Agenda 06/08/2010 Item #16E 1
Agenda Item No. 16E1
June 8, 2010
Page 1 of 11
EXECUTIVE SUMMARY
Recommendation to award RFP #10-5477 Arbitrage Rebate Requirements for
Collier County to PFM Asset Management LLC in an estimated maximum annual
amount of $50,000.
OBJECTIVE: To contract with a qualified professional firm to provide arbitrage services
subject to the arbitrage rebate requirements contained in Section 148(f) of the Internal
Revenue Code of 1986.
CONSIDERATIONS: Collier County 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. 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 to solicit
proposals from firms capable of providing the requisite services for an initial three (3)
year period. At the option of the County, extensions to the term of any or all of the
bonds included in the contract may be requested for two (2) additional one (1) year
periods.
For each issue, the selected firm is to:
1. Verify that the issue is subject to the rebate requirement.
2. Calculate the bond yield.
3. Identify and separately account for all "Gross Proceeds" including those
requiring allocation analyses due to transferred proceeds and/or
commingled funds circumstances.
4. Calculate excess investment earnings.
5. Deliver appropriate documentation required to support calculations.
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 arbitrage yield, any exceptions to rebate, penalty elections,
calculations and payment dates.
8. Prepare all necessary 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.
1 a.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.
Agenda Item No. 16E1
June 8, 2010
Page 2 of 11
RFP #10-5477 was posted on March 19,2010. Notices of the RFP were sent out to
197 firms and 7 proposals were received by the due date of April 9, 2010. On May 3,
2010 the selection committee, after discussion and ranking of the proposals, chose
PFM Asset Management LLC, by consensus, to perform the required services. The final
firm rankings are in order as follows:
1 PFM Asset 5 AMTEC
ManaQement LLC
2 Integrity Public 6 Bingham Arbitrage
Finance Consulting Rebate Services,
Inc.
3 Arbitrage 7 Willdan Financial
Compliance Services
Specialists, Inc.
4 Bond LOQistix LLC
FISCAL IMPACT: The payment of arbitrage services is budgeted across various
County debt service funds. The total estimated annual amount to be paid across all
County debt service funds is $50,000.00.
GROWTH .MANAGEMENT IMPACT: There is no impact to the Growth Management
Plan related to this action.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the
County Attorney's Office and is legally sufficient for Board action-SRI.
RECOMMENDATION: That the Board approves the award of RFP # 10-5477 to PFM
Asset Management LLC and authorizes the Chairman to sign the standard, County
Attorney approved contract.
PREPARED BY: Kelsey Ward, Contract Administration Manager, Purchasing
Department
Agenda Item No. 16E1
June 8, 2010
Page 3 of 11
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
16E1
Recommendation for award of RFP# 10-5477 Arbitrage Rebate Requirements for Collier
County to PFM Asset Management LLC in an estimated annual amount of $50,000.
6/8/2010 9:00:00 AM
Meeting Date:
Prepared By
Kelsey Ward
Manager - Contracts A.dministration
Date
Administrative Services
Division
Purchasing 8. General Services
5/20/2010 1 :54:20 PM
Approved By
Joanne Markiewicz
Manager - Purchasing Acquisition
Date
Administrative Services
Division
Purchasing & General Services
5/20/2010 2:05 PM
Approved By
Scott R. Teach
Deputy County Attorney
Date
County Attorney
County Attorney
5/21/20102:51 PM
Approved By
Steve Carnell
Director - Purchasing/General Services
Date
Administrative Services
Division
Purchasing & General Services
5/22/20107:47 AM
Approved By
Len Golden Price
Administrator. Administrative Services
Date
Administrative Services
Division
Administrative Services Division
5/25/20105:04 PM
Approved By
OI\ilS Coordinator
Date
County Manager's Office
Office of Management & Budget
5/26/2010 8:42 AM
Approved By
Therese Stanley
Manager. Operations Support - Trans
Date
Office of Management &.
Budget
Office of Management & Budget
611120108:31 AM
Approved By
Leo E. Ochs, Jr.
