2016-56 AGREEMENT FOR
FINANCIAL ADVISORY SERVICES
THIS AGREEMENT, made and entered into this c.10 day of/403(-1✓l 2016,
A.D., by and between the City of Clermont 685 West Montrose Street, Clermont, Florida
(hereinafter referred to as "CITY"),and Public Financial Management, Inc., 300 S. Orange
Ave., Orlando, FL 32801 (hereinafter referred to as "CONTRACTOR").
WHEREAS, the City of Satellite Beach through the public procurement process awarded
an agreement for financial advisory services, Request for Proposal Number 14/15-05;
WHEREAS, CITY desires to utilize the above-referenced awarded bid, CONTRACTOR's
response thereto and agreement in accordance with CITY's procurement policy; and
WHEREAS,CONTRACTOR desires to enter into a contract with CITY based on the terms
and conditions of the City of Satellite Beach agreement.
WITNESSETH: That the parties hereto, for the consideration hereinafter set forth,
mutually agree as follows:
ARTICLE I - SCOPE OF WORK
The CONTRACTOR shall financial advisory services as described in City of Satellite
Beach agreement, which is attached hereto and incorporated herein as Exhibit "A" and
shall do everything required by this Agreement and the other Agreement Documents
contained in the specifications, which are a part of these Documents. Provided, however,
that nothing herein shall require CITY to purchase or acquire any items or services from
CONTRACTOR. To the extent of a conflict between this Agreement and Exhibit"A",the
terms and conditions of this Agreement shall prevail and govern. In all instances the CITY
purchasing policy,resolutions and ordinances shall apply.
ARTICLE II - THE CONTRACT SUM
,CITY shall pay CONTRACTOR,for the faithful performance of the Agreement as set forth
in the Agreement documents and the Unit Price Schedule as set forth in Exhibit 'A',
attached hereto and incorporated herein.
ARTICLE III—TERM AND TERMINATION
1. This Agreement is to become effective upon execution by both parties,and shall
remain in effect until April 8, 2018, unless terminated or renewed as provided
by the City of Satellite Beach.
2. Notwithstanding any other provision of this Agreement, CITY may, upon
written notice to CONTRACTOR, terminate this Agreement if: a) without
cause and for convenience upon thirty (30) days written notice to
CONTRACTOR b) CONTRACTOR is adjudged to be bankrupt; c)
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CONTRACTOR makes a general assignment for the benefit of its creditors; d)
CONTRACTOR fails to comply with any of the conditions of provisions of this
Agreement; or e) CONTRACTOR is experiencing a labor dispute, which
threatens to have a substantial, adverse impact upon performance of this
Agreement, without prejudice to any other right or remedy CITY may have
under this Agreement. In the event of such termination, CITY shall be liable
only for the payment of all unpaid charges, determined in accordance with the
provisions of this Agreement, for work, properly performed and accepted prior
to the effective date of termination.
3. Upon mutual agreement of the parties,this Agreement may be renewed for three
(3) additional one(1) year terms.
ARTICLE IV - COMMENCEMENT AND COMPLETION OF WORK
The CONTRACTOR shall provide all items in the timeframe as set forth in the applicable
purchase order or notice to proceed.
ARTICLE V - PAYMENTS
In accordance with the provisions fully set forth in the General Conditions,
CONTRACTOR shall submit a payment request by the third (3rd) day of each calendar
month for items provided during the preceding calendar month. CITY shall make payment
to the CONTRACTOR, within thirty (30) calendar days, on the basis of a duly certified
and approved payment invoice by the CITY for services provided and accepted by the
CITY.
ARTICLE VI—DISPUTE RESOLUTION - MEDIATION
1. Any claim, dispute or other matter in question arising out of or related to this
Agreement shall be subject to mediation as a condition precedent to voluntary
arbitration or the institution of legal or equitable proceedings by either party.
2. The CITY and CONTRACTOR shall endeavor to resolve claims, disputes and
other matters in question between them by mediation.
3. The parties shall share the mediator's fee and any filing fees equally. The mediation
shall be held in Clermont,Lake County,Florida,unless another location is mutually
agreed upon. Agreements reached in mediation shall be enforceable as settlement
agreements in any court having jurisdiction thereof.
