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HomeMy WebLinkAboutCity of Tamarac Resolution R-2003-254Temp Reso #10265-October 7, 2003 Revision: October 24, 2003 Page 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2003- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIAL TO ACCEPT AND EXECUTE CONTRACT ASSIGNMENT OF THE INVESTMENT ADVISORY SERVICES AGREEMENT DATED APRIL 9, 2003 FROM KIRKPATRICK, PETTIS, SMITH, POLIAN INC., LANGHOFF BROOKS DIVISION TO KIRKPATRICK PETTIS CAPITAL MANAGEMENT, INC. EFFECTIVE AS OF SEPTEMBER 1, 2003; 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 services to the City; and WHEREAS, Kirkpatrick, Pettis, Smith, Polian Inc., (Contractor), on the basis of a proposal submitted under RFP-03-14R, dated February 5, 2003, was selected by the City to provide this service and entered into the Agreement (attached hereto as Exhibit A) with the City on April 9, 2003; and WHEREAS, individuals previously employed by Kirkpatrick, Pettis, Smith, Polian Inc., Langhoff Brooks Division are now employed by Kirkpatrick Pettis Capital Management, Inc.; and WHEREAS, Contractor seeks to assign the Agreement, dated April 9, 2003 with Kirkpatrick, Pettis, Smith, Polian Inc., Langhoff Brooks Division to Kirkpatrick Pettis Capital Management, Inc.; and Temp Reso #10265-October 7, 2003 Revision: October 24, 2003 Page 2 WHEREAS, the City is satisfied with the Investment Advisory Services currently provided by Kirkpatrick Pettis, Smith, Polian, Inc.; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to accept and execute the contract assignment hereto attached as Exhibit B to Kirkpatrick Pettis Capital Management, Inc., providing for Investment Advisory Services. 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 accept and execute the contract assignment agreement hereto attached as Exhibit B providing for assignment of the Investment Advisory Services Agreement from Kirkpatrick Pettis, Smith, Polian Inc., Langhoff Brooks Division to Kirkpatrick Pettis Capital Management, Inc. SECTION 3: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 1 1 1 H 1 Temp Reso #10265-October 7, 2003 Revision: October 24, 2003 Page 3 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 12th day of November, 2003. ATTEST: MARION SWENSON, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to form. MITCHELL S. KRAFT CITY ATTORNEY JOE SCHREIBER, MAYOR RECORD OF COMMISSION VOTE: MAYOR SCHREIBER DIST 1: COMM. PORTNER DIST 2: COMM. FLANSBAUM-TALABISCO DIST 3: COMM. SULTANOF. DIST 4: V/M ROBERTS 1 „ TR #10255 Exhibit A CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2003-� Temp. Reso. #10068 March 7, 2003 Revised April 2, 2003 Page 1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO AWARD RFP-03-14R TO AND EXECUTE AN AGREEMENT WITH KIRKPATRICK PETTIS FOR INVESTMENT ADVISORY SERVICES; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City has determined that it would be beneficial to solicit proposals for investment advisory services for the City's short-term and medium -term investment portfolio in order to enhance and improve the City's investment revenue; and WHEREAS, the City of Tamarac Finance Department Purchasing Division solicited RFP 03-14R from qualified firms publicly advertised on February 9 and February 16, 2003 (attached hereto as Attachment 1 to Exhibit A); and WHEREAS, the following seven investment advisory firms responded to the City's Request for Proposal (RFP) for investment advisory services; • Merrill Lynch -Punta Gorda • Public Financial Management Voyageur Asset • Merrill Lynch -Heathrow • MBIA • Cypress Asset Kirkpatrick Pettis; and Temp. Reso. #10068 March 7, 2003 Revised April 2, 2003 Page 2 WHEREAS, an evaluation committee consisting of the Director of Finance, Finance and Policy Officer and Purchasing and Contracts Manager conducted an extensive evaluation of the proposals and short listed the following top ranked firms: • Kirkpatrick Pettis • Public Financial Management • MBIA • Cypress Asset; and WHEREAS, Kirkpatrick Pettis scored highest on the basis of cost of services, transaction time, investment earnings rate, the ability to provide quality of investment advisory services, prior experience in governmental investing, other financial services available, and the overall quality of its presentation; and WHEREAS, the Investment Advisory Selection Committee after due consideration has ranked Kirkpatrick Pettis, considered the most competitive, as its first choice; and WHEREAS, the Investment Advisory Selection Committee entered into negotiations with Kirkpatrick Pettis; and WHEREAS, the Director of Finance and City Manager recommend the appropriate City officials be authorized to enter into an agreement with Kirkpatrick Pettis to provide investment advisory services; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to Temp. Reso. #10068 March 7, 2003 Revised April 2, 2003 Page 3 Award RFP-03-14R to and execute an Agreement with Kirkpatrick Pettis for Investment Advisory Services for a period of one (1) year with four (4) additional one-year renewal option periods. 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: That the appropriate City Officials are hereby authorized to award RFP-03-14R to and execute an Agreement with Kirkpatrick Pettis for investment advisory services (Exhibit A) for a period of one (1) year with four (4) additional one- year renewal option periods. 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 or 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. #10068 March 7, 2003 Revised April 2, 2003 Page 4 SECTION 5: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this 9t" day of April, 2003. ATTEST: 61JOE SCHREIBER MAYOR ARION SWENSON, MC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as tp form. MITCHELL S. XW CITY ATTO E RECORD OF COMMISSION VO] MAYOR SCHREIBER G DIST 1: COMM. PORTNER DIST 2: COMM. FLANSBAUM-T DIST 3: COMM. SULTANOF DIST 4: VIM ROBERTS CityC I817?O!"fC' Putc lasing and C'JI)ifc' c. s Division AGREEMENT FOR PROFESSIONALFRVICES THIS AGREEMENT made and entered into this 9 — day of 2003 by and between the City of Tamarac, a municipal corporation of the State of Florida, hereinafter referred to as CITY, and Kirkpatrick, Pettis, Smith, Polian Inc., a Nebraska corporation, with principal offices located at 3504 Lake Lynda Drive, Suite 155, Orlando, FL 32817, hereinafter referred to as CONSULTANT: WHEREAS, the CITY intends to utilize the services of a firm to provide Investment Advisory Services as outlined in the Request for Proposals 03-14R dated February 5, 2003, which is attached hereto and incorporated by reference as part of this Agreement; and, WHEREAS, the CITY requires certain professional services in connection with said Investment Advisory Services; and, WHEREAS, the CONSULTANT represents that it is capable and prepared to provide such Services: NOW THEREFORE, in consideration of the promises contained herein, the parties hereto agree as follows: ARTICLE 1 —THE CONTRACT DOCUMENTS The contract documents consist of this Agreement, conditions of the contract (General, Suppementary, and other Conditions), drawings, specifications to RFP 03-14R, all addenda issued prior to, and all modifications issued after execution of this Agreement. These contract documents form the Agreement, and all are as fully a part of the Agreement as if attached to the Agreement or repeated herein. ARTICLE 2 - EFFECTIVE DATE The effective date of this Agreement shall be for one year from the date of execution by City, with the option to renew for four (4) additional one-year periods, for a term not to exceed five years, subject to the satisfactory negotiation of terms, the concurrence of the City Commission, the annual availability of an appropriation, and satisfactory performance of services. ARTICLE 3 - SERVICE TO BE PERFORMED BY CONSULTANT The CONSULTANT shall perform the services in accordance with the provisions contained in the request for proposals as specifically stated in Article IV of RFP-03-14R and CONSULTANTS Proposal, and as may be specifically designated and additionally authorized by the CITY. Such additional authorizations will be in the form of a Purchase Order. Each Purchase Order will set forth a specific Scope of Services, amount of compensation and completion date. ARTICLE 4 - COMPENSATION The CITY shall pay CONSULTANT for investment advisory services in accordance with the provisions contained in the request for proposals, a fee of nine basis points annually on the average monthly market value of the assets under management, billed monthly. No other fees shall apply under this Agreement. r cil''of %omalm, Purch�G:lsmy and Contracts is DIvislon ARTICLE 5 - STANDARD OF CARE CONSULTANT shall exercise the same degree of care, skill, and diligence in the performance of the Services as is ordinarily provided by a professional investment advisory firm under similar circumstances and CONSULTANT shall, at no additional cost to the CITY, re -perform services which fail to satisfy the foregoing standard of care. The CONSULTANT will at all times render the services called for in this Agreement skillfully, diligently and to a high quality, professional standard of care. However, the CONSULTANT does not imply or guarantee any profits, any particular results or any freedom from loss in connection with its recommendations or otherwise in performing its services hereunder. ARTICLE 6 - INDEMNIFICATION CONSULTANT shall, in addition to any other obligation to indemnify the CITY and to the fullest extent permitted by law, protect, defend, indemnify and hold harmless the CITY, their agents, elected officials and employees from and against all claims, actions, liabilities, losses (including economic losses), costs arising out of any actual or alleged: a). Bodily injury, sickness, disease or death, or injury to or destruction of tangible property including the loss of use resulting therefrom, or any other damage or loss arising out of or resulting, or claimed to have resulted in whole or in part from any actual or alleged act or omission of the CONSULTANT, any sub consultant, anyone directly or indirectly employed by any of them, of anyone for whose acts any of them may be liable in the performance of the WORK; or b). violation of law, statute, ordinance, governmental administration order, rule, regulation, or infringement of patent rights by CONSULTANT in the performance of the Work; or c). liens, claims or actions made by the CONSULTANT or any sub consultant under workers compensation acts; disability benefit acts, other employee benefit acts or any statutory bar. Any cost of expenses, including attorney's fees, incurred by the CITY to enforce this agreement shall be borne by the CONSULTANT. Upon completion of all Services, obligations and duties provided for in this Agreement, or in the event of termination of this Agreement for any reasons, the terms and conditions of this Article shall survive indefinitely. ARTICLE 7 - INDEPENDENT CONTRACTOR CONSULTANT undertakes performance of the Services as an independent contractor and shall be wholly responsible for the methods of performance. The CITY shall have no right to supervise the methods used, but the CITY shall have the right to observe such performance. CONSULTANT shall work closely with the CITY in performing Services under this Agreement. ARTICLE 8 - COMPLIANCE WITH LAWS In performance of the Services, CONSULTANT will comply with applicable regulatory requirements including federal, state, and local laws, rules regulations, orders, codes, criteria and standards. F Purch. acing and Cuniracts Division ........ . . ARTICLE 9 - INSURANCE During the performance of the Services under this Agreement, CONSULTANT shall maintain the following insurance polices, and provide originals or certified copies of all policies, and shall be written by an insurance company authorized to do business in Florida. 1. Worker's Compensation Insurance: The CONSULTANT shall procure and maintain for the life of this Agreement, Workers' Compensation Insurance covering all employees with limits meeting all applicable state and federal laws. This coverage shall include Employer's Liability with limits meeting all applicable state and federal laws. This coverage must extend to any sub consultant that does not have their own Workers' Compensation and Employer's Liability Insurance. The policy must contain a waiver of subrogation in favor of the City of Tamarac, executed by the insurance company. Thirty 30 days notice of cancellation is required and must be provided to the City of Tamarac via 15t Class Mail. 2. Comprehensive General Liability: The CONSULTANT shall procure and maintain, for the life of this Agreement, Comprehensive General Liability Insurance. This coverage shall be on an "Occurrence" basis. Coverage shall include Premises and Operations; Independent Contractors' Products and Completed Operations and Contractual Liability with specific reference of Article 5 of this Agreement. This policy shall provide coverage for death, personal injury or property damage that could arise directly or indirectly from the performance of this Agreement. The Minimum Limits of Coverage shall be $1,000,000 per occurrence, Combined Single Limit for Bodily Injury Liability and Property Damage Liability. The CITY must be named as an additional insured unless Owners and Contractors' Protective Coverage is also provided, or required. Sixty (60) days written notice must be provided to the CITY via 1St Class Mail class in the event of cancellation. 3. Business Automobile Liability: The CONSULTANT shall procure and maintain, for the life of the Agreement, Business Automobile Liability Insurance. The minimum limits of coverage shall be $1,000,000 per Occurrence, Combined Single Limit for Bodily Injury Liability and Property Damage Liability. This coverage shall be an "Any Auto" type policy. The CITY must be listed as an Additional Insured under the Policy. Sixty-(60) days written notice must be provided to the CITY via 1st Class Mail in the event of cancellation. 4. Professional Liability (Errors and Omissions) Insurance: $10,000,000 In the event that sub -consultants used by the CONSULTANT do not have insurance, or do not meet the insurance limits, CONSULTANT shall indemnify and hold harmless the CITY for any claim in excess of the sub -consultants' insurance coverage, arising out of negligent acts, errors or omissions of the sub -consultants. CONSULTANT shall not commence work under this Agreement until all insurance required as stated herein has been obtained and such insurance has been approved by the CITY. City of Tal7),9ric F'i:rch,.�sir� � �t,d C sign ....... ......... Contracts ..5. wr:..... ARTICLE 10 - CITY'S RESPONSIBILITIES The CITY shall be responsible for providing access to all project sites, and providing information on hand that are available in the files of the CITY. ARTICLE 11 - TERMINATION OF AGREEMENT The obligation to continue Services under this Agreement may be terminated for cause by either party upon ten (10) calendar days' written notice of substantial failure by the other party to perform in accordance with the terms hereof through no fault of the terminating party. CITY shall have the right to terminate this Agreement or suspend performance thereof without cause for the CITY's convenience upon seven (7) calendar days' written notice to CONSULTANT, and CONSULTANT shall terminate or suspend performance of Services on a schedule acceptable to CITY. In the event of termination or suspension for CITY's convenience, CITY shall pay CONSULTANT for all Services performed through the date of notice of termination or suspension. ARTICLE 12 - NONDISCLOSURE OF PROPRIETARY INFORMATION CONSULTANT shall consider all information provided by CITY and all reports, studies, calculations, and other documentation resulting from the CONSULTANT's performance of the Services to be proprietary unless such information is available from public sources. CONSULTANT shall not publish or disclose proprietary information for any purpose other than the performance of the Services without the prior written authorization of CITY or in response to legal process. ARTICLE 13 - UNCONTROLLABLE FORCES Neither the CITY nor CONSULTANT shall be considered to be in default of this Agreement if delays in or failure of performance shall be due to Uncontrollable Forces, the effect of which, by the exercise of reasonable diligence, the non -performing party could not avoid. The term "Uncontrollable Forces" shall mean any event which results in the prevention or delay of performance by a party of its obligations under this Agreement and which is beyond the reasonable control of the nonperforming party. It includes, but is not limited to fire, flood, earthquakes, storms, lightning, epidemic, war, riot, civil disturbance, sabotage, and governmental actions. Neither party shall, however, be excused from performance if nonperformance is due to forces, which are preventable, removable, or remediable, and which the nonperforming party could have, with the exercise of reasonable diligence, prevented, removed, or remedied with reasonable dispatch. The nonperforming party shall, within a reasonable time of being prevented or delayed from performance by an uncontrollable force, give written notice to the other party describing the circumstances and uncontrollable forces preventing continued performance of the obligations of this Agreement. ARTICLE 14 - GOVERNING LAW AND VENUE This Agreement shall be governed by the laws of the State of Florida. Any and all legal action necessary to enforce the Agreement will be held in Broward County and the Agreement will be interpreted according to the laws of Florida. _........... _ ..... _. __­.. 4 City of T+nxrrrac ..... _g .. Contr r is D vision Purchasing me r.rr.r ARTICLE 15 - MISCELLANEOUS 15.1 Nonwaiver A waiver by either CITY or CONSULTANT of any breach of this Agreement shall not be binding upon the waiving party unless such waiver is in writing. In the event of a written waiver, such a waiver shall not affect the waiving party's rights with respect to any other or further breach. The making or acceptance of a payment by either party with knowledge of the existence of a default or breach shall not operate or be construed to operate as a waiver of any subsequent default or breach. 15.2 Severability Any provision in this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provisions in any other jurisdiction. The nonenforcement of any provision by either party shall not constitute a waiver of that provision nor shall it affect the enforceability of that provision or of the remainder of this Agreement. The provisions of this section shall not prevent the entire Agreement from being void should a provision, which is of the essence of the Agreement, be determined to be void. ARTICLE 16 - INTEGRATION AND MODIFICATION This Agreement is adopted by the CITY and CONSULTANT as a complete and exclusive statement of the terms of the Agreement between the CITY and CONSULTANT. This Agreement supersedes all prior agreements, contracts, proposals, representations, negotiations, letters or other communications between the CITY and CONSULTANT pertaining to the Services, whether written or oral. The Agreement may not be modified unless such modifications are evidenced in writing signed by both the CITY and CONSULTANT. ARTICLE 17 - SUCCESSORS AND ASSIGNS The CITY and CONSULTANT each binds itself and its director, officers, partners, successors, executors, administrators, assigns and legal representatives to the other party to this Agreement and to the partners, successors, executors, administrators, assigns, and legal representatives. ARTICLE 18 - CONTINGENT FEES The CONSULTANT warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the CONSULTANT to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual or firm, other than a bona fide employee working solely for the CONSULTANT, any fee, commission, percentage, gift or any other consideration contingent upon or resulting from the award or making of this Agreement. ARTICLE 19 - TRUTH -IN -NEGOTIATION CERTIFICATE - _ ... ........ ................ i City of Tarnarac� Purchasing �arrd C'�. wa,;YS Divisior;, Execution of this Agreement by the CONSULTANT shall act as the execution of a truth -in -negotiation certificate certifying that the wage rates and costs used to determine the compensation provided for in this Agreement are accurate, complete and current as of the date of the Agreement and no higher than those charged the CONSULTANTS most favored customer for the same or substantially similar service. The said rates and cost shall be adjusted to exclude any significant sums should the CITY determine that the rates and costs were increased due to inaccurate, incomplete or non -current wage rates or due to inaccurate representations of fees paid to outside consultants. The CITY shall exercise its rights under this "Certificate" within one (1) year following payment. ARTICLE 20 - OWNERSHIP OF DOCUMENTS CONSULTANT shall be required to work In harmony with other consultants relative to providing information requested in a timely manner and in the specified form. Any and all documents, records, disks, original drawings, or other information shall become the property of the CITY upon completion for its use and distribution as may be deemed appropriate by the CITY. ARTICLE 21 - NOTICE Any notice, demand, communication, or request required or permitted hereunder shall be in writing and delivered in person or sent by certified mail, postage prepaid as follows: CITY City Manager City of Tamarac 7525 NW 88th Avenue Tamarac, Florida 33321-2401 With a copy to the City Attorney at the same address. CONSULTANT: Jeffrey T. Larson Senior Vice President Kirkpatrick, Pettis, Smith, Polian Inc. 3504 Lake Lynda Dr., Suite 155 Orlando, FL 32817 PH: 407-482-2327 Notices shall be effective when received at the address specified above. Changes in the respective addresses to which such notice may be directed may be made from time to time by any party by written notice to the other party. Facsimile is acceptable notice effective when received, however, facsimiles received (i.e.; printed) after 5:00 p.m. or on weekends or holidays, will be deemed received on the next business day. The original of the notice must additionally be mailed as required herein. Nothing contained in this Article shall be construed to restrict the transmission of routine communications between representatives of CONSULTANT and CITY. a CI( G� rc+!/li3lil4 , f rC:�... IIIJ c7., ..... ..... ....... ......... 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, Joe Schreiber, and Kirkpatrick, Pettis, Smith, Polian Inc., signing by and through its Senior Vice President, duly authorized to execute same. ATTEST: Marion Swenson, CMC City Clerk qq q -Q 3 Date Efir' MY C•:)n'. '. i '�Rf:.ly{' Bonded Thiu Nowy Pc um.wwm.r. s LISA B,IRNES MY COMMISSION N CC 95794 EXPIRES: July 31, 2004 B~ TNu Nwry P%hk UMMwftm a5331'0 �ql�s CITY OF TAMARAC dadSchrelber, Mayor D to Jeffr Iller, City Manager Q=0��x /'� © Date as)6 form and legal suff ciency: Mitc eft II 3+ Kra y P ney Date Kirkpatrick, Pettis, S ith, Polian Inc. o � �tl Senior Vice President Jeffrey T. Larson Type/Print Name of Senior Vice President D y 07 D 3 Date City of T arraraC 0 Purchasing and Contracts Divisioi, CORPORATE ACKNOWLEDGEMENT STATE OF FLORIDA :SS COUNTY OF. Q f r' Aw)GCF 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 Jeffrey T. Larson, Senior Vice President, of Kirkpatrick, Pettis, Smith, Polian Inc., 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 20th day of March, 2003. Sign re of'Notary Public State of Florida at Large po! ' 9N Fskx u Aragon c'Ga X Lf • 'vI a ". r W Commission DD1189e Print, Type or Stamp a Expres August 01 -20W Name of Notary Public ❑ rsonally known to me or Produced Identification Type of I.D. Produced CERTMCATE KIRKPATRICK, PEMS, SItRTH, POUT LNC. 1, Kent J. Lund,, Executive Vice President, General Counsel and Secret ary t the fol]owin Smith, Polian Inc., a Nebraska Corporation (the "Corporation"), do her b n eK�rkpatrick, Pettis' m,o indi-6duals duly hold with the Corporation the officer positions next t 'theirname below. 9 Jeffrey T. Larson Senior Vice President Christopher K. Blackwood Senior Vice President L Kent J, Lund, Executive Vice President, General Counsel and Secretary of the Corporation, do hereby certify that each of Jeffrey T. Larson and Christopher K. Blackwood, as Senior Vice Presidents of the Corporation,: is authorized to act for and on behalf of the Corporation in respect of the underwriting of fixed income securities and including the execution and delivery of agreements providing for the purchase or placement of fixed income securities (including tax-exempt fined income securities), financial consultant, fiscal agency, and fixed income advisory service agreements, and generally to execute and deliver all such documents and to undertake all such actions as may be necessary and appropriate to effectuate the undem,riting of said securities. DATED THIS DAY OF LI,g1t7 2Uu_3 Kirkpatrick, Pettis, Smith, Polian Inc. Executive Vic President, General Counsel and Secretary CERTIFICATE 'MWATRICK, PETITS, S'NUTH, POLLA NL VC. 1, Kent J. Lund, Executive Vice President, General Counsel and Secretary of Kirattic Smith, Pollan Inc., a NebraskaCorporation (the "Corporation'), do hereby certifyat Pettis, m'o individuals duly hold with the Corporation the officer positions next to their ames b following Blow: Jeffrey T. Larson Senior Vice President Christopher K. Blackwood Senior Vice President I, Kent J. Lund, Executive Vice President, General Counsel and Secretary of the Co oratio hereby certify that each of Jeffrey T. Larson and Christopher K- Blackwood, as Senior Vice n, do Presidents of the Corporation,: is authorized to act for and on behalf of the Corporation in respect of the underwriting of fixed income securities and including the execution and delivery of agreements providing for the purchase ox placement of fixed income Securities (including tax-exempt fixed income securities), financial consultant, fiscal agenc and fixed income advisory sen�ice agreements, and generally to execute and Y, deliver all such documents and to undertake all such actions as may be necessary and appropriate to effectuate the underwriting of said securities. DATED THIS —S� DAY OF ��-$n �►,�n j 2vo3 Kirk--patrick, Pettis, Smith, Polian Inc. Executive Vic President, General Counsel and Secretary ULr LJ/ LVVv tr. Vu a na iu,,uvy 1 yy-e . .A CORD, iPRODUCEA+ THE HARRY A. KOCH CO. PO BOX 45279 OMAHA NE 68145-0279 +ia+u�y n uvvu vv .,u Lay•7r I> 51 / R/ it ! JI i .... DATE (MMMIDDIYYI ` 2/25/03 ..........._ ... +.fit•..:. .r...� �-,•.:. t � M•yl ..a.� ...:...Y••....� ..r.._ ...... Y � / r M 402 861-7000 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW COMPANIES AFFORDING, rnvrphni: KFS Corporation 10250 Regency Cirele,Suite 500 Omaha NE 68114 COMPANY A FEDERAL INS. CO. COMPANY B COMPANY C COMPANY D R• m•�:...:., :...:, o-:::.R:.�,:r::::•.... ...:..... •. ,:..r...:..n::. , �. iJE� E �1 Al so-ro-.a>,:••:a:..•- :::G .:}. .; �.; ....r " :.•.•. '`:[•r"^�'<s�'...�. r:'r�:: 1.....a. 4�•:.�:: -a•: � ::•r:i•o: i�.i:i%'r. :, � � .R.n:• ._. �:>:::iii::i:i: .iw:..... .r.w..... ...:.•7•.:e:'�:. ],,..lt.. :;rv..�. r.•. il.:•..:•.:r•.:�•.0 :•`•E,:•^/:r:, };fig,+N r;Ki,KJ.',•,:.e%%:Kw�:::::i.Y::a�ii:�:��ii=.;�;�i �:q.� •: .. �:�:%i'�':J:•:.�•::� I:�::.��. ,:.:i:.....�:.;-_'.._:.., .:.t:�t•::-:. THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR i HE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS, O RTYPE OF INSURANCE POLICY EFFECTIVE POLICY EXPIRATION — POLICY NUMBER DATE IMMMD/YYI I DATE (MM/DD/YY) '•` LIMITS GENERAL UABIUTY GENERAL AGGREGATE . COMMERCIAL GENERAL LIA LBILrrY CL IMS MARE OCCUR PRODUCTS . COMP/DP AGG PERSONAL d ADV INJURY 1 OWNER'S 4 CONTRACTOR'S PACT EACH OCCURRENCE FIRE DAMAGE IAnY One rimJ 1 i s MEO FXP IAnY one Parson) AUTOMOBILE LABILITY ANY AUTO COMBINED SINGLE UM17 1 AU OWNED AUTOS SCHEDULED AUTOS BODILY INJURY (per wboN j 1 HIRCD AUTOS NON -OWNED AUTOS BODILY INJURY (Per accidenq / PROPERTY DAMAGE s GARAGE LIABILITY AUTO ONLY . EA ACCIDENT S ANY AUTO OTHER THAN AUTO ONLY; EACH ACCIDENT 1 AGGREGATE EACH OCCURRENCE I r AGGREGATE s e � a[CE55 LIABILITY I UMpRELLA FORM OTHCA THAN UMEIRE`LA FORM WORKERS COMPENSATION AND EMPLOYERS, LIABILITY WC 5rA711• OTH••,. EL EACH ACCIDENT e THE PRCPfiIE"DR! INCL PAR. NER_lE7cECUTIVE OFFICER$ ARC: EXCL A OTHER FIDUCIARY LIABILITY 81797914 1 /01 /03 IEL 1 /01104 i 0. b:5e45F •POLICY LIMIT OISEA5E - EA EMPLCY__•E I 41,000,000 EACH LOSS $1,000,000 TOTAL LIMIT s lCLAIMS MADE COVERAGE ]ES�RIpTION OF OPERA710N5lLOCA7IONSNE}(ICLES/SPEC(AL ITEMS f`R1�FI�gTE HQD!_R` tA�lCt#.( RYr�t`,1 CITY OF TAMARAC, FLORIDA SHOULD ANY OF THE ABOVE DE_CRI&M POLICIES 6E CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING COMPANY MU, ENDEAVOR TO MAIL 7515 N.W. 88TH AVENUE 10 DAYS wwTTEN Nonce TO THE COMFICATE MOLDER NAMED TO THE LEFT, I AMARAC, FLORIDA 33321 BUT FAILURE TO MAR SUCH NOTICE SHALL IMPOSE NO OBIJaATION OR UABILIIY OF ANY ;KWD UPON .ZHE COMPA;A ITS A1301.73 OR REPRESENTATIVES. OZ/ZO/4VU4 L4-UI Flfd ItULVUlI L.LV la1Ju�• .� uvVu vv d_ /lCORD, V i.1\RfAMP > pRDDUCER,• 402 661-7000 THe HARRY A. KOCH CO. PO BOX 45279 OMAHA NE 68145-0279 INSUAED KFS Corporation 10250 Regency Circle,Suite 500 Omaha NE 68114 DATE 1 MMroom) > K • , u ;� 2125/03 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. T COMPANIES AFFORDING COVERAGE COMFANY TRAVELERS PROPERTY CASUALTY A COMPANY B COMPANY C COMPANY D THIS IS 70 CERTIFY TWAT THE POLICIES OF INSURANCE LlSTEO BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY INDICATED, NOTWITHSTANDING ANY R@QUIREMENT, TERM OM CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS. EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. T cD TYPE OF INSURANCE POLICY NUMBCA POLICY CFFECT1vE POLICY EXPIRATION LIMITS LTR DATE (MMIOD/YY) DATE IMM/ODNY) GENERAL LIABILITY CPNEIIAL AOtSREGATE COMMERCIAL GENERAL LIABILITY PRODUCTS - COMP/0P AGG i CLAIMS MADE 7 OCCUR PERSONAL A ADV INJURY 0 — OWNER'S 16 CONTRACTOR'S PROT EACH OCCURRENCE b FIRE DAMAGE IAnY one fire) P MED EXP IAnY me PcrsoN B AUTOMOBILE LIABILITY COMBINED 51N3LE LIMIT i ANY AUTO ^•- ALL OWNED AUTOS SCHEDULED AUTOS(Per BODILY INJURY p3rscn) HIRED AUTOS GORILY INJURY NON.OWNE.O AUTOS IPpt ♦1CLtitlfnlLl _.. , ........ . PROPERTY DAMAGE —.....�.,,...,,—...,......:.�.... ". GARAGE LIABILITY AUTC ONLY- EA ACCIDENT i OTHER THAN AUTO ONLY: ANY AUTO EACH ACCIDENT 3 AGGREGATE EXCESS LIABILITY EACH OCCURRENCE 6 AGGRIEi5ATE I i UMBRELLA FORM s 0-HER THAN UMBRELLA FORM WCSiTAiU• OTH- . :;a:;:.;.•; WORILLRS COMPENSATION AND r r I T Fa EL EACH ACCIRRI a ' EMPLOYERS' LIABILITY THE PpOPFICTORI INCL PARTNE•RS/EXECUTIVf EL DISEASE • POLICY LIMIT B .-__• . OFFICERS ARE: EXCL ei DISEASE • EA EMPLOYEE A OTHER 1039966608CM 7 /0 i l03 1101/04 STOCKBROKERS EMPLOYEE DISHONEST' BLANKET BOND ( O DESCRIPTIDN OF OPERATIOIZS/LDCATIDNENEHICLES/SPECIAL ITEM6 11 CITY OF TAMARAC, FLORIDA 7525 N.W. 88TH AVENUE TAI,4ARAC, FLORIDA 33321 514OULD ANY OF THE A6DVE DESCRIBED POUCIES BE CANCELLED ZEFDRE THE ExPIRA-nON OATS rMf-KEOF, THE 1SSUINO COMPANY WILL ENDEAVOR TO MILIL 10 DAYS WRITTEN NOTICE TO THE CERTIFlCATE HOLDER NAMED I'D THE LEFT, BUT FAILURE TO VAIL SUCH NOTICE SMALL IMPOSE. NO OBLIGATION OR LABILITY OF ANY )KIND UPON .ZHE COMPFik-Y` ITE AGENIF OR pEPf�SENTATIVES• vtii "I GUV,.I 11 : 40 rAA 4UZbUI7111 A CORD....,,.........f.:...:::r::i_ �s: PRODUCER •k•:•aF....: r:?�,r;:c.......,,..+.:<&: �.,.,.:%a:) THE HARRY A. KOCH CO. PO BOX 45279 OMAHA NE 68145-0279 HARRY A. Kom 402 861-7000 [a 002 DATE IMM/DO/YY) 4/02/03 nla utH 1 IFICATE 1.0 ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY TWF DnI i,,« COMPANY INSURED A KFS Corporation COMPANY 10250 Regency Cirele,Suite 500 S Omaha NE 68114 COMPANY C 1 COMPANY D COMPANIES AFFORDING COI THE CINCINNATI INSURANCE CO THE CINCINNATI CASUALTY CO E - •--- .,,. :�il7:iT.r s....;i7+::�•�. _ ..; >ti;: i:�:c ::iJk-i%:+k+?- •v,; -s:.i�4iiirrt.; T :.�s..•:i�ii;:w;i'#,�T:";�'"ii .:k;'� •>i•ik�it+.,,� �fk^?"r+s :.: rr•:,:�•:..::.: •>:: r: �-•..... HIS IS TO CERTIFY E 7:EL =4 ::T�f °'i �:i?`i .,> �:... �:>:^:ifl. ;.:oi-r:` ::r•:r:.::..r. THAT THE POLICIES ra.it:i;iS'.v(;Oak:;:.:•,e::.,dk-.a:I:>±i3�'f•'r.✓:..r,..:..ra:�•.,.,..:`i!'`''E'i'Ys'p,:>«r'•�::i'."i:5:i[:::.:::::d::.:o:..:.;. S OF INSURANCE LIST :.:;,, ,. ia..,•a,�.,...�..a.•:.^•.i'r;;,...., INDICATED, NOTWITHSTANDING AryY gEQUIREMENT, T LISTED BELOW HAVE KEEN ISSUED TO THE INNAMED.�..•.�...,,•''"•;tFO R THE LI: CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, TERM OR CONDITION OF ANY CONTRACT Op OTHER DOCUMENT WITm RESPECT TO WHICH THIS EXCLUSIONS AND CpNplTlpryS OF SUCH rgLIC1ES TL LIMITS SHOWN MAYINSURANCE HAVE AVE BED REDUCED POLICIESRDED BY THE DESCRIBED PAID CCLAIMS HEREIN IS SUBJECT TO ALL THE TERMS, CO LTA TYPE OF INSURANCE POLICY NUMBER POLICY EFFECTIVE POLICY FXPIRA-nCN OgTE A QENERAL LIABILITY IMM/DD/YY1 DATE (MM/DD/YY) UMITS CAP5489E99 - X COMMERCIAL GENERAL LIABILITY 1101103 1 /O1 /04 GENERAL AGGREGATE CLAIMS MADE X 1 OCCUR e I PRODUCTS C L . MP D iOPACIG 0 ZDOCDDC OWNER'S d CONTRACTOR'S PROT PEASONA46 ADV INJURY S 1000000 EACH OCCURRENCE 1 1000000 FIRE DAMAGE IAny a% Pral 1OCDOC A AUTOMOlILE LIASIUT•Y CAP5489699 X ANY MED "P (AT' one pelaan) S 1 /01 5000 AUTO AI.I. OwNEC AUTCS /03 1 /01 /04 COMBINED SINGLE LIMIT 1 � I SCHEDULED AUTOS 1000000 X BODILY INJURY HIRED AUTOS IPar POMAY'l X NON -OWNED AVTDS BODILY INJURY (Par accitlen[IL.1 OARAaE LIABILITY PROPERTY DAMAGE 1 j ANY AUTO AUTO ONLY - EA ACCIDENT / I OTHER THAN AUTO ONLY: I EACH ACCIDENT a EXCESS UASILTY AGGREGATE D UMORE,•LA FORM EACH OCCURRENCE >f OTIIER THAN UMBRELLA FORM AGGREGATE B WORKERS COMPENSATION AND WC8942604-IC) EMPLOYERS, UARILITY 1 /01103 + 1 /01104 X WC STATT- CTH. AR —NE 5/EXF U X INCL rAR•'NERS/EXECUTIVE R EL EACH ACCIDENT .000CC0 OFF=RSARE: EXCL EL DISEASE - POLICY LIMIT s iODCOCO OTHER I I EL DISEASE, EA EMPLOYEE 1 1000000 DESCRIPTION OF OPERATIONS/LOCAMONS"HICLSEAPECIAL ITEMS I - CONTRACT FOR INVESTMENT ADVISORY SERVICES WITH KIRKPATRICK PETTIS. PROFESSIONAL SERVICES ARE EXCLUDED. CITY OF TAMARAC, FLORIDA IS ADDITIONAL INSURED UNDER THE GENERAL LIABILITY AND AUTO, WOFIKFRcz COMPENSATION WAIVER OF SUBROGATION IS PROVIDED. .i71l=iCAla11C151Ft"'K CITY - .:::>,,n-.:r:,•�z::;:;.k� wkw:,�;yf.............. . OF TAMARAC, FLORIDA SHOULD ANY OF THE ABOVE DE9GFBBEO POLICIES BE CANCELLED' BEFpREY THE ATTENTION: CITY MANAGER °IRATION DAYS THEREOF, rHE ISSUING COMPANY WILL ENOCAVOR TD MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICILTE HOLDER NAMED TO THE LEFT. 7525 N.W. 88TH AVENUE BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITY TAMARAC, FLORIDA 33327 OF ANY KIND UPON HE COMP ITS A6ENT5 Op REPRESENTATIvES. AUTNORI EPRE6ruTervr , o'� 7qM u �rrj n <aR,pQ�. Purchasing Division I LJ City of Tamarac "Committed to Excellence... Always" ADDENDUM NUMBER 1 RFP NO. 03-14R INVESTMENT ADVISORY SERVICES DATE OF ADDENDUM: FEBRUARY 20, 2003 OPENING DATE REMAINS FEBRUARY 26, 2002 AT 4:00 P.M. Proposers are hereby notified that this Addendum shall be made part of the above named Request for Proposal document. The following information responds to questions received from potential Proposers and/or clarifies certain requirements contained in the RFP: 1. Do you currently manage funds in house? Yes ' 2. What types of securities do you currently have? Repurchase Agreement (overnight sweep), SBA, Treasuries, and Governmental Agencies. 3. As the management services required under the Contract increase from passive to active, the Fiduciary Liability coverage required will also increase commensurate with the responsibility. 4. All other requirements included in the RFP shall remain the same. Please sign below and submit this addendum with Your proposal. If you have any questions regarding this addendum, please call (954) 724-2450. Lynda S. Flurry, CPPO Purchasing and Contracts Manager Kirkpatrick Pettis Company Name / \utfi' flied Signature Date 7525 NW Bath Avenue 0 7omcrcc, Florida 33321-2401 ■ (954) 724-2450 ■ Fox (954) 724-2406 0 vAvw.tamcroc.org EPUV Oa, ortunity Emptpyer Exhibit A T.R. 10068 REQUEST FOR PROPOSALS a� rq M � oP 4Rl o RFP 03-14R Investment Advisory Services City of Tamarac Purchasing and Contracts Division 7525 NW 88th Avenue, Room 108 Tamarac, Florida 33321-2401 (954) 724-2450 ---- --- --- Table of Contents RFPD344R Requestfor Proposals .................................................................................................................. 2 I. Introduction ' ... ............... -------------------------------''3 U. Instructions toOfferors -------~------------__--_________ 1. Defined Terms -----------------------_---__—___� Z. Special Conditions .............................................................................................. 3 3. Non -Collusive Affidavit Form --------~__—______________ 4 ��n���of|nh�n��� ' -------------------------------..4 5. Modification and Withdrawal oyProposals .......................................................... 4 0 |ndornn|�u�Uon � ---------------------------------4 7. Non-D|mohnn|nation and Equal Opportunity Employment ................................... 5 8. Termination for Cause and Default .............................. ---__---__--_5 9. Termination for Convenience ofCity .................................................................. 5 10. Audit Rights ........................................................................................................ 8 11. Assignment ......................................................................................................... 6 12. . Pu���r�h/Chmes Statement -----------------~---~--..6 13. Insurance Requirements .................................................................................... 6 Ui Proposal Submission and Withdrawal -----------------------_..8 )V. Nature ofServices Rendered -----------------_----________ A. General -------------------------------------9 B. Scope oyWork b»bePerformed ............................................... ....................... 1O C. Minimum Qualifications ----------------------------11 V. Proposal Requirements ................................................................................................ 12 A. General ------------------------------------.12 B. Technical Proposal ........................................................................................... 13 V|, Evaluation ofProposals ......... ............................................ ......................................... 15 A. Evaluation Committee ...................................................................................... 15 B. Evaluation Criteria and Method ........................................................................ 1G C. Oral Presentations ........................................... ........ ....................................... 17 O. Right toReject Proposals ................................................................................. 17 VU�ohedu|m��Evmnbs � ------------------------------------'17 VUiSunnmnaryoyDocuments bobe Submitted ........................................................................... 1G /XAw�nJof�m��� � .................................................. ............ ................................................. 18 SampleAgreement ................................................................................... .......................... 1S'2G CertificationForm ............................................. ..................................................................... 1 of CertifiedResolution ............... ..................................... .......................................................... 1 of C�feror'sQualification Statement ........................................................................................... 1of5 Non -Collusive Affidavit .............................................................. ............................................ 1 of Foreign CorpormUonaSbabonnenL------------------------------1 Of Vendor Drug -Free Workplace.................................. ............................................................. 