7. 03/16/2022 Agreement
AN AGREEMENT BETWEEN MONROE COUNTY, FLORIDA
AND PFM FINANCIAL ADVISORS LLC
FOR FINANCIAL ADVISORY SERVICES
15th
This agreement made and entered into this ____ day of February 2022, by and between
Monroe County Board of County Commissioners (hereinafter called the "County") and PFM
Financial Advisors LLC, a foreign limited liability company authorized to do business in the
State of Florida (hereinafter called the Financial Advisor or "PFM") sets forth the terms and
conditions under which the Financial Advisor shall provide services.
WITNESSETH
WHER EAS, on January 18, 2017 the County and PFM entered into an agreement
for financial services for a 5-year period which expired January 18, 2022; and
WHEREAS, the County wishes to enter into a new professional services agreement
under the same terms, conditions and rates of the 2017 agreement for financial advisor services
for a one-year period effective retroactively to January 18, 2022 to avoid a lapse in services; and
WHEREAS, the County and PFM have mutually agreed to the terms and conditions
under which PFM will provide financial advisory services to the County.
NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements stated herein and for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties agree as follows:
I. SCOPE OF SERVICES
PFM shall provide, upon request of the County Administrator or Count y 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 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.
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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/purchase, short-term vs. long-term financing
assessments, user fees, impact fees, developer contributions, public/private
partners hips and grants. Provide budgetary and financial impact analysis of each
alternative as required.
f) 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, cost of debt
issuance, project operating and capital balances, selected operative and debt ratios
and other financial performance measures as may be determined by the County.
g) Provide debt service schedules reflecting varying interest rates, issue sizes and
maturity structures as needed for feasibility consultants or for related County fiscal
planning.
h) Attend meetings with staff, consultants, and County Commission. The County will
make reasonable efforts to schedule meetings and consolidate issues to minimize
travel of Financial Advisor.
i) Review underwriter' s proposals and submit a written analysis of same to the County.
j) Undertake any and all other financial planning and policy development assignments
requested by County regarding bond and other financings, financial policy including
budget, tax, cash management issues and related fiscal policy and programs.
k) Assist the County in preparing financial presentations for public hearings and/or
referendums.
1) Provide special financial services as requested by the County.
2) Services related to Debt Transactions (includes short-term financing notes, loans,
letters of credit, lines of credit and bonds.) Upon 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 the County's staff to 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 the case of a public sale, make
recommendations as to the determination of the best bid. For 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 selections.
d) Advise as to the various financing alternatives available to the County.
e) Develop alternatives related to debt transactions including evaluation of revenues
available, maturity schedules and cash flow requirements.
f) Identify key bond features and advise on provisions regarding security, reserve fund,
flow of funds, redemption provisions, additional parity debt tests, etc.
g) Evaluate benefits of bond insurance and/or security insurance for debt reserve fund.
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h) If necessary, develop credit rating presentation and coordinate with the County the
presentation to the rating agencies.
i) Assist the County in the procurement of other services relating to debt issuance such
as printing, paying agent, registrar, etc.
j) 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 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.
k) Review the requirements and submit analysis of insurance, rating agencies and other
professionals as they pertain to the County' s debt obligations.
1) 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 of current financial policy and
fiscal capability.
m) Provide regular updates on tax-exempt bond market conditions and advise the
County as to the most advantageous timing for debt issuance.
n) Assist and advise the County in negotiations with investment banks regarding fees,
pricing of bonds and final terms of any security offering and provide written
recommendation regarding a proposed offering. Provide assurance that the pricing
is the most advantageous at time of issuance.
3) Special Services. Upon request of the County:
a) Impact fee financial analysis.
b) Review of County proposals for grants.
c) Rate analysis.
d) Budget and financial management analysis.
e) Referendum assistance.
f) Legislative initiatives.
g) Other, as requested.
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 service 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.
Services which are not related to a particular transaction shall be completed as agreed
between the County and the financial Advisor.