ARTICLE VII—INSURANCE AND INDEMNIFICATION RIDER
1. Worker's Compensation Insurance - The CONTRACTOR shall take out
and maintain during the life of this Agreement Worker's Compensation Insurance for all
his employees connected with the work of this Project and, in case any work is sublet, the
CONTRACTOR shall require the subcontractor similarly to provide Worker's
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Compensation Insurance for all of the latter's employees unless such employees are
covered by the protection afforded by the CONTRACTOR. Such insurance shall comply
with the Florida Worker's Compensation Law. In case any class of employees engaged in
hazardous work under this Agreement at the site of the Project is not protected under the
Worker's Compensation statute, the CONTRACTOR shall provide adequate insurance,
satisfactory to the CITY, for the protection of employees not otherwise protected.
2. CONTRACTOR's Public Liability and Property Damage Insurance - The
Contactor shall take out and maintain during the life of this Agreement Comprehensive
General Liability and Comprehensive Automobile Liability Insurance as shall protect it
from claims for damage for personal injury, including accidental death, as well as claims
for property damages which may arise from operating under this Agreement whether such
operations are by itself or by anyone directly or indirectly employed by it, and the amount
of such insurance shall be minimum limits as follows:
(a) CONTRACTOR's Comprehensive General, $1,000,000 Each
($2,000,000 aggregate)
Liability Coverages, Bodily Injury Occurrence, & Property Damage
Combined Single Limit
(b) Automobile Liability Coverages, $500,000 Each
Bodily Injury&Property Damage Occurrence,
Combined Single Limit
(c) Professional Liability$2,000,000
Each Occurrence, Combined Single Limit
(d) Cyber Liability$50,000
Insurance clause for both BODILY INJURY AND PROPERTY DAMAGE
shall be amended to provide coverage on an occurrence basis.
3. SubCONTRACTOR's Public Liability and Property Damage
Insurance-The CONTRACTOR shall require each of his subCONTRACTORs to procure
and maintain during the life of this subcontract, insurance of the type specified above or
insure the activities of his subCONTRACTORs in his policy, as specified above.
4. Indemnification Rider
(a) To cover to the fullest extent permitted by law, the CONTRACTOR
shall indemnify and hold harmless the CITY and its agents and
employees from and against all claims, damages, losses and expenses,
including but not limited to attorney's fees, arising out of or resulting
from the performance of the Work, provided that any such claim,
damage, loss or expense (1) is attributable to bodily injury, sickness,
disease or death,or to injury to or destruction of tangible property(other
than the Work itself) , and (2) is caused in whole or in part by any
negligent act or omission of the CONTRACTOR, any
subCONTRACTOR, anyone directly or indirectly employed by any of
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them or anyone for whose acts any of them may be liable, regardless of
whether or not it is caused in part by a party indemnified hereunder.
Such obligation shall not be construed to negate, abridge, or otherwise
reduce any other right to obligation of indemnity which would otherwise
exist as to any party or person described in this Article.
(b) In any and all claims against the CITY or any of its agents or employees
by any employee of the CONTRACTOR, any subcontractor, anyone
directly or indirectly employed by any of them or anyone for whose acts
any of them may be liable, the indemnification obligations under this
Paragraph shall not be limited in any way by any limitation on the
amount or type of damages, compensation or benefits payable by or for
the CONTRACTOR or any subcontractor under workers'or workmen's
compensation acts,disability benefit acts or other employee benefit acts.
(c) The CONTRACTOR hereby acknowledges receipt of ten dollars and
other good and valuable consideration from the CITY for the
indemnification provided herein.
ARTICLE VIII -NOTICES
All notices shall be in writing and sent by United States mail, certified or registered, with
return receipt requested and postage prepaid,or by nationally recognized overnight courier
service to the address of the party set forth below. Any such notice shall be deemed given
when received by the party to whom it is intended.
CONTRACTOR: Public Financial Management, Inc.
300 S. Orange Avenue, Suite 1170
Orlando, FL 32801
Attn: James W. Glover, Managing Director
CITY: City of Clermont
Attn: Darren Gray, City Manager
685 W. Montrose Street
Clermont, FL 34711
ARTICLE IX—MISCELLANEOUS
1. Attorneys' Fees. In the event a suit or action is instituted to enforce or interpret any
provision of this agreement, the prevailing party shall be entitled to recover such
sum as the Court may adjudge reasonable as attorneys' fees at trial or on any appeal,
in addition to all other sums provided by law.