County Manager
Date
County Managers Office
County Managers Office
6/1/20109:25 AM
Agenda Item No. 16E1
June 8, 2010
Page 4 of 11
~.CmmtY
Admnistrative Services CXvisian
PurCtlasing
RFP Summary of Proposers
RFP #: 10-5477
Title: Arbitrage Services
DATE OF RFP ADVERTISEMENT: 3/19/2010
RFP DUE: 4/9/2010
NUMBER OF EMAIL NOTICES SENT: 197
SOLICITATION PACKAGES DOWNLOADED: 29
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
roposer Ity, tate nOlnal + 6 Copi
Bond Logistix LLC Tampa, FI cgj Yes DNo
Willdan Financial Services Orlando, FL cgj Yes DNo
Arbitrage Compliance Specialists Centennial, Colorado cgj Yes DNo
PFM Asset Management LLC Philadelphia, PA cgj Yes DNo
AMTEC West Hartford, CT cgj Yes DNo
Bingham Arbitrage Rebate Services Richmond, VA cgj Yes DNo
Integrity Public Finance Consulting Jacksonville, FI cgj Yes DNo
DYes DNo
DYes DNo
DYes DNo
P
C' S
O' .
es
Joanne Markiewicz 4/9/10
Opened by
Derek Johnnson
-- Witness
-
GI Acquisitionsl AgentFormsandLetters/RFPT abSheet
Revised: 3/16/09
Agenda Item No. 16E1
June 8, 2010
Collier County Purchasing Department Page 5 of 11
RFP#Xx-xxxx 10- 5~77
"Title" I(Arb;f~t- Rt.ba.f~ I('~'~_~Y'\-+.$ ~
Selection Committee Final Ranking Cc i l" L.- G: ... 4 · .
,")'r:.:......, ... '.....'... "i~~~Wi}J [{ii,; 'J~~~!iJ\, >'~~~> '.. 1.','".< ,.\;~~IIl-i,.., ...,;;; ..1i I.....
.. ,.,':'!
# . Connie ;'T ',i;:' Ii":",. -..'
.... .f;'"".:;""""'.'.",'. .'".'.".~.. : ...'
1 AMTEC 6 5 6 4 1 iii
Arbitrage Compliance 6
2 Specialists, Jnc 4 2 4 2 8
Bingham Arbitrage Rebate
3 Services, Inc 3 7 2 5 7
4 Bond Logistix LLC 5 1 5 6 4 ""4;~
PFM Asset Management LLC S ..."... T .i!
5 1 3 1 3 3 ;;; 'PIT'
6 Willdan Financial Services 7 4 7 7 5 0
."'. ,., 6 3 1 2 ii'f,i.';(;~14I,,' "'n';;;'>2;8
7 Consultina 2
8 .... :J~I~~I~~.sI"/()!
9 ~,...~ "~IQl'
','",:;;"
10
f...J~ ..I"""""""
11
'Cic;C' , , '~~i01:h ";;.:
12 }.Y#SWIOI
13 7:-'?-"""\0 ' #bfiljol,
If;;; ,.7. _c:':.,'c:;
14 #DJV/OF
m.;m #OIV/OJ
15 ,,'.
16 ..;~ \~#I)IV/dj
I'~'; ." ~
17
,ii. -~",.
18
19 );;:;0 :!#oIVlOI
I.;,,;':..'.'?,',' ;',,",
20
f" , 0 #oN/b.t '
21
,;,'", ;.<1:1
22 f#DIVIO!
','." , ~
23
f;W;,.,tj ,,', , ,"",
24 :';i#DIV/oi
25 C #DIVIO!
.,..,'<,.,', '. .' 1"";"'+'28 ,'"'.i.......'.28 T,"GC :T ',.
'28 28 0 '.."..;.:7.
"...'..J,.;.:~..,.,'..." ",f"", ,'....,, ..",',.."."
" ','".'\""" '." .,...'.' ,
~~LE~~~~$:;;;A~'-
~""",,;... Ageo' S;goalure LffA4-I.-:/~;Jku,;(
5 /i /;t>
Date
Vendor rankings are determined by adding the rankings of attending selection committee members. totaling Ihose rankings, and averaging the lotal
ranking, Vendor final averages will then be ranked in ascending order (# 1 is besl ranking).
