Agenda 10/25/2016 Item #16J 1 16.J.1
10/25/2016
EXECUTIVE SUMMARY
Recommendation to award RFP # 16-6684 Arbitrage Compliance Services for Collier County to
PFM Asset Management,LLC in an estimated maximum annual amount of$25,000.
OBJECTIVE: To contract with a qualified professional firm to provide arbitrage services in accordance
with the arbitrage rebate requirements contained in Section 148(f)of the Internal Revenue Code of 1986.
CONSIDERATIONS: Collier County,Florida has issued long term,tax exempt bond issues to finance a
variety of activities, such as the construction and/or acquisition of structures and improvements. These
issues may be subject to the arbitrage rebate requirements contained in Section 148(f) of the Internal
Revenue Code of 1986. Abuses associated with tax exempt financings led the federal government to
issue regulations to restrict the use of tax exempt proceeds to minimize the benefits of investing tax
exempt proceeds and to remove the incentive to issue more bonds, issue bonds earlier or to leave bonds
outstanding longer than necessary to carry out the government purpose. Additionally, the County may
complete further financings during the term of the agreement that may be subject to rebate requirements.
A Request for Proposal (RFP) was issued on July 11, 2016 to solicit proposals from firms capable of
providing the requisite services.
Notices of the RFP were sent out to 464 firms and 4 proposals were received by the due date of August 1,
2016. On September 1, 2016 the selection committee discussed and ranked the proposals. PFM Asset
Management, LLC was ranked number one, by consensus, to provide the required services. The
consultant will provide the necessary calculations to ensure compliance with IRS regulations. The final
firm rankings are in order as follows:
Name of Firms Rankings
PFM Asset Management,LLC 1
BLX Group,LLC 2
First Southwest Asset Management,LLC 3
GNP Services 4
FISCAL IMPACT: The payment of arbitrage services is budgeted across various County debt service
funds. The total estimated maximum annual amount to be paid across all County debt service funds is
$25,000.00.
GROWTH MANAGEMENT IMPACT: There is no impact to the Growth Management Plan related to
this action.
LEGAL CONSIDERATIONS: This item is approved as to form and legality,and requires
majority vote for Board approval.-SRT
RECOMMENDATION: Approve the award of RFP# 16-6684 Arbitrage Compliance Services to PFM
Asset Management, LLC and authorize the Chairman to sign the standard, County Attorney approved
contract.
PREPARED BY: Derek Johnssen,Assistant Finance Director
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10/25/2016
ATTACHMENT(S) ._
1.Agreement 16-6684(1) (PDF)
2. 16-6684 Final Rank (PDF)
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10/25/2016
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.1
Item Summary: Recommendation to award RFP # 16-6684 Arbitrage Compliance Services for
Collier County to PFM Asset Management,LLC in an estimated maximum annual amount of$25,000.
Meeting Date: 10/25/2016
Prepared by:
Title:Fiscal Technician I—Clerk of the Circuit Court
Name: Jennifer Milum
10/17/2016 4:37 PM
Submitted by:
Title: Fiscal Technician I—Clerk of the Circuit Court
Name: Jennifer Milum
10/17/2016 4:37 PM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 10/18/2016 8:15 AM
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Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 10/18/2016 8:21 AM
County Attorney's Office Jeffrey A.Klatzkow Level 3 County Attorney's Office Review Completed 10/18/2016 8:38 AM
Budget and Management Office Mark Isackson Additional Reviewer Completed 10/18/2016 10:03 AM
County Manager's Office Leo E.Ochs Level 4 County Manager Review Completed 10/18/2016 3:50 PM
Board of County Commissioners MaryJo Brock Meeting Pending 10/25/2016 9:00 AM
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AGREEMENT16-6684
for
Arbitrage Rebate
THIS AGREEMENT, made and entered into on this day of 2016,
by and between PFM Asset Management, authorized to do business in the State of Florida,
whose business address is One Keystone Plaza, Suite 300, N. Front & Market Streets,
Harrisburg, PA 17101, (the "Consultant") and Collier County, a political subdivision of the
State of Florida, (the "County"):
WITNESSETH:
1. AGREEMENT TERM. The Agreement shall be for a three (3) year period, commencing
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on the Date of Board award, and terminating three (3) years from that date or until all 2
outstanding Purchase Orders issued prior to the expiration of the Agreement period rr
have been completed or terminated. The services will commence upon the issuance of
a Purchase Order.
