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Home My WebLink AboutCity of Tamarac Resolution R-99-333Temp. Reso. #8834 November 12, 1999 Page 1 Revision #1, December 1, 1999 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-99 3 33 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE AN ADDENDUM TO THE EXISTING AGREEMENT BETWEEN THE CITY OF TAMARAC AND PUBLIC FINANCIAL MANAGEMENT, INC. EXERCISING THE OPTION TO EXTEND FINANCIAL ADVISOR SERVICES FOR AN ADDITIONAL TWO YEARS; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, The City has contracted with Public Financial Management, Inc. to provide financial advisor services for the past three years; and WHEREAS, the agreement authorized per Resolution R-96-140 allows the City to renew the contract for an additional two years (Agreement attached hereto as Exhibit 2); and WHEREAS, Public Financial Management, Inc. has provided qualitative financial advisor services in accordance with the terms of the agreement; and WHEREAS, the Interim Director of Finance and the City Manager recommend that the addendum to the agreement be approved and the agreement with Public Financial Management, Inc. be extended an additional two years to provide financial advisor services; and L Temp. Reso. #8834 November 12, 1999 Page 2 Revision #1, December 1, 1999 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 approve the addendum to the agreement and extend the contract between the City of Tamarac, Florida and Public Financial Management, Inc. for a period of two years as the City's financial advisor. 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 Addendum to the October 16, 1996 Agreement between the City of Tamarac, Florida and Public Financial Management, Inc. providing for financial advisor services (attached hereto as Exhibit 1), and renewing the Agreement for a two year period. SECTION 3: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. 1 1 1 Temp. Reso. #8834 November 12, 1999 Page 3 Revision #1, December 1, 1999 SECTION 5: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this day of ,1999. ATTEST: oa'e�� CAROL GOL MC/AAE C i-rY Cam° k.L rti� i I HEREBY CERTIFY thatf have Approve this REAOLUT19N as form. A- kr I ,_40E SCRREIBER, MAYOR RECORD OF COMMISSION MAYOR SCHREIBER DIST 1: COMM. PORTNER DIST 2: yjM MISHKIN .. DIST 3: COMM. SU�TNOANOFF DIST 4:. COMM. ROBERTS 11 • Temp. Reso. # 8834 November 12, 1999 Page 1 Exhibit 1 Revised December 1, 1999 ADDENDUM TO OCTOBER 16, 1996 AGREEMENT BETWEEN THE CITY OF TAMARAC AND PUBLIC FINANCIAL MANAGEMENT, INC. FOR PROVIDING FINANCIAL ADVISOR SERVICES This Addendum to the October 16, 1996 Agreement between the City of Tamarac (hereinafter "CITY") and Public Financial Management, Inc. (hereinafter "PFM"), is made and entered into this 2!tay of , 1999. WITNESSETH: WHEREAS, the CITY and PFM entered into an Agreement dated October 16, 1996, relating to providing financial advisor services to the City of Tamarac; and WHEREAS, PFM has expressed a strong desire to have a long term mutually rewarding relationship with the CITY. NOW, THEREFORE, in addition to the obligations set forth in the Agreement of October 16, 1996, between City and PFM, the parties agree as follows: 1. Article 1, SCOPE OF SERVICES, Section 2, Services Related to Debt Transactions, is amended to read as follows: Article 1 Section 2. Services Related to Debt Transactions (includes short term financing, Temp. Reso. # 8834 November 12, 1999 Page 2 Exhibit 1 Revised December 1, 1999 Lease/purchases, notes, loans, letters of credit, line of credit and bonds) upon request of the City: 2.19 Escrow Structuring for Refunding Transactions — PFM will serve as Investment Advisor to -the City, in coniunction with _the _procurement of ,. refunding escrow investments. As such, PFM will analyze and model alternative Escrow Structures, develop written terms for a request for escrow securities offerings, receive competitive offers for securities, prepare such cash flow and yield calculations as required by bond counsel the verification agent and the City and coordinate the settlement of the Escrow securities. The fee for this service will be negotiated on a transaction by transaction basis and will be based upon the escrow's