,:",'/c.,,; /""'/ /3 h:-
,;<,,~""";., ;..;" "/ ....i'../
:;',i;C; ,,;: -file",."::.,,
PFM Asset Mana 11
Intearitv Public Fi 14
Arbitraae Comofj 18
Bond Loaistix LU 21
AMTEC 22
Binaham Arbitral: 24
Willdan Financial 30
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
o 0
:~t~i!;[
;
2.2
2.8
3.6
4.2
4.4
4.8
6
#DIV/O!
#DrV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
#DIV/O!
Final Ranking
(Low to High)
Agenda Item No. 16E 1
June 8. 2010
Page 6 of 11
-
...
~ Agenda Item No. 16E 1
to June 8, 2010
Page 7 of 11
)>
<
(1)
::> 0 CJ) (J1 .j>. c.> I\,) .... S" 1J OJ OJ )>-
0. ::::l
Q III (1) it 'TI 0 5' ~
it CD Q, s: ::::l CQ 0-
OJ :C' CQ 0. ':T ;:;:
::> 0- is: ~ )> I III Q3
"" 0" c UI 0 3 CQ
S' ::::l !. 1J UI (Q (1)
(Q ("') c !. iii' )>- ("')
iii' 0 t/l Q: s: =:a- 0
0. 3 CD 5' Dl )( ;:;: 3
!R. 3 CD 'TI ::::l r- Q3 "2-
(II n III ICQ iii'
3 if ct. 5' CQ ("') (1)
0 III (1) :l
S' (1) :s (1) :l 3 ~ lil
(1) s: (') < lil (1) (1)
0. &i' 0- CJ)
er 0 (1) 0 ("') a ~"5l
'< 3 3 Ul 0 I
III 0- 3 :l I CJ) Q.
III (1) UI ("') (1) !!!.
III ~ ~ f ~
<0' CJ) < iii'
::> cO' 5' cl" en
5" :l !!: CQ (1) -
(Q III _U1
"0 E' CD
0 3
a ii3 cr
III CD
go ..
t/l
(II n
III 0
n :::l.
:T
n :l
::>. CQ
~ t/l
Cij' ':T
CD
III CD
::> ..
0.
0
~ =
9' c.
(1) :c- o
"0
0 c: g
S' I;:
en !!!. ii'
~
11I:;- en 0
CD 0
=5a, ii' )0 c:
< - n.. ::>
(II 0 ~E:"~
::> (1)
0.)( :li3::a"
Q !;l O<c ... E;
III (1) (;I CIl ... 1'1
'0. 3eno:l'
.... 3 CIl u. III
.0
'" 0 =:s.~=
::>~
,.." CIl 1'1 -.j <c
~~ CIl:: 0
en: (II
::> 1'1 "0
,.. (;I III
9' ::!. :.
(1) :I 3
< <c CD
(II en ::>
::> ::r ...
Co (II
Q (II
...
~.
9'
9' .... .... .... .... ....
(II (J1 .j>. c.> I\,) ....
:T
<0'
:T
(1)
!!l.
::>
c:
3
t:T
~
g, I\,) .... .... ....
"0 0 (0 co -..j Q)
0
S'
en
=l'
!!l.
~
iii'
er
(1)
!!l.
iil
::>
,..
:5'
<cO
9'
(1)
::>
!'>
(II
n
---
c:
~ \~
11 t\ - V\ ~ .r.f"'
1J I" - -t: f" '-N "" I ~
)>
~
:::I
0-
o
..,
iiJ
:::I
".
:j'
ee
iir
0-
(1)
CD
3
S'
(1)
0-
0"
'<
III
"'
"'
<5'
:::I
S'
ee
"0
o
S'
(;l'
Q
(1)
III
g.
8.
CD
:::I.
III
III
:::I
0-
6'
at
:T
(1)
"0
o
c:: S'
.as"
~S'
=9-
< -
R> 0
a~
g @
"' R>
!!l 0-
R> .....
.., '"
III 0
:::I~
".'
~~
:::I
".
:T
R>
<
R>
:::I
0-
g
~.
:T
:T
R>
;:r
<5'
;:r
(1)
l!l.
:::I
c::
3
0"
9l
o
....
"0
o
S'
(;l'
""
i!l
~
iii'
0"
R>
~
OJ
:::I
".
S'
ee
:T
R>
:::I
.'"