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The County may, at its discretion and with the consent of the Contractor, renew the oD
Agreement under all of the terms and conditions contained in this Agreement for two (2) N
additional one (1) year periods. The County shall give the Contractor written notice of
the County's intention to renew the Agreement term prior to the end of the Agreement ---
term then in effect. a
2. STATEMENT OF WORK. The Contractor shall provide Arbitrage Rebate Requirement
services in accordance with the terms and conditions of RFP #16-6684 and Exhibit A—
Scope of Services and the Contractor's proposal referred to herein and made an
integral part of this Agreement. This Agreement contains the entire understanding
between the parties and any modifications to this Agreement shall be mutually agreed a
upon in writing by the Parties, in compliance with the County's Procurement Ordinance, E'
as amended, and Procurement Procedures in effect at the time such services are E
authorized.
3. THE AGREEMENT SUM. The County shall pay the Contractor for the performance of
this Agreement based on the prices set forth in Exhibit B Fee Schedule. Payment will
be made upon receipt of a proper invoice and upon approval by the Project Manager or
his designee, and in compliance with Chapter 218, Fla. Stats., otherwise known as the
"Local Government Prompt Payment Act."
3.1 Price Methodology:
Time and Materials: the County agrees to pay the contractor for the amount of labor
time spent by the contractor's employees and subcontractors to perform the work
(number of hours times hourly rate), and for materials and equipment used in the project
(cost of materials plus the contractor's mark up). This methodology is generally used in
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.-. projects in which it is not possible to accurately estimate the size of the project, or when
it is expected that the project requirements would most likely change. As a general
business practice, these contracts include back-up documentation of costs; invoices
would include number of hours worked and billing rate by position (and not company (or
subcontractor) timekeeping or payroll records), material or equipment invoices, and
other reimbursable documentation for the project.
Unit Price: the County agrees to pay a firm total fixed price (inclusive of all costs,
including labor, materials, equipment, overhead, etc.) for a repetitive product or service
delivered (i.e. installation price per ton, delivery price per package or carton, etc.). The
invoice must identify the unit price and the number of units received (no contractor
inventory or cost verification.
Any County agency may purchase services under this Agreement, provided sufficient
funds are included in their budget(s).
3.2 Payments will be made for services furnished, delivered, and accepted, upon
receipt and approval of invoices submitted on the date of services or within six (6)
months after completion of the Agreement. Any untimely submission of invoices beyond
the specified deadline period is subject to non-payment under the legal doctrine of
"laches" as untimely submitted. Time shall be deemed of the essence with respect to the
timely submission of invoices under this Agreement. N
3.4 Travel and Reimbursable Expenses.
Travel and Reimbursable Expenses shall not exceed two thousand five hundred dollars
($2,500.00) unless approved in advance in writing by the County. Travel expenses shall w
be reimbursed as per Section 112.061 Fla. Stats. Any trips within Collier and Lee E
Counties are expressly excluded.
Reimbursements shall be at the following rates:
Mileage $0.445 per mile
Breakfast $6.00
Lunch $11.00
Dinner $19.00
Airfare Actual ticket cost limited to tourist or
coach class fare
Rental car Actual rental cost limited to compact or
standard-size vehicles
Lodging Actual cost of lodging at single
occupancy rate with a cap of no more
than $150.00 per night
Parking Actual cost of parking
Taxi or Airport Actual cost of either taxi or airport
Limousine limousine
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Reimbursable items other than travel expenses shall be limited to the following:
telephone long-distance charges, fax charges, photocopying charges and postage.
Reimbursable items will be paid only after Contractor has provided all receipts.
Contractor shall be responsible for all other costs and expenses associated with
activities and solicitations undertaken pursuant to this Agreement.
4. SALES TAX. Contractor shall pay all sales, consumer, use and other similar taxes
associated with the Work or portions thereof, which are applicable during the
performance of the Work. Collier County, Florida as a political subdivision of the State
of Florida, is exempt from the payment of Florida sales tax to its vendors under Chapter
212, Florida Statutes, Certificate of Exemption #85-8015966531 C-2.