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III. REGISTERED MUNICIPAL ADVISOR; REQUIRED DISCLOSURES
1. PFM is a registered municipal advisor with the Securities and Exchange Commission
(the "SEC") and the Municipal Securities Rulemaking Board (the " MSRB"), pursuant to the Securities
Exchange Act of 1934 Rule 15Ba1-2. If Client has designated PFM as its IRMA for purposes of SEC
Rule l 5Ba l - l (d)(3)(vi) (the " IRMA exemption"), then services provided pursuant to such designation
shall be the services described in Exhibit A hereto, subject to any limitation s described thereon. PFM
shall not be responsible for and shall be held harmless from and against any party in connection with,
verifying that PFM is independent from any other party seeking to rely on the IRMA exemption (as such
independent status is required pursuant to the IRMA exemption, as interpreted from time to time by the
SEC). Client acknowledges and agrees that any reference to PFM, its personnel, and its role as IRMA,
including in the written representation of Client required under SEC Rule l 5Ba1-1(d)(3)(vi)(B) shall be
subject to prior approval by PFM. Client further agrees not to represent that PFM is Client' s IRMA with
respect to any aspect of a municipal securities issuance or municipal financial product, outside of the
scope of services without PFM's prior written consent.
2. MSRB Rule G-42 requires that municipal advisors make written disclosures to its
Clients of all material conflicts of interest and certain legal or disciplinary events. Such disclosures are
provided in PFM's Disclosure Statement delivered to Client together with this Agreement.
IV. FINANCIAL ADVISORY COMPENSATION
For the services described, PFM's professional fees and expenses shall be paid as follows and shall
not exceed $49,999.99 without prior approval by the Board of County Commissioners:
I. For services related to financial planning and policy development the County shall pay
PFM $2,500 monthly for unlimited services.
2. For services related to Debt Transaction, (including Bonds but excluding resource
recovery) PFM shall receive $1.00 per $1,000 of debt issued with a minimum transaction
fee of $25,000 per transaction. For a refunding and 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
$175.00
Managing Director
Senior Managing Consultant $ 160.00
Managing Consultant $ 150.00
Consultant
$ 130.00
Analyst $ 110.00
No charge
Clerical
Administrative No charge
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Reimbursable Expense
In addition to the above, PFM will be compensated for necessary, reasonable, and documented
out-of-pocket expense incurred for travel, meals, lodging as in the amounts authorized by Section
112.061, Florida Statutes, telephone, mail, and other ordinary cost and any actual extraordinary
cost for graphics, printing, data processing and computer time which are incurred by PFM.
Appropriate documentation will be provided.
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 by PFM 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.
PFM shall submit to the County invoices with supporting documentation that are acceptable to the
Clerk. Acceptability to the Clerk is based on generally accepted accounting principles and such
laws, rules, and regulations as may govern the Clerk’s disbursal of funds.
Monroe County’s performance and obligations to pay under this contract is contingent upon an annual
appropriation by the BOCC
v. TERMS AND TERMINATION
This agreement shall be for a term of one (1) year commencing retroactively on January 18,
2022 ("Effective Date”) and expiring on January 18, 2023.
In the event that the CONTRACTOR shall be found to be negligent in any aspect of service, the COUNTY
shall have the right to terminate this agreement after five days written notification to the CONTRACTOR.
Either of the parties hereto may cancel this Agreement without cause by giving the other party thirty (30)
days written notice of its intention to do so.
IV. 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.
V. INFORMATION TO BE FURNISHED TO THE FINANCIAL ADVISOR
All information, data, and reports 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.
VI. NOTICES
When either party desires to give notice unto the other, it must be given by written notice,
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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. Roman Gastesi
County Administrator
1100 Simonton St.
Key West, FL 33040
FOR THE FINANCIAL ADVISOR:
Mr. Sergio Masvidal
PFM Financial Advisors LLC
2222 Ponce De Leon Blvd.
Third Floor
Coral Gables, FL 33134
VII. 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 the Agreement.
VIII. FINANCIAL ADVISOR'S REPRESENTATIVES
A. Assignment of Named Individuals
The following named individuals from PFM shall provide the services set forth in
this Agreement:
Sergio Masvidal, Managing Director - Engagement Manager
James Glover, Managing Director - Management Support
Nicklas Roccas, Sr. Managing Consultant - Senior Project Support
Pedro Varona, Sr. Managing Consultant, and Robert Wilson, Analyst -
Analytical and Technical Support
Todd Frazier, CFA, Managing Director and Head of PFM's Pricing Group -
Pricing Group
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.