1 of Sample Insurance Certificate ................................................................................. ............... 1 Of oV- TAM City of Tamarac 4 o a I O 0 "Committed to Excellence... Always" Purchasing and Contracts Division DATE: February 5, 2003 REQUEST FOR PROPOSALS ALL. INTERESTED PARTIES: RFP NO. 03-14R The City of Tamarac, Florida, hereinafter referred to as CITY, will receive sealed Proposals at the office of the Purchasing & Contracts Manager, City Hall, 7525 NW 88th Avenue, Tamarac, Florida 33321-2401, for furnishing the services described below: INVESTMENT ADVISORY SERVICES Sealed Proposals must be received by the Purchasing and Contracts Manager, either by mail or hand delivery, no later than 4:00 p.m. local time on Wednesday, February 26, 2003. A public opening will take place in the Conference Room #105 located at City Hall shortly thereafter on the same date. Any Proposals received after 4:00 p.m. local time on said date will not be accepted under any circumstances. Any uncertainty regarding the time a Proposal is received will be resolved against the Offeror. Proposals are subject to all terms and conditions contained in this RFP. The City of Tamarac reserves the right to retain all proposals submitted regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the contract between the City of Tamarac and the firm selected. There is no expressed or implied obligation for the City of Tamarac to reimburse responding firms for any expenses incurred in preparing proposals in response to this request. CITY reserves the right to reject any or all Proposals, to waive any informalities or irregularities in any Proposals received, to re -advertise for Proposals, to award in whole or in part to one or more offeror's, or take any other such actions that may be deemed to be in the best interests of the CITY. Documents will be available for review and may be obtained from the Purchasing and Contracts Office at the above address. For inquiries, contact the Purchasing Office at (954) 724-2450, Lynda S. Flurry, CPPO Purchasing and Contracts Manager Publish Sun Sentinel: 2/9 & 2/16 7525 NW 85th AvenUc- ■ Tamarac. Florida 33321-2431 ■ (954) 724-245C K Fax (954) 724-2408 t wwv, 1a^-,arac.org EQJCI OP—rt—;Iv Em:i zDyer ek �' :.aLl,_^i.'U 1 C.�­3i: rf: 7 P► "t OTO II&_LeL' This Request for Proposals (RFP) provides guidelines for the submission of proposals in response to Investment Advisory Services. The City of Tamarac is requesting proposals from qualified firms interested in providing Investment Advisory Services for the City's short-term and medium -term investment portfolio. The City of Tamarac reserves the right to retain all proposals submitted regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the contract between the City of Tamarac and the firm selected. There is no expressed or implied obligation for the City of Tamarac to reimburse responding firms for any expenses incurred in preparing proposals in response to this request. It is anticipated the selection of a firm will be completed by March 21, 2003. Following the notification of the selected firm, it is expected a contract will be executed between both parties on or after April 23, 2003. It is the intent to award a contract for an initial one (1) year period with the option to renew for four (4) one-year periods, for a possible total of five (5) years, subject to the satisfactory negotiation of terms (including a price acceptable to both the City of Tamarac and the selected firm), the concurrence of the City Commission, the annual availability of an appropriation, and satisfactory performance of service. II. INSTRUCTIONS TO OFFERORS/STANDARD TERMS AND CONDITIONS 1. DEFINED TERMS Terms used in these Instructions to Offerors are defined and have the meaning assigned to them. The term "Offeror" means one who submits a Proposal directly to CITY as distinct from a Sub -Offeror, who submits a Proposal to the Offeror. The term "Successful Offeror" means the qualified, responsible and responsive Offeror to whom CITY (on the basis of CITY'S evaluation as hereinafter provided) makes an award. The term "CITY" refers to the City of Tamarac, a municipal corporation of the State of Florida. The term "Proposal Documents" includes the Request for Proposals, Instructions to Offerors, Proposal, Qualifications Statement, Non -Collusive Affidavit and Public Entity Crime Statement, Corporate Resolution or Letter of Transmittal, Proposal Security and Specifications, if any, and the proposed Contract Documents, if any, (including all Addenda issued prior to receipt of Proposals). The term "CONSULTANT" shall mean the individual(s) or firm(s) to whom the award is made and who executes the Contract Documents. 2. SPECIAL CONDITIONS Any and all Special Conditions that may vary from the General Conditions shall have precedence. 3. NON -COLLUSIVE AFFIDAVIT FORM Each Offeror shall complete the Non -Collusive Affidavit Form and shall submit the form with the Proposal. CITY considers the failure of the Offeror to submit this document to be a major irregularity and may be cause for rejection of the Proposal. 4. CONFLICT OF INTEREST The award of any contract hereunder is subject to the provisions of Chapter 112, Florida Statutes. Offerors must disclose with their Proposal the name of any officer, director, partner, proprietor, associate or agent who is also an officer or employee of CITY or any of its agencies. Further, all Offerors must disclose the name of any officer or employee of CITY who owns, directly or indirectly, an interest of five percent (5%) or more in the Offeror's firm or any of its branches or affiliate companies. 5. MODIFICATION AND WITHDRAWAL OF PROPOSALS Proposals may be modified or withdrawn by an appropriate document duly executed (in the manner that a Proposal must be executed) and delivered to the place where Proposals are to be submitted at any time prior to the deadline for submitting Proposals. A request for withdrawal or a modification must be in writing and signed by a person duly authorized to do so. Evidence of such authority must accompany the request for withdrawal or modification. Withdrawal of a Proposal will not prejudice the rights of an Offeror to submit a new Proposal prior to the Proposal opening date and time. After expiration of the period for receiving Proposals, no Proposal may be withdrawn or modified. If, within twenty-four (24) hours after Proposals are opened, any Offeror files a duly signed, written notice with CITY and within five (5) calendar days thereafter demonstrates to the reasonable satisfaction of CITY by clear and convincing evidence there was a material and substantial mistake in the preparation of its Proposal, or that the mistake is clearly evident on the face of the Proposal but the intended correct Proposal is not similarly evident, then Offeror may withdraw its Proposal and the Bid Security will be returned. Thereafter, the Offeror will be disqualified from further bidding on the subject Contract. 6. INDEMNIFICATION GENERAL INDEMNIFICATION: To the fullest extent permitted by laws and regulations, successful Offeror shall indemnify, defend, save and hold harmless the CITY, its officers, elected officials, agents and employees, from any and all claims, damages, losses, liabilities and expenses, direct, indirect, consequential or inconsequential arising out of or alleged to have arisen out of the products, goods or services furnished by or operations of the Successful Offeror or their subcontractors, agents, officers, employees or independent Contractor pursuant to the Contract, specifically including but not limited to those caused by or arising out of (a) any act, omission or default of the Successful Offeror and/or their subcontractors, agents, servants or employees in the provision of the goods and/or services under the Contract; (b) any and all bodily injuries, sickness, disease or death; (c) injury to or destruction of tangible property, including the loss of use resulting there from; (d) the use of any improper materials; (e) a defective condition in any goods provided pursuant to the Contract, whether patent or latent; (f) the violation of any federal, state, county or municipal laws, ordinances or regulations by Successful Offeror, their subcontractors, agents, servants, independent Contractor or employees; (g) the breach or alleged breach by Successful Offeror of any term, warranty or guarantee of the Contract. The Successful Offeror shall pay all claims, losses, liens, settlements or judgments of any nature whatsoever in connection with the foregoing indemnifications including, but not limited to, reasonable attorney's fees (including appellate attorney's fees) and costs. CITY reserves the right to select its own legal counsel to conduct any defense in any such proceeding and all costs and fees associated therewith shall be the responsibility of Successful Offeror under the indemnification agreement. Nothing contained herein is intended nor shall it be construed to waive CITY's rights and immunities under the common law or Florida Statute 768.28 as amended from time to time. 7. NON-DISCRIMINATION AND EQUAL OPPORTUNITY EMPLOYMENT During the performance of the Contract, the Successful Offeror shall not discriminate against any employee or applicant for employment because of race, religion, color, sex or national origin. The Successful Offeror will take affirmative action to ensure that employees are treated during employment, without regard to their race, creed, color, or national original. Such action must include, but not be limited to, the following: employment, upgrading; demotion or transfer; recruitment or recruitment advertising, layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. The Successful Offeror(s) shall agree to post in conspicuous places, available to employees and applicants for employment, notices to be provided by the contracting officer setting forth the provisions of this nondiscrimination clause. 8. TERMINATION FOR CAUSE AND DEFAULT In the event Successful Offeror shall default in any of the terms, obligations, restrictions or conditions in any of the Proposal documents, CITY shall give written notice by certified mail, return receipt requested to Successful Offeror of the default and that such default shall be corrected or actions taken to correct such default shall be commenced within ten (10) calendar days thereof. In the event Successful Offeror has failed to correct the conditions of default or the default is not remedied to the satisfaction and approval of CITY, CITY shall have all legal remedies available to it, including, but not limited to termination of the Contract in which case Successful Offeror shall be liable for all procurement and re - procurement costs and any and all damages permitted by law arising from the default and breach of the Contract. 9. TERMINATION FOR CONVENIENCE OF CITY Upon seven (7) calendar days written notice delivered by certified mail, return receipt requested, to Successful Offeror, CITY may without cause and without prejudice to any other right or remedy, terminate the agreement for CITY's convenience whenever CITY determines that such termination is in the best interests of CITY. Where the agreement is terminated for the convenience of CITY, the notice of termination to Successful Offeror must state that the Contract is being terminated for the convenience of CITY under the termination clause and the extent of termination. Upon receipt of the notice of termination for convenience, Successful Offeror shall promptly discontinue all work at the time and to the extent indicated on the notice of termination, terminate all outstanding subcontractors and purchase orders to the extent that they relate to the terminated portion of the Contract and refrain from placing further orders and subcontracts except as they may be necessary, and complete any continued portions of the work. 10. AUDIT RIGHTS CITY reserves the right to audit the records relating to this contract of Successful Offeror at any time during the performance and term of the Contract and for a period of three (3) years after completion and acceptance by CITY. If required by CITY, Successful Offeror shall agree to submit to an audit by an independent certified public accountant selected by CITY. Successful Offeror shall allow CITY to inspect, examine and review the records of Successful Offeror at any and all times during normal business hours during the term of the Contract. 11. ASSIGNMENT 11.1 Successful Offeror shall not assign, transfer or subject the Contract or its rights, title or interests or obligations therein without CITY'S prior written approval. 11.2 Violation of the terms of this paragraph shall constitute a breach of the Contract by Successful Offeror and CITY may, at its discretion, cancel the Contract and all rights, title and interest of Successful Offeror shall thereupon cease and terminate. 12. PUBLIC ENTITY CRIMES STATEMENT A person or affiliate who has been placed on the convicted vendor list following a conviction for public entity crime may not submit a bid on a contract to provide any goods or services to a public entity, may not submit a bid on a contract with a public entity for the construction or repair of a public building or public work, may not submit bids on leases of real property to public entity, may not be awarded or perform work as a Contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017, for Category Two for a period of 36 months from the date of the being placed on the convicted vendor list. 13. INSURANCE REQUIREMENTS The Certificate of Insurance shall be made to the City of Tamarac, 7525 NW 88tt' Avenue, Tamarac, FL 33321 and should reference the project. City C; Tarla'CyTr - - - - ( l U i ✓1; f6iOJ7 Li. Contractor agrees to, in the performance of work and services under this Agreement, comply with all federal, state, and local laws and regulations now in effect, or hereinafter enacted during the term of this agreement that are applicable to Contractor, its employees, agents, or Subcontractors, if any, with respect to the work and services described herein. Contractor shall obtain at Contractor's expense all necessary insurance in such form and amount as required by the City's Risk and Safety Manager before beginning work under this Agreement. Contractor shall maintain such insurance in full force and effect during the life of this Agreement. Contractor shall provide to the City's Risk and Safety Manager certificates of all insurance required under this section prior to beginning any work under this Agreement. Contractor shall indemnify and save the City harmless from any damage resulting to it for failure of either Contractor or any Subcontractor to obtain or maintain such insurance. The following are required types and minimum limits of insurance coverage, which the Contractor agrees to maintain during the term of this contract: Line of Business/ Coverage Commercial General Liability Including: Premises/Operations Contractual Liability Personal Injury Explosion, Collapse, Underground Hazard Products/Completed Operations Broad Form Property Damage Cross Liability and Severability of Interest Clause Automobile Liability Workers' Compensation & Employer's Liability Professional Liability (Errors and Omissions) Insurance Occurrence $1,000,000 Aggregate $1,000,000 $1,000,000 $1,000,000 Statutory $10,000,000 The City reserves the right to require higher limits depending upon the scope of work under this Agreement. Neither Contractor nor any Subcontractor shall commence work under this contract until they have obtained all insurance required under this section and have supplied the City with evidence of such coverage in the form of an insurance certificate and endorsement. The Contractor will ensure that all Subcontractors will comply with the above guidelines and will maintain the necessary coverages throughout the term of this Agreement. All insurance carriers shall be rated at least A-VII per Best's Key Rating Guide and be licensed to do business in Florida. Policies shall be "Occurrence" form. Each carrier will give the City sixty (60) days notice prior to cancellation. The Contractor's liability insurance policies shall be endorsed to add the City of Tamarac as an "additional insured". The Contractor's Workers' Compensation carrier will provide a Waiver of Subrogation to the City. The Contractor shall be responsible for the payment of all deductibles and self -insured retentions. The City may require that the Contractor purchase a bond to cover the full amount of the deductible or self -insured retention. If the Contractor is to provide professional services under this Agreement, the Contractor must provide the City with evidence of Professional Liability insurance with, at a minimum, a limit of $10,000,000 per occurrence and in the aggregate. "Claims -Made" forms are acceptable for Professional Liability. PLEASE HAVE YOUR INSURANCE REPRESENTATIVE CAREFULLY REVIEW ANY INSURANCE COVERAGES AND CONDITIONS PRIOR TO SUBMITTING YOUR PROPOSAL TO ENSURE COMPLIANCE WITH THE INSURANCE REQUIREMENTS OF THE INSTRUCTIONS TO OFFERORS. The Successful Contractor agrees to perform the work under the Contract as an independent Contractor, and not as a subcontractor, agent or employee of CITY. III. PROPOSAL SUBMISSION AND WITHDRAWAL The CITY will receive proposals at the following address: CITY OF TAMARAC Purchasing and Contracts Division City Hall, Room 108 7525 NW 88th Avenue Tamarac, Florida 33321-2401 To facilitate processing please mark the outside of the envelope as follows: "RFP No. 03- 14R, Investment Advisory Services". The envelope shall also include the Proposer's return address. Proposers shall submit one (1) original and five (5) copies of the proposal in a sealed, opaque envelope marked as noted above. A Proposer may submit the proposal by personal delivery or by mail. THE CITY MUST RECEIVE ALL PROPOSALS BY 4:00 P.M., FEBRUARY 26, 2003. The CITY cautions Proposers to assure actual delivery of mailed or hand -delivered proposals directly to the City's Purchasing and Contracts Division at City Hall, 7525 NW 88th Avenue in Tamarac, Florida prior to the deadline set for receiving proposals. Telephone confirmation of timely receipt of the proposal may be made by calling (954) 724- 2450, before proposal closing time. 1. i Drh 7A 71- i. ,Dti'r. Oil:� A proposal received by the City of Tamarac Purchasing Division after the established deadline will be returned unopened to the Proposer. Proposers may withdraw their proposals by notifying the CITY in writing at any time prior to the deadline for proposal submittal. After the deadline, proposals become a record of the CITY and will not be returned to the Proposers. Upon opening, proposals are subject to public disclosure consistent with Chapter 119, Florida Statutes. Proposers must invoke the exemptions to disclosure provided by law in the response to the RFP, and must identify the data or other materials to be protected, state the reasons why such exclusion from public disclosure is necessary and the legal basis for such exemption. IV. NATURE OF SERVICES RENDERED A. General The City of Tamarac is currently seeking proposals from qualified firms interested in providing investment advisory services for the City's short-term and medium -term investment portfolio. The City desires to contract for services from a firm registered with the Securities and Exchange Commission (SEC) under the Investment Advisor's Act of 1940 who will act as an investment advisor in a non -discretionary capacity. The Investment Advisor will be required to recommend investment management, procedural changes and investment selection and disposition in accordance with the laws of the State of Florida and the investment policies and procedures established by the City of Tamarac. The size of the City's investment portfolio ranges from $15 million to $55 million depending on seasonal revenue collections and the timing of bond issues. The average maturity of individual securities ranges from 30 days to 5 years. A copy of the current investment policy is attached. The City encourages all prospective Investment Advisors to examine this Request for Proposal (RFP) carefully. Qualified advisors, as defined below are requested to submit proposals to provide the services described in this RFP. The City of Tamarac expects its investment advisor to be highly experienced, a leader and innovator in the management of investments, and able to provide comprehensive cash management and investment advisory services. The firm selected as the Investment Advisor and its affiliates will be restricted from selling to the City, or buying from the City any securities to or from the firm's own inventory account. The investment advisor will also be restricted from recommending the City's portfolio to include securities for which it, or an affiliate, is the issuer (i.e. Certificates of Deposits, Commercial Paper, etc.) The investment advisor shall act solely in an advisory capacity and shall not receive any fee or compensation based upon the purchase or sale of securities but, rather, the investment advisor will be compensated pursuant to the provision of its contract with the City of Tamarac. B. Scope of Work to be Performed Specific responsibilities of the selected investment manager will include, but not be limited to the following: • Actively manage the City of Tamarac's investment portfolio pursuant to Florida Statutes and the City's Investment Policy. The City's objective is to increase the net yield on its portfolio over that which may be obtained through utilization of the Florida State Board of Administration while maintaining strict adherence to its adopted Investment Policy, protect investment principal, maintain liquidity, while avoiding unreasonable risk. Evaluate orders and recommend purchase and sale of securities, subject to the approval of the City, communicate settlement information to the City of Tamarac staff and assist in coordinating security settlement. 