2. Waiver. The waiver by city of breach of any provision of this agreement shall not
be construed or operate as a waiver of any subsequent breach of such provision or
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of such provision itself and shall in no way affect the enforcement of any other
provisions of this agreement.
3. Severability. If any provision of this agreement or the application thereof to any
person or circumstance is to any extent invalid or unenforceable, such provision,or
part thereof,shall be deleted or modified in such a manner as tomake the agreement
valid and-enforceable-under applicable law, the remainder of this agreement and
the application of such a provision toother,persons or circumstances shall be
unaffected, and this agreement shall be valid and enforceable to the fullest extent
permitted by applicable law.'
4. Amendment. Except for as otherwise provided herein, this agreement may not be
modified or.:amended except by an agreement in writing signed by both parties.
5. Entire Agreement. This agreement including the documents incorporated by
reference contains the entire understanding of the parties hereto and supersedes all
prior:and.contemporaneous agreements between the parties with respect to the
performance-of services by CONTRACTOR.
6. Assignment. This_agreement is personal to the parties hereto and may not be
assigned by CONTRACTOR,in whole or in part, without the prior written consent
of city.
7. Venue. The parties agree that the sole and exclusive venue for any cause of action
arising out:ofthis agreement shall be Lake County, Florida..
8. Applicable Law. This,agreement and any amendments hereto are executed and
delivered in`the State of Florida and shall be governed, interpreted, construed and
enforced in accordance with the laws of the State of Florida.
9. Public Records. .Contractor expressly understands records associated with this
project are public,records and agrees to comply with Florida's Public Records law,
to include, to:
(a) Keep and maintain public records that ordinarily and necessarily would be
required by the CITY in order to perform the services contemplated herein.
(b) Provide the.public with access to public records on the same terms and
conditions that the CITY would provide the records and at a cost that does
not exceed the cost provided in this Florida's Public Records law 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 by law.
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(d) Meet all requirements for retaining public records and transfer, at no cost,
to the CITY all public records in possession of CONSULTANT upon
termination of the contract and destroy any duplicate public records that are
exempt or confidential and exempt from public records disclosure
requirements. All records stored electronically must be provided to the
CITY in a format that is compatible with the information technology
systems of the CITY.
(e) IF CONTRACTOR HAS QUESTIONS REGARDING THE
APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE
CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS
RELATING TO THIS CONTRACT, CONTRACTOR SHALL
CONTACT THE CITY'S CUSTODIAN OF PUBLIC RECORDS AT
CITY CLERK'S OFFICE, (352) 241-7331.
ARTICLE X - AGREEMENT DOCUMENTS
The Agreement Documents, as listed below are herein made fully a part of this Agreement
as if herein repeated.
Document Precedence:
1. This Agreement
2. Purchase Order/Notice to Proceed
3. All documents contained in the City of Satellite Beach agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
this � day of 4143 u ,2016.
City ofont
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D. • • ty 1 ana:er
Attest:
Tracy Ackroyd, City -erk
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Public Financial Management, Inc.
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By:
(Name rinted or Typed) JGmils W,
Title
Attest:
orporate Secre
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EXHIBIT A
PUBLIC FINANCIAL MANAGEMENT,INC.
C AGREEMENT FOR FINANCIAL ADVISORY SERVICES
This agreement, made and entered into this day of �' , zo+`� , by and
between the City of Satellite Beach, Florida ("Client") and Public Financial Management, Inc.,
(hereinafter called the"Financial Advisor"or"PFM")sets forth the terms and conditions under which
the Financial Advisor shall provide services.
WHEREAS,Client is desirous of obtaining the services of a financial advisor to develop and
assist in implementing Client's strategies to meet its current and long-term operations, financial
obligations,capital financing needs and render assistance in respect to debt transactions;and
WHEREAS,PFM is capable of providing the necessary financial advisory services,and agrees
to provide same as set forth herein.
NOW,THEREFORE,in consideration of the above mentioned premises and intending to be
legally bound hereby,Client and PFM agree as follows:
I. SCOPE OF SERVICES
PFM shall provide, upon request of the Client, services related to financial planning, budget
and strategic advice and planning,policy development and services related to debt issuance,examples
of which,not intended to be exclusive,are set forth in Exhibit A to this Agreement. This Agreement,
and the services to be provided to Client under this Agreement,are non-exclusive.