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IX. INDEMNIFICATION
PFM shall defend, indemnify, and hold harmless the County as outlined below. PFM covenants
and agrees to indemnify, hold ham1less and defend Monroe County, its commissioners, officers,
employees, agents and servants from any and all claims for bodily injury, including death, personal
injury, and property damage, including damage to property owned by Monroe County, and any
other losses, damages, and expenses of any kind, including attorney's fees, court costs and expenses,
which arise out of, in connection with, or by reason of services provided by PFM or any of its
subcontractor(s), occasioned by the negligent errors, or other intentionally wrongful acts or
omissions of PFM, its subcontractor(s), their officers, employees, servants or agents.
In the event that the service is delayed or suspended as a result of PFM' s failure to purchase or
maintain the required insurance, PFM shall indemnify the County from any and all increased
expenses resulting from such delay.
The extent of liability is in no way limited to, reduced, or lessened by the insurance requirements
contained elsewhere within this agreement.
x. FINANCIAL ADVISOR'S REPRESENTATIVES --INSURANCE
PFM shall be responsible for all necessary insurance coverage as indicated below. Certificates of
Insurance must be provided to Monroe County, with Monroe County BOCC listed as additional
insured as indicated prior to the County’s execution of the contract.
Policies shall be written by companies licensed to do business in the State of Florida and having
an agent for service of process in the State of Florida. Companies shall have an A.M. Best rating
of A- or better. The required insurance shall be maintained at all times
while PFM is providing service to County.
Statutory Limits
Worker' s Compensation
Employers ' Liability Insurance
$500,000
Bodily Injury by Accident
$500,000
Bodily Injury by Disease, policy limits
Bodily Injury by Disease, each employee $500,000
General Liability, including
Premises Operation
Products and Completed Operations
Blanket Contractual Liability
Personal Injury Liability
Expanded Definition of Property Damage
The policy shall provide minimum limits of $500,000 Combined Single Limit.
If split limits are provided, the minimum limits acceptable shall be:
$300,000 per person
$500,000 per occurrence
$200,000 property damage
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Vehicle Liability
(non-owned and hired vehicles) $300,000 Combined Single Limit.
(PFM has no owned vehicles)
If split limits are provided, the minimum limits acceptable shall be:
$200,000 per person
$300,000 per occurrence
$200,000 prope1ty damage
Professional Liability
$ 1,000,000 per Claim
$2,000,000 Aggregate
Monroe County shall be named as an Additional Insured on the General Liability policy.
All insurance policies are not subject to cancellation, nonrenewal, material change, or reduction in
coverage unless a minimum of (30) days prior notification is given to the County by the
insurer, with the following exception:
Professional liability is non-cancellable except for nonpayment of premium. PFM is current
on all payments of premiums.
XI. MISCELLANEOUS
A. PFM shall maintain all books, records, and documents directly pertinent to performance under
this Agreement in accordance with generally accepted accounting principles consistently
applied. Each party to this Agreement or their authorized representatives shall have reasonable
and timely access to such records of each other party to this Agreement for public records
purposes during the term of the Agreement and for four years following the termination of this
Agreement.
