_ r r) <' 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.