2. Serve as a general resource of the City of Tamarac staff for information, providing advice and training regarding fixed income securities, investments, and treasury operations. 3. Work with the City of Tamarac staff to develop cash flow projections to ensure that the investment strategy is consistent with the City of Tamarac's cash requirements. 4. Provide monthly statements of investment activity, earnings and the value of the investment portfolio. These reports must include market valuations, accrued income, current call dates and current yields on all investments with a "step up" feature. The selected investment manager must maintain accurate reports of investments, including the diversity of investments and compliance with applicable investment policies of the City of Tamarac and State of Florida statutes. 5. Provide monthly investment reports to the City's designated representative, including a description of market conditions, investment strategies employed, performance, and suggested changes to investment strategy. 6. Attend investment advisory committee meetings quarterly or upon request. 7. Provide annual schedule of investments that comply with all applicable GASB reporting requirements, including but not limited to, GASB 3, GASB 31 and GASB 34. 8. For current and future debt, conduct all aspects of the investment program in compliance with the arbitrage and rebate requirements of the U. S. Treasury, currently described in Section 148 of the Internal Revenue Code of 1986 as amended and of the related Code of Federal Regulations 7. For future debt issuance, provide annual and "computation date" calculations of arbitrage earnings for each outstanding bond issue and keep the City of Tamarac apprised of changes in arbitrage compliance regulations that may occur during the term of the contract. 4 Cifi, of 7c4f'rJ!. is `.�.I 9. The investment advisor WILL NOT provide custodial services or security safekeeping, as securities will be delivered to the City's custodian. All investments will be delivered into a designated Trust Account owned and maintained by the City of Tamarac. Funds for acquiring investments will be provided by the City on a DVP (Delivery vs Payment) basis to the City's Trust Account. Any and all proceeds (principal and/or interest payments) will go directly to an account specified by the City. Under no circumstances will the Investment Manager have custody of any City assets. Initially, the process will require close coordination with the City's Finance Director or designee, however once the portfolio is established and operating smoothly, it is expected that the Investment Manager will operate independently of the City's Finance Director or designee but will keep City staff informed of all activity via same day fax or e-mail. C. Minimum Qualifications To be considered by the City of Tamarac, proposing investment advisor must: 1. Have a minimum of five years of experience in managing fixed income assets for state and local government entities. Z. Currently manage at least $100 million of domestic fixed income assets. 3. Assign an account manager to the City of Tamarac account with a minimum of ten (10) years experience in governmental cash and investment management. 4. Be familiar with all applicable to Florida statutes with regard to qualified investments for public entities. 5. Be registered with the Securities and Exchange Commission under the Investment Advisor's Act of 1940. 6. Demonstrate experience in the calculation of arbitrage rebate amounts and display an understanding of the related issues and constraints of the arbitrage regulations and laws. 7. Be financially solvent and appropriately capitalized to be able to service the City of Tamarac for the duration of the contract. 8. Have errors and Omissions and Fiduciary Liability Insurance coverage of at least $10 million. 9. Adhere to the Code of Professional and Ethical Standards as described by the Association for Investment Management and Research (AIMR). T A V. PROPOSAL REQUIREMENTS A. General Requirements 1. Proposals must be received in the office of the Purchasing and Contracts Manager no later than 4:00 P.M., February 26, 2003. 2. Proposals must be submitted in a sealed envelope. The envelope will be clearly marked and will identify the RFP name and number, and the name and address information of the submitting firm. 3. Inquiries concerning the request for proposals must be made to Lynda S. Flurry, Purchasing and Contracts Manager, at 7525 NW 88th Avenue, Tamarac, FL 33321, 954-724-2450, 4. If it becomes necessary to revise or amend any part of this Request for Proposal, the revision will be furnished by written Addendum (by the Purchasing and Contracts Division) to all prospective Proposers who are registered with the Purchasing and Contracts Manager as having been sent a Request for Proposal. CONTACT WITH PERSONNEL OF THE CITY OF TAMARAC OTHER THAN THE ABOVE -NAMED OFFICIAL(S) REGARDING THIS REQUEST FOR PROPOSALS MAY BE GROUNDS FOR ELIMINATION FROM THE SELECTION PROCESS. 5. For the proposal to be considered, one (1) original marked "ORIGINAL", and four (4) copies of a technical proposal must be received by the City of Tamarac by February 26, 2003. The technical proposal is to include the following: a) Title Page showing the request for proposal's subject; the firm's name; the name, address and telephone number of a contact person; and the date of the proposal. b) Table of Contents. c) Transmittal letter stating the Proposer's understanding of the work to be done, the commitment to perform the work within the time period, a statement why the firm believes itself to be best qualified to perform the engagement and a statement that the proposal is a firm and irrevocable offer for the engagement period. Signature of an authorized official of the firm who has been designated to submit the proposal on behalf of their firm. d) The detailed proposal should follow the order set forth in Section V, Proposal Requirements, B., Technical Proposal, of this Request for Proposal. 11 Technical Proposal 1. Firm Background a. Describe the organization, date founded and ownership of your firm. Has the firm experienced a significant change in organizational structure, ownership or management during the past three (3) years, and, if so please describe. b. Please describe any potential conflicts of interest your firm may have in the management of this account. Include any activities of affiliated or parent organization, brokerage activities, or investment banking activities. Include any other pertinent activities, actions, or relationships not specifically outlined in this question. c. Identify the types of accounts primarily managed by your firm. d. Does your firm have an office in the State of Florida? e. Is your firm a registered investment advisor under the Investment Advisor's Act of 1940? Please attach Part II of your most recent Form ADV. f. Describe any SEC, NASD or any other regulatory censure of litigation involving your firm during the past five (5) years. g. Summarize fidelity bond coverage errors and omissions, employee dishonesty, fiduciary liability insurance, other fiduciary coverage your firm carries. Provide a Certificate of Insurance. h. Provide a copy of your firm's most recent audited financial statement i. Does your firm adhere to the Code of Professional Ethical Standards as described by AIMR? j. List any litigation pertaining to investment/advisory services that have occurred during the past five years for the firm and the individual that will be providing investment service to the City of Tamarac. Please provide information beginning with closed cases and their resolution, followed by pending cases and expected outcome. 2. Experience a) Describe your firm's experience in managing investment portfolios for public funds and governmental entities, including any relevant experience managing public funds in Florida. b) Summarize your assets under management (institutional only) over the past five (5) years by the following categories: short-term operating funds, medium -term operating funds, long-term operating funds and bond proceeds funds. Also, please separate these asset totals by Government Institutions and Other Institutions. c) What is your firm's experience in developing investment policies and portfolio management guidelines for government operating funds? of 7_8 3 4 d) Does your firm act as a broker or as a primary dealer in securities or receive any other form of additional compensation (including soft dollars) for client transactions aside from the direct fee paid by clients. e) Provide five (5) client reference (public references, if possible) including client name, contact personnel, address, phone number, length of time you have managed their assets and a list of any other related services provided (e.g. arbitrage rebate calculations, cash flow analysis, etc.). Personnel a) Provide a summary organizational chart showing your proposed project team including analytical investment and research staff, other decision support and back office support. Identify the primary contact and describe the roles of each person. b) Provide detailed resumes for all key investment professionals who will be directly responsible for the investment of the City of Tamarac funds. Include the following information: title, number of years at your firm, total number of years experience, professional designations or licenses_ c) Describe your firm's activities to keep portfolio managers informed of developments relevant to the management of local government funds. Investment Management Approach and Discipline a) Briefly describe your firm's investment philosophy. b) Describe the process your firm would use to develop a new investment program for the City of Tamarac. c) Describe the types of securities you propose to purchase. d) What are the primary strategies employed by your firm for adding value to portfolios (e.g., market timing, credit research, etc.). e) Describe how investment ideas are originated and how researched, and how ultimate investment decision is made. Explain how investment decisions are then implemented, monitored and evaluated. f) Describe your firm's credit review process. g) Provide your firm's intermediate -term investment (0-3 year) performance for the past three (3) years. Please show annualized quarterly returns, gross of all management fees. h) Briefly describe any additional feature, attributes or conditions, which the City of Tamarac should consider in selecting your firm. i) Describe your firm's process for ensuring investment policy compliance, preventing and correcting investment policy exceptions and reporting of such compliance issues to the City of Tamarac. j) What audit process does your firm employ? k) State how your firm intends to comply with the City of Tamarac's policy . Wy _ that encourages the participation of Minority and Women -owned Business Enterprises. 5. Bond Proceeds Management a) Describe your firm's experience in developing and implementing investment strategies for the proceeds of tax-exempt bond proceeds. b) What measures does your firm take to ensure that all investments are executed in compliance with the IRS's Fair Market Rules? c) Describe how you firm remains informed of the latest interpretations and guidelines issued by the U.S. Treasury Department. d) Describe your firm's process for monitoring compliance with the 18 month and 24 month expenditure exceptions from arbitrage rebate. e) Describe your firm's process for monitoring compliance and calculating arbitrage rebate liability. f) Provide the number of issues and total assets for which you currently monitor arbitrage rebate liability. 6. Accounting and Reporting a) Describe the investment accounting and reporting system used by your firm and if it complies with AIMR standards. b) Describe the frequency and format of reports that you would provide to the City of Tamarac (including the methods and formulas used to calculate yield and performance). Sample reports should be attached. c) Describe your firm's online reporting capabilities. d) Describe how the Government Accounting Standards Board (GASB 3, GASB 31 and GASB 34) impacts your firm's investment approach and horizon. 7. Fees a) Provide the fee schedule that would apply to this account for five years, broken down by year, including a schedule of fees for future arbitrage rebate calculation if necessary. b) What expenses, not covered by the fees will the City of Tamarac be expected to pay? Please submit estimates. VI. EVALUATION OF PROPOSALS A. Evaluation Committee A selection panel/team appointed and comprised of City of Tamarac staff will review and evaluate all proposals received using the criteria listed below. The panel may short list or select several firms, deemed by them, to be the most highly qualified to perform the required services. All firms will be notified in writing of the firms, which were short-listed, shall this be the result. Those firms, which make the short list, may be asked to make a formal presentation to the selection committee. The presentation should last approximately ,,�t ..— cat ten to fifteen (10-15) minutes. Appointments for the formal presentation will be made via the telephone and followed up in writing. Upon conclusion of the formal presentations, the selection committee will make a final ranking. B. Evaluation Criteria and Method Proposals will be evaluated using the criteria listed below. Firms meeting the mandatory criteria will have their proposals evaluated and scored for technical qualifications. The following represent the principal selection criteria, which will be considered during the evaluation process. 1. Mandatory Elements a) The firm is independent and licensed to practice in Florida. b) The firm's professional personnel have received adequate continuing professional education within the preceding two years. c) The firm has no conflict of interest with regard to any other work performed by the firm for the City of Tamarac. d) The firm adheres to the instructions in this request for proposals on preparing and submitting the proposal_ 2. Technical Qualifications (Max. 100 points possible) a) Expertise and Experience (Max. 30 points) « The firm's relevant experience and performance in managing similar local government operating, capital and reserve funds. • The experience, resources and qualifications of the investment advisor and individuals assigned to this account. • Demonstrated experience in managing and accounting for tax exempt bond proceeds in compliance with Tax Code and related regulations. b) Approach and Discipline (Max. 30 points) Investment philosophy and strategy and demonstrated investment performance. • Ability to provide necessary portfolio accounting services. • Understanding of the scope of services required by the City of Tamarac, and ability to provide these services. c) Accounting & Reporting (Max. 15 points) The firm's accounting and reporting system, frequency and format of reports, and online reporting capabilities. d) Price (Max. 25 points) Proposed fees and compensation. (Fees are an important factor, but the City of Tamarac is not required to select the lowest cost provider). 4�n COST WILL NOT BE THE PRIMARY FACTOR IN THE SELECTION OF AN INVESTMENT FIRM. C. Oral Presentations (Max. 20 points possible) These weighted criteria are provided to assist the Proposers in the allocation of their time and efforts during the submission process. The criterion also guides the Evaluation Committee during the short -listing and final ranking of Proposers by establishing a general framework for those deliberations. Short listed Proposals will be selected for an interview prior to a recommendation being presented to the City Commission. As the best interest of the CITY may require, the right is reserved to reject any and all Proposals or waive any minor irregularity or technicality in Proposals received. Proposers are cautioned to make no assumptions unless their Proposal has been evaluated as being responsive. The successful Proposer shall be required to execute a City contract covering the scope of services to be provided and setting forth the duties, rights and responsibilities of the parties. This contract must be executed by the successful Proposer prior to recommendation of award and presentation to the City Commission. D. Right to Reject Proposals Submission of a proposal indicates acceptance by the firm of the conditions contained in this request for proposals unless clearly and specifically noted in the proposal submitted and confirmed in the contract between the City of Tamarac and the firm selected. The City of Tamarac reserves the right without prejudice to reject any or all proposals. VII. SCHEDULE OF EVENTS The schedule of events, relative to the procurement shall be as follows: Event Issuance of Request for Proposals 2. Opening of Proposals 3. Proposal Evaluations 4. Presentations Date (on or by) February 5, 2003 February 26, 2003 February 27 — March 7, 2003 March 11, 2003 5. Complete Negotiations March 21, 2003 6. Award of Contract April 23, 2003 CITY reserves the right to delay scheduled dates. r• � VIII. SUMMARY OF DOCUMENTS TO BE SUBMITTED WITH PROPOSALS The following documents (except the Certificate of Insurance), are attached and shall be executed and submitted as a condition of this offer: a) Proposal b) Offeror's Certification c) Certified Resolution d) Offeror's Qualification Statement e) Non -Collusive Affidavit f) Foreign Corporation Statement g) Vendor Drug Free Workplace Statement h) Proof of Insurance IX. AWARD OF CONTRACT The contract or contracts shall be awarded to the responsible Offeror(s) whose Proposal(s) is/are determined to be the most advantageous to CITY, taking into consideration the evaluation factors and criteria set forth in the Request for Proposals. Be advised that the CITY is prepared to award individual contracts for each service or multiple services or any other combination of services as CITY deems in its best interests. 