R>
n
o
III
CD
a
"
-'" ~......Io..-\r.
01 ./'. W J\.) .....
t'V ......10. ....a. ....l. ......10.
O<D03-..J'"
5'
c.
<' C')
~ g,
~ ~
CJl C')
!.: 0
l!: ~ 3
5"2:::0':<
:::I;=B."
~cg ~ ~
3 CJl '? ''--
2.~~
~('i':jcO
CD CIl c
CJl CII: CIl
(') 'tl
o III
:!. ~
~ ~
CJl :::I
;:r -
CIl
CIl
-
-
>
~ en
::I c
Q. III CD
g is' CD
iil Sl
::I 0'
"7(' ::I
3' (')
cc
(ii' 0
3
Q. 3
(1)
1S' ::=
3 CD
CD
3' 3:
~ (II
~ 3
III i
'"
'" en
cQ' US'
::I
~. ::l
III
'0 e-
o a
3'
c;;
g
(II
III
0
:J
g.
CD
::I.
III
III
::I
Q.
i5'
~
s:
(1)
'0
0
c 3'
::1-
:::!'. en
0;S-
=s
< i5'
(II
5,(1)
o )(
til ~
lllQ.
iil~
iil '"
0
::I~
"7("
(11;:0
?-Ill
::I
"7('
s:
(1)
~
5,
g
~
""
::r
i
::r
cQ'
~
(1)
!!l
::I
c:
3
0-
~
0
-
'0
0
3'
c;;
:::!l
~
~
(ii'
0-
(1)
!!l
~
Ql
::I
"7('
5'
~
s:
(1)
::I
!'>
(1)
0-
'-'
t.n .... W r-J ~ 3"
a.
<
a:
c
!.
o
CD
is'
n
ct
o
~
n
o
3
3
i
I:
(II
3
a
CD
..
en
n
o
..
5'
lQ
o
::r
I
..
-
~
~
~
.....COCD-..jO)
o
.... -a.. ~ -'- -a..
t.n .to. W r-J .....
P\.) -'" .,...10. ....\. -L
o co CD -..j 0)
Agenda Item No. 16E1
June 8, 2010
Page 9 of 11
~~~
Ei
Q.
<'
a:
c
!!!.
n
g,
i'
..
en n
CD. 0
CP> c
0.. ::I
~5!:::U~
::si[~"D
ncc ... !;
o CD _ C"I
3cno::r
3CDtlll
ii5."",Ei
CD n ""'cc
CD III c
en: CD
n '0
o Dl
5' i
cc CD
en ::s
::r ...
CD
!a.
>
~
::3
Co
Q
i>>
::3
...
'5'
lC
iii'
Co
(11
Ii
3
'5'
(11
Co
tr
'<
III
..
..
as'
::3
S'
ro
~
o
S'
Iii
0'
.,
(11
III
n
:T
S.
~
iii'
III
::3
Co
S'
i
se
(11
"C
o
S'
lii
!!!.~
-::3
< 0
(11 -
as"
o (11
U; ~
III (11
; ~
; ~
~o
Ill"'"
~::o
III
::3
"..
se
(11
<
(11
::3
Co
Q
~
~
se
()
:T
.0
:T
()
~
::3
c:
3
tr
~
g,
~
o
S'
Iii
~
~
~
iii'
tr
()
~
iil
::>
...
5"
I?
5'
(11
::3
1"
(11
?i
c:
~
-a. ... -a. -a. -a.
(J1 .... W tv ..&
N -" -a. -a. -\.
o (0 Cll ..... en
Agenda Item No. 16E1
June 8, 2010
Page 10 of 11
:iiiiiii:iiIii::ifiiili:iiii:::iii::iiii:i:::i:i
:::~::::::::::~:::::::::::;:::::::::::::::::::::::::::::::;::
=::::;:;:::;:::;:;:;:;
:::::::::,: :::::::::::...... en (J1 .... W tv ....
Ii :il:: ~ ~ ~ g co~ 2-_~
:::1: ::2:' Q, s: co Q, ;:r .,
::: ::i :li:::::i:; ~ ~ ; ~ ~ ~
.'. '. ..........:l CD c:: III ;I> ()
:@::iiii:::f g ~ g ~ g; ~
II t I r Ii
iliiiiiiii iii!i:i!!! ~~. .ur
l:r: lit !Il ~
~ ililililililillll/!i/I'/llllli'III!I!llililll!llll!illli'i:
.
