Item C27Revised 2/95
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: February 21, 2001
Bulk Item: Yes ® No ❑
Division: Management Services
Department: Administrative Services
AGENDA ITEM WORDING: Approval of amendment #4 to extend contract with Public
Financial Management, Inc. financial advisor to Monroe County.
ITEM BACKGROUND: Extends services for one additional year, beginning January
2001.
PREVIOUS RELEVANT BOCC ACTION: Amendment #3 was approved 1/19/00;
amendment #2 was approved 1/14/98; amendment #1 was approved 11/21/95; original
contract was approved on 6/16/93.
STAFF RECOMMENDATION: Approval
TOTAL COST: $30,000.00
COST TO COUNTY: $30,000.00
REVENUE PRODUCING: Yes ❑ No
BUDGETED: Yes ® No ❑
AMOUNT PER MONTH
YEAR
APPROVED BY:COUNTY ATTY ® OMB/PURCHASING ® RISK MANAGEMENT
DIVISION DIRECTOR APPROVA
4am;e:s:L. Roberts, County Administrator
DOCUMENTATION: INCLUDED: ® TO FOLLOW: ❑ NOT REQUIRED: ❑
DISPOSITION: AGENDA ITEM #: AZ.1
MONROE COUNTY BOARD OF COUNTY COMMISSIONERS
Contract with:Public Financial
Management, Inc.
TRACT SUMMARY
Contract #
Effective Date:2/21/01
Expiration Date:2/21 /02
Contract Purpose/DescriptionAth Amendment to contract for financial advisor services to the
County, extending services for one year.
Contract Manager:Jennifer Hill 4444
(Name) (Ext.)
Administrative Services
(Department)
for BOCC meeting on February 21, 2001 Agenda Deadline: February 7, 2001
CONTRACT COSTS
Total Dollar Value of Contract: $30,000.00 Current Year Portion: $22,500.00
Budgeted? Yes® No ❑ Account Codes: 001-00101-530310- -
Grant: $ - - -
County Match: $ - - - -
ADDITIONAL COSTS
Estimated Ongoing Costs: $ /yr For:
(Not included in dollar value above) (eg. maintenance, utilities, janitorial, salaries, el
REVIEW
Changes
Date In Needed
Division Director Yes❑ NoEl'
Risk Management 3u 1 Yes❑ Nod
r.
O.1� / Purcasasing o Yes Q� �� 13 I ❑ No
County Attorney z p/ Yes[:] NoE�
I Comments:
orm
Date Out
4 AMENDMENT
TO
AGREEMENT
BETWEEN
MONROE COUNTY
AND
PUBLIC FINANCIAL MANAGEMENT, INC.
FOR
FINANCIAL ADVISOR SERVICES
WHEREAS, Monroe County, hereinafter referred to as "County" and Public
Financial Management, Inc., hereinafter referred to as "Financial Advisor", entered into
an Agreement, which was effective September 22, 1994; and amended November 21,
1995; January 14, 1998; and January 19, 2000.
WHEREAS, County is desirous of continuing the services of the Financial
Advisor to develop for the County and assist in implementing strategies to meet its
current and long term operations and capital financing needs and render assistance in the
preparation and marketing of bond issues by the County; and
WHEREAS, both parties wish to extend the said Agreement.
NOW THEREFORE, IN CONSIDERATION of the mutual terms,
understandings, conditions, promises, convenants, and payments hereinafter set forth,
County and Financial Advisor agree as follows:
Section 1. Recitals. The above recitals are true and correct and incorporated
here in.
Section 2. Term. This Agreement shall remain in effect for one (1) year term
commencing on the date of the signature of the last party to sign unless canceled in
writing by either party upon thirty (30) days written notice to the other party.
1
Section 3. Other Conditions. All other conditions of the Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have made and executed this
Amendment on the respective dates under each signature: Monroe County through its
Board of County Commissioners, signing by and through its Chairman, authorized to
execute same by Board action on the day of and Lavon P.
Wisher, Managing Director duly authorized to execute same.
(SEAL)
ATTEST: DANNY L. KOLHAGE,
CLERK
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor/Chairman
PUBLIC FINANCIAL MANAGEMENT, INC.
