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Item C30 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: February 13, 2002 Division: Administrative Services Bulk Item: Yes XX No Department: Office of Management & Budget AGENDA ITEM WORDING: Approval of amendment #5 to extend contract with Public Financial Management, Inc., financial advisor to Monroe County. ITEM BACKGROUND: Extends service for one additional year beginning February, 2002. PREVIOUS REVELANT BOCC ACTION: Amendment #4 was approved 2/21/01, Amendment #3 was approved 1/19/00, Amendment #2 was approved 1/14/98, amendment #1 was approved 11/21/95, and the original contract was approved 6/16/93. CONTRACT/AGREEMENT CHANGES: Extends term of contract only. .\ STAFF RECOMMENDATIONS: Approval as stated above. TOT AL COST: $30,000.00 COST TO COUNTY: $30,000.00 BUDGETED: Yes --1L No REVENUE PRODUCING: Yes No-X AMOUNTPERMONTH_ Year APPROVED BY: County Atty --1L OMB/Purchasing ~ Risk Management X DIVISION DIRECTOR APPROVAL: ~.. James L. Roberts DOCUMENTATION: Included XX To Follow_ Not Required_ DISPOSITION: AGENDA ITEM # /-~---<.fz) Revised 2/27/01 MONROE COUNTY BOARD OF COUNTY COMMISSIONERS CONTRACT SUMMARY Contract with: Public Financial Management Contract # Effective Date: Feb. 2002 Expiration Date: Feb. 2003 Contract Purpose/Description: Extend agreement with Public Financial Management for one additional year. Contract Manager: Stacey Roberts 4472 OMB/ Stop #1 (Name) (Ext.) (Department/Stop #) for BOCC meeting on 2/13/02 Agenda Deadline: 1/30/02 CONTRACT COSTS Total Dollar Value of Contract: $ 3Q,000.00 Current Year Portion: $ 20,000.00 Budgeted? Yesi:8J No 0 Account Codes: 001-00101-530340 Grant: $ N/a _-_-_-_ County Match: $ _-_-_-_ - - - ---- ADDITIONAL COSTS Estimated Ongoing Costs: $O.OO/yr For: (Not included in dollar value above) (eg. maintenance, utilities, janitorial, salaries, etc.) CONTRACT REVIEW Changes ~ Date In Needed ev' e Division Director /-IP- ~Y esO No~ ~ Risk Management I-IS-CO- YesO No0\;O - - O.M.B./Purchasing '\\Slo-z. YesDNo~ ~~ ~ County Attorney 1/1ft,(02- YesONo~ f}:~~ Date Out /-IJ'-aL.. 1- fS-D.)-- Comments: OMB Form Revised 2/27/01 MCP #2 SUites 201 & 202 10100 Deer Run Farm Road Ft. Myers, FL 33912-1045 941 939-3009 941 939-1220 fax www.pfm.com Aiiii=...... - JIII. PFM -- :::::::- Public Financial Management ~ - Financial and Investment Advisors January 9, 2002 Jennifer Hill Monroe County Office of Management And Budget 1100 Simonton Street, Suite 2-209 Key West, FL 33040 Dear Jennifer, As per your request, enclosed herewith is the executed one year extension of the financial advisory agreement between Public Financial Management, Inc. (PFM) and Monroe County. We, at PFM, value very highly Monroe County as a primary client and have enjoyed our working relationship with the staff and:the board for the past 16 years .... Upon approval and execution of this agreement, please furnish my office with a copy of same. Sincerely yours, Public Financial Management, Inc. rfivC'tll iu~iG Lavon Wisher, Managing Director LW:vp Enclosure 5th AMENDMENT TO AGREEMENT BETWEEN MONROE COUNTY AND PUBLIC FINANCIAL MANAGEMENT, INe. 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; January 19,2000; and February 21,2001. 0. 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 CONSIDERA TION of the mutual terms, understandings, conditions, promises, convenants, and payments hereinafter set forth, County and Financial Advisor agree as follows: Section 1. here in. Recitals. The above recitals are true and correct and incorporated 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 unles's 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: DANNYL. KOLHAGE, CLERK BOARD OF COUNTY COMMISSIONERS Of MONROE COUNTY, FLORIDA By: By: Deputy Clerk Mayor/Chairman .\ PUBUC FINANCIAL MANAGEMENT, INC. <> &CMmyJ~ !tk~~ , - Lavon P. Wisher, Managing Director BY ZAN1 A. HUTTON DATI' 1,"7!f) 2,... 