II. WORK SCHEDULE
The services of the Financial Advisor shall commence after the execution of this Agreement
after a request for services is made by the Client.
Services which are not related to a particular transaction shall be completed as agreed between
the Client 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, policy development and financial analysis,
PFM shall receive hourly rates as listed below. Fees for support staff are included in the hourly rates
for professionals. Services will be billed monthly. In lieu of hourly rates, the City can also elect a
$6,000 annual retainer for non-transactional work.
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Experience Level Hourly Rate
Managing Director/Director $185
Senior Managing Consultant $185
Senior Analyst/Analyst $175
2. For services related to the issuance of General Obligation Bonds,Revenue Bonds and
Taxable Bonds,PFM will be paid a per bond fee as follows:
Par Amounts: $0 to$20,000,000: $0.90 per$1,000 bond,plus
From$20,000,001 to$35,000,000 $0.70 per$1,000 bond,plus
Over$35,000,001 $0.55 per$1,000 bond
A minimum fee of$17,500 for general obligation bonds,revenue bonds and taxable bonds will apply.
A maximum fee of$36,750 for general obligation bonds,revenue bonds and taxable bonds will apply.
3. For services related to bank loans, lines of credit, private loans and similar debt
instruments,PFM will be paid a fee as follows:
Par Amounts: $0 to$20,000,000: $0.90 per$1,000 of debt,plus
From$20,000,001 to$35,000,000 $0.70 per$1,000 of debt,plus
Over$35,000,001 $0.55 per$1,000
Q A minimum fee of $15,000 will apply to these transactions, with a maximum fee not to exceed
$20,000.00.
Reimbursable Expenses
In addition to fees for services,PFM will be reimbursed the lesser of$750.00 or actual costs
per issue for necessary, reasonable, and documented out-of-pocket expenses incurred, including
travel, meals, lodging, telephone, mail, and other ordinary cost and any actual extraordinary cost for
graphics,printing,data processing and computer time which are incurred by PFM. Notwithstanding
the foregoing, all such items will be billed at cost for travel to New York City. Appropriate
documentation will be provided.
Photocopies will be billed at$.10/page for black and white and$1.00/page for color.
Facsimiles will be billed at$1.00/page.
Long-distance and conference calls will be billed at actual cost.
Postage,courier and overnight delivery will be billed at actual cost.
Travel and mileage will be billed in accordance with §112.061,Florida Statutes.
Special Services
Special Services described in Exhibit A will be subject to separate, mutually acceptable fee
structures.
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o IV. TERMS AND TERMINATION
The effective date of this Agreement shall be after approval by Client's City Council,execution
of the contract by appropriate parties,and shall thereafter run for a three(3)year term with the option
to renew for three (3) additional one year periods. Notwithstanding the foregoing, Client may
terminate this agreement for any reason upon providing PFM a minimum of ninety(90)days prior
written notice.
V. NON-ASSIGNABILITY
PFM shall not assign any interest in this Agreement or subcontract any of the work performed
under the Agreement without the prior written consent of the Client.
VI. INFORMATION TO BE FURNISHED TO THE FINANCIAL ADVISOR
All information, data, reports, and records in the possession of the Client necessary for
carrying out the work to be performed under this Agreement shall be furnished to the Financial
Advisor and the Client shall cooperate with the Financial Advisor in all reasonable ways.
VII. NOTICES
All notices given under this Agreement shall be in writing, sent by registered United States
0 mail,with return receipt requested, addressed to the party for whom it is intended, at the designated
below. The parties designate the following as the respective places for giving notice,to-wit
CITY OF SATELLITE BEACH,FLORIDA
Andy Stewart
Assistant City Manager
Support Services Department
565 Cassia Blvd
Satellite Beach,FL 32937
PUBLIC FINANCIAL MANAGEMENT,INC.
300 S. Orange Ave
Suite 1170
Orlando,FL 32801
Attn:James W. Glover,Managing Director
VIII.. TITLE TO WORK
All documents, except functioning or dynamic financial models, prepared or generated by
PFM pursuant to this Agreement shall be the property of the Client. Subject to the exception
described above, upon termination of this Agreement, Financial Advisor shall deliver to the Client
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copies of any and all material pertaining to this Agreement. Further, all documents generated by
PFM pursuant to the terms of this agreement shall be non-proprietary to PFM,and shall be subject
to the Public Records Law of the State of Florida. For purposes of this agreement, "documents"
shall have the same meaning as the term "public records" contained in §119.011(12), Florida
Statutes.