W' ess Lavon P. Wisher, Managing Director
/ Witness
- QED AS TOC FORM
J
IE
ANN A. TON
t.TE
-Z, Z 0
ri
P AMENDMENT
TO
AGREEMENT
BETWEEN
MONROE COUNTY
AND
PUBLIC FINANCIAL MANAGEMENT, INC.
FOR
FINANCIAL ADVISOR SERVICES
WHEREAS, Monroe County, hereinafter referred to as "County" and Public
Financial Management, Inc., hereinafter referred to as "Financial Advisor", entered into
an Agreement, which was effective September 22, 1994; and amended November 21,
1995; and January 14, 1998.
WHEREAS, County is desirous of continuing the services of the Financial
Advisor to develop for the County and assist in implementing strategies to meet its
current and long term operations and capital financing needs and render assistance in the
preparation and marketing of bond issues by the County; and
WHEREAS, both parties wish to extend the said Agreement.
NOW THEREFORE, IN CONSIDERATION of the mutual terms,
understandings, conditions, promises, convenants, and payments hereinafter set forth,
County and Financial Advisor agree as follows:
Section 1. Recitals. The. above recitals are true and correct and incorporated
here in.
Section 2. Term. This Agreement shall remain in effect for one (1) year term
commencing on the date of the signature of the last party to sign unless canceled in
writing by either party upon thirty (30) days written notice to the other party.
1
Sect_ 3. Other Conditions. All other conditions of the Agreement shall
remain in full force and effect.
IN WITNESS WBEREOF, the parties hereto have made and executed this
Amendment on the respective dates under each signature: Monroe County through its
Board of County Commissioners, signing by and through its Chairman, authorized to
execute same by Board action on the day of q 7-H D and Lavon P.
W.4shet_,,Managing Director duly authorized to execute same.
cY
+..., A,
L. KOLHAGE,
Y=
Defuty Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
Mayor/Chairman
PUBLIC FINANCIAL MANAGEMENT, INC.
Wi s Lavon P. Wisher, Managing Director
fitness
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2
2ND
AMENDMENT
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AGREEMENT
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BETWEEN
MONROE COUNTY
n
can
o
PUBLIC FINANCIAL MANAGEMENT, INC.
FOR
FINANCIAL ADVISOR SERVICES
WHEREAS, Monroe County, hereinafter referred to as "County" and Public
Financial Management, Inc., hereinafter referred to as "Financial Advisor", entered into
an Agreement, which was effective September 22, 1994 and amended November 21,
1995; and
WHEREAS, County is desirous of continuing the services of the Financial
Advisor to develop for the County and assist in implementing strategies to meet its
current and long term operations and capital financing needs and render assistance in the
preparation and marketing of bond issues by the County; and
WHEREAS, both parties wish to extend the said Agreement.
NOW THEREFORE, IN CONSIDERATION of the mutual terms,
understandings, conditions, promises, convenants, and payments hereinafter set forth,
County and Financial Advisor agree as follows:
Section 1. Recitals. The above recitals are true and correct and incorporated
here in.
Section 2. Term. This Agreement shall remain in effect for a two (2) year
term commencing on the date of the signature of the last party to sign unless canceled in
writing by either party upon Thirty (30) days written notice to the other party.
RSW:2069-1 (30b01!.D0Q 10/29/97 11:44 AM
Section 3. Other Conditions. All other conditions of the Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have made and executed this
Amendment on the respective dates under each signature: Monroe County through its
Board of County Commissioners, signing by ano through its I
an, authorized to
execute same by Board action on they day of
>3ain-y , 199Lavon P. Wisher,
1Vag Director duly authorized to execute same.
iFJ
CLERK
DANNY L. KOLHAGE,
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor/Chairman
PUBLIC FINANCIAL MANAGEMENT,
INC.
