Agenda 04/12/2022 Item #16F 1 (Extension of Agreement #12-5957 w/PFM Financial Advisory, LLC)04/12/2022
EXECUTIVE SUMMARY
Recommendation to approve an Extension of Agreement No. 12-5957 with PFM Financial
Advisors, LLC (“PFM”), extending the agreement with PFM through May 31, 2024, as an
exemption to the competitive process under Section 2-193(14) of the Code of Laws and Ordinances
of Collier County, Florida, and authorize the Chairman to sign the attached Agreement.
OBJECTIVE: To extend the current term of an existing agreement to continue County financial advisory
services including but not limited to the following: ongoing services without regard to specific bond
issues or capital financings; public offerings of securities; public sale of bonds; and negotiated sale of
bonds.
CONSIDERATIONS: The County procured its services with PFM through a competitive Request for
Proposals (“RFP”) process, which culminated with the Board approving the attached Agreement No. 12-
5957 on May 28, 2013 (the “Agreement”). Thereafter the Board approved an Extension to Agreement on
April 25, 2017, and an Assumption, Assignment and Extension of Agreement to the Agreement on April
28, 2020, which is now scheduled to expire on May 31, 2022.
Section 2-193(14) of the Code of Laws and Ordinances of Collier County, Florida (the “Code”) provides
an exemption to the competitive process to procure financial services when in the best interest of the
County. The County Manager has determined and is recommending that it is in the best interest of the
County to extend the Agreement through May 31, 2024, as permitted under the Code. A copy of the
Agreement, the Extension of Agreement and the Assumption, Assignment and Extension of Agreement
are attached. No changes to the Agreement’s rates and provisions are requested.
PFM is an independent financial advisor. The firm’s substantial experience in public finance and public
debt placement coupled with knowledge of the County’s debt structure and statewide clientele has proved
extremely valuable in assisting with management of the County’s debt portfolio. As a member of the
County debt management team since 2010, PFM has successfully recommended to the Board refinancing
of over $531 million in outstanding debt at a total net present value interest savings of $40.8 million,
resulting in a reduced cost of borrowing totaling over $3 million annually.
Maintaining the continuity that exists currently between OMB staff, Clerk’s finance staff, bond counsel
and the financial advisor is critical to an effective working relationship that will continue to benefit the
County as debt restructuring is evaluated and new financing is considered.
FISCAL IMPACT: The average annual spend for the last three fiscal years has totaled $82,100.
GROWTH MANAGEMENT IMPACT: None
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote
for Board approval. -SRT
RECOMMENDATION: To approve an Extension of Agreement No. 12-5957 with PFM Financial
Advisors, LLC (“PFM”), extending the agreement with PFM through May 31, 2024, as an exemption to
the competitive process under Section 2-193(14) of the Code of Laws and Ordinances of Collier County,
Florida, and authorize the Chairman to sign the attached Extension of Agreement.
Prepared by: Christopher Johnson, Manager Financial and Operations Support, Office of Management
and Budget
ATTACHMENT(S)
1. 12-5957 PFMFinancialAdvisorySvcs_Extension_Vendor Signed (PDF)
2. 12-5957 PFM_Extension_FullExec (PDF)
3. 12-5957 PFM Inc._AssumptionAssignmentExtension_FullyExecuted (PDF)
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04/12/2022
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.1
Doc ID: 21491
Item Summary: Recommendation to approve an Extension of Agreement No. 12-5957 with PFM
Financial Advisors, LLC (“PFM”), extending the agreement with PFM through May 31, 2024, as an
exemption to the competitive process under Section 2-193(14) of the Code of Laws and Ordinances of
Collier County, Florida, and authorize the Chairman to sign the attached Agreement.
Meeting Date: 04/12/2022
Prepared by:
Title: – Office of Management and Budget
Name: Debra Windsor
03/08/2022 10:34 AM
Submitted by:
Title: Director - Facilities Maangement – Facilities Management
Name: Ed Finn
03/08/2022 10:34 AM
Approved By:
Review:
Procurement Services Ana Reynoso Level 1 Purchasing Gatekeeper Completed 03/08/2022 10:47 AM
Procurement Services Sandra Herrera Additional Reviewer Completed 03/08/2022 1:45 PM
Procurement Services Sue Zimmerman Additional Reviewer Completed 03/16/2022 5:14 PM
County Attorney's Office Scott Teach Level 2 Attorney Review Completed 03/28/2022 10:45 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 03/28/2022 11:13 AM
Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 03/28/2022 11:21 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 03/28/2022 2:49 PM
County Manager's Office Mark Isackson Level 4 County Manager Review Completed 04/04/2022 9:09 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 04/12/2022 9:00 AM
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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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