1X. FINANCIAL ADVISOR'S REPRESENTATIVES
1. Assignment of Named Individuals
The professional employees of PFM set forth in Exhibit B shall provide the services set forth
in this Agreement PFM shall, from time to time,amend team members:
2. Changes in Staff Requested by the Client
The Client has the right to request,for any reason,PFM to replace any member of the advisory
staff.Should the Client make such a request,PFM shall promptly suggest a substitute for approval by
the Client.
X. INDEMNIFICATION
PFM shall indemnify and hold Client, its elected and appointed agents, officials,
employees,and independent contractors harmless from all damages,losses,suits,claims,causes of
0 action and costs, including attorney's fees for injury, death or damages of any kind or nature
whatsoever to Client, its employees, agents, independent contractors, invitees or the property of
such persons, or to any third person or their property, specifically including all losses related to
services performed by PFM under and related to this agreement, suffered or incurred by such
persons in connection with the PFM's performance of its duties and obligations under this
Agreement.
XI. INSURANCE
PFM shall maintain insurance coverage with policy limits not less than stated in Exhibit C.
All insurance required by this agreement must be obtained through an insurance company
authorized to do business in the State of Florida,and current certificates of such insurance shall be
filed with the City prior to PFM commencing work under this Agreement. All such policies shall
contain riders naming the City as an additional insured and requiring the City be provided with not
less than thirty(30)days written notice prior to cancellation of any policy(ies).
XII. INDEPENDENT CONTRACTOR
The Financial Advisor, its employees, officers and representatives at all times shall be
independent contractors and shall not be deemed to be employees,agents,partners, servants and/or
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joint venturers of Client by virtue of this Agreement or any actions or services rendered under this
Agreement.
XIII. ATTORNEY'S FEES
In the event any litigation arises out of this transaction or under this Agreement, the
prevailing party shall be entitled to reasonable attorney's fees and costs, including attorney's fees
for any appeal.
XIV. ENTIRE AGREEMENT
This agreement, including the exhibits and all documents and papers delivered pursuant
hereto,and any written amendments hereto executed by the parties to this agreement constitute the
entire agreement between the parties and supersedes all prior agreements and understandings,oral
or written, among the parties to this agreement with respect to the subject matter hereof. Neither
this agreement nor any term hereof may be amended,changed, waived,discharged or terminated
other than by a written agreement executed by all of the parties hereto. This Agreement shall be
binding upon the parties, their heirs, personal representatives, administrators, executors, assigns
and successors in interest to the extent not otherwise inconsistent with this Agreement.
XV, GOVERNING LAW
The validity,construction and enforcement of and the remedies under this agreement shall
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be governed in accordance with the laws of the State of Florida,and venue of any proceeding shall
be Brevard County,Florida.
IN WITNESS THEREOF, the Client and PFM have executed this Agreement as of the day
and year herein above written.
ATTEST: CITY OF SA TE BEACH,FLORIDA
By:
onor Olexa,City Clerk Courtney Barker,City Manager
Date: 0,i4-
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O ATTEST: PUBLIC FINANCIAL MANAGEMENT,INC.
Iov"
By: if .1._ . -
imess N e& ide) J s W. Glover,Managing Director
Date: 4(1 IS
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C) ganaBIT A
1. Services related to the Financial Planning and Policy Development upon request of the
Client
• Assist the Client in the formulation of Financial and Debt Policies.
• Review current debt structure, identifying strengths and weaknesses of
structure so that future debt issues can be designed 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 Client
with savings.
• Analyze future debt capacity to determine the Client's ability to raise future
debt capital.
• Assist the Client in the development of the Client's Capital Improvement
program by identifying sources of capital funding for infrastructure needs.
• Assist the Client with the development of the Client's financial planning
efforts and process by assessing capital needs,identifying potential revenue
sources, analyze financing alternatives such as pay-as-you-go,
O lease/purchasing, short-term vs. long-term financings, 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.
• 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.
• Attend meetings with Client's staff,consultants and other professionals and
the Client.