�[�.trt�r► � L�L��t.�l�l�
Lavon P. Wisher, Managing Director
APPROVED S TO FORM
AN
10
B
ROBERT N. wF g
DATE
RSW:2069-1 (30bOI LDOQ 10/29/97 11:44 AM
AMENDMENT
TO
AGREEMENT
BETWEEN
MONROE COUNTY _
- ` o
AND T Z a
PUBLIC FINANCIAL MANAGEMENT, INC. rn
FOR 00
FINANCIAL ADVISOR SERVICES
WHEREAS, Monroe County, hereinafter referred to as "County", and Public
Financial Management, Inc., hereinafter referred to as "Financial Advisor", entered into
an Agreement, which was effective September 22, 1994; and
WHEREAS, County is desirous of continuing the services of the Financial
Advisor to develop for the County and assist in implementing strategies to meet its
current and long term operations and capital financing needs and render assistance in the
preparation and marketing of bond issues by the County; and
WHEREAS, both parties wish to extend the said Agreement.
NOW THEREFORE, IN CONSIDERATION of the mutual terms,
understandings, .conditions, promises, convenants, and payments hereinafter set forth,
County and Financial Advisor agree as follows:
Section 1. Recitals. The above recitals are true and correct and
incorporated herein.
Section 2. Term. This Agreement shall remain in effect for a two (2)
year term commencing on the date of the signature of the last party to sign unless
canceled in writing by either party upon Thirty (30) days written notice to the other
party.
Section 3. Other Conditions. All other conditions of the Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have made and executed this
Amendment on the respective dates under each signature: Monroe County through its
Board of County Commissioners, signing by and through its Chairman, authorized to
execute same by Board action on the.?/ day of -n o-cr , 1995 and Lavon P. Wisher,
Managing Director duly authorized to execute same.
(SEAL)
ATTEST: DANNY L. KOLHAGE,
CLERK
By: C.
Deputy Clerk
Witness
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
Mayor/Ch
PUBLIC FINANCIAL MANAGEMENT,
INC.
Lavon P. Wisher, Managing Director
APPROVED A TO FORM
Y
ORATE 59 eo
2
FINANCIAL ADVISORY SERVICES AGREEMENT
This Agreement is made and entered into this 22nd day of
September, 1994, between the BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, hereinafter referred to as "County," and
PUBLIC FINANCIAL MANAGEMENT, INC., a wholly owned subsidiary of
Marine Midland Bank, Inc. N.A., authorized to do business in the State of
Florida, hereinafter referred to as "Financial Advisor" or "PFM." 3
rJ
WITNESSETH:
WHEREAS, the County issued a Request for Proposal f�.z F)nanjal
Advisory Services and PFM was selected by the Board. �f. =2 Cou%ty
Commissioners; and `: ,-0In
0
WHEREAS, PFM has served the County since 1986; and o'
WHEREAS, Monroe County has annually extended said contract; and
WHEREAS, the County and PFM have mutually agreed to extend
services under the same scope of services;
NOW, THEREFORE, in consideration of the above -mentioned premises
and for the purposes of this Agreement and the various covenants,
conditions, terms and provisions, the parties hereto agree as follows:
I. SCOPE OF SERVICES
PFM shall provide, upon request of the County Administrator or
County Commission, services related to financial planning and policy
development and services related to debt issuance. The services provided
shall include but not necessarily be limited to the following:
l . Services related to the Financial Planning and Policy
Development upon request of the County:
(a) Assist the County in the formulation of Financial and Debt
Policies and'Administrative Procedures.
(b) Review current debt structure, identifying strengths and
weaknesses of structure so that future debt issues can be structured
to maximize ability to finance future capital needs. This will include,
but not be limited to, reviewing existing debt for the possibility of
refunding that debt to provide the County with savings.
(c) Analyze future debt capacity to determine the County's ability
to raise future debt capital.
(d) Assist the County in the development of the County's Capital
Improvement program by identifying sources of capital funding for
infrastructure needs.
(e) Assist the County with the development of the County's
Financial Plan by assessing capital needs, identifying potential
revenue sources, analyze financing alternatives such as pay-as-you-
go, lease/purchasing, short-term vs. long-term financing,
assessments, user fees, impact fees, developer contributions,
public/private projects, and grants and provide analysis of each
alternative as required as to the budgetary and financial impact.
(f) Review the reports of accountants, independent engineers
and other project feasibility consultants to ensure that such studies
adequately address technical, economic, and financial risk factors
affecting the marketability of any proposed revenue debt issues;
provide bond market assumptions necessary for financial projections
included in these studies; attend all relevant working sessions
regarding the preparations, review and completion of such
independent studies; and provide written comments and
recommendations regarding assumptions, analytic methods, and
conclusions contained therein.
