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HomeMy WebLinkAboutReso 2008-1204 RESOLUTION NO. 2008- rb.b~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING AN AGREEMENT WITH FIRST SOUTHWEST COMP ANY FOR FINANCIAL CONSULTING SERVICES TO ASSIST IN DEVELOPING A COMPREHENSIVE FINANCING PLAN ON AN HOURLY BASIS WITH A CAP SET AT THIRTEEN THOUSAND DOLLARS ($13,000.00), ATTACHED HERETO AS EXHIBIT "A"; AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT; AUTHORIZING THE CITY MANAGER TO DO ALL OTHER THINGS NECESSARY TO EFFECTUATE THE TERMS OF THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Sunny Isles Beach will have projects coming up and needs assistance in developing a comprehensive financing plan for the City and in securing a credit rating from third party agencies; and WHEREAS, the City Manager has negotiated an agreement with First Southwest Company and desires to enter into the agreement, attached hereto as Exhibit "A", for Financial Advisory Services on an hourly basis, setting a cap at Thirteen Thousand Dollars ($13,000.00) for assistance in developing a comprehensive financing plan. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Approval of Agreement. The Agreement with First Southwest Company, for Financial Advisory Services, on an hourly basis with a cap set at Thirteen Thousand Dollars ($13,000.00) for assistance in developing a comprehensive financing plan, attached hereto as Exhibit "A", be, and the same, is hereby approved. Section 2. Authorization of Mayor. The Mayor IS hereby authorized to execute said Agreement. Section 3. Authorization of City Manager. The City Manager is hereby authorized to do all things necessary to effectuate the terms of this Resolution. Section 4. Effective Date. This Resolution will become effective upon adoption. PASSED AND ADOPTED this 1 ih day of January 2008. R2008- Agmt w/First Southwest Co, for Financial Advisory Services ATTEST: ~A:~ Jane A. Hines, CMC, City Clerk APPROVED AS TO FORM AND LEGA F t Cy Vote: 5-D Mayor Edelcup Vice Mayor Thaler Commissioner Brezin Commissioner Goodman Commissioner Scholl R2008- Agmt w/First Southwest Co, for Financial Advisory Services ---1LCYes) ~(Yes) V(Y es) V (Yes) =tZ(Y es) Moved by: VlG v'Y\~()Y" T\1M..~ Seconded by: c..o~ <; c.. \-taL L- _(No) _(No) _(No) _(No) _(No) 2 " , OF SUt-l CITY OF SUNNY ISLES BEACH AGREEMENT FOR PROFESSIONAL SERVICES WITH FIRST SOUTHWEST COMPANY ("FSC") CONTRACT NO: C0708-030 THIS AGREEMENT is made this I~ day of -::rCU\~ ' 2008 by and between the City of Sunny Isles Beach, Florida (hereinafter referre to as the ("CITY") and First Southwest Company ("FSC"), (hereinafter referred to as FINANCIAL ADVISOR), whose Federall.D.# is 1 SOl ()~ 00 d.- WHEREAS, it is necessary for the CITY to obtain the services of a financial advisor; and WHEREAS, the FINANCIAL ADVISOR represents it is capable and prepared to provide such services. NOW, THEREFORE, in consideration of the promises contained herein, the parties hereto agree as follows: ARTICLE 1 EFFECTIVE DATE The term of this Agreement shall commence upon execution of this Agreement and shall terminate upon the completion of the services, as more fully described in Attachment "A", attached hereto and incorporated herein. ARTICLE 2 CONTRACT ADMINISTRATION Administration of this Contract shall be under the general direction of A. John Szerlag, City Manager, who shall act as the City's representative during the performance of this Contract. The Contract Administrator for the FINANCIAL ADVISOR is Edward Marquez, Senior Vice President, who will serve as the day-to-day contact. Each party to this Contract agrees to provide written notification within fifteen (15) days, should the representati ve of either party change during the term of the Contract. ARTICLE 3 SERVICES TO BE PERFORMED BY FINANCIAL ADVISOR 3.1 GENERAL The scope of services of the FINANCIAL ADVISOR includes updating the City's capital improvement plan and funding alternatives, with an estimated date of completion of 24 (twenty four) months from issuance date of a notice to proceed from the City. 3.2 WORK AUTHORIZATION Specific work shall be designated and authorized in the form of a Work Authorization. I Each Work Authorization will set forth a specific Scope of Services, basis of compensation date, and shall be approved by the Finance Director. ARTICLE 4 COMPENSATION 4.1 GENERAL The specific compensation to be paid FINANCIAL ADVISOR is as follows: The City will be charged for actual hours worked for scope of services regarding updating the City's capital improvement plan and funding alternatives, in an amount not to exceed $13,000 (thirteen thousand dollars), based on FINANCIAL ADVISOR's hourly fee schedule set forth in Attachment "A". ARTICLE 5 INSURANCE During the performance of services under this Agreement, the FINANCIAL ADVISOR shall maintain the following insurance policies written by an insurance company authorized to do business in Florida: 5.1 General Liability Insurance with each occurrence limits of not less than One Million Dollars ($1,000,000), personal injury and advertising injury liability of not less than One Million Dollars ($1,000,000) and general aggregate of not less than One Million Dollars ($1,000,000). 