#12-5957 (PFM, Inc. - Assumption, Assignment & Extension Agreement) ASSUMPTION,ASSIGNMENT AND EXTENSION OF AGREEMENT
NO. 12-5957 FOR FINANCIAL ADVISORY SERVICES
This Assumption, Assignment and Extension of Agreement No. 12-5957 is made and
entered into on this 2844N of April, 2020 by and between Public Financial Management, Inc.
("Consultant")and Collier County, a political subdivision of the State of Florida(the"County").
WHEREAS,on May 28, 2013 (Agenda Item No. 16.F.3)the County awarded Agreement
No. 12-5957 for Financial Advisory Services, hereinafter referred to as the"Agreement;" and
WHEREAS, on April 25, 2017, the Consultant and the County entered into an extension
to the Agreement, which extended the term through May 31, 2020. A copy of the Agreement
together with the extension is attached hereto as Exhibit"A"; and
WHEREAS,the Consultant and the County wish to extend the term of the Agreement to
May 31, 2022; and
WHEREAS, on October 4, 2016, the Consultant, through two pieces of correspondence
of that same date,notified the County that in an effort to better align the services it provides to the
County with its most regulatory appropriate affiliate, its affiliate entity PFM Financial Advisors,
LLC ("PFM"), a municipal advisor registered with the SEC, the MSRB and registered to conduct
business in the State of Florida, would be providing future services under the Agreement to the
County. Copies of the Consultant's correspondence is attached hereto as Exhibit B; and
WHEREAS, the County Manager's Office acknowledged this ministerial change in the
County's relationship with the Consultant's affiliate, PFM,by countersigning the October 4, 2016
correspondence; and
WHEREAS, the Consultant hereby represents to the County that by virtue of its
realignment of the provision of financial services through its affiliate PFM, PFM is the successor
in interest in relation to the Agreement; and
WHEREAS, the parties wish to formalize PFM's assumption of rights and obligations
under the Agreement effective as of the date first above written.
NOW THEREFORE, IN CONSIDERATION of the mutual promises in this
Assumption, Assignment and Extension Agreement, and for other good and valuable
consideration,the receipt and sufficiency of which are acknowledged by the parties, it is agreed as
follows:
1. PFM Financial Advisors, LLC,accepts and assumes all rights,duties,benefits,and
obligations of the Consultant under the Agreement, including all existing and future obligations to
perform under the Agreement.
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2. PFM Financial Advisors, LLC, will promptly deliver to the County evidence of
insurance consistent with the Agreement.
3. The term of Agreement No. 12-5957 is hereby extended to May 31,2022.
4. All future renewals of Agreement No. 12-5957 are subject to approval by the Board
of County Commissioners.
5. Except as stated herein, all other terms and conditions of the Agreement shall
remain in full force and effect.
6. Further supplements to, or modifications of, the Agreement shall be approved in
writing by both parties.
7. Notice required under the Agreement to be sent to PFM shall be directed to:
PFM Financial Advisors,LLC:
Attention: Sergio Masvidal, Managing Director
PFM Financial Advisors LLC
2222 Ponce De Leon Boulevard, Third Floor
Coral Gables, Florida 33134
masvidals@pfm.com /phone: 786.671.7480
8. The County hereby consents to PFM Financial Advisors,LLC's assumption of the
Agreement in order to continue the services provided under Agreement No. 12-5957. No waivers
of performance are granted or authorized. The County will treat PFM Financial Advisors, LLC
as the Consultant for all purposes under the Agreement. Except as provided herein,all other terms
and conditions of the Agreement remain in full force and effect.
[Signature page to follow]
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IN WITNESS WHEREOF,the undersigned have executed and delivered this Assumption,
Assignment and Extension of Agreement No. 12-5957 effective as of the date first above written.
ATTEST:
Crystal K. Kinzel, Clerk of Court& BOARD OF COUNTY COMMISSIONERS
Comptroller COLLIER COUNTY, FLORIDA
By: A. 4/ By: ..—c
Burt L. Saunders, Chairman
Dated:
(SEAL)
Attestas tot airman's
signature only.
Consultant:
PFM Financial Advisors, LLC
By:
Signature
SERGIO D. MASVIDAL, MANAGING DIRECTOR
TType/print signature and titleT
March 24, 2020
Date
Ap roved a o F a egality:
De ty County Attorney
Print Name
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EXTENSION OF AGREEMENT NO. 12-5957
FOR
FINANCIAL ADVISORY SERVICES
This Extension of Agreement No. 12-5957 is made and entered into on this 12) of
(CeAn(9 Q r , 2023 by and between PFM Financial Advisors LLC ("PFM" or
"Consultant") and Collier County, a political subdivision of the State of Florida (the "County")
(collectively the "Parties").
WHEREAS, on May 28, 2013 (Agenda Item No. 16.F.3),the County awarded Agreement
No. 12-5957 for "Financial Advisory Services" (the "Agreement") to Public Financial
Management, Inc.; and
WHEREAS, on April 25, 2017, the Consultant and the County entered into an extension
to the Agreement, which extended the Agreement term through May 31, 2020; and
WHEREAS, on April 28, 2020 (Agenda Item No. 16.F.1), the Consultant and the County
entered into an Assumption, Assignment and Extension to the Agreement, formalizing PFM
Financial Advisors, LLC's assumption of the rights and obligations under the Agreement as an
affiliate of Public Financial Management, Inc., and extended the term through May 31, 2022; and
WHEREAS, on April 12, 2022, the Consultant and the County entered into an extension
to the Agreement, which extended the Agreement term through May 31, 2024; and
WHEREAS, the Consultant and the County wish to further extend the term of the
Agreement an additional two years with a new expiration date of May 31, 2026.
NOW THEREFORE, IN CONSIDERATION of the mutual promises in this Extension
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is
acknowledged by the Parties, it is agreed as follows:
1. The above recitals are hereby incorporated into this Extension Agreement as if fully set
forth herein.
2. The term of Agreement No. 12-5957 is hereby extended to May 31, 2026.
3. All future renewals and extensions of Agreement No. 12-5957 are subject to approval by
the Board of County Commissioners.
4. Except as stated herein, all other terms and conditions of the Agreement, as previously
amended, shall remain in full force and effect.
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Extension of Agreement No. 12-5957
CO
IN WITNESS WHEREOF,the undersigned have executed and delivered this Extension of
Agreement No. 12-5957 effective as of the date first above written.
ATTEST:
Crystal K.Kinzel,Clerk of the Circuit BOARD OF COUNTY COMMISSIONERS
Court&Comptroller COLLIER COUNTY,FLORIDA
•
By ,. : !' By: I
. Rick LoCastro, Chairman
Dated: %•
(SEAT) '„,,At—tea as to • °airman's
,,ignattlte only
Consultant's Witnesses: Consultant:
PFM Financial Advisors LLC
( __ 2
itness By:
Signature
TType/print witness nameT — i 6/6 O
TType/print signature and titleT1,4 igt
Second Witness l�
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1)1.,19 CikULS Da //
TTypeVrint witness nameT
App oved as to)?rm a egali :
S .Teach,Deputy County Attorney
nt ame
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Extension of Agreement No. 12-5957