B. Public Records Compliance: Pursuant to F.S. 119.0701, PFM and its subcontractors shall comply
with all public records laws of the State of Florida, including but not limited to the obligation to:
a. Keep and maintain public records required by Monroe County in order to perform the
service.
b. Upon request from the public agency's custodian of public records, provide the public
agency with a copy of the requested records or allow the records to be inspected or copied within
a reasonable time at a cost that does not exceed the cost provided in Florida Statutes, Chapter 119
or as otherwise provided by law.
c. Ensure that public records that are exempt or confidential and exempt from public
records disclosure requirements are not disclosed except as authorized b y law for the duration of
the contract term and following completion of the contract if PFM does not transfer the records to
the public agency.
d. Upon completion of the contract, transfer, at no cost, to Monroe County all public
records in possession of PFM or keep and maintain public records required by the public agency to
perform the service. If PFM transfers all public records to the public agency upon completion of
the contract, PFM shall destroy any duplicate public records that are exempt or confidential and
exempt from public records disclosure requirements. If PFM keeps and maintains public records
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upon completion of the contract, PFM shall meet all applicable requirements for retaining public
records. All records stored electronically must be provided to Monroe County, upon request from
the public agency's custodian of records, in a format that is compatible with the information
technology systems of Monroe County.
IF PFM HAS QUESTIONS REGARDING THE APPLICATION OF
CHAPTER 119, FLORIDA STATUTES, TO PFM'S DUTY TO PROVIDE
PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE
CUSTODIAN OF PUBLIC RECORDS, BRIAN BRADLEY, AT (305) 292-
3470, bradley-brian@monroecounty-fl.gov, c/o Monroe County Attorney's
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Office, 1111 12 St., Suite 408, Key West FL 33040.
C. Governing Law, Venue, Interpretation, Costs, and Fees: This Agreement shall be governed
by and construed in accordance with the laws of the State of Florida applicable to contracts
made and to be performed entirely in the State. In the event that any cause of action or
administrative proceeding is instituted for the enforcement or interpretation of this
Agreement, the County and PFM agree that venue will lie in the appropriate court or before
the appropriate administrative body in Monroe County, Florida. The County and PFM
agree that, in the event of conflicting interpretations of the terms or a term of this
Agreement by or between any of them the issue shall be submitted to mediation prior to the
institution of any other administrative or legal proceeding.
D. Severability. If any term, covenant, condition or provision of this Agreement (or the
application thereof to any circumstance or person) shall be declared invalid or unenforceable to
any extent by a court of competent jurisdiction, the remaining terms, covenants, conditions and
provisions of this Agreement, shall not be affected thereby; and each remaining term, covenant,
condition and provision of this Agreement shall be valid and shall be enforceable to the fullest
extent permitted by law unless the enforcement of the remaining terms, covenants, conditions and
provisions of this Agreement would prevent the accomplishment of the original intent of this
Agreement. The County and PFM agree to reform the Agreement to replace any stricken provision
with a valid provision that comes as close as possible to the intent of the stricken provision.
E. Attorney's Fees and Costs. The County and PFM agree that in the event any cause of
action or administrative proceeding is initiated or defended by any party relative to the
enforcement or interpretation of this Agreement, the prevailing party shall be entitled to
reasonable attorney's fees, court costs, investigative, and out-of-pocket expenses, as an award
against the non-prevailing party, and shall include attorney's fees, courts costs, investigative, and
out-of-pocket expenses in appellate proceedings. Mediation proceedings initiated and conducted
pursuant to this Agreement shall be in accordance with the Florida Rules of Civil Procedure and
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usual and customary procedures required by the 16 Judicial Circuit Court in and for Monroe
County.
F. Binding Effect. The terms, covenants, conditions, and provisions of this Agreement shall
representatives,
bind and inure to the benefit of the County and PFM and their respective legal
successors, and assigns.
G. Authority. Each party represents and warrants to the other that the execution, delivery
and performance of this Agreement have been duly authorized by all necessary County and
corporate action, as required by law.
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H. Claims for Federal or State Aid. PFM and County agree that each shall be, and is,
empowered to apply for, seek, and obtain federal and state funds to further the purpose of this
Agreement. Any conditions imposed as a result of funding that effect the services provided for
here will be provided to the other party.
I. Adjudication of Disputes or Disagreements. County and PFM agree that all disputes and
disagreements shall be attempted to be resolved by meet and confer sessions between
representatives of each of the parties. The County and PFM representatives shall try to resolve the
If the issue or issues are still not resolved to the
claims or dispute with meet and confer sessions.
satisfaction of the parties, then any party shall have the right to seek such relief or remedy as may
be provided by this Agreement or by Florida law. This Agreement is not subject to arbitration.