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''n l:[ :..y '�ii C` �4r„ i_,; �ll;i ajtJ L1; 19$I 07" AGREEMENT FOR PROFESSIONAL SERVICES THIS AGREEMENT made and entered into this day of , 20—, by and between the City of Tamarac, a municipal corporation of the State of Florida, hereinafter referred to as CITY, and hereinafter referred to as CONSULTANT: WHEREAS, the CITY intends to utilize the services of a firm to provide Investment Advisory Services as outlined in the Request for Proposals 03-14R dated February 5, 2003; and, WHEREAS, the CITY requires certain professional services in connection with said Investment Advisory Services; and, WHEREAS, the CONSULTANT represents that it is capable and prepared to provide such Services: NOW THEREFORE, in consideration of the promises contained herein, the parties hereto agree as follows: ARTICLE 1 - EFFECTIVE DATE The effective date of this Agreement shall be for one year with the option to renew for four (4) additional one-year periods, for a possible total of five years, subject to the satisfactory negotiation of terms, the concurrence of the City Commission, the annual availability of an appropriation, and satisfactory performance of services. ARTICLE 2 - SERVICE TO BE PERFORMED BY CONSULTANT The CONSULTANT shall perform the services in accordance with the provisions contained in the request for proposals as specifically stated in the Nature of Services to Be Performed and as may be specifically designated and additionally authorized by the CITY. Such additional authorizations will be in the form of a Purchase Order. Each Purchase Order will set forth a specific Scope of Services, amount of compensation and completion date. ARTICLE 3 - COMPENSATION The CITY shall pay CONSULTANT in accordance with the provisions contained in the request for proposals as specifically stated in the Schedule of Professional Fees and Expenses, which is attached hereto and incorporated by reference as part of this Agreement. ARTICLE 4 - STANDARD OF CARE CONSULTANT shall exercise the same degree of care, skill, and diligence in the performance of the Services as is ordinarily provided by a professional investment advisory firm under similar circumstances and CONSULTANT shall, at no additional cost to the CITY, re -perform services which fail to satisfy the foregoing standard of care. ARTICLE 5 - INDEMNIFICATION CONSULTANT shall, in addition to any other obligation to indemnify the CITY and to the fullest extent permitted by law, protect, defend, indemnify and hold harmless the CITY, their agents, elected officials and employees from and against all claims, actions, liabilities, losses (including economic losses), costs arising out of any actual or alleged: a). I rlA Bodily injury, sickness, disease or death, or injury to or destruction of tangible property including the loss of use resulting therefrom, or any other damage or loss arising out of or resulting, or claimed to have resulted in whole or in part from any actual or alleged act or Omission of the CONSULTANT, any sub consultant, anyone directly or indirectly employed by any of them, of anyone for whose acts any of them may be liable in the performance of the WORK; or b). violation Of law, statute, ordinance, governmental administration order, rule, regulation, or infringement of patent rights by CONSULTANT in the performance of the Work; or c), liens, claims or actions made by the CONSULTANT or any sub consultant under workers compensation acts; disability benefit acts, other employee benefit acts or any statutory bar. Any cost of expenses, including attorney's fees, incurred by the CITY to enforce this agreement shall be borne by the CONSULTANT. Upon completion Of all Services, obligations and duties provided for in this Agreement, or in the event of termination of this Agreement for any reasons, the terms and conditions of this Article shall survive indefinitely. ARTICLE 6 - INDEPENDENT CONTRACTOR CONSULTANT undertakes performance of the Services as an independent contractor and shall be wholly responsible for the methods of performance. The CITY shall have no right to supervise the methods used, but the CITY shall have the right to observe such performance. CONSULTANT shall work closely with the CITY in performing Services under this Agreement. ARTICLE 7 - COMPLIANCE WITH LAWS In performance of the Services, CONSULTANT will comply with applicable regulatory requirements including federal, state, and local laws, rules regulations, orders, codes, criteria and standards. ARTICLE 8 - INSURANCE During the performance of the Services under this Agreement, CONSULTANT shall maintain the following insurance Polices, and provide originals or certified copies of all Policies, and shall be written by an insurance company authorized to do business in Florida. 1. Worker's Compensation Insurance: The CONSULTANT shall procure and maintain for the life of this Agreement, Workers' Compensation Insurance covering all employees with limits meeting all applicable state and federal laws. This coverage shall include Employer's Liability with limits meeting all applicable state and federal laws. This coverage must extend to any sub consultant that does not have their own Workers' Compensation and Employer's Liability Insurance. The Policy must contain a waiver of subrogation in favor of the City of Tamarac, executed by the insurance company. Sixty- (60) days notice of cancellation is required and must be provided to the City of Tamarac via Certified Mail. 2. Comprehensive General Liability: The CONSULTANT shall procure and maintain, for the life of this Agreement, Comprehensive General Liability Insurance. This coverage shall be on an "Occurrence" basis. Coverage shall include Premises and Operations; Independent Contractors' Products and Completed Operations and Contractual Liability with specific reference of Article 5 of this Agreement. This policy shall C.,,, n' Tama•�,r . h � __ __ ` u "�_'._. _ uT�;�„-�.ariS ;;�:;.c�,�;; provide coverage for death, personal injury or property damage that could arise directly or indirectly from the performance of this Agreement. The Minimum Limits of Coverage shall be $1,000,000 per occurrence, Combined Single Limit for Bodily Injury Liability and Property Damage Liability. The CITY must be named as an additional insured unless Owners and Contractors' Protective Coverage is also provided, or required. Sixty (60) days written notice must be provided to the CITY via Certified Mail in the event of cancellation. 3. Business Automobile Liability: The CONSULTANT shall procure and maintain, for the life of the Agreement, Business Automobile Liability Insurance. The minimum limits of coverage shall be $1,000,000 per Occurrence, Combined Single Limit for Bodily Injury Liability and Property Damage Liability. This coverage shall be an "Any Auto" type policy. The CITY must be listed as an Additional Insured under the Policy. Sixty-(60) days written notice must be provided to the CITY via Certified Mail in the event of cancellation. 4. Professional Liability (Errors and Omissions) Insurance $10,000,000 In the event that sub consultants used by the CONSULTANT do not have insurance, or do not meet the insurance limits, CONSULTANT shall indemnify and hold harmless the CITY for any claim in excess of the sub consultants' insurance coverage, arising out of negligent acts, errors or omissions of the sub consultants. CONSULTANT shall not commence work under this Agreement until all insurance required as stated herein has been obtained and such insurance has been approved by the CITY. ARTICLE 9 - CITY'S RESPONSIBILITIES The CITY shall be responsible for providing access to all project sites, and providing information on hand that are available in the files of the CITY the exception of the City Attorney's files that are subject to confidentiality. ARTICLE 10 - TERMINATION OF AGREEMENT The obligation to continue Services under this Agreement may be terminated for cause by either party upon seven (7) days' written notice of substantial failure by the other party to perform in accordance with the terms hereof through no fault of the terminating party. CITY shall have the right to terminate this Agreement or suspend performance thereof without cause for the CITY's convenience upon written notice to CONSULTANT, and CONSULTANT shall terminate or suspend performance of Services on a schedule acceptable to CITY. In the event of termination or suspension for CITY's convenience, CITY shall pay CONSULTANT for all Services performed through the date of notice of termination or suspension. ARTICLE 11 -NONDISCLOSURE OF PROPRIETARY INFORMATION CONSULTANT shall consider all information provided by CITY and all reports, studies, calculations, and other documentation resulting from the CONSULTANT's performance of the Services to be proprietary unless such information is available from Public sources. CONSULTANT shall not publish or disclose proprietary information for any purpose other than the performance of the Services without the prior written authorization of CITY or in response to legal process. ARTICLE 12 - UNCONTROLLABLE FORCES Neither the CITY nor CONSULTANT shall be considered to be in default of this Agreement if delays in or failure of performance shall be due to Uncontrollable Forces, the effect of which, by the exercise of reasonable diligence, the non -performing party could not avoid. The term "Uncontrollable Forces" shall mean any event which results in the prevention or delay of performance by a party of its obligations under this Agreement and which is beyond the reasonable control of the nonperforming party. It includes, but is not limited to fire, flood, earthquakes, storms, lightning, epidemic, war, riot, civil disturbance, sabotage, and governmental actions. Neither party shall, however, be excused from performance if nonperformance is due to forces, which are preventable, removable, or remediable, and which the nonperforming party could have, with the exercise of reasonable diligence, prevented, removed, or remedied with reasonable dispatch. The nonperforming party shall, within a reasonable time of being prevented or delayed from performance by an uncontrollable force, give written notice to the other party describing the circumstances and uncontrollable forces preventing continued performance of the obligations of this Agreement. ARTICLE 13 - GOVERNING LAW AND VENUE This Agreement shall be governed by the laws of the State of Florida. Any and all legal action necessary to enforce the Agreement will be held in Broward County and the Agreement will be interpreted according to the laws of Florida. ARTICLE 14 - MISCELLANEOUS 14.1 Nonwaiver A waiver by either CITY or CONSULTANT of any breach of this Agreement shall not be binding upon the waiving party unless such waiver is in writing. In the event of a written waiver, such a waiver shall not affect the waiving party's rights with respect to any other or further breach. The making or acceptance of a payment by either party with knowledge of the existence of a default or breach shall not operate or be construed to operate as a waiver of any subsequent default or breach. 14.2 Severability Any provision in this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provisions in any other jurisdiction. The nonenforcement of any provision by either party shall not constitute a waiver of that provision nor shall it affect the enforceability of that provision or of the remainder of this Agreement. The provisions of this section shall not prevent the entire Agreement from being void should a provision, which is of the essence of the Agreement, be determined to be void. Y ARTICLE 15 - INTEGRATION AND MODIFICATION This Agreement is adopted by the CITY and CONSULTANT as a complete and exclusive statement of the terms of the Agreement between the CITY and CONSULTANT. This Agreement supersedes all prior agreements, contracts, proposals, representations, negotiations, letters or other communications between the CITY and CONSULTANT pertaining to the Services, whether written or oral. The Agreement may not be modified unless such modifications are evidenced in writing signed by both the CITY and CONSULTANT. ARTICLE 16 - SUCCESSORS AND ASSIGNS The CITY and CONSULTANT each binds itself and its director, officers, partners, successors, executors, administrators, assigns and legal representatives to the other party to this Agreement and to the partners, successors, executors, administrators, assigns, and legal representatives. ARTICLE 17 - CONTINGENT FEES The CONSULTANT warrants that it has not employed or retained any company or Person, other than a bona fide employee working solely for the CONSULTANT to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual or firm, other than a bona fide employee working solely for the CONSULTANT, any fee, commission, percentage, gift or any other consideration contingent upon or resulting from the award or making of this Agreement. ARTICLE 18 - TRUTH -IN -NEGOTIATION CERTIFICATE Execution of this Agreement by the CONSULTANT shall act as the execution of a truth -in -negotiation certificate certifying that the wage rates and costs used to determine the compensation provided for in this Agreement are accurate, complete and current as of the date of the Agreement and no higher than those charged the CONSULTANTS most favored customer for the same or substantially similar service. The said rates and cost shall be adjusted to exclude any significant sums should the CITY determine that the rates and costs were increased due to inaccurate, incomplete or noncurrent wage rates or due to inaccurate representations of fees paid to outside consultants. The CITY shall exercise its rights under this "Certificate" within one (1) year following payment. ARTICLE 19 - OWNERSHIP OF DOCUMENTS CONSULTANT shall be required to work in harmony with other consultants relative to providing information requested in a timely manner and in the specified form. Any and all documents, records, disks, original drawings, or other information shall become the property of the CITY upon completion for its use and distribution as may be deemed appropriate by the CITY. -,..._ 1. i. ARTICLE 20 - NOTICE Any notice, demand, communication, or request required or permitted hereunder shall be in writing and delivered in person or sent by certified mail, postage prepaid as follows: CITY City Manager City of Tamarac 7525 NW 88th Avenue Tamarac, Florida 33321-2401 With a copy to the City Attorney at the same address. CONSULTANT: Notices shall be effective when received at the address specified above. Changes in the respective addresses to which such notice may be directed may be made from time to time by any party by written notice to the other party. Facsimile is acceptable notice effective when received, however, facsimiles received (i.e.; printed) after 5:00 p.m. or on weekends or holidays, will be deemed received on the next business day. The original of the notice must additionally be mailed as required herein. Nothing contained in this Article shall be construed to restrict the transmission of routine communications between representatives of CONSULTANT and CITY. � , `. •7f 13f�)rlf�, � F a r.. ;'C 7. f 1 �.! l•.�):'it v. fr � � ��:� 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, Joe Schreiber, and , signing by and through its , duly authorized to execute same. ATTEST: Marion Swenson, CIVIC City Clerk Date ATTEST: (Corporate Secretary) Type/Print Name of Corporate Secy Joe Schreiber, Mayor Date Jeffrey L. Miller, City Manager Date Approved as to form and legal sufficiency: Mitchell S. Kraft, City Attorney Date Company Name Signature of Type/Print Name of (CORPORATE SEAL) Date C': CORPORATE ACKNOWLEDGEMENT STATE OF FLORIDA :SS COUNTY OF -- 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 ' of , a 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 20_. Signature of Notary Public State of Florida at Large Print, Type or Stamp Name of Notary Public D Personally known to me or El Produced Identification Type of I.D. Produced ❑ DID take an oath, or ❑ DID NOT take an oath. CERTIFICATION THIS DOCUMENT MUST BE SUBMITTED WITH THE BID We (1), the undersigned, hereby agree to furnish the item(s)/service(s) described in the Invitation to Bid. We (1) certify that we(l) have read the entire document, including the Specifications, Additional Requirements, Supplemental Attachments, Instructions to Bidders, Terms and Conditions, and any addenda issued. We agree to comply with all of the requirements of the entire Invitation To Bid. Indicate which type of organization below: INDIVIDUAL 1-1 PARTNERSHIP F] CORPORATIONF—] OTHER❑ If "Other", Explain: Authorized Signature Title Company Name City/State/Zip Fax Number Name (Printed Or Typed) Federal Employer I.D./Social Security No. Address Telephone Contact Person CERTIFIED RESOLUTION 1, (Name), the duly elected Secretary of (Name of Corp.), a corporation organized and existing under the laws of the State of do hereby certify that the following Resolution was unanimously adopted and passed by a quorum of the Board of Directors of the said corporation at a meeting held in accordance with law and the by-laws of the said corporation. "IT IS HEREBY RESOLVED THAT duly elected (Name)", the (Title of Officer) of (Name of Corp.) be and is hereby authorized to execute and submit a Bid and/or Bid Bond, if such bond is required, to the City of Tamarac and such other instruments in writing as may be necessary on behalf of the said corporation; and that the Bid, Bid Bond, and other such instruments signed by him/her shall be binding upon the said corporation as its own acts and deeds. The secretary shall certify the names and signatures of those authorized to act by the foregoing resolution. The City of Tamarac shall be fully protected in relying upon such certification of the secretary and shall be indemnified and saved harmless from any and all claims, demands, expenses, loss or damage resulting from or growing out of honoring, the signature of any person so certified or for refusing to honor any signature not so certified. I further certify that the above resolution is in force and effect and has not been revised, revoked or rescinded. I further certify that the following are the name, titles and official signatures of those persons authorized to act by the foregoing resolution. NAME TITLE Given under my hand and the Seal of the said corporation this (SEAL) in SIGNATURE day of , Zp Secretary Corporate Title NOTE: The above is a suggested form of the type of Corporate Resolution desired. Such form need not be followed explicitly, but the Certified Resolution submitted must clearly show to the satisfaction of the City of Tamarac that the person signing the Bid and Bid Bond for the corporation has been properly empowered by the corporation to do so in its behalf. 7 ♦y OFFEROWS QUALIFICATION STATEMENT The undersigned certifies under oath the truth and correctness of all statements and of all answers to questions made hereinafter: SUBMITTED TO: City of Tamarac Purchasing and Contracts Manager 7525 NW 881" Avenue Tamarac, Florida 33321 Company: Check One _ Contact Name: _ FICorporation Address: �- _ Partnership City, State, Zip ElIndividual Telephone No. _ Fax No. Other 1. State the true, exact, correct and complete name of the partnership, corporation, trade or fictitious name under which you do business and the address of the place of business. The correct name of the Offeror is: The address of the principal place of business is: 2. If Offeror is a corporation, answer the following: a) Date of Incorporation: b) State of Incorporation: c) President's name: d) Vice President's name: e) Secretary's name: f) Treasurer's name: g) Name and address of Resident Agent: Y 3. If Offeror is an individual or a partnership, answer the following: a) Date of organization: b) Name, address and ownership units of all partners: ... .. . ..... C) State whether general or limited partnership: 4. If Offeror is other than an individual, corporation or partnership, describe the organization and give the name and address of principals: 5. If Offeror is operating under a fictitious name, submit evidence Of compliance with the Florida Fictitious Name Statute. 