maturity, complexity, and number of securities to be purchased. F 2. Article III, COMPENSATION is amended to read as follows: Article III COMPENSATION 2. For services related to Debt Transaction inclusive of the issuance of bonds, PFM shall receive a fee of $0.80 per $1,000 of bonds issued, subject to a minimum amount of-$42-,AA 17 500. If the debt transaction takes the form of a Competitive Sale or a Refunding, an additional $2,500 each shall be added to the above fee. 3. For services related to Special Services, PFM shall receive either an hourly rate or a flat fee for the entire project. The hourly rate or the flat fee may be negotiated by PFM and the City at the time the City requests the Special Service to take place. The service must be a service identified within this Agreement and the overall consideration for the service is subject to the City's Purchasing requirements in effect at the time of the transaction. Both the City and PFM agree that any hourly rates charged will not exceed the following schedule: Personnel Hourly Rate is Managing Director _ $175 Senior Managing Consultant 160 Consultant 130 • C� 0 Temp. Reso. # 8834 November 12, 1999 Page 3 Exhibit 1 Revised December 1, 1999 Reimbursable Expense In addition to the above PFM will be compensated for necessary, reasonable, and documented out of pocket expenses incurred for out of state travel (including meals, lodging, and telephone expenses connected with the out of state travel), telephone charges incurred on behalf of the City and any actual extraordinary cost for special graphics or presentational work. This item specifically excludes all in state travel and telephone expenses for calls made to the City. With the exception of out of state travel, this item is capped at $2,500 per contract year. The City and the Financial Advisor reserve the right, during the term of this Agreement, to review the capped amount of $2,500. For debt transaction related expenses, out of pocket expenses will be reimbursed at cost but shall not exceed $4,000. 3. The October 16, 1996 Agreement between the City and PFM, is hereby renewed for a two year term of October 1, 1999 through September 30, 2001 pursuant to Article IV of the Agreement. 4. The October 16, 1996 Agreement between the CITY and PFM and all subsequent amendments and addenda thereto not subject to this or other duly executed amendments and addenda remain in full force and effect. Failure to specifically delineate any prior terms or conditions in this addendum does not operate to relieve CITY or PFM of any obligations pursuant to the Agreement or waive any rights contained therein. 5. Effective date of this Agreement shall be date of execution by the last party to execute. Temp. Reso. # 8834 November 12, 1999 Page 4 Exhibit 1 . Revised December 1, 1999 IN WITNESS WHEREOF, The parties hereby have made and executed this Addendum 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 Public Financial Management, Inc. signing by and through its Managing Director, Lavon P. Wisher and Senior Managing Consultant, Patricia A. Garrett duly authorized to execute same. ATTES CAROL GOLD MC/AAE CITY CLERK XM�IELL as t fo and al sufficiency S. KRA CITY ATTORNEY Date: WITNESS: CITY TAMARAC BY JOE�WHREIBER, MAYOR JEFFREY LER, CITY MANAGER Date: �� • • r] Temp. Reso. # 8834 November 12, 1999 Page 5 Exhibit 1 Revised December 1, 1999 PUBLIC QFINANCIAL jMA�NAGE ENT, INC. By LAVON P. WISHER, MANAGING DIRECTOR By PATRICIA A. GAR TT SENIOR MANAGI G CONSULTANT WITNESS: �7TATE OF FLORIDA ) ss.. COUNTY OFF ) BEFORE ME, the undersigned authority, this day personally appeared Lavon P. Wisher, Managing Director and Patricia A. Garrett, Senior Managing Consultant, acknowledged to me and before me that they executed the foregoing contract for the uses and purposes therein expressed with due authority in that behalf from the City Commission of the City of Tamarac, Broward County, Florida. I ITNESS WHEREOF, I have hei 1Y14'c✓S , Florida. /-Personally known to me Produced Identification Commission Number and Expiration Date my hand and official seal at �JqIVP_ublic, State of Flo ida at Large KELLY ANN RYMAN MY COMMISSION M CC 772667 October 13, 2002 .pEXPIRES: J., r4° Bonded Thru Notary Public Unoerwmus