This provision does not negate or waive the provisions regarding termination or cancellation of
this agreement.
J. Nondiscrimination. County and PFM agree that there will be no discrimination against any
person, and it is expressly understood that upon a determination by a court of competent jurisdiction
that discrimination has occurred, this Agreement automatically terminates without any further action
on the part of any party, effective the date of the court order. PFM and County agree to comply with
all Federal and Florida statutes, and all local ordinances, as applicable, relating to nondiscrimination.
These include but are not limited to: 1) Title VII of the Civil Rights Act of 1964 (PL 88-352) which
prohibits discrimination in employment on the basis of race, color, religion, sex, and national origin;
2) Title IX of the Education Amendment of 1972, as amended (20 USC ss. 1681-1683, and 1685-1686),
which prohibits discrimination on the basis of sex; 3) Section 504 of the Rehabilitation Act of 1973, as
amended (20 USC s. 794), which prohibits discrimination on the basis of handicaps; 4) The Age
Discrimination Act of 1975, as amended (42 USC ss. 6101- 6107) which prohibits discrimination on
the basis of age; 5) The Drug Abuse Office and Treatment Act of 1972 (PL 92-255), as amended,
relating to nondiscrimination on the basis of drug abuse; 6) The Comprehensive Alcohol Abuse and
Alcoholism Prevention, Treatment and Rehabilitation Act of 1970 (PL 91-616), as amended, relating
to nondiscrimination on the basis of alcohol abuse or alcoholism; 7) The Public Health Service Act of
1912, ss. 523 and 527 (42 USC ss. 690dd-3 and 290ee-3), as amended, relating to confidentiality of
alcohol and drug abuse patient records; 8) Title VIII of the Civil Rights Act of 1968 (42 USC s.3601
et seq.), as amended, relating to nondiscrimination in the sale, rental or financing of housing; 9) The
Americans with Disabilities Act of 1990 (42 USC s. 12101 Note), as may be amended from time to
time, relating to nondiscrimination on the basis of disability; 10) Monroe County Code, Chapter 14,
Article II, which prohibits discrimination on the basis of race, color, sex, religion, disability, national
origin, ancestry, sexual orientation, gender identity or expression, familial status or age; 11) Any other
nondiscrimination provisions in any Federal or state statutes which may apply to the parties hereto, or
the subject matter of, this Agreement.
K. Cooperation. In the event any administrative or legal proceeding is instituted against
either party relating to the formation, execution, performance, or breach of this Agreement, County
and PFM agree to participate, to the extent required by the other party, in all proceedings, hearings,
processes, meetings, and other activities related to the substance of this Agreement or provision
of the services under this Agreement. County and PFM specifically agree that no party to this
Agreement shall be required to enter into any arbitration proceedings related to this Agreement.
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L. Covenant of No Interest. County and PFM covenant that neither presently has
any interest, and shall not acquire any interest, which would conflict in any manner or degree
with its performance under this Agreement, and that only interest of each is to perform and
receive benefits as recited in this Agreement.
M. Code of Ethics. County agrees that officers and employees of the County recognize and
will be required to comply with the standards of conduct for public officers and employees as
delineated in Section 112.313, Florida Statutes, regarding, but not limited to, solicitation or
acceptance of gifts; doing business with one's agency; unauthorized compensation; misuse of
public position, conflicting employment, or contractual relationship; and disclosure or use of
certain information.
N. No Solicitation/Payment. The County and PFM warrant that, in respect to itself, it has
neither employed nor retained any company or person, other than a bona fide employee working
solely for it, 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 it,
any fee, commission, percentage, gift, or other consideration contingent upon or resulting from
the award or making of this Agreement. For the breach or violation of the provision, PFM agrees
that the County shall have the right to terminate this Agreement without liability and, at its
discretion, to offset from monies owed, or otherwise recover, the full amount of such fee,
commission, percentage, gift, or consideration.