(g) Develop, manage and maintain computer models for long-
term capital planning which provide for inputs regarding levels of ad
valorem and non -ad valorem taxation, growth rates by operating
revenue and expenditure item, timing, magnitude and cost of debt
issuance, and project operating and capital balances, selected
operating and debt ratios and other financial performance
measures as may be determined by the County.
2
(h) Provide debt services schedules reflecting varying interest
rates, issue sizes, and maturity structures as these are needed for
feasibility consultants or for related County fiscal planning.
(i) Attend meetings with staff, consultants and County
Commission. The County will make a reasonable effort to schedule
meetings and consolidate issues to minimize the travel
inconvenience to PFM.
0) Review underwriter's proposals and submit a written analysis of
same to the County.
(k) Undertake any and all other financial planning and policy
development assignments made by the County regarding bond and
other financings, and financial policy including budget, tax, cash
management issues and related fiscal policy and programs.
(I) Assist the County in preparing financial presentations for public
hearings and/or referendums.
(m) Provide special financial services as requested by the County.
2. Services Related to Debt Transactions (Includes short-term
financinas notes, loans, letters of credit, line of credit and
bonds). Upon the reauest of the County:
(a) Analyze financial and economic factors to determine if the
issuance of bonds is appropriate
(b) Develop a financing plan in concert with County's staff which
would include recommendations as to the timing and number of
series of bonds to be issued.
(c) Assist the County by recommending the best method of sale,
either as a negotiated'sale, private placement or a public sale. In a
public sale, make recommendation as to the determination of the
best bid. In the event of a negotiated sale, assist in the solicitation,
review and evaluation of any investment banking proposals, and
provide advice and information necessary to aid in such selection.
(d) Advise as to the various financing alternatives available as to
the County.
k3
(e) Develop alternatives related to Debt Transactions including
evaluation of revenues available, maturity schedule and cash flow
requirements.
(f) Identify key bond features and advise provisions regarding
security, reserve fund, flow of funds, redemption provisions, additional
parity debt test, etc.
(g) Evaluate benefits of Bond Insurance and/or security insurance
for Debt Reserve Fund.
(h) If appropriate, develop credit rating presentation and
coordinate with the County the overall presentation to rating
agencies.
(i) Assist the County in the procurement of other services relating
to debt issuance such as Printing, Paying Agent, Registrar, etc.
0) Review the reports of accountants, independent engineers
and other project of feasibility consultants as requested to ensure
that such studies adequately address technical, economic and
Financial risk factors affecting the marketability of any proposed
revenue debt issue; provide bond market assumptions necessary for
Financial projections included in these studies; and provide written
comments regarding assumptions, analytical methods, and
conclusions contained therein.
(k) Identify key bond covenant features and advise on provisions
to be included in bond resolutions regarding security, creation of
reserve funds, flow of funds, redemption provisions, additional parity
debt test, etc.; review and comment on successive drafts of bond
resolutions.
(1) Review the requirements and submit analysis of Insurance,
rating agencies and other professionals as they pertain to the
County's obligation.
(m) Review the terms, conditions and structure of any proposed
debt offering undertaken by the County and provide suggestions,
modifications and enhancements where appropriate and necessary
to reflect the constraints or current financial policy and fiscal
capability.
4
(n) Prepare the preliminary and final official statement and
coordinate with the County the appropriate data, disclosure
information and pertinent factors regarding the County and the
proposed financing program.
(o) Provide regular updates of tax-exempt bond market
conditions and advise the County as to the most advantageous
timing for issuing its debt.
(p) Advise the County on the condition of the bond market at the
time of sale, including volume, timing considerations, competing
offerings, and general economic considerations.
(q) Assist and advise the County in negotiations with investment
banking groups regarding fees, pricing of the bonds and final terms
of any security offering, and make in writing definitive
recommendations regarding a proposed offering. Provide
assurance that the pricing of the bonds is the lowest price based on
existing market conditions.
If the bond issue is competitive, the services of the financial advisor
will be modified to reflect that process.