2 ~ ~ AMEND1\.1ENT TO AGREEMENT BETWEEN MONROE COUNTY AND PUBUC 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. here in. Recitals. The above recitals are true and correct and incorporated 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) ATIEST: DANNY L. KOLHAGE, CLERK BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By: By: Deputy Clerk Mayor/Chairman .\ ~ PUBUC FINANCIAL MANAGEMENT, INC. ddA)[~ V lt~.Lc / Lavon P. Wisher, Managing Director I 2 ~ 3rd AMENDMENT TO AGREEMENT BETWEEN MONROE COUNTY AND PUBUC FINANCIAL MANAGEMENT, INe. 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 fmancing 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 t. here in. Recitals. The. above recitals are true and correct and incorporated 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, signil)g by and through its Chairman, authorized to execute same by Board action on the !1!!..day of ..J,4NtJ~~ , -z,Hf) and Lavon P. .W-i~~. Managing Director duly authorized to execute same. AO....,...,.~~ u.:'.t. __.'..":'....:..~.. .",/,,;~Y- "',- ...i" 1.'.......:Z,t;) (::'". .. r;. . ..."... :-- ...." ., ,\....(-./. ...... . '.... .~'. \ '. .L;;! / <.~v ~I t\.,' ..,.:..~ "', Cf rff:'^-...........~--. .:.~..~~} :;;:\': i;::i i;: ",,,.;;::~.,,~... l ''Z\~:EALl..'.J . 0 Y . . ~ ~';/.."'f<j l ~ \,~. .s .'. ,. .... J,. ~;"'.. ,.;....,... ,,'. r.,"!:' . . '... .L:.t.E:,,: . '"',..", .' u..~~ .\ BOARD OF COUNTY COMMISSIONERS OF MONROE :COUNTY, FLORIDA r-/ -/ ~ By: a) tv..A./r-:r~ Mayor/Chairman PUBUC FINANCIAL MANAGEMENT, INC. ~. ~~"'M ~ /(lA-~ Lavon P. Wisher, Managing Director 2 2ND AMENDMENT TO - '-0 .., - c; 0 a:> z ..... .-- .." , ::;.:) -- iT1 aC":)~:; rrl 1::J r~- co P1 _-<. .-.. .. I ." CJ' - c C"? : N a ~:5~ ::J -' --. " :v -; C'? ;~ ::!!: :<:-1== rr1 ~ C") " > 0 r- C> en ;0 1> fTl en 0 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 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. here in. Recitals. The above recitals are true and correct and incorporated 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 (30bOI LDOC) 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 Commis.sioners, signing by anc;i through its~ Can, authorized to execute same by Board actIon on the&. day of ~, 199 Lavon P. Wisher, ~~a~g Director duly authorized to execute same. , /..~~~ ":...~.. I ~ " .~~._ I~~\':;.o" ....:.';-_"F ,I (\', .,\ ~ ~.". 'j ;'If'k'!.~\ ~'). A; ..:-..\. . "" t:: ~'\. ....~. 4 '. '..~;; ," '''A~st~ DANNY L. KOLHAGE, CLERK By:.ih~Q. ~>i~ Deputy Clerk .\ .dk~ /'J JIS .v~~ WItness RSW:2069-1 (30bO 1 !.DOC) 10/29/97 11;44 AM BOARD OF COUNTY COMMISSIONERS ,OF MONROE COUNTY, FLORIDA ~~ ~- Mayor/Chairman PUBLIC FINANCIAL MANAGEMENT, INC. JJDAJVv\ C? lc}~ ~ Lavon P. Wisher, Managing Director " AMENDMENT TO AGREEMENT BETWEEN MONROE COUNTY ~ .." L: '- r- -- , --" ...~. - /"T1 --.. '. I '- c.... CJ -, , '::or: --'.. :z:>> -n :z: - , a :-....;- I -... - .c. "'" ..... -- '..') :::0 a rT1 ..., ~ - (.j C ::0 , . CD 0 AND PUBLIC FINANCIAL MANAGEMENT, INC. FOR FINANCIAL ADVISOR SERVICES WHEREAS, Monroe County, hereinafter referred to as "County", and Public Financial Management, Inc., her~inafter 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 tenn 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 CONSIDERA TION of the mutual terms, understandings, ,conditions, promises, convenants, and payments hereinafter set forth, County and Financial Advisor agree as follows: Section 1. Redtals. incorporated herein. The above recitals are true and correct and 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:U day of '17 o-v; , 1995 and Lavon P. Wisher, Managing Director duly authorized to execute same. (SEAL) A TrEST: DANNY L. KOLHAGE, CLERK BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA BY:~C.. ~ Deputy Clerk BY:c-t~-F~ Mayor/01' an .