• Review underwriter's proposals and submit a written analysis of same to the
Client.
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O • Assist the Client in preparing financial presentations for public hearings
and/or referendums.
• Provide special financial services as requested by the Client.
2. Services Related to Debt Transactions (Includes short term financings, notes, loans,
letters of credit,line of credit and bonds).Upon the request of the Client
• Analyze financial and economic factors to determine if the issuance of bonds is
appropriate.
• Develop a financing plan in concert with Client's staff which would include
recommendations as to the timing and number of series of bonds to be
issued.
• Assist the Client 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.
▪ Advise as to the various financing alternatives available to the Client.
O • Develop alternatives related to debt transaction including evaluation of
revenues available, maturity schedule, cash flow requirements and all tax
implications and requirements.
• Evaluate benefits of bond insurance and/or security insurance for debt
reserve fund.
• If appropriate, develop credit rating presentation and coordinate with the
Client the overall presentation to rating agencies.
• Assist the Client in the procurement of other services relating to debt
issuance such as printing,paying agent,registrar,etc.
• Identify key bond covenant features and advise as to the financial
consequences of provisions to be included in bond resolutions regarding
security, creation of reserve funds, flow of funds, redemption provisions,
additional parity debt tests,etc.; review and comment on successive drafts
of bond resolutions.
• Review the requirements and submit analysis to bond insurers, rating
agencies and other professionals as they pertain to the Client's obligation.
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•
Review the terms, conditions and structure of any proposed debt offering
undertaken by the Client and provide suggestions, modifications and
enhancements where appropriate and necessary to reflect the constraints or
current financial policy and fiscal capability.
• Coordinate with Client's staff and other advisors as respects the furnishing
of data for offering documents, it being specifically understood that
Financial Advisor is not responsible for the inclusion or omission of any
material in published offering documents.
• Provide regular updates of tax-exempt bond market conditions and advise
the Client as to the most advantageous timing for issuing its debt.
• Advise the Client on the condition of the bond market at the time of sale,
including volume,timing considerations,competing offerings,and general
economic considerations.
• Assist and advise the Client 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 to obtain the most favorable financial terms based on existing
market conditions.
O • Arrange for the closing of the transaction including,but not limited,to bond
printing,signing and final delivery of the bonds.
3. Special Services. Upon request of the Client and subject to separate, mutually
acceptable fee structures:
PFM or its affiliates may provide other services which shall include,but not be limited to, the
following:
a. Investment of bond proceeds,including escrow structuring and procurement
b. Arbitrage rebate and post-issuance compliance
c. Interest rate swap advisory services
d. Management and Budget Consulting services
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0 EXHIBIT B
Professional Employees:
James Glover,Managing Director
David Moore,Managing Director
Marissa Worunan,Senior Managing Consultant
Nick Rocca,Senior Managing Consultant
Luis Carinona,Analyst
Natalie Neivland Analyst
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Liability Insurance
Endowment
PoGcyf'erlod November 30, 2015 to November 30,2016
Effective Date 11-30-15
Policy Number 3536.39-SO PHL
insured PUBLIC FINANCIAL MANAGEMENT,INC.
Name of Company GREAT NORTHERN INSURANCE COMPANY
Date Issued 11-20-15
i:n-
This Endorsement applies to the following forms:
GENERAL LIABILITY
Under Who Is An Insured,the following provision Is added.
Who Is An Insured
Additional Insured- Persons or organizations shown in the Schedule are Insureds;but they are Insureds only if you arc
Scheduled Person obligated pursuant to a contract or agreement to provide them with such insurance as is afforded by
Or Organization this policy.
However,the person or organization is an Insured only:
• if and then only to the extent the person or organization is described in the Schedule;
• to the extent such contract or agreement requires the person or organization to be afforded
status as an insured;
• for activities that did not occur,in whole or in part,before the execution of the contract or
agreement;and
• with respect to damages,loss.cost or expense for injury or damage to which this insurance
applies.
No person or organization is an insured under this provision:
• that is more specifically identified under any other provision of the Who is An Insured
section(regardless of any limitation applicable thereto).
• with respect to any assumption of liability(of another person or organization)by them in a
contract or agreement.This limitation does not apply to the liability for damages,loss,cost or
expense for injury or damage,to which this insurance applies.that the person or organization
would have in the absence of such contract or agreement.