O. Public Access. The County and PFM shall allow and permit reasonable access to, and
inspection of, all documents, papers, letters, or other materials in its possession or under its control
subject to the provisions of Chapter 119, Florida Statutes, and made or received by the County and
PFM in conjunction with this Agreement; and the County shall have the right to unilaterally cancel
this Agreement upon violation of this provision by PFM.
P. Non-Waiver of Immunity. Notwithstanding he provisions of Sec. 286.28, Florida
Statutes, the participation of the County and PFM in this Agreement and the acquisition of any
commercial liability insurance coverage, self-insurance coverage, or local government liability
insurance pool coverage shall not be deemed a waiver of immunity to the extent of liability
coverage, nor shall any contract entered into by the County be required to contain any provision
for waiver.
Q. Privileges and Immunities. All of the privileges and immunities from liability,
exemptions from laws, ordinances, and rules and pensions and relief, disability, workers'
compensation, and other benefits which apply to the activity of officers, agents, or employees of
any public agents or employees of the County, when performing their respective functions under
this Agreement within the territorial limits of the County shall apply to the same degree and extent
to the performance of such functions and duties of such officers, agents, volunteers, or employees
outside the territorial limits of the County.
R. Legal Obligations and Responsibilities: Non-Delegation of Constitutional or Statutory
Duties. This Agreement is not intended to, nor shall it be construed as, relieving any participating
entity from any obligation or responsibility imposed upon the entity by law except to the extent of
actual and timely performance thereof by any participating entity, in which case the performance
may be offered in satisfaction of the obligation or responsibility. Further, this Agreement is not
intended to, nor shall it be construed as, authorizing the delegation of the constitutional or statutory
duties of the County, except to the extent permitted by the Florida constitution, state statute, and
case law
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S. Non-Reliance by Non-Parties. No person or entity shall be entitled to rely upon the terms, or
any of them, of this Agreement to enforce or attempt to enforce any third-party claim or
entitlement to or benefit of any service or program contemplated hereunder, and the County and
PFM agree that neither the County nor PFM or any agent, officer, or employee of either shall
have the authority to inform, counsel, or otherwise indicate that any particular individual or
group of individuals, entity or entities, have entitlements or benefits under this Agreement
separate and apart, inferior to, or superior to the community in general or for the purposes
contemplated in this Agreement.
T. Attestations. PFM agrees to execute such documents as the County may reasonably require, to
include a Public Entity Crime Statement, an Ethics Statement, and a Drug-Free Workplace
Statement.
U. Public Entity Crime Statement. Pursuant to Section 287.133 F.S., 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, proposal, or reply on a contract to provide any goods or services to a public entity, may not
submit a bid, proposal, or reply 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 being placed on the convicted vendor list.
V. Ethics Clause: In accordance with Section 5(b) Monroe County Ordinance No. 010-1990, PFM
warrants that it had not employed, retained or otherwise had act on his/its behalf any former County
officer or employee subject to the prohibition of Section 2 of Ordinance No. 010-1990 or any
County officer or employee in violation of Section 3 of Ordinance No. 020-1990. For breach or
violation of this provision the County may, in its discretion, terminate this contract without liability
and may also, in its discretion, deduct from the contract or purchase price, or otherwise recover the
full amount of any fee, commission, percentage, gift, or consideration paid to the former County
officer or employee.
W. No Personal Liability. No covenant or agreement contained herein shall be deemed to be a
covenant or agreement of any member, officer, agent, or employee of Monroe County in his or
her individual capacity, and no member, officer, agent, or employee of Monroe County shall be
liable personally on this Agreement or be subject to any personal liability or accountability by
reason of the execution of this Agreement.