5. NOTICES. All notices from the County to the Contractor shall be deemed duly served if
mailed or faxed to the Contractor at the following Address:
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PFM Asset Management LLC
One Keystone Plaza, Suite 300 re
North Front& Market Streets
Harrisburg, PA 17101
Telephone: 717-232-2723 .E
Facsimile: 717-233-6073 •
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All Notices from the Contractor to the County shall be deemed duly served if mailed or czt
faxed to the County to: v�
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Collier County Government Center
Procurement Services Division
3327 Tamiami Trail, East
Naples, Florida 34112
Attention: Director, Procurement Services Division
Telephone: 239-252-8407
Facsimile: 239-252-6480
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The Contractor and the County may change the above mailing address at any time upon
giving the other party written notification. All notices under this Agreement must be in a
writing.
6. NO PARTNERSHIP. Nothing herein contained shall create or be construed as creating
a partnership between the County and the Contractor or to constitute the Contractor as
an agent of the County.
7. PERMITS: LICENSES: TAXES. In compliance with Section 218.80, F.S., all permits
necessary for the prosecution of the Work shall be obtained by the Contractor. The
County will not be obligated to pay for any permits obtained by Subconsultants.
Payment for all such permits issued by the County shall be processed internally by the
County. All non-County permits necessary for the prosecution of the Work shall be
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procured and paid for by the Contractor. The Contractor shall also be solely responsible
for payment of any and all taxes levied on the Contractor. In addition, the Contractor
shall comply with all rules, regulations and laws of Collier County, the State of Florida, or
the U. S. Government now in force or hereafter adopted. The Contractor agrees to
comply with all laws governing the responsibility of an employer with respect to persons
employed by the Contractor.
8. NO IMPROPER USE. The Contractor will not use, nor suffer or permit any person to
use in any manner whatsoever, County facilities for any improper, immoral or offensive
purpose, or for any purpose in violation of any federal, state, county or municipal
ordinance, rule, order or regulation, or of any governmental rule or regulation now in
effect or hereafter enacted or adopted. In the event of such violation by the Contractor
or if the County or its authorized representative shall deem any conduct on the part of
the Contractor to be objectionable or improper, the County shall have the right to
suspend the Agreement of the Contractor. Should the Contractor fail to correct any
such violation, conduct, or practice to the satisfaction of the County within twenty-four
(24) hours after receiving notice of such violation, conduct, or practice, such suspension ce
to continue until the violation is cured. The Contractor further agrees not to commence
operation during the suspension period until the violation has been corrected to the
satisfaction of the County. a
9. TERMINATION. Should the Contractor be found to have failed to perform his services N
in a manner satisfactory to the County as per this Agreement, the County may terminate N
said Agreement for cause; further the County may terminate this Agreement for r
convenience with a thirty (30) day written notice. The County shall be sole judge of non-
performance.
In the event that the County terminates this Agreement, Contractor's recovery against t
the County shall be limited to that portion of the Agreement Amount earned through the
date of termination. The Contractor shall not be entitled to any other or further recovery
against the County, including, but not limited to, any damages or any anticipated profit
on portions of the services not performed.
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10. NO DISCRIMINATION. The Contractor agrees that there shall be no discrimination as F
to race, sex, color, creed or national origin.
11. INSURANCE. The Contractor shall provide insurance as follows:
A. Commercial General Liability: Coverage shall have minimum limits of $1,000,000
Per Occurrence, $2,000,000 aggregate for Bodily Injury Liability and Property Damage
Liability. This shall include Premises and Operations; Independent Contractors;
Products and Completed Operations and Contractual Liability.
B. Workers' Compensation: Insurance covering all employees meeting Statutory
Limits in compliance with the applicable state and federal laws.
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The coverage must include Employers' Liability with a minimum limit of $100,000 for
each accident. ^�
C. Professional Liability: Shall be maintained by the Consultant to ensure its legal
liability for claims arising out of the performance of professional services under this
Agreement. Consultant waives its right of recovery against County as to any claims
under this insurance. Such insurance shall have limits of not less than $1,000,000 each
claim and in the aggregate.
Special Requirements: Collier County Government shall be listed as the Certificate
Holder and included as an Additional Insured on the Comprehensive General Liability
Policy.
Current, valid insurance policies meeting the requirement herein identified shall be
maintained by Consultant during the duration of this Agreement. The Contractor shall w
provide County with certificates of insurance meeting the required insurance provisions. 2
Renewal certificates shall be sent to the County ten (10) days prior to any expiration ce
date. Coverage afforded under the policies will not be canceled or allowed to expire
until the greater of: ten (10) days prior written notice, or in accordance with policy
provisions. Consultant shall also notify County, in a like manner, within twenty-four (24) a
hours after receipt, of any notices of expiration, cancellation, non-renewal or material ••
change in coverage or limits received by Consultant from its insurer, and nothing N
contained herein shall relieve Consultant of this requirement to provide notice. N-
Consultant shall ensure that all sub-Consultants comply with the same insurance ar�
requirements that he is required to meet.