Liability Insurance Additional Ingripteeplitirig ity5159r organization continued
Form 8402-2367(Rev.5.07) Endorsement Page t
Liability Endorsement
(continued)
Under Conditions,the following provision is added to the condition titled Other insurance.
Conditions
Other Insurance— If you are obligated.pursuant to a contract or agreement.to provide the person or organization
Primary,Noncontributory shown in the Schedule with primary insurance such as is afforded by this policy,then in such case
Insurance—Scheduled this insurance is primary and we will not seek contribution from insurance available to such person
Person Or Organization or organization.
Schedule
Persons or Organizations desribed in the Who Is An Insured
section of this contract and that you are obligated pursuant
to a written contract or agreement, to provide with primary
insurance as is afforded by this policy, but only to the
minimum extent required by such contract or agreement.
All other terms and conditions remain unchanged.
Authorized Representative Qe.---C2N1\
Liability Insurance Addlional InkateacktyliMP QrOrganization last page
Form 80.02.2367(Rev.5.07) Endorsement Page 2
Liability Insurance
Endorsement
Policy Period November 30, 2015 to November 30, 2016
Effective Date November 30, 2015
Policy Number 3536-39-50 PHL
Insured PUBLIC FINANCIAL MANAGEMENT,INC.
Name of Company GREAT NORTHERN INSURANCE COMPANY
Date Issued November 20, 2015
This Endorsement applies to the following forms:
GENERAL LIABILITY
Under Conditions,Transfer Or Waiver Of Rights Of Recovery Against Others,the following ,
provision is added:
Conditions
Transfer Or Waiver Of However,we waive any right of recovery we may have against the designated person or
Rights Of Recovery organization shown below because of payments we make for injury or damage arising out of your
Against Others ongoing operations or done under a contract with that person or organization and included in the
products-completed operations hazard.This waiver applies to the designated person or
organization.
Liability Insurance Condition—Waiver Of Transfer Of Rights Of Recovery continued
Form 80-02-2362(Rev.4.01) Endorsement Page 1
Conditions
Transfer Or Waiver Of Designated Person Or Organization
Rights Of Recovery Anyperson or organization where
Against Others g you are required pursuant
(continued) to a written contract or agreement to waive rights of
subrogation against such person or organization.
All other terms and conditions remain unchanged.
Authorized Representative
Liability Insurance Condition—Waiver Of Transfer Of Rights Of Recovery last page
Form 80-02-2362(Rev.4-01) Endorsement Page 2
POLICY NUMBER: 17324-85-55 COMMERCIAL AUTO
16.02-0316 Ed.1014
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
PRIMARY AND NON-CONTRIBUTORY LIABILITY
INSURANCE
This endorsement modifies Insurance provided under the following:
BUSINESS AUTO COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless
modified by the endorsement
This endorsement changes the policy effective on the inception date of the policy unless another date is Indicated
below.
Named Insured: PUBLIC FINANCIAL MANAGEMENT,INC.
Endorsement Effective Date: 11-30-15
SCHEDULE
Name(s)Of Person(s)Or Organization(s):
Persons or Orgaizations described in the Who Is An Insured section of this
contract and that you are obligated pursuant to a written contract or agreement,
to provide with primary insurance as is afforded by this policy, but only to
the minimum extent required by such contract or agreement.
Information required to complete this Schedule,if not.shown above.will be shown in the Declarations.
The following is added to Item 5.-"Other
Insurance"of Item B.-"General Conditions'under
Section IV-'Business Auto Conditions':
e. Regardless of the provisions of Paragraph 5.a.
through d. above, for any liability arising out of the
ownership,maintenance,use,rental,lease,loan, hire
or borrowing by an "insured" of a covered"auto" for
which an "Insured" is contractually obligated to
provide primary insurance coverage to a client, this
Coverage Form will be primary and non-contributory
with respect to the Persons or Organizations in the
schedule, regardless of the availability or existence of
other collectible insurance under any other Coverage
Form or policy that applies on a primary basis.