5.2 Workers' Compensation Insurance in accordance with statutory requirements and Employer's Liability Insurance with limits of not less than One Hundred Thousand Dollars ($100,000) for each accident, not less than One Hundred Thousand Dollars ($100,000) for each disease, and not less then Five Hundred Thousand Dollars ($500,000) aggregate. 5.3 Professional Liability Insurance with limits of not less than One Million Dollars ($1,000,000) annual aggregate. Deductible amounts shall not exceed five percent (5%) of the total amount of required insurance in each category. Should any policy contain any unusual exclusion, said exclusions shall be so indicated on the certificates( s) of insurance. The FINANCIAL ADVISOR shall furnish the CITY certificates of insurance which shall include a provision that policy cancellation, non-renewal or reduction of coverage will not be effective until at least thirty (30) days written notice has been made to the CITY. The FINANCIAL ADVISOR shall include the CITY as an additional insured on the General Liability insurance policy required by the Agreement. The FINANCIAL ADVISOR shall not commence work under this Agreement until all insurance required as stated herein has been obtained, and such insurance has been approved by the CITY. 2 ARTICLE 6 ST ANDARD OF CARE The FINANCIAL ADVISOR shall exercise the same degree of care, skill, and diligence in the performance of the services as is ordinarily provided by a comparable professional under similar circumstances and the FINANCIAL ADVISOR shall, at no additional cost to the CITY, re-perform services which fail to satisfy the foregoing standard of care. The FINANCIAL ADVISOR warrants that all services shall be performed by skilled and competent personnel to the highest professional standards in the field. ARTICLE 7 INDEMNIFICATION 7.1 GENERAL Having considered the risks and potential liabilities that may exist during the performance of the services and in consideration of the promises included herein, the CITY and the FINANCIAL ADVISOR agree to allocate such liabilities in accordance with this Article 6. 7.2 INDEMNIFICATION The FINANCIAL ADVISOR agrees to protect, defend, indemnify, and hold harmless the CITY, its employees, and representatives from any and all claims and liabilities including all attorney's fees and court costs, including appeals, for which the CITY, its employees, and representatives can or may be held liable as a result of injury to persons or damage to property occurring by reason of any negligent acts or omissions or willful misconduct of the FINANCIAL ADVISOR, its employees, or agents arising out of or connected with this Agreement. The FINANCIAL ADVISOR shall not be required to indemnify the CITY or its agents, employees, or representatives when an occurrence results from the wrongful acts or omissions of the CITY or its agents, employees, or representatives, 7.3 SURVIVAL Upon completion of all services, obligations, and duties provided for in this Agreement or in the even of termination of this Agreement for any reason, the terms and conditions of this Article shall survive. ARTICLE 8 INDEPENDENT CONTRACTOR The FINANCIAL ADVISOR undertakes performance of the services as an independent contractor and shall be wholly responsible for the methods of performance. The CITY shall have no right to supervise the methods used, but the CITY shall have the right to observe such performance. The FINANCIAL ADVISOR shall work closely with the CITY in performing services under this Agreement. 3 ARTICLE 9 COMPLIANCE WITH THE LAWS In performance of the services, the FINANCIAL ADVISOR will comply with applicable regulatory requirements, including federal, state, special district, and local laws, rules, regulations, orders, codes, criteria, and standards. ARTICLE 10 SUBCONSUL TING The CITY reserves the right to accept the use of a subconsultant or to reject the selection of a particular. If a subconsultant fails to perform or make progress as required by this Agreement and it is necessary to replace the subconsultant to complete the work in a timely fashion, the FINANCIAL ADVISOR shall promptly do so, subject to acceptance of the new subconsultant by the CITY. ARTICLE 11 FEDERAL AND STATE TAXES The CITY is exempt from Federal Tax and State Sales and Use Taxes. Upon request, the CITY will provide an exemption certificate to the FINANCIAL ADVISOR, The FINANCIAL ADVISOR shall not be exempted from paying sales tax to its suppliers for materials to fulfill contractual obligations with the CITY, nor shall the FINANCIAL ADVISOR be authorized to use the CITY'S