12. INDEMNIFICATION. To the maximum extent permitted by Florida law, the Consultant
shall indemnify and hold harmless Collier County, its officers and employees from any
and all liabilities, damages, losses and costs, including, but not limited to, reasonable
attorneys' fees and paralegals' fees, whether resulting from any claimed breach of this a
Agreement by Consultant, any statutory or regulatory violations, or from personal injury,
property damage, direct or consequential damages, or economic loss, to the extent
caused by the negligence, recklessness, or intentionally wrongful conduct of the 5
Consultant or anyone employed or utilized by the Consultant in the performance of this a
Agreement. This indemnification obligation shall not be construed to negate, abridge or
reduce any other rights or remedies which otherwise may be available to an indemnified
party or person described in this paragraph.
This section does not pertain to any incident arising from the sole negligence of Collier
County.
12.1 The duty to defend under this Article 12 is independent and separate from the duty
to indemnify, and the duty to defend exists regardless of any ultimate liability of the
Consultant, County and any indemnified party. The duty to defend arises immediately
upon presentation of a claim by any party and written notice of such claim being provided
to Consultant. Consultant's obligation to indemnify and defend under this Article 12 will
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survive the expiration or earlier termination of this Agreement until it is determined by final
judgment that an action against the County or an indemnified party for the matter
indemnified hereunder is fully and finally barred by the applicable statute of limitations.
13. AGREEMENT ADMINISTRATION. This Agreement shall be administered on behalf of
the County by the Finance Division.
14. CONFLICT OF INTEREST. Contractor represents that it presently has no interest and
shall acquire no interest, either direct or indirect, which would conflict in any manner with
the performance of services required hereunder. Contractor further represents that no
persons having any such interest shall be employed to perform those services.
15. COMPONENT PARTS OF THIS AGREEMENT. This Agreement consists of the
following component parts, all of which are as fully a part of the Agreement as if herein
set out verbatim: Contractor's Proposal, Insurance Certificate(s), RFP #16- Y
6684-Arbitrage Rebate Scope of Services and Addendum/Addenda and Exhibit B — Fee
Schedule.
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16. SUBJECT TO APPROPRIATION. It is further understood and agreed by and between y
the parties herein that this Agreement is subject to appropriation by the Board of County
Commissioners.
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17. PROHIBITION OF GIFTS TO COUNTY EMPLOYEES. No organization or individual N
shall offer or give, either directly or indirectly, any favor, gift, loan, fee, service or other E
item of value to any County employee, as set forth in Chapter 112, Part III, Florida
Statutes, Collier County Ethics Ordinance No. 2004-05, as amended, and County
Administrative Procedure 5311. Violation of this provision may result in one or more of
the following consequences: a. Prohibition by the individual, firm, and/or any employee
of the firm from contact with County staff for a specified period of time; b. Prohibition by
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the individual and/or firm from doing business with the County for a specified period of
time, including but not limited to: submitting bids, RFP, and/or quotes; and, c. immediate
termination of any Agreement held by the individual and/or firm for cause.
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18. COMPLIANCE WITH LAWS. By executing and entering into this Agreement, the 5
Contractor is formally acknowledging without exception or stipulation that it agrees to d
comply, at its own expense, with all federal, state and local laws, codes, statutes,
ordinances, rules, regulations and requirements applicable to this Agreement, including
but not limited to those dealing with the Immigration Reform and Control Act of 1986 as
located at 8 U.S.C. 1324, et seq. and regulations relating thereto, as either may be
amended; taxation, workers' compensation, equal employment and safety (including, but
not limited to, the Trench Safety Act, Chapter 553, Florida Statutes, and the Florida
Public Records Law Chapter 119, including specifically those contractual requirements
at F.S. § 119.0701(2)(a)-(b) as stated as follows:
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IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF
CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR'S DUTY TO PROVIDE
PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN
OF PUBLIC RECORDS AT:
Communication and Customer Relations Division
3299 Tamiami Trail East, Suite 102
Naples, FL 34112-5746
Telephone: (239) 252-8383
The Contractor must specifically comply with the Florida Public Records Law to:
1. Keep and maintain public records required by the public agency to perform the
service.