6. How many years has your organization been in business under its present business name? a) Under what other former names has your organization operated? 7. Indicate registration, license numbers or certificate numbers for the businesses or professions, which are the subject of this Bid. Please attach certificate of competency and/or state registration. 8. Have you personally inspected the site of the proposed work? 0 YES ❑ NO 9. Do you have a complete set of documents, including drawings and addenda? 7 YES 7 NO 10. Did you attend the Pre -Proposal Conference if any such conference was held? 1:1 YES D NO & --------- - . ...... 11. Have you ever failed to complete any work awarded to you? If so, state when, where and why: ------------ - 12, State the names, telephone numbers and last known addresses of three (3) owners, individuals or representatives of owners with the most knowledge of work which you have performed and to which you refer (government owners are preferred as references). Name Address Telephone 13. List the pertinent experience of the key individuals of your organization (continue on insert sheet, if necessary). 14. State the name of the individual who will have personal supervision of the work: 15. State the name and address of attorney, if any, for the business of the Offeror: 16. State the names and addresses of all businesses and/or individuals who own an interest of more than five percent (5%) of the Offeror's business and indicate the percentage owned of each such business and/or individual: 17. State the names, addresses and the type of business of all firms that are partially or wholly owned by Offeror: 18. State the name of Surety Company which will be Providing the bond, and name and address of agent: 19. Bank References: Bank ---_--__----Address Tel�ephone 20, Attach a financial statement including Offeror's latest balance sheet and statement showing the following items. income a) Current Assets (e.g., cash, joint venture accounts, accounts receivable, notes receivable, accrued income, deposits, materials, real estate, stocks and bonds, equipment, furniture and fixtures, inventory and prepaid expenses): b) Net Fixed Assets C) Other Assets d) Current Liabilities (e.g., accounts payable, notes payable, accrued expenses, provision for income taxes, advances, accrued salaries, real estate encumbrances and accrued payroll taxes). e) Other Liabilities (e.g., capital, capital stock, authorized and outstanding shares par values, earned surplus, and retained earnings): 21. State the name of the firm preparing the financial statement and date thereof: 22. Is this financial statement for the identical organization named on page one? DYES ONO 23. If not, explain the relationship and financial responsibility of the organization whose financial statement is provided (e.g., parent -subsidiary). The Offeror acknowledges and understands that the information contained in response to this Qualification Statement shall be relied upon by owner in awarding the contract and such information is warranted by Offeror to be true. The discovery of any omission or misstatement that materially affects the Offeror's qualifications to perform under the contract shall cause the owner to reject the proposal, and if after the award, to cancel and terminate the award and/or contract. Signature ACKNOWLEDGEMENT OFFEROR'S QUALIFICATION STATEMENT State of County of On this the day of , 20 _ , before me, the undersigned Notary Public of the State of Florida, personally appeared nd (Name(s) of individual(s) who appeared before notary) whose name(s) is/are Subscribed to within the instrument, and he/she/they acknowledge that he/she/they executed it. WITNESS my hand and official seal. NOTARY PUBLIC SEAL OF OFFICE: NOTARY PUBLIC, STATE OF FLORIDA (Name of Notary Public: Print, Stamp, or Type as Commissioned) ❑ Personally known to me, or ❑ Produced identification: (Type of Identification Produced) ❑ DID take an oath, or 13 DID NOT take an oath State of County of NON -COLLUSIVE AFFIDAVIT )ss. deposes and says that: being first duly sworn, 1. He/she is the Representative or Agent) of (Owner, Partner, Officer, that has submitted the attached Proposal; , the Offeror Proposal and of all pertinent circumstances respecting such Proposal; 2. He/she is fully informed respecting the preparation and contents of the attached 3. Such Proposal is genuine and is not a collusive or sham Proposal; 4. Neither the said Offeror nor any of its officers, representatives, employees or parties in interest, includeff g this aant �ha�ve iinentsany way colluded, conspired, connived or agreed, directly or indirectly, with any other Offeror, firm, or person to submit a collusive or sham Proposal in connection with the Work for which the attached Proposal has been submitted; or to refrain from bidding in connection with such Work; or have in any manner, directly or indirectly, sought by agreement or collusion, or communication, or conference with any Offeror, firm, or person to fix the price or prices in the attached Proposal or of any other Offeror, or to fix any overhead, profit, or cost elements of the Proposal price or the Proposal price of any other Offeror, or to secure through any collusion, conspiracy, connivance, or unlawful agreement any advantage against (Recipient), or any person interested in the proposed Work; 5. The price or prices quoted in the attached Proposal are fair and proper and are not tainted by any collusion, conspiracy, connivance, or unlawful agreement on the part of the Offeror or any other of its agents, representatives, owners, employees or parties in interest, including this affiant. Signed, sealed and delivered in the presence of: Witness Witness 0 Printed Name Title L j --------- -- ........ . ........ ACKNOWLEDGMENT NON -COLLUSIVE AFFIDAVIT State of Florida County of _ On this the day of t 20_, before me, the undersigned Notary Public of the State of Florida, personally appeared and (Name(s) of individual(s) who appeared before notary) whose name(s) is/are Subscribed to within the instrument, and he/she/they acknowledge that he/she/they executed it. WITNESS my hand and official seal. NOTARY PUBLIC SEAL OF OFFICE: NOTARY PUBLIC, STATE OF FLORIDA (Name of Notary Public: Print, Stamp, or Type as Commissioned) ❑ Personally known to me, or ❑ Produced identification: (Type of Identification Produced) ❑ DID take an oath, or ❑ DID NOT take an oath Zir FOREIGN (NON-FLORIDA) CORPORATIONS MIDST COMPLETE THIS FORM DEPARTMENT OF STATE CORPORATE CHARTER NO. If your corporation is exempt from the requirements of Section 607.1501, Florida Statutes, YOU MUST CHECK BELOW the reason(s) for the exemption, Please contact the Department of State, Division of Corporations at (850) 245-6051 for assistance with corporate registration or exemptions. 607.1501 Authority of foreign corporation to transact business required. (1) A foreign corporation may not transact business in this state until it obtains a certificate of authority from the Department of State. (2) The following activities, among others, do not constitute transacting business within the meaning of subsection (1): ❑ (a) Maintaining, defending, or settling any proceeding, ❑ (b) Holding meetings of the board of directors or shareholders or carrying on other activities concerning internal corporate affairs. ❑ (c) Maintaining bank accounts. ❑ (d) Maintaining officers or agencies for the transfer, exchange, and registration of the corporation's own securities or maintaining trustees or depositaries with respect to those securities. ❑ (e) Selling through independent contractors. ❑ (f) Soliciting or obtaining orders, whether by mail or through employees, agents, or otherwise, ❑ if the orders require acceptance outside this state before they become contracts. (g) Creating or acquiring indebtedness, mortgages, and security interests in real or personal property. ❑ (h) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts. ❑ (i) Transacting business in interstate commerce, ❑ (j) Conducting an isolated transaction that is completed within 30 days and that is not one in the course of repeated transactions of a like nature. ❑ (k) Owning and controlling a subsidiary corporation incorporated in or transacting business within this state or voting the stock of any corporation which it has lawfully acquired. ❑ (I) Owning a limited partnership interest in a limited partnership that is doing business within this state, unless such limited partner manages or controls the partnership or exercises the powers and duties of a general partner. ❑ (m) Owning, without more, real or personal property, (3) The list of activities in subsection (2) is not exhaustive. (4) This section has no application to the question of whether any foreign corporation is subject to service of process and suit in this state under any law of this state. Please check one of the following if your firm is NOT a corporation: (1) ❑ Partnership, Joint Venture, Estate or Trust (11) ❑ Sole Proprietorship or Self Employed NOTE: This sheet MUST be enclosed with your bid if you claim an exemption or have checked I or II above. If you do not check I or II above, your firm will be considered a corporation and subject to all requirements listed herein. BIDDER'S CORRECT LEGAL_ NAr�E SIGNATURE 0F AUTHORIZED AGENT OF BIDDER VENDOR DRUG -FREE WORKPLACE Preference may be given to vendors submitting a certification with their bid/proposal certifying they have a drug -free workplace in accordance with Section 287.087, Florida Statutes. This requirement affects all public entities of the State and becomes effective January 1, 1991. The special condition is as follows: IDENTICAL TIE BIDS - Preference may be given to businesses with drug -free workplace programs. Whenever two or more bids that are equal with respect to price, quality, and service are received by the State or by any political subdivision for the procurement of commodities or contractual services, a bid received from a business that certifies that it has implemented a drug -free workplace program shall be given preference in the award process. Established procedures for processing tie bids will be followed if none of the tied vendors have a drug -free workplace program. In order to have a drug -free workplace program, a business shall: 1. Publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace and specifying the actions that will be taken against employees for violations of such prohibition. 2. Inform employees about the dangers of drug abuse in the workplace, the business's policy of maintaining a drug -free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. 3. Give each employee engaged in providing the commodities or contractual services that are under bid a copy of the statement specified in subsection (1). 4. In the statement specified in subsection (1), notify the employees that, as a condition of working on the commodities or contractual services that are under bid, the employee will abide by the terms of the statement and will notify the employer of any conviction of, or plea of guilty or nolo contendere to, any violation of chapter 893 or of any controlled substance law of the United States or any state, for a violation occurring in the workplace no later that five (5) days after each conviction. 5. Impose a section on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, by any employee who is so convicted. 6. Make a good faith effort to continue to maintain a drug -free workplace through implementation of this section. As the person authorized to sign the statement, I certify that this form complies fully with the above requirements. Authorized Signature Company Name ACORD CERTIFICATE OF LIABILITY INSURANCE DATE (MMlDDIYY) THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE PC), aGI m., I INSURERS AFFORDING COVERAGE INSURER A: YOUR COMPANY NAME HERE INSURERS, 'NSURERD. Companies providing coverage INSURER D. COVERAGES INSURER E. THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, ANY REQUIREMENT TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY 6E ISSUED OR MAY PERTAIN THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES, AG6REGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS NOTWITHSTANDING 4S R TYPE OF INSURANCE GENERAL LIABILITY COMMERCIAL GENERAL LIABILITY CLAIMS MADE OCCUR GEN'L AGGREGATE LIMIT APPLIES PER Policy proiect loc AUTOMOBILE LIABILITY ANY AU70 ALL OWNED AUTOS SCHEDULED AUTOS �i HIRED AUTOS NON -OWNED AUTOS GARAGE LIABILITY ANY AJTO EXCESS LIABILITY OCCUR CLAIMS MADE _ DEDUCTIBLE RETENTION $ WORKERS COMPENSATION AND EMPLOYERS' LIABILITY OTHER Y NUMBER Must Include General Liability LIMITS EACH OCCURRENCE FIRE DAMAGE (Any one fire) I MED EXP (Any one person) s PERSONAL A ADV INJURY S GENERAL AGGREGATE S PRODUCTS •COMNOPAGG t SAMPLE CERTIFICATE AUTO ONLY - EA ACCIDENT OTHER THAN EA ACC AUTO ONLY, EACH OCCURRENCE AGGREGATE E.L. EACH ACCIDENT S ESL DISEASE - EA EMPLOYEE! $ AS E.L. DISEE - PDLIT C� Y L'T 4 S Certificate must contain wording similar to what appears below "THE CERTIFICATE HOLDER IS NAMED AS ADDITIONALLY INSURED WITH REGARD TO GENERAL LIABILIT " Y :ERTIFIr'ATc unite ADDITIONAL INSURED- INSURERLETTER: CANCELLATION City of Tamarac .� 7525 NW 88th Avenue Tamarac FL 33321 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION City Must Be IL IL �� DAYS WRITTEN 17,•n.,.,�; �'r,,,.,;��,;„s+� Molder Mtttyrw v�.t 1 LEFT. AUTHORIZED REPRESENTATIVE Page 1 of 1 Sample Insurance Certificate r r CITY COMMISSION TAMARAC, FLORIDA JOE SCHREIBER MAYOR A *1T/71.1:1 axon 20:4.I kqL21V 91[•l:Lvjr.AVt*0 GERTRUDE MISHKIN COMMISSIONER MARC L. SULTANOF COMMISSIONER I:f.11L Z�7=T 4 &I JEFFREY L. MILLER CITY MANAGER MITCHELL KRAFT CITY ATTORNEY DONA J. NEWMAN, CPA, CGFO LEANNE WILLIAMS, CPA DIRECTOR OF FINANCE FINANCE AND POLICY OFFICER Table of Contents I. PURPOSE ........ ............................................................................... II. 4 SCOPE ................................................................................................4 III. DEFINITIONS....................................... IV. ........................................ OBJECTIVES ..... ............................. A. Safety B. Liquidity ............................. ......................... .... C. Yield ............... V. ........................................................... STANDARD OF CARE .............. A. Prudence ' ....................................... B. Ethics and Conflicts of Interest.......,. C. 5 Delegation of ............ Authority ................................ I- SAFEKEEPING AND CUSTODY ............... ........... A. Authorized Financial De •i•• ...••."""'"' alers and Institutions. •��•��••••� •""""""�" 7 B• Internal Controls C- Third -Party Custodial Agreements .................."................. Custo greern 8 VII. .................... AUTHORIZED AND SUITABLE INVESTMENT INSTRUMENT A. 10 Investment Types ......... 11 ..................... Collateralization .............................. 11 C. Repurchase Agreement12 ................................. Compliance with " D. City's Band Cov enants E. ............. .13 ...... Clt s .....". Purchase of - y' Utility Bands ....... .......................... ..........13 VIII. ........... INVESTMENT INSTRUMENTS NOT AUTHORIZED ..13 ..... A- High Grade Corporate Debt B. Repurchase Agreements ............. •••� C. Derivative Investment Products ............. 14 IX. .................. INVESTMENT PARAMETERS 14 ""....,-. ..................... A. Diversification ...." " "' ""' .................... 4 B. Maximum Maturities..,.... "'-"..'.".••.••..•.••••""•"• 14 C. Duration ........................................................... 14 D. Security Selection ............ 15 E. Policies t.......................................... o Enhance Return on Investment . "" 15 '""' '"" " ...................16 TABLE 1 Investment Parameters .................. is 2 Table of Contents X. REPORTING......................................................................................................19 A. Method.....................................................................................................19 B. Performance Standards........................................................................... 19 C. Marking to Market.................................................................................... 19 XI. POLICY ................... .... ................ ... ........................... ....... ......I .............. I.............. 19 A. Exemption................................................................................................19 B. Amendment............................................................................................. 20 C. Effective Date.......................................................................................... 20 GLOSSARY.................................................................................................................. 21 3 City of Tamarac, Florida Investment Policy I. PURPOSE The intent of this policy is to provide the Director of Finance and designated staff with sufficient latitude to effectively manage the City of Tamarac's (City) financial assets so as to: 1) Ensure the preservation of principal, 2) Maintain sufficient cash flow to enable the City to meet its obligations, and 3) Maximize the return on assets with an acceptably low exposure to risk. 11. SCOPE This Investment Policy shall apply to all the funds held by the City on behalf of the residents of the City of Tamarac, with the exception of Pension Fund assets and Funds whose uses are restricted by debt covenants, prior contracts, legal, regulatory or other constraints. All financial assets held or controlled by the City, not otherwise classified as restricted assets requiring separate investing, shall be identified as "general operating funds" of the City for the purpose of this policy and shall be invested under the guidelines as herein set forth. The guidelines, provided herein, are the general operating procedures. General operating funds include: General Fund Special Revenue Funds Debt Service Funds Capital Projects Enterprise Funds Internal Service Funds Trust and Agency Funds and any new funds created by the governing body, unless specifically exempt. III. DEFINITIONS See Glossary Section (Page 21) IV. OBJECTIVES The following investment objectives will be applied in the management of City funds: A. Safety Ensuring the preservation of principal is the primary objective of the City's investment activities. All other objectives are secondary to the preservation of principal. Each investment transaction shall be executed to insure that capital losses are avoided, whether from market value fluctuations or credit erosion. This objective includes mitigation of credit risk and interest rate risk. B. Liquidity The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This will be accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. Furthermore, since all possible cash demands cannot be anticipated, the portfolio will consist largely of securities with active secondary markets. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment shall not have as much weight in comparison to safety and liquidity objectives. The core of investments will be limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities shall not be sold prior to maturity with the following exceptions: a declining credit security could be sold early to minimize loss of principal; a security swap that would improve the quality, yield, or target duration in the portfolio; or liquidity needs of the portfolio require that the security be sold. No transactions of this kind will be executed without the approval of the City Manager. V. STANDARD OF CARE A. Prudence The standard of prudence to be applied by the Director of Finance or designee shall be the "Prudent Person Rule" which states: "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of 61 prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investments, considering the probable safety of their capital as well as the probable income derived." The "Prudent Person Rule" shall be applied in the context of managing the overall portfolio. B. Ethics and Conflicts of Interest Officers and employees involved in the investment process shall refrain from personal business activity that could conflict or appear to conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. Employees and investment officials shall disclose any material interests in financial institutions with which they conduct business. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. Officers and employees shall be prohibited from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of their entity. C. Delegation of Authority The authority to manage the City's investment program is granted to the City Manager as set forth in City of Tamarac Resolution R-94-167. Responsibility for the operation of the investment program is hereby delegated to the Director of Finance, who shall carry out established written procedures and internal controls for the operation of the investment program consistent with this investment Policy. Procedures include: Safekeeping Delivery vs. Payment Investment Accounting Wire Transfer Agreements Collateral/Depository Agreements Banking Services Contracts No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Director of Finance. The Director of Finance shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. These include but are not limited to: 1. The Director of Finance, and/or other staff as may be designated by the Director of Finance, shall have the authority to execute trades and to otherwise conduct business within the scope of the City's Investment Policy. 2 2. The Director of Finance shall have the authority to further restrict the authority delegated to any staff member. 3. The Director of Finance shall prepare or cause to be prepared month -end reports which, at a minimum, include: a. Investment Holdings Reports which at a minimum detail shall include: (1) holdings by class of security; (2) income earned; (3) book value; and (4) market value b. Performance Measurement Reports for the City's Aggregate Investment Portfolio, as well as for each separate portfolio and respective third -party manager. 4. The reports which are required under Item 3 above, as well as any others deemed appropriate by the Director of Finance, shall be provided to the members of the Investment Committee no less frequently than monthly. VI SAFEKEEPING AND CUSTODY A. Authorized Financial Dealers and Institutions The Director of Finance or designee shall maintain a list of financial institutions authorized to provide investment services. In addition, a list will be maintained of approved security brokers/dealers selected by credit worthiness who are authorized to provide investment services in the State of Florida. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (Uniform Net Capital Rule). No public deposits shall be made except in a qualified public depository as established by the laws and regulations of the State of Florida. A current audited financial statement is required to be on file for each financial institution and broker/dealer in which the City invests. Certificates of Deposit shall be placed only with financial institutions which qualify under Florida Law. Other securities shall be purchased only: �) through the financial institutions which Provide the of a securities dealer, (who qualify as public depositories), with servicesanoffice convenient to the City of Tamarac, 2) through the "primary government securities dealer" as desi by the Federal Reserve Bank. gnated These institutions, dealers and issuers must meet capital adequacy guidelines as determined by their respective regulatory agencies and certify that n adverse events have occurred since the issue of their most recet material statements. They must also agree to notify the City in a time) mans financial event of material adverse events affecting their capital adequacy All securities ner in the Purchased shall be only those securities of authorized issuers of the security types. Lists of these authorized institutions, dealers and issuers various security types will be maintained b various designee. Criteria for addition to or deletion from the listsowill Finance or his following: ill be based on the t) in accordance with State Law, City Ordinance or Resolutio investment policy requirements; n, or 2) financial condition; 3) consistent lack of competitiveness; 4) experience or familiarity of the account representative in r service to large institutional accounts; and/or p oviding 5) when deemed in the best interest of the City. Before engaging in investment transactions with an institution the Finance shall receive a signed certification form attesting that th Director of responsible for the City's account with that firm has reviewede individual investment policy and that they agree to undertake necessary and appropriate City efforts to preclude imprudent transactions involving City funds. ppropriate B. Internal Controls The Director of Finance or designee is responsible for establishing maintaining an internal control structure designed to ensure that the assets entity are protected from loss, theft or misuse. The internal control and be designed to provide reasonable assurance that these objectives is °f the concept of reasonable assurance recognizes that structure shall oaare met. The not exceed the benefits likely to be derived (2) the valuation costof costs and b should requires estimates and judgments by management. benefits Establishment of Internal Controls The internal controls shall address the following points: 8 a. Control of collusion Collusion is a situation where two or more employees are working in conjunction to defraud. b. Separation of functions By separating key functions and having different people perform each function, each person can perform a "check and balance" review of the other people in the same area. c. Separation of transaction authority from accounting and record keeping By separating the person who authorized or performs the transaction, from the people who record or otherwise account for the transaction, a good separation of duties is achieved. d. Custodial Safekeeping Securities purchased from any bank or dealer, including appropriate collateral, should be placed into a third party bank for custodial safekeeping. e. Prohibition of bearer -form securities Bearer -form securities are much easier to convert to personal use, than are securities registered in the name of the City of Tamarac. f. Avoidance of physical_delivery securities Book entry securities are much easier to transfer and account for, since actual delivery is never taken. Physical delivery securities must be properly safeguarded as are any valuable documents. The potential for fraud and loss increases with physical delivery securities. g. Clear delegation of authority to subordinate staff members Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid any improper actions. Clear delegations of authority also preserves the internal control structure that is built around the various staff positions and their respective responsibilities. h. Specific limitations regarding securities losses and remedial action Securities losses may be necessary to adhere to the Investment Policy. These losses should be restricted to specified purposes and proper documentation, and the required approval should be clearly defined for each staff person and further requires the approval of the City Manager. Written confirmation of tele hone transactions for investments and wire transfers Due to the potential for error and improprieties arising from the lack of written confirmations, all transactions must be supported by written communications and approved by the appropriate person. Documentation of transactions and strate ies All transactions and the strategies that may have been used to develop the transactions must be documented in writing and approved by the appropriate person. k. Develo ment of a wire transfer a reement with the concentration bank This agreement must outline the various controls and security Provisions for making and receiving wire transfers. 2. Training and Education It is the policy of the City to provide periodic training in investments for the investment officials through courses and seminars offered by the Government Finance Officers Association, Municipal Treasurers Association and/or other qualified and pertinent organizations. Such training shall be at least eight (8) hours annually of continuing education in subjects or courses of study related to investment practices and products. C. Third -Party Custodial Agreements The City will execute a Third Party Custodial Safekeeping Agreement with a commercial bank's trust department which is separately chartered by the United States Government and the State of Florida. All securities purchased and/or collateral obtained by the City shall be properly designated as an asset of the City and held in safekeeping by the trust department and no withdrawal of such securities, in whole or in part, shall be made from safekeeping except by an authorized City staff member. The Third -Party Custodial Safekeeping Agreement shall include letters of authority from the City, details as to responsibilities of each party, notification of security purchases, sales, delivery, repurchase agreements, wire transfers, safekeeping and transactions costs, procedures in case of wire failure of other unforeseen mishaps including liability of each party. Internal controls shall include details of delivery vs. payment procedures and trust receipt documentation. Such controls and procedures shall be reviewed annually by the External Auditor. 10 1. Delivery Versus Payment All securities purchased or sold will be transferred when possible only under the "delivery versus payment" (D.V.P.) method or "payment versus delivery" method to insure that funds or securities are not released until all criteria relating to the specific transactions are met. 2. Trust Receipt and Confirmation The Director of Finance or designee is authorized to accept, on the behalf of and in the name of the City of Tamarac, bank trust receipts or confirmations in return for investment of temporarily idle funds as evidence of actual delivery of the obligations or securities. Any such trust receipt or confirmation shall fully describe the various obligations or securities held, together with the specific identification number of each obligation or security held, and that they are held for the City of Tamarac. The actual obligations or securities, whether in book -entry or physical form, on which trust receipts or confirmations are issued may be held by a third party custodial bank and/or institution or a designated corresponding bank or custodian institution which has a correspondent relationship to the City's third party custodian or its correspondent institution, who is acting on behalf of and under the obligation as the City's third party custodian. The above shall apply to all investments with the exception of securities underlying overnight repurchase agreements; the custodial relationship for these instruments is described in Third -Party Custodial Agreements. VII. AUTHORIZED AND SUITABLE INVESTMENT INSTRUMENTS A. Investment Types The following are the authorities for investments and limits on security issues, issuers, and maturities as established within this policy. The Director of Finance or designee shall have the option to further restrict investment in selected instruments, to conform to then -present market conditions. In accordance with Section 218.415, Florida Statutes, and section 6-26, City Code, authorized investments include: 1. The Florida Local Government Surplus Trust Fund (Administered by the State Board of Administration and commonly referred as the "SBA"). 2. Direct obligations of the U.S. Government which include but are not limited to Treasury Bills, Treasury Notes, Treasury Bonds and Treasury Strips. 3. Obligations guaranteed by the U.S. Government as to principal and interest which include but are not limited to Government National Mortgage Association (GNMA), Farmers Home Administration (FmHA Small Business Association (SBA), General Services Administration GSA), Federal Housing Administration (FHA), Housing and Urban Development (HUD), Tennessee Valley Authority (TVA). 4. Time deposits and savings accounts in bank and savings and loan associations, under the laws of Florida and the United States, doing business in and situated in -state. All such deposits shall be collateralized as provided for by Florida Statutes Chapter 280. 5. Securities issued and guaranteed by a federally sponsored corporation which are backed by, or the entity is capable of borrowing from, the U.S. Treasury. These securities carry the "implied Government and include the Federal Farm Credit Banks t(FFCB),ee" oft Federal Home Loan Bank Mortgage Corporation (FHLMC certificates), Federal National Mortgage Association (N(Participation Feder al al Home Loan Bank (FHLB) or its banks. MA) 6. Commercial Paper of any United States corporation provided such notes have a rating of Al/Pi by at least two of the five rating agencies. 7. Bankers Acceptance eligible for purchase by the Federal Reserve S ste issued by banks having a Moody's or Standard and Poor's commercial paper rating of at least AI/Pi, 8. Securities and Exchange Commission registered money market funds shares that are open-ended, no-load funds registered under the Federal Investment Company Act of 1940 Rule 2a-7 — Money Market Funds. B. Collateral ization Collateralization will be required on two types of investments: certificates of deposit and overnight repurchase agreements (as described in the City Code section 6-26). In order to anticipate market changes and provide a level of security for all funds, the collateralization level will be 100.0% at a minimum with up to 102.0% being desired. C. Repurchase Agreement Overnight Repurchase Agreements are the only repurchase agreements authorized as stated in the City Code, section 6-26. If repurchase agreements 12 are legal and authorized by policy, a Master Repurchase Agreement must be signed with the bank or dealer. (e.g. a PSA Master Repurchase Agreement or equivalent). D. Compliance with City's Bond Covenants Certain surplus funds available for investment represent capital project funds generated through the issuance of long term bonded indebtedness, or represent debt service funds created for the repayment of outstanding principal and interest on such bonded indebtedness. Whenever ordinances and/or resolutions adopted by the City Commission which authorize the issuance of such bonded indebtedness contain specific provisions relative to the investment of funds, the investment of such funds shall comply with the provision of the applicable bond ordinance and/or resolution, the requirement contained in this policy, and applicable statutory or administrative law. E. Purchase of City's Utility Bonds The City may use funds on hand to purchase in the open market outstanding utility system bonds. Pursuant to Resolution R-85-436, section 512(b), monies held in the General Reserve Fund under the Bond Resolution may be used to "purchase or redeem bonds." Under Section 208, sub section (a), Director of Finance is authorized to purchase any outstanding Term Bonds "on the most advantageous term obtainable with reasonable diligence, such as price not to exceed the principal of such Term Bonds plus the amount of the redemption premium, if any, which might on the next redemption date be paid to the holder of such Term Bonds ... if such Term Bonds should be called for redemption on such date from monies in the Sinking Fund." VIII. INVESTMENT INSTRUMENTS NOT AUTHORIZED Types of securities that are Non -Authorized and not suitable for investment (and in accordance with Section VII of this policy) include the following as examples: A. High Grade Corporate Debt U.S. dollar denominated debt obligations of domestic or foreign corporations, or foreign sovereignties issued in the United States or in foreign markets. This shall include, but not be limited to, corporate notes, bonds, medium term notes, Eurodollar notes and bonds, Yankee notes and bonds. )3 B. Repurchase Agreements Transaction in which securities are Purchased an in agreement to re -sell the same securit es on a specified futurtitutian with ane date with the exception of overnight repos. C. Derivative Investment Products This includes but is not limited to collateralized mortgage obligations (CMOs) interest rate swaps options, floaters/inverse floaters, and ca s� currency and p floors/collars. IX. INVESTMENT PARAMETERS A. Diversification It is the policy of the City of Tamarac to diversify its investment held shall be diversified to control the risk of loss resulting concentration of assets in a s portfolios. Assets instrument, a class of instruments, a dealerthroughs ultmg from over are bought and sold.specific issuer, a specific Diversification strategies withheh established m these vestments shall be reviewed and revised periodically as necessary management staff and approved by the Director of Finance 1, page 18). by the appropriate (See Table page B. Maximum Maturities To the extent possible, the City will attempt to match its investments anticipated cash flaw requirements. The City will not invest in long term securities unless matched to a specific cash flow with overall requirement. Investments do not necessarily have to be made for the sam sic criteria for consideration for inv e length of time that funds are available. The basic estments are listed • Keep maturities short in a period based on treasury bill auctions orthe daily FedntlFundslrg interest rates ate. • Keep maturities short in a period of an inverted treasur (short term rates are higher than long term rates). Y Yield curve • Maturities should be lengthened when the treasury normal and expected to remain that way yield curve is taken as a whole. The yield curve is normal when horton oteorm�mre lower than long term rates. pods rates are 14 Maturities should be lengthened when interest rates are expected to fall based on economic reports taken as a whole. • The yield curves of the market should be analyzed for significant breaks in yields over various maturity dates. The points at which the yield curve breaks are the points at which there are significant marginal declines in yields for incremental changes in the maturity dates. Investments should be made at the breaks in the yield curve so that yields will be maximized. C. Duration The duration of each investment should not exceed the stated maturity. D. Security Selection When purchasing or selling securities, the Director of Finance or designee shall select the security which provides the highest rate of return within the parameters of this policy (see Investment Objectives) and given the current objectives and needs of the City's portfolio. These selections shall be made utilizing one of the following methods: • Competitive bids, wherein the City solicits quotes from a minimum of three firms. • Comparison to the current market price as indicated by one of the market pricing resources available to the City (such as the City's financial advisors, the Wall Street Journal, or a comparable nationally recognized financial publication providing daily market pricing) In most situations, the City shall utilize the competitive bid process to select the securities to be purchased or sold. Selection by comparison to current market prices, as indicated above, shall be utilized when, in the judgement of two members of the investment staff, competitive bidding would inhibit the selection process. Examples of when this might occur are: • When time constraints due to unusual circumstances preclude use of the competitive bidding process. When the transaction involves new issues or issues in the "when issued" market. When using the competitive bid process, all bids shall become part of the record of the specific security involved. When the selection is made based on comparison to current market price, the following information shall become part of the record of the security involved: 15 • Reason for use of this method. • Source of the current market value used. • Price and/or interest rate quoted by said source. E. Policies to Enhance Return on Investment The City's investment strategy is active. Given this strategy, the basis used by the Director of Finance to determine whether market yields are being achieved is the State Board of Administration (State Pool). The following specific policies are set forth below to provide additional guidance in implementing Return on Investment objectives. 