Tax Exemption Number in securing such materials. ARTICLE 12 A V AILABILITY OF FUNDS The obligations of the CITY under this Agreement are subject to the availability of funds lawfully appropriated for its purpose by the City Commission of the CITY. ARTICLE 13 CITY'S RESPONSIBILITIES The CITY shall be responsible for providing information on hand required by the FINANCIAL ADVISOR, including existing reports, studies, planning information, and other required data that are available in the files of the CITY. ARTICLE 14 TERMINATION OF AGREEMENT This Agreement may be terminated by the FINANCIAL ADVISOR upon thirty (30) days prior written notice to the CITY in the event of substantial failure by the CITY to perform in accordance with the terms of the Agreement through no fault of the FINANCIAL ADVISOR. It may also be terminated by the CITY, with or without cause, upon thirty (30) days written notice to the FINANCIAL ADVISOR. Unless the FINANCIAL ADVISOR is in breach of this Agreement, the FINANCIAL ADVISOR shall be paid for services rendered to the CITY'S satisfaction through the date of termination. After receipt of a Termination Notice, and except as otherwise directed by the CITY, the FINANCIAL ADVISOR shall: A. Stop work on the date and to the extent specified. 4 8, Terminate and settle all orders and subcontracts relating to the performance of the terminated work. C, Transfer all work in process, completed work, and other material related to the terminated work to the CITY. 0, Continue and complete all parts of the work that have not been terminated. The FINANCIAL ADVISOR shall be paid for services actually rendered to the date of termination. In the event of such termination, it is understood and agreed that only the amount due FINANCIAL ADVISOR for services provided and expenses incurred to the date of termination will be due and payable. No penalty will be assessed for termination of this Agreement. ARTICLE 15 UNCONTROLLABLE FORCES Neither the CITY nor the FINANCIAL ADVISOR shall be considered to be in default of this Agreement if delays in or failure of performance shall be due to Uncontrollable Forces, the effect of which, by the exercise of reasonable diligence, the nonperforming party results in the prevention or delay of performance by a part of its obligations under this Agreement and which is beyond the reasonable control of the nonperforming party. Uncontrollable Forces include, but are not limited to, fire, flood, earthquake, storm, lightning, epidemic, war, riot, civil disturbance, sabotage, and governmental action. ARTICLE 16 GOVERNING LAW AND VENUE The laws of the State of Florida shall govern this Agreement. Any and all legal action necessary to enforce the Agreement will be held in Miami-Dade County, and the Agreement will be interpreted according to the laws of Florida. ARTICLE 17 NON-DISCRIMINATION The FINANCIAL ADVISOR warrants and represents that all of its employees are treated equally during employment without regard to race, color, religion, gender, age, or national origin. ARTICLE 18 WAIVER A waiver by either the CITY or the FINANCIAL ADVISOR of any breach of this Agreement shall not be binding upon the waiving party unless such a waiver is in writing. In the event of a written waiver, such a waiver shall not affect the waiving party's rights with respect to any other or further breach. The making or acceptance of a payment by either party with knowledge of the existence of a default or breach shall not operate or be construed to operate as a waiver of any subsequent default or breach. 5 ARTICLE 19 SEVERABILITY The invalidity, illegality, or unenforceability of any proviSIOn of this Agreement, or the occurrence of any event rendering any portion or provision of this Agreement void, shall in no way affect the validity or enforceability of any other portion or provision of the Agreement. Any void provision shall be deemed severed from the Agreement, and the balance of the Agreement shall be construed and enforced as if the Agreement did not contain the particular portion or provision held to be void. The parties further agree to reform the Agreement to replace any stricken provision with a valid provision that comes as close as possible to the intent of the stricken provision. The provisions of this section shall not prevent the entire Agreement from being void should a provision, which is of the essence of the Agreement, be determined to be void. ARTICLE 20 ENTIRETY OF AGREEMENT The CITY and the FINANCIAL ADVISOR agree that this Agreement sets forth the entire agreement between the parties, and that there are no promises or understandings other than those stated herein. This Agreement supersedes all prior agreements, contracts, proposals, representations, negotiations, letters, or other services, whether written or oral. None of the provisions, terms, and conditions contained in this Agreement may be added to, modified, superseded, or