16-02-0316 Ed.1014
POLICY NUMBER )7324-85-55 COMMERCIAL AUTO
CA 04440310
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
WAIVER OF TRANSFER OF RIGHTS OF RECOVERY
AGAINST OTHERS TO US (WAIVER OF SUBROGATION)
This endorsement modifies Insurance provided under the following:
BUSINESS AUTO COVERAGE FORM
BUSINESS AUTO PHYSICAL DAMAGE COVERAGE FORM
GARAGE COVERAGE FORM
MOTOR CARRIER COVERAGE FORM
TRUCKERS COVERAGE FORM
With respect to coverage provided by this endorsement. the provisions of the Coverage Form apply unless modi-
fied by the endorsement.
This endorsement changes the policy effective on the inception date of the policy unless another date is Indicated
below.
Named Insured: Public Financial Management, Inc.
Endorsement Effective Date: 11-30-15
SCHEDULE
Name(s) Of Person(s) Or Organization(s):
Any person or organization where you are required pursuant to a written
contract or agreement to waive rights of subrogation against such person
or organization.
Information required to complete this Schedule,if not shown above,will be shown In the Declarations.
The Transfer Of Rights Of Recovery Against Others
To Us Condition does not apply to the person(s) or
organization(s) shown In the Schedule. but only to
the extent that subrogation Is waived prior to the"ac-
cident"or the'loss" under a contract with that person
or organization.
CA 04 44 0310 ®Insurance Services Office,Inc., 2009 Page 1 of 1 D
WORKERS'COMPENSATION AND EMPLOYERS'LIABILITY INSURANCE POUCY
WC 124
(4-84)
WC 00 03 13
WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS ENDORSEMENT
This endorsement changes the policy to which it is attached effective on the inception date of the policy unless a
different date is indicated below.
(lb.following'attaching clause"need be completed only when this endorsement is issued subsequent to preparation dills potty.)
This endorsement.effective on 01-0i at 12:01 A.M.standard time,forms a part of
Policy No. 7173-99-79 of the GREA NOR N INSURANCE COMPANY
1 ' ' 'r','•Ann
Issued to PUBLIC FINANCIAL MANAGEMENT INC
Endorsement No. ilig 0 dik
...w'R'•':'r' *"�r' ants e
Iiiiiii
We have the right to recover our payments from anyone Na. - for an Injury larry this policy. We will not
enforce our right against the person or organization named in the Schedule. This agreement applies only to the
extent that you perform work under a written contract that requires you to obtain this agreement from us.'
This agreement shall not operate directly or indirectly to benefit any one not named In the Schedule.
Schedule
Any person or organization where you are required pursuant to a written
contract or agreement to waive rights of subrogation against such person
or organization.
INC 124(4-84)
WC 00 0313 Copyright 1903 National Council on Compensation Insurance. Page 1 of 1
CONTRACT APPROVAL FORM
TO: DARREN GRAY, CITY MANAGER
FROM: FREDDY SUAREZ, PURCHASING DIRECTOR C �
SUBJECT: FINANCIAL ADVISORY SERVICES
DATE: AUGUST 26, 2016
THE PURCHASING DIRECTOR RECOMMENDS THE FOLLOWING:
1. APPROVE: Agreement between the City of Clermont and Public Financial Management,
Inc. to provide financial advisory services to the Finance Department. The agreement
shall take effect on the date of execution by both parties and shall remain in effect until
April 8, 2018, unless renewed or terminated as provided by the City of Satellite Beach
contractual agreement.
2. Why is this action necessary: In accordance with the City of Clermont Purchasing
Policy, the City Manager is authorized to approve contracts under $50,000 that do not
require a budget amendment.
3. ADDITIONAL INFORMATION: At the request of the Finance Department, the Purchasing
Department sought a contract with the City of Satellite Beach for Financial Advisory
Services, contract number 14/15-05. The estimated annual expenditures is on an as-
need-basis and varies depending on the loan amount of$0.90 per$1,000 bond debt. The
total annual amount is not expected to exceed $40,000. The Purchasing Department
issued RFI 1608-002 to notify local vendors of the City's intent to utilize other
governmental entities' contract. At the completion of the RFI the Purchasing Department
received no interest. The City of Satellite Beach contract was fully competed, advertised,
and complies with the City of Clermont Purchasing Policy.
4. FISCAL IMPACT: The fiscal impact may vary based on loan amount.
5. EXHIBITS: City of Satellite Beach Agreement
APPROVAL AUTHORITY
Approved Disapproved 0
Reason/Suggestion (If disapproved)
!I .
lr ' • at, Ti 1
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