.
:::::iii:::i::::i::::::::ii!:l::i:ii:::::ii!i:!::::::i::::!:
~~.
:.:.:.:,:,:,:,:,:,:_.:.:ii:.;.:.:.:.:.:.:.:.:.:
~tfjfjf\ij~tt1Jlt~~~i~Ii~~1ir~~
....................................,........'....,.........
.............................,
................ .............
0 en (J1 .... W tv
e\. CD
(ll CD
$l
o'
:l
~
q 3
~
co
OJ CD
s:
CD
N 3
0 C"
CD
.,
0 en
cO
:l
e\.
c::
iil
~
?
c .... (0 Cll ..... en
0
c.,
<:
.;.:.:.:.;.:.:.:.:.;.:.-
.:.:.:.:.;.:.:.:.;.;.;
.:.:.:.:.:.:.:.:.:.:.:.
::::i:::::::~::i:
:0::::
.::.iii:::i:::::::i::i:i!i:~:::I::!::::i:i::::::
_ :::nmrratl: .1::ili.:Emmr:::
............',..,..... ....1'...."""",...,
.............. " ........
..,..,..,"'...1..'..... ,',.. ..",','..,',',
....... .. .. ........
........ . " ........
.......... ... ........
:.:.:.:.:.:.:.:.' .':', ..:.:.' ',:.:.:.:.:.:.;.;
1111:1.lljll.III:I:~!I.:IIII;I:I:lli.I~lr
::::::::::::::::::::::::::;1SL;a;;::::::::;:::;::
.:.:.:,:.:.:.:.;.:.:.:.:.:.a~::,:.:.:.:-:.:.:.:.:.:.:.:.
...............................
..............................
I'I'I.!I:~!
.:.:.:.:.:.
~:~:~j~~I
-N
~O
,..............................
!111.1111.1.~I.I~II!i~lllllllil
N - ...........11...~.,.....
00 ..c. ~ :::::::::t:'i:t.:~::::iiJ:::::...:i:::::::::
C) :rr:b:::::~~:::!irl:r?,
11111111111\:::i:llllIII11Illlllllllll:
,.
a-
m
;.:.:.:.:.:.:.:.;.:.:.:
11-
:i'
Co
<' (")
g: g,
!!!. ~
C/) (")
~. 0
l!! ~ ~
g:~::n-<
:;,~il'"tl
b'c:il!5-
3C/)o
3CDo.
::;s.~::3
ctn.....lQ
CD m 0
C/). CD
n 'tl
o AI
:1 :1
:;, 3
lQ ctl
C/) :;,
:r -
CD
!.
-
c:
~
~
<
(1)
~
'':l..
-'
CD
ill
~
"'"
(1)
Cl.
o
Ql
it
(J)
(1)
CD
~
o'
:::J
(')
o
3
3
==
(1)
(1)
3:
(1)
3
0-
(1)
..,
(J)
cO'
:::J
Ql
E'
CD
U'l .j>. (,0) I\) ...... =
Q,
:c'
a:
c
!.
en
CII
~~
. .. ~
r :::I
(')
o
3
3
i
I'D
==
CII
3
C'
I'D
.,
en
o
o
:1,
=
CCI
en
;:r
I'D
I'D
(0 co -..j 0> ....
u\
v;-
-
o
~
~. 0
) V1
,..
C'
~
f
.......... ....
U'l.j>.(,o)I\)....
tv ~ ~ -lr. -10.
o (0 co -..j 0>
Agenda Item No. 16E1
June 8, 2010
Page 11 of 11
-4l
-
s
Cl.
<"
c:
c:
~
(')
~
i'
..
en (')
CII. 0
i'> c:
l").. ::I
~!!::U.:<
::I~::g~
(') 1Q 'II: Ei
o C) ... l")
3enCl::T
3 C) . III
- < ~!!!.
=-.....::1
CII 0 .....CD
C)::: 0
g'= C)
o ;:
::!. ~
.= 3
~ CD
en :l
::T ....
CD
CII
...