3. Special Services. Upon request of the County:
PFM shall provide, which shall included but not be limited to, the
following:
l .
Impact fee financial analysis
2. '
Grantmanship
3.
Rate analysis
4.
Management analysis
5.
Referendum assistance
6.
Legislative initiatives
II. WORK SCHEDULE
The services of the Financial Advisor are to commence as soon as
practicable after the execution of this Agreement and a request by the
County for such services, and shall be undertaken for each financial
transaction or project and completed as to assure completion in a manner
and time which are in accordance with the purpose of this Agreement.
5
For services and expenses related to financial planning, PFM
will invoice the County monthly.
For services related to Debt Transaction, the County will be
invoiced upon completion of the transaction to be paid from
the proceeds of the financing.
The County and the Financial Advisor reserve the right, during
the term of this Agreement, to review the method of
compensation.
IV. TERMS AND TERMINATION
This agreement shall be for a term of one year commencing upon
the date first written above.
V. ASSIGNABILITY
The Financial Advisor shall not assign any interest in this Agreement or
subcontract any of the work performed under the Agreement and shall
not transfer any interest in the same without the prior written consent of the
County.
VI. INFORMATION TO BE FURNISHED TO THE FINANCIAL ADVISOR
All information, data, reports, and records in the possession of the
County necessary for carrying out the work to be performed under this
Agreement shall be furnished to the Financial Advisor without charge by
the County, and the County shall cooperate with the Financial Advisor in
every way possible.
VII. NOTICES
When either party desires to give notice unto the other, it must be
given by written notice, sent by registered United States mail, with return
receipt requested, addressed to the party for whom it is intended, at the
place last specified, and the place for giving notice in compliance with the
provisions of this paragraph. For the present, the parties designate the
following as the respective places for giving notice, to -wit:
FOR MONROE COUNTY:
Mr. James L. Roberts
County Administrator
5100 College Road
Public Service Building, Wing II
Key West, FL 33040
FOR THE FINANCIAL ADVISOR:
Ms. Lavon P. Wisher, Managing Director
Public Financial Management, Inc.
5900 Enterprise Parkway
Fort Myers, FL 33905
VIII. TITLE TRANSFER
The products of this Agreement shall be the sole and exclusive
property of the County upon completion or other termination of this
Agreement. The Financial Advisor shall deliver to the County copies of any
and all material pertaining to this Agreement.
IX. FINANCIAL ADVISOR'S REPRESENTATIVES
A. Assignment of Named Individuals
The following named individuals from PFM shall provide the services
set forth in this Agreement:
Lavon Wisher, Managing Director, Engagement & Project Manager
Phillip N. Brown, Senior Managing Consultant
Rick W. Patterson, Senior Managing Consultant
David C. Miller, Managing Consultant
Jerry L. Wright, Managing Consultant
Lydia Brown, Consultant
Pamela Holton, Consultant
Patricia Garrett, Financial Analyst
8
B. Changes in Staff Requested by the County
The County has the right to request, for any reason, PFM to replace
any member of the advisory staff. Should the County make such a request,
PFM shall promptly suggest a substitute for approval by the County.
X. INSURANCE AND INDEMNIFICATION
PFM shall indemnify, save and hold the County harmless from any
and all claims, suits, judgments or damages of any kind or description
including court costs and attorney's fees arising out of PFM's errors,
omissions or negligent acts in the performance of this agreement.
PFM has a comprehensive insurance program (self --insurance) for all
types of coverage including, but not limited to comprehensive general
liability, professional liability, automobile liability and worker's
compensation. PFM will provide an insurance certificate upon request.
XI. FINANCIAL ADVISOR'S REPRESENTATIVES
PFM shall provide all insurance coverages as required by the County.
IN WITNESS WHEREOF, the parties hereto have caused these presents
to be executed as of the day and year first written above.
(SEAL)
ATTEST: DANNY L. KOLHAGE, CLERK
WCONS/pfm.doc
9
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
•
,oleo
By.
May Chairman
PUBLIC FINANCIAL MANAGEMENT,
INC.
By: .
Managing Director
APPIROVW AS TO FVRt�'
AND LEGAL SUq7CJEJVCJe
Actor» s