otherwise altered, except by written instrument executed by the parties hereto. ARTICLE 21 MODIFICATION The Agreement may be modified only by a written amendment executed by both parties. ARTICLE 22 SUCCESSORS AND ASSIGNS The CITY and the FINANCIAL ADVISOR each binds itself and its partners, successors, assigns, and legal representatives to the other party to this Agreement and to its partners, successors, executors, administrators, assigns, and legal representatives. The FINANCIAL ADVISOR shall not assign this Agreement without the express written approval of the CITY via executed amendment. ARTICLE 23 CONTINGENT FEES The FINANCIAL ADVISOR warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the FINANCIAL ADVISOR, to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee working solely for the FINANCIAL ADVISOR, any fee, commission, percentage, or any other consideration contingent upon or resulting from the award or making of this Agreement. 6 ARTICLE 24 TRUTH-IN-NEGOTIATION CERTIFICATE Execution of this Agreement by the FINANCIAL ADVISOR shall act as the execution of the truth-in-negotiation certificate certifying that the wage rates and costs used to determine the compensation provided for in this Agreement are accurate, complete, and current as of the date of the Agreement. The said rates and costs shall be adjusted to exclude any significant sums should the CITY determine that the rates and costs were increased due to inaccurate, incomplete, or noncurrent wage rates or due to inaccurate representations of fees paid to outside consultants. The CITY shall exercise the rights under this "Certificate" within one (1) year following payment. ARTICLE 25 OWNERSHIP OF DOCUMENTS Any and all documents, records, disks, or other information shall become the property of the CITY for its use and/or distribution as may be deemed appropriate by the CITY, ARTICLE 26 ACCESS AND AUDITS The FINANCIAL ADVISOR shall maintain adequate records to justify all charges and costs incurred in performing the services for at least three (3) years after completion of this Agreement. The CITY shall have access to such book, records, and documents as required in this section for the purpose of inspection or audit during normal working business hours at the FINANCIAL ADVISOR'S place of business. ARTICLE 27 NOTICE Any notice, demand, communication, or request required or permitted hereunder shall be in writing and delivered in person or sent by certified mail, postage prepaid as follows: As to CITY City of Sunny Isles Beach 18070 Collins Ave. Fourth Floor Sunny Isles Beach, Florida 33 I 60 A TTN: A. John Szerlag, City Manager Notices shall be effective when received at the address as specified above. Changes in the respective addresses to which such notice is to be directed may be made from time to time by either party by written notice to the other party. Facsimile transmission (i.e. printed) after 5:00 p.m. or on weekends or holidays will be deemed received on the next business day. The original of the notice must additionally be mailed as required herein. Nothing contained in this Article shall be construed to restrict the transmission of routine communications between representatives of the FINANCIAL ADVISOR and the CITY. As to the FINANCIAL ADVISOR First Southwest Company 20 N. Orange Ave, Suite 1209 Orlando, Florida 32801 A TTN: Edward Marquez, Senior Vice President 7 ARTICLE 28 KEY PERSONNEL The FINANCIAL ADVISOR shall notify the CITY in the event of key personnel changes which might affect this Agreement. Written notification shall be made within fifteen (15) days of said changes. ARTICLE 29 CONFIDENTIALITY No reports, information, computer programs, documentation, and/or data given to or prepared or assembled by the FINANCIAL ADVISOR under this Agreement shall be made available to any individual or organization by the FINANCIAL ADVISOR without prior written approval of the CITY. ARTICLE 30 ARBITRATION It is the intention of the parties that whenever possible, if a dispute or controversy arises hereunder then such dispute or controversy shall be settled by arbitration in accordance with the procedures, rules and regulations of the American Arbitration Association. The decision rendered by the Arbitrator shall be final and binding upon the parties and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. Arbitration shall be held in Miami-Dade County, Florida. All costs of arbitration and attorneys' fees incurred by the parties shall be paid by the non-prevailing party or, if neither party prevails on the whole, each party shall be responsible for a portion of the costs of arbitration and their respective attorneys' fees as may be determined by the court on confirmation. ARTICLE 31 CONFLICT OF INTEREST The FINANCIAL ADVISOR affirms that the best of their knowledge these exists no actual or potential conflict between the FINANCIAL ADVISOR'S business or