\ PUBLIC FINANCIAL MANAGEMENT, INC. - R(M~ (? !tb41o~ Lavon P. Wisher, Managing Director Witness IJ J... Pr...... DATE t 7... - 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 IlRnancial Advisor" or IlPFM." ~ ~ r~ _~ =- ~ UJ ~~~ ~.~ ~ .;""). o -. WHEREAS, the County issued a Request for Proposal ~linang'al Advisory Services and PFM was selected by the Board~~t~:Co~ty Commissioners: and .:::y' .::.~ I\J , .~ WHEREAS, PFM has serJ.ed the County since 1986: and ..:.: 0\ ~ r- ~ """7"l Ci :::: =tJ .""?oJ C"") C .:::0 ~ WIT N E SSE T H: 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 h~reto 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: 1. Services related to the Rnancial Plannina and Policv Development upon reauest 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 projec;ts, and grants and provide analysis of eact"l 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. (j) 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 refer~ndums. (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 request 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. 3 (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. U) Review the r~ports 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 il}cluded 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. (I) 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. (0) 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 condi~ons. If the bond issue is competitive, the services of the financial advisor will be modified to reflect that process. 3. Special Services. Upon reauest of the County: PFM shall provide, which shall included but not be limited to, the following: 1. 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 Services which are not related to a particular transaction. shall be completed as agreed between the County and the Financial Advisor. III. FINANCIAL ADVISORY COMPENSATION For the services described, PFM's professional fees and expenses shall be paid as follows: 1 . For services related to financial planning and policy development: The County shall pay PFM $2,500 monthly for unlimited service. 2. For services related to Debt Transaction, (including Bonds but excluding resource recov.ery) PFM shall receive $1.00 per $1,000 of debt issued with a minimum transaction fee of $20,000 per transaction. For a refunding PFM's fee will be an additional $2,500 and for a competitive issue, PFM's fee will be an additional $7,500 per transaction per service. ~ ~ 3. For services related to Special Services, PFM shall receive an hourly rate as outlined below: HOURLY RATE FEE :-'0" Managing Director Senior Managing Consultant Managing Consultant Consultant Analyst Clerical Administrative $175.00 $160.00 $150.00 $130.00 $11 0.00 No Charge No Charge Reimbursable Expenses In addition to the above, PFM will be compensated for necessary, reasonable, and documented out-of-pocket expenses incurred for travel, meals, lodging as in the amounts authorized by Section 112.061, Florida Statutes, telephone, mail and other ordinary cost for graphics, printing, data processing and computer time which are incurred by PFM. Appropriate documentation will be provided. 6 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 Rnancial 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 ~hall not assign any interest in this Agreement of 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 Rnancial 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: 7 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 Rnancial 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 Rnancial 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: DANNYL. KOLHAGE,CLERK By: ~d.iJ~:fn:j-.J Dep Cle blCONS/pfm.doc BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By:cS/~if;;iF~ May Chairman PUBLIC FINANCIAL MANAGEMENT, INC. . /J By: ~.I~. (? ,{/<,,,hA..-/ Managing Director 9 APPROVED AS TO FORt.: AYDLEGAL~ .m.... ~__ . . ...., .:.:::.:.~. - - - .~,. ," , AttMJ :; IC'. t