1. Active Portfolio Management It is the policy of the City to actively manage the investment portfolio within the constraints outlined in these investment policies. By using an active Portfolio management philosophy, portfolio yield will be enhanced without an appreciable increase in risk. 2. Portfolio Maturity Management When structuring the maturity composition of the investment portfolio, it is the policy of the City to evaluate current economic conditions, relative interest rate levels and general direction of interest rates. During periods where economic conditions demonstrate considerable potential for interest rate increases in the near future, the City will consider appropriate actions to shorten maturities. Similarly, during periods where economic conditions demonstrate potential for interest rate decreases in the near future, the City will consider appropriate actions to lengthen maturities. 3. Bond Swaps It shall be the policy of the City to pursue bond swaps as they may present themselves over the term of any investment. All swaps shall adequately compensate the City for administrative costs, reinvestment risk, and quality considerations. The following categories of bond swaps are considered appropriate for the City: a. Swaps to Increase Yield: Market aberrations are often caused by supply and demand conditions for particular securities. For example, if a short supply exists for a particular security or maturity range, then 16 it may be advantageous to swap out of a security in short supply and into another similar security. b. Swaps Between Different Issuers: Interest rate differentials commonly exist between U.S. Treasury and agency securities. Periodically, these relationships may become distorted and thereby present advantageous swap opportunities. At times it may be difficult to isolate the swap opportunities that are attributable to this factor or (1) above. C. Swaps to Reduce Maturity: Market aberrations occasionally create a situation where longer maturity securities are yielding the same or less than securities with a shorter maturity. Portfolio quality can be improved by switching from the longer maturity security to the shorter maturity security with little or no interest penalty. d. Overall Loss vs. Initial Accounting Loss: It is the City's policy to avoid all swaps that result in a loss over the accounting period of the applicable securities. Other swap transactions may result in initial accounting losses for the owned security but offer a gain over the maturity period of the applicable securities. The City is generally reluctant to enter into this latter form of swap but reserves the discretion to incur such initial accounting losses in the event the transaction offers sufficient enhancements to yield, maturity or credit risk with the approval of the Director of Finance. 17 Table 1 NOW Investment Parameters Authorized Maturity Investments Range State Board of Administration (SBA) N/A Overnight Repurchase Agreement N/A U.S. Treasury Securities 15 years U.S. Government Obligations (e.g. e. GNMA HUD, FMHA, SBA, GSA FHA TVA) 10 years U.S. Government Instrumentalities (e.g. FFCB, FHLMC, FHLB, FNMA) 10 years Certificate of Deposits 5 years Commercial Paper 270 days Bankers' Acceptance 270 days Money Market Funds N/A Minimum Maximum Percent (%) Percent (%) 5% 90% N/A 10%950 ° 0 /° 1 85% D /° 1 85% ° /° 85% 0% 10% 0% 10 0 0% 20% 18 X. REPORTING A. Method The Director of Finance shall generate monthly reports for the City Manager and for the City Commission. The report shall summarize the investment strategies employed and describe the portfolio in terms of investment securities, maturities, risk characteristic, by class or type, book value, income earned, and market value as of the report date. Such reports shall be available to the public. The Director of Finance or Designee shall provide other such reports and information as deemed reasonable, upon request from other internal and external sources. B. Performance Standards The investment portfolio will be managed in accordance with the parameters specified within this policy. The portfolio should obtain a market average rate of return during a marketleconomic environment of stable interest rates. Portfolio performance should be compared to appropriate benchmarks on a regular basis. The City shall use the Florida Local Government Surplus Funds Trust Fund (SBA) plus five (b) basis points as a specific benchmark for the City investment portfolio. C. Marking to Market A statement of the market value of the portfolio shall be issued at least monthly. This will ensure that the minimal amount of review has been performed on the investment portfolio in terms of value and subsequent price volatility. XI. POLICY A. Exemption Any investments currently held that do not meet the guidelines of the policy shall be exempted from the requirements of this policy. At maturity or liquidation, such monies so invested shall be reinvested only as provided for in this policy. The Director of Finance or designee may take a sufficient period of time to adjust the existing portfolio to the provisions of the policy so as not to require the premature liquidation of any investment. 19 a. Amendment This policy shall be reviewed on a timely basis. Any material changes to the Investment Policy should be recommended by the Director of Finance and the City Manager and approved by the City Commission. C• Effective Date This policy shall become effective immediately upon its adoption by the City Commission. 20 GLOSSARY BANKERS ACCEPTANCE: Time draft drawn on and accepted by a bank, the customary mans of effecting payment for merchandise sold in import-export transactions and a source of financing used extensively in international trade. BANKING SERVICES AGREEMENT: The purpose of the all -encompassing banking services agreement is to combine all facets of the total banking relationship into a single document. Depending on the nature and scope of the requesting banking services, the banking services agreement may include any member of provisions. CAPITAL ADEQUACY GUIDELINES: One test of a dealer's financial solvency is the relationship between the firm's capital position and its risk exposure, known as capital adequacy. Losses that result from trading and credit risk reduce the capital of the firm. After capital is exhausted, further losses may fall on the firm's customers if the Broker/Dealer is holding the securities. Capital adequacy guidelines measure trading and credit risk to the available liquid capital. CAPITAL PROJECTS FUNDS: Accounts for financial resources to be used for the acquisition or construction of major capital facilities. CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a certificate. Large denomination CD's are typically negotiable. COLLATERAL: Securities, evidence of deposit or other property which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies. COMMERCIAL PAPER: Short-term obligations with maturities ranging from 2 to 270 days issued by banks, corporations, and other borrowers to investors with temporarily idle cash. Such instruments are unsecured and usually discounted. CREDIT RISK: Credit Risk is the risk of loss due to the failure of the security issuer or backer. Credit risk may be mitigated by: limiting investments to the safest types of securities; prequalifying the financial institutions, brokers/dealers, intermediaries, and advisors with which the City will do business; and diversifying the investment portfolio so that potential losses on individual securities will be minimized. 21 - DEBT SERVICE FUNDS: Accounts for the accumulation of resources for, and the payment of, enera long-term principal and interest. 9 I DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery versus payment and delivery versus receipt (also called free). Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities. ENTERPRISE FUNDS: Accounts for operations (a) that are financed and operated in a manner similar to private business enterprises --where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided the periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, Public policy, management control, accountability, and other purposes. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that insure bank deposits, currently up to $100,000 per deposit. FEDERAL HOME LOAN BANKS (FHLB): P The institutions that regulate and lend to savings and loan associations. The Federal Home Loan Banks play a role analogous to that played by the Federal Reserve Bank vis-a-vis member commercial banks. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA): FNMA, like GNMA, was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation working underthe auspices of the Department of Housing and Urban Development, H.U.D. It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called is a private stockholder -owned corporation. The corporation's purchases include a variety of adjustable mortgages and second loans in addition to fixed-rate mortgages. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest. FEDERAL RESERVE BANK: The central bank of the United States created by Congress and consisting of a seven member Board of Governors in Washington, D.C., 12 regional banks and about 5,700 commercial banks that are members of the system. GENERAL FUND: Accounts for all financial resources except those required to be accounted for in another fund. 22 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA OR GINNIE MAE): Securities guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loan associations, and other institutions. Security holder is protected by full faith and credit of the U.S. Government. Ginnie Mae securities are backed by FHA, VA or FMHM mortgages. The term passthroughs is often used to describe Ginnie Maes. INTEREST RATE RISK: Interest rate risk is the risk that the market value of securities in the portfolio will fall due to changes in the general interest rates. Interest rate risk may be mitigated by: structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity; and by investing operating funds primarily in shorter -term securities or by cash flow projections. INTERNAL SERVICE FUNDS: Accounts for the financing of goods or services provided by one department or agency to other departments or agencies of the governmental units, on a cost reimbursement basis. LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes. MONEY MARKET FUND: Open-ended mutual funds that invests in commercial paper, banker's acceptance, repurchase agreements, government securities, certificates of deposit, and other highly liquid and safe securities. The funds net asset value remains a constant $1 a share — only the interest rate goes up or down. PORTFOLIO: Combined holding of more than one stock, bond, commodity, real estate investment, cash equivalent, or other asset by an individual or institutional investor. The purpose of a portfolio is to reduce risk by diversification. PRIMARY LEADER: A group of government securities dealers that submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC) registered securities broker - dealers, banks, and a few unregulated firms. 23 PRUDENT PERSON RULE: An investment standard. In some states the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the state--the- so-called legal list. In other states the trustee may invest in a security if it is one which would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital. QUALIFIED PUBLIC DEPOSITORIES: A financial institution which does not claim exemption from the payment of any sales or compensating use or ad valorem taxes under the laws of this state, which has segregated for the benefit of the commission eligible collateral having a value of not less than its maximum liability and which has been approved by the Public Deposit Protection Commission to hold public deposits. (MARKET) RATE OF RETURN: The yield obtainable on a security basis on its purchase price or its current market price. This may be the amortized yield to maturity on a bond or the current income return. REPURCHASE AGREEMENT (RP or REPO): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. The security "buyer" in effect lends the "seller" money for the period of the agreement, and the terms of the agreement are structured to compensate him for this. Dealers use RP extensively to finance their positions. Exception: When the FED is said to be doing RP, it is lending money, that is, increasing bank reserves. SAFEKEEPING: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank's vaults for protections. SAFETY: Relates to the volatility of the principal of the investment. Complete safety means no increase or decrease in nominal value. The original sum invested is returnable to the investor either at the investor's option or at the end of some short contractual period. SECONDARY MARKET: Exchanges and over-the-counter markets where securities are bought and sold subsequent to original issuance, which took place in the PRIMARY MARKET. Proceeds of secondary market sales accrue to the selling dealers and investors, not to the companies that originally issued the securities. Market in which money-market instruments are traded among investors. 24 SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect investors in securities transactions by administering securities legislation. SPECIAL REVENUE FUNDS: Accounts for the proceeds of specific revenue sources that are legally restricted to expenditure for specified purposes. THIRD PARTY CUSTODIAL AGREEMENTS: A safekeeping contract with a trust custodian not involved in the investment transaction. TREASURY BILLS: A non -interest bearing discount security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three months, six months, or one year. TREASURY BONDS: Long-term U.S. Treasury securities having maturities of more than ten years. TREASURY NOTES: Intermediate term coupon bearing U.S. Treasury securities having initial maturities of from one to ten years. TRUST AND AGENCY FUNDS: Accounts for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other trust funds. UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1: also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash. WIRE TRANSFER AGREEMENTS: Many banks require an executed Wire Transfer Agreement from their commercial customers - those who utilize the Fedwire system as a means for transferring large amounts of funds on a regular basis. 2s YIELD: The rate if annual income return on an investment, as a (A) INCOME YIELD is obtained by dividing the current sdollar income byage. he current market price for the security. (B) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. 26 .- M Nr r• M LA N M wNr r CO 0 (D LO 0 M cq O V O) Lr) M ti C (D N O] � r• cq P- m Q 0 0 O O w M M O M 0 M r� M r r h N Nr M r,- CD O U) r M M M M O 0 co ti cD C r•' av Nt O N cv_Ln r" r• rn oc c70 Ict N M M N N r�r M N r M M Nr O Nr Nt � IT 0 LO LO LO LO 0 0 (D CD LO 0 LA 0 CD M t` O Nr M 0 CD CD � In r M C 0 Lf) �(D h M O O (D N V- O N't rt d C) r N LD O10) O m M Z U7 co CD 4 M OD � h N CO co co � � LLJ dD r N r: CO LO (D � M r N M r O r 0)Cp 2 Lr7 In O f• ti 0) M � r` CO CO M M CO '—CEO m Z 0 O O el r� c SI O r r- U-) L() W LoCD O jr N r r U) CD Lo 07 M r w co � N M Lr) �N M r r r r r r �- N M m N co M M N N N O MEF} (fi O O QQ 0 0 0 o a o 0 0 0 0 0 0 0 0 a o 0 0 0 0 CD 0 0 0 0 0 0 0 0 0 0 O CD C) O C C O O O O O Q G O O O Q O 0 0 Q J 0 N CD CO �r O r (D et 0 M ti M M r-O �O M N m r- w h O ti � 0 r-_ r• LA 't N w� ROr~0(")cOv_c17NvLQg7 --ram h LL H N N M N M CO LC) M M W N�t M Nt 0 M L() LL 00 �a _w C) Nt O M Mr r- LO N LO et M� CO M Co N r I M O O (D rl- �t Ql O N am Lo r O LU N et 0 CD CD �I,_ N M t Lr) 0) CO M M Cr) `J (D c0 Ld cl r r cV N r CO r-N N Ln Lr) Ln C7i et O LO r r r 0 N O LO O M N LO LO M Q r` CD r) 0 0 O (D CO 00 rT m 0 � N N N M rT c CO Ln M M (D c6 co M e-: c6 M (D M M N (V N N CO CO CO N N N N M N N— N N CO -- r N N N N N N N N N N N N M 99 O O O 0 O 0 0 0 0 0 0 0 0 0 O N L L L L I 1 1 i1 1 1 1 L L L L 1 ro ram' a .o (a a m m m m 7 D 7 p� > 9-0-0,0 ° O U _' m ¢ o s QO 0 a) U) ZO m ZD v) c o E Y O cu E q) T �_ (0 6 C U 7 O O 0 23) m 3 .ro a)�a '� m o 0 .cz CD o QE a 0 O W O N m a 0 O N A N Vj rl « C fh N Q O 0 64 69 O m N .O a ro Q) U E N C 7, -0 C) 0 3 m 0 E 4 m C Q N 7 W O •0 D Q m c o a i/i C w O E o s ro turn W U D M Ln N c' ro a U Q E M O ti r X C7l Q c Q 0 0 t 0 a_ 0 Q c 0 a> C N C C ro a� 1or0CT, 30. 20031. 4:39PA 724 KPSP (407) 482-8229F TAMARAC FINANCE NO. 037 P, 2'"` TR #10266 o Kirkpatrick Pettis Exhlbtt B A MMAI of arnaha Comparty Wxrkpatrick Pet& CapjW Management. Inc. 1600 Broadway suite 1100 benver, CO OCO02 34}764-6000 �49IOMNYXI'I.i'J CONTRACT ASSIGNMENT The City of Tarnarac (" CYTY) desires and intends to continue its contractual busine-a relatiouship with the individuals who personally are providing Cash and Invent Advisory servivm The MY is advi; cd *Lat thusc $sd�viduals are Dow employed by Kirkpatrick Pettis Capital Managemeut, Inc., an afliate of Xi4atricic, Pettis, Smith, Pohan Inc. In consideration of the best intausts oftbe MY and being Hilly advised respgoting these waltcn, the CITY rasolvcs and agrcm to the I'oilcwiug, For good and sufficient eara ideration, the receipt and =fliciency of which are aclmowledged by the CITY, the CITY hereby ratifies, $ems W and approves the assignihent of the Cash and I»vcstment Advisory Agreement dated April 9, 2003 from Mrk-paWc-k, Pettis, Smith, Polish Inc-, x.anghaff $rooks k1ivisim to Kirkpatrick Pctds Capital Matsageluent, Inc_, effective as of September 1, 2001 IU all Othcr respects, the Cash and ThVcstment Advisory Agreement shall remain in full force and effect as written. Apeap.com Registered InvestmentA;MSer 11/24/P 14:18 FAX 954 724 1321 CITY OF TAMARAC FINANCE 1.0/:OCT. 3�. 201�32 4:40PO ?24KPSP (407) 482-8223JF "Am' 1"f1&N" 10002 �;V-1 NO. 037 P, 4 f����rfs Divmlcri IN WITNESS WHEREOF, the parties have made and executed this Agreement on the respective dates under each signature. City of Tarnarar, tfirough its Mayor, and Kirkpmtriak Pettis C2pital Management Inc.. signing by and through its President bL duly authorized to execUte same. ATTEST; Marion Swensoh, 0MC__ City Clark_'-.. Date.: ATTEST: L (Corpor I I . Z i Kl_:jl� � CJ, __�iAA61 Type/Prinf Name of Corporate �Secy. CrrY OF TAMARAC J�A Schreiber, Mayor Date Jeffrey L.Ville KCity Manager Date: P yeits rtorm and leUal sufficiency: Mitt9�SW S. KV-9ft.'Gfly Attorney . I ( [ i J(, � Date Kirkpatrick Pettis Capital Management, no. Co"ny Na ,Wignafure of Pnas`Rd-en-Vrdvme-r T71 — C-cm (-,,' C, 4 ( f TypefPrint Name of PresidentlChvner — /0 - C Date 11/24/03 14:19 FAX 954 724 1321 CITY OF TAMARAC FINANCE 2003 J-""OCT. 30. 2003'4 4:40W' '"USP (407) 482-8223ur 'LA'L'�� 'Al'AL"Am NO.037 P. 4 v V'% C41y of ToTmr= CvvrVon CORPORATE ACKNOWLEDULIVIENT COLDMbo STATF OF 11111111111NO" b 09K. 'SS COUNTY OF i HP-REBY CERTIFY that on this day, before rne, an Officer duly authorized in the State aforesaid and in the County aforesaid to tak"ckno%0I Monts, personally appeared S1WLL<e1C-b5�t41f- Of ;tt alwvA Corporatlon,tome knnwn to be tile person(s) d6s bed in and who executed the foregoing instrument and acknovAedged before me that he/she executed the some. WITNESS my hand and official seal this "�i '�-'i'day of � � 2003. 110. OTAq N% My Commission Expims 7131rM 4 Signature of Notary N, blic State of J060doat Large Print, Type ot Stamp Name cyf Notary Public Peraonany known to me or Produced Identification Type of J.D. Producei:1 L3 DID take an oath, or ET DID NOT take an oath-