financial interests and the services provided hereunder, and in the event of change in either private interests or services, any question regarding possible conflict of interest which may arise as a result of such change shall be raised with the City. The FINANCIAL ADVISOR shall promptly notify the CITY in writing of all potential or actual conflicts of interest for any prospective business association, interest, or other circumstance which may influence or appear to influence the FINANCIAL ADVISOR'S judgment or quality of the services, The notice shall identify the prospective business association, interest, or circumstance and the nature of the work that the FINANCIAL ADVISOR wants to undertake and the request the CITY'S response as to whether the association, interest, or circumstance would, in the opinion of the CITY, constitute a conflict of interest if entered into by the FINANCIAL ADVISOR. The CITY agrees to notify the FINANCIAL ADVISOR of its opinion within thirty (30) days of receipt of notification by the FINANCIAL ADVISOR. If, in the opinion of the CITY, the prospective business association, interest, or circumstance would not constitute a conflict of interest by the FINANCIAL ADVISOR, the CITY shall so state in its response, and the association, interest or circumstance shall not be deemed to be a conflict of interest with respect to the services. 8 ARTICLE 32 COMPENSATION AND EXPENSE REIMBURSEMENT The fees due to FINANCIAL ADVISOR for the services set forth and described in Article 3 of this shall be calculated in accordance with the schedules set forth in Attachment "A". ARTICLE 33 CONFLICTING PROVISIONS In the event of any conflicting provision(s) between the terms of this Agreement and terms contained in any other document, including any exhibits attached hereto, the terms of this Agreement shall prevail. IN WITNESS WHEREOF, the parties hereto have executed this Agreement In triplicate on the day and year first written above. ~~ (k4{ ,2~, esident WITNESSES: WITNESSES: CITY OF SUNNY ISLES BEACH ATTEST: BY:~ A ~ Jane A. Hines, CMC, City Clerk r ' ! B j'ty Attorney 9 City of Sunny Isles Beach, Florida First Southwest Company Scope of Services regarding update of City's Capital Improvement Plan (CIP) and Funding Alternatives Tasks The City is in the process of updating its Capital Improvement Plan (CIP) and desires to evaluate available options for its funding. First Southwest Company (FSC), as the City's financial advisor, will assist the City to accomplish the following objectives: 1. Convert the City's five year CIP into a cash flow projection that should realistically estimate the need and timing of project funds; 2. Examine and contrast financing vehicles available to the City; 3, Develop a multi-year financing plan that would be an effective and efficient borrowing program for the City, Payment/Compensation The City will be charged for actual hours worked on this assignment in an amount not to exceed $13,000 based on FSC's hourly fee schedule, plus out-of-pocket expenses, as follows: Position Senior Vice President and above: Vice President: Assistant Vice President: Analyst: Administrative Staff: Rate per Hour $200.00 $165.00 $150,00 $100.00 $ 60.00 ATTACHMENT "A" TO: VIA: FROM: DATE: RE: City of Sunny Isles Beach 18070 Collins A venne Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3 II 3 Fax (305) 947.2150 Building Department (305) 947-5 I 07 Fax City Commission Normlln S. Edelcur. Mayor Lewis J. Thaler. Vice Mayor RosJyn 8rezln. Commissioner Gerry Goodman, Commissioner George "Bud" Scholl, Commls.sioner A. John SzcrlRg, Clly Manager Ilans OlJinol. Cif}' AI/orney Jane A, Hincs, Clly Clerk MEMORANDUM The Honorable City Comm ission A. John Szerlag, City Manager ''{f1rY Douglas Haag, Assistant City Manager-Finance 0 January 17,2008 FINANCIAL CONSULTING AGREEMENT WITH FIRST SOUTHWEST COMP ANY RECOMMENDATION: Approve the attached agreement with First Southwest Company for financial advisory services on an hourly basis for a not to exceed amount of $] 3,000 for assistance in developing a comprehensive financing plan for the City, ]n addition, First Southwest Company may assist the City in securing a credit rating from third party rating agencies. These services will also be provided on an hourly basis for the not to exceed amount of$12,OOO, Additional fees may apply, per the anached, depending on the actual type and amount of financing, For example, if the City issues $40 million in bonds, the additional fee to First Southwest Company would be $51,250 ($17,500 for the first $10 million, the next $15 million @ $1,25/$1,000 + the next $15 million @ $] .00/$1,000). BACKGROUND: To complete the overall capital project development plans for the City, we wil] like]y require significant bond financing, First Southwest Company assisted the City in 2002 in developing a comprehensive financing plan for projects tinder development at that