X. E-Verify System. In accordance with F.S. 448.095, PFM and any subcontractor shall register with
and shall utilize the U.S. Department of Homeland Security’s E-Verify system to verify the work
authorization status of all new employees hired by PFM during the term of the Contract and shall
expressly require any subcontractors performing work or providing services pursuant to the Contract
to likewise utilize the U.S. Department of Homeland Security’s E-Verify system to verify the work
authorization status of all new employees hired by the subcontractor during the Contract term. Any
subcontractor shall provide an affidavit stating that the subcontractor does not employ, contract
with, or subcontract with an unauthorized alien. The Contractor shall comply with and be subject to
the provisions of F.S. 448.095
Y. Execution in Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be regarded as an original, all of which taken together shall constitute one
and the same instrument and any of the parties hereto may execute this Agreement by singing
any such counterpart.
Z. Section Headings. Section headings have been inserted in this Agreement as a matter of
convenience of reference only, and it is agreed that such section headings are not a part of this
Agreement and will not be use d in the interpretation of any provision of this Agreement.
IN WITNESS THEREOF, the County and Financial Advisor have executed thisAgreement as
indicated below,
MONROE COUNTY, FLORIDA PFM FINANCIAL ADVISORS LLC
_______________________________ _______________________________
Roman Gastesi, County Administrator Sergio Masvidal, Managing Director
February 15, 2022
_______________________________ _______________________________
Date Date
3025033
FyijcjuB
January 26, 2022
Roman Gastesi
County Administrator
Monroe County
1100 Simonton Street
Key West, FL 33040
Dear Mr. Gastesi:
The purpose of this letter (“Engagement Letter”) is to confirm our agreement that PFM
Financial Advisors LLC (“PFM”) will continue to act as financial advisor to Monroe County, FL
2222 Ponce de Leon
(the “Client”), and shall continue to provide the services originally set forth in Section I of our
Blvd. Third Floor
Agreement for Financial/Municipal Advisory Services between the parties, dated January 18,
Miami, FL 33134
786.671.7480
2017 (the “Agreement”).
pfm.com
PFM is a registered municipal advisor with the Securities and Exchange Commission
(the “SEC”) and the Municipal Securities Rulemaking Board (the “MSRB”), pursuant to the
Securities Exchange Act of 1934 Rule 15Ba1-2. If Client has designated PFM as its
independent registered municipal advisor (“IRMA”) for purposes of SEC Rule 15Ba1-1(d)(3)(vi)
(the “IRMA exemption”), then services provided pursuant to such designation shall be the
services described in Section I of the Agreement, subject to any agreed upon limitations.
Verification of independence (as is required under the IRMA exemption) shall be the
responsibility of such third party seeking to rely on such IRMA exemption. PFM shall have the
right to review and approve in advance any representation of PFM’s role as IRMA to Client.
MSRB Rules require that municipal advisors make written disclosures to their clients of
all material conflicts of interest, certain legal or disciplinary events and certain regulatory
requirements. Such disclosures are provided in PFM’s Disclosure Statement delivered to Client
prior to or together with this Engagement Letter.
PFM’s professional fees will be paid as originally set forth in the Agreement.
This Engagement Letter shall be effective from January 26, 2022 until January 26,
2023, unless extended by mutual agreement between the parties.
This Engagement Letter represents the entire agreement between Client and PFM and
may not be amended or modified except in writing signed by both parties.
Monroe County
January 26, 2022
Page 2
Please have an authorized official of the Client sign a copy of this Engagement Letter
and return it to us to acknowledge the terms of this engagement. This Engagement Letter may
be signed in any number or counterparts, each of which shall be an original and all of which
when taken together shall constitute one and the same document.
Sincerely,
PFM FINANCIAL ADVISORS LLC
Sergio Masvidal
Managing Director
Accepted by:
MONROE COUNTY, FLORIDA
Authorized Signature
Name
Title
Date
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JotvsfeObnf;PFM II, LLC
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Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/
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DOB86213)9.26*QpmjdzOp;7018019790
Qbhf2pg25
Nat'l Fire Ins Co of Hartford
FggfdujwfEbuf;12/07/2021
JotvsfeObnf;PFM II, LLC
DpqzsjhiuDOBBmmSjhiutSftfswfe/JodmveftdpqzsjhiufenbufsjbmpgJotvsbodfTfswjdftPggjdf-Jod/-xjuijutqfsnjttjpo/