2. 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 2
inspected or copied within a reasonable time at a cost that does not exceed the ce
cost provided in this chapter or as otherwise provided by law.
3. Ensure that public records that are exempt or confidential and exempt from
public records disclosure requirements are not disclosed except as authorized a
by law for the duration of the contract term and following completion of the •
contract if the Contractor does not transfer the records to the public agency. N
4. Upon completion of the contract, transfer, at no cost, to the public agency all F-21-1
public records in possession of the Contractor or keep and maintain public E
records required by the public agency to perform the service. If the Contractor 71,
transfers all public records to the public agency upon completion of the contract,
the Contractor shall destroy any duplicate public records that are exempt or
confidential and exempt from public records disclosure requirements. If the i
Contractor keeps and maintains public records upon completion of the contract,
the Contractor shall meet all applicable requirements for retaining public
records. All records stored electronically must be provided to the public a
agency, upon request from the public agency's custodian of public records, in a
format that is compatible with the information technology systems of the public `)
agency. 5
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If Contractor observes that the Contract Documents are at variance therewith, it shall a
promptly notify the County in writing. Failure by the Contractor to comply with the laws
referenced herein shall constitute a breach of this Agreement and the County shall have
the discretion to unilaterally terminate this Agreement immediately.
19. OFFER EXTENDED TO OTHER GOVERNMENTAL ENTITIES. Collier County
encourages and agrees to the successful proposer extending the pricing, terms and
conditions of this solicitation or resultant Agreement to other governmental entities at the
discretion of the successful proposer.
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20. AGREEMENT TERMS. If any portion of this Agreement is held to be void, invalid, or
otherwise unenforceable, in whole or in part, the remaining portion of this Agreement
shall remain in effect.
21. ADDITIONAL ITEMS/SERVICES. Additional items and/or services may be added to
this Agreement in compliance with the Procurement Ordinance, as amended, and
Procurement Procedures.
22. DISPUTE RESOLUTION. Prior to the initiation of any action or proceeding permitted by
this Agreement to resolve disputes between the parties, the parties shall make a good
faith effort to resolve any such disputes by negotiation. The negotiation shall be
attended by representatives of Contractor with full decision-making authority and by
County's staff person who would make the presentation of any settlement reached
during negotiations to County for approval. Failing resolution, and prior to the
commencement of depositions in any litigation between the parties arising out of this 3
Agreement, the parties shall attempt to resolve the dispute through Mediation before an
agreed-upon Circuit Court Mediator certified by the State of Florida. The mediation shall w
be attended by representatives of Contractor with full decision-making authority and by E
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County's staff person who would make the presentation of any settlement reached at
mediation to County's board for approval. Should either party fail to submit to mediation a
as required hereunder, the other party may obtain a court order requiring mediation
under section 44.102, Fla. Stat.
23. VENUE. Any suit or action brought by either party to this Agreement against the other E
party relating to or arising out of this Agreement must be brought in the appropriate 01
federal or state courts in Collier County, Florida, which courts have sole and exclusive gl
jurisdiction on all such matters.
24. AGREEMENT STAFFING. The Consultant's personnel and management to be utilized
for this Agreement shall be knowledgeable in their areas of expertise. The County
reserves the right to perform investigations as may be deemed necessary to ensure that <
competent persons will be utilized in the performance of the Agreement. The Consultant
shall assign as many people as necessary to complete the required services on a timely
basis, and each person assigned shall be available for an amount of time adequate to
meet the required service delivery dates.
25. ORDER OF PRECEDENCE. In the event of any conflict between or among the terms of
any of the Contract Documents, the terms of the Request for Proposal (RFP, the
Contractor's Proposal, and/or the County's Board approved Executive Summary, this
Agreement shall take precedence.
26. ASSIGNMENT. Contractor shall not assign this Agreement or any part thereof, without
the prior consent in writing of the County. Any attempt to assign or otherwise transfer
this Agreement, or any part herein, without the County's consent, shall be void. If
Contractor does, with approval, assign this Agreement or any part thereof, it shall
require that its assignee be bound to it and to assume toward Contractor all of the
obligations and responsibilities that Contractor has assumed toward the County.
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27. SECURITY. The Contractor is required to comply with County Ordinance 2004-52, as
amended. Background checks are valid for five (5) years and the Contractor shall be
responsible for all associated costs. If required, Contractor shall be responsible for the
costs of providing background checks by the Collier County Facilities Management
Division for all employees that shall provide services to the County under this
Agreement. This may include, but not be limited to, checking federal, state and local law
enforcement records, including a state and FBI fingerprint check, credit reports,
education, residence and employment verifications and other related records.
Contractor shall be required to maintain records on each employee and make them
available to the County for at least four(4) years.
All of Contractor's employees and subcontractors must wear Collier County Government
Identification badges at all times while performing services on County facilities and
properties. Contractor ID badges are valid for one (1) year from the date of issuance and
can be renewed each year at no cost to the Contractor during the time period in which
their background check is valid, as discussed below. All technicians shall have on their 2
shirts the name of the contractor's business. c
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The Contractor shall immediately notify the Collier County Facilities Management
Division via e-mail (DL-FMOPS( colliergov.net) whenever an employee assigned to
Collier County separates from their employment. This notification is critical to ensure the
continued security of Collier County facilities and systems. Failure to notify within four
(4) hours of separation may result in a deduction of$500 per incident.
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IN WITNESS WHEREOF, the parties hereto, have each, respectively, by an authorized
person or agent, have executed this Agreement on the date and year first written above.
BOARD OF COUNTY COMMISSIONERS
ATTEST: COLLIER COUNTY, FLORIDA
Dwight E. Brock, Clerk of Courts
By: By:
, Chairman
Dated:
(SEAL) j
PFM Asset Management LLC
Consultant F.
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By:
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Second Witness
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Approved as to Form and Legality: 11)
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Assistant County Attorney g
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Print Name a
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Exhibit A-Scope of Services
Collier County, Florida, has issued long term, tax exempt bond issues to finance a variety of
activities, such as the construction and/or acquisition of structures and improvements. These
issues, which we understand may be subject to the arbitrage rebate requirements contained
in Section 148(f) of the Internal Revenue Code of 1986 (the "Rebate Requirement") are
enumerated in the attached Exhibit A. In order for the Consultant to perform the arbitrage
rebate calculation the County's Finance Department will provide the Consultant with the daily
expenditures and relevant investment income and investment valuation information, further
described under Tab II, Business Plan. The County may complete additional financings
during the term of the Agreement that may be subject to Rebate Requirements and may be
added to the work of the Contractor.
For each issue, the Consultant is to:
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1. Verify that the issue is subject to the rebate requirement.
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2. Calculate the bond yield. to
3. Identify and separately account for all "Gross Proceeds" including those requiring
allocation analysis due to transferred proceeds and/or commingled funds
circumstances.
4. Calculate excess investment earnings. v^
5. Deliver appropriate documentation required to support calculations.
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6. Provide an executive summary identifying the methodology employed, major
assumptions, conclusions and any recommendations for changes in the County's
record keeping and investment policy.
7. Prepare a matrix to monitor arbitrage compliance. The matrix should identify key
items for each bond issue such as the dates of restriction and/or rebate, the applicable E
arbitrage yield, any exceptions to rebate, penalty elections, calculations and payment
dates.
8. Prepare all necessary Internal Revenue Service (IRS) forms for rebate payments or
refunds of overpayments. Assist the County as necessary in the event of an IRS audit
or inquiry.
9. Consult with County staff as necessary regarding arbitrage-related matters.
10.Advise the County on new or revised arbitrage regulations and interpretations as to
their effect on the County's bond issues.
11.Provide assistance and consultation as necessary and retain records and
documentation at least six (6) years after the issue's final maturity.
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Exhibit B - Fee Schedule
(Applies for all issues, existent or new)
Base fee per issue per report $2,275.00
New issue set-up $600.00
Transferred proceeds, per set $500.00
Variable rate issue add-on $550.00
Preparation of filing forms
(8038-T, 8038-R) if needed $350.00
Annual reimbursable expenses are Not to Exceed $2,500.00 per year based on actual
expenditures.
Consultation fees are 80% of standard hourly rates as identified below, there is no charge for
questions regarding work performed by PFM CD
Title Hourly Rate a
Managing Director $525.00 co
Director $450.00 N
Senior Managing Consultant $380.00
Consultant(s) $135.00—$250.00 (Hourly rates depends on
level of professional involved)
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Note: Future year price adjustments will be based on the Consumer Price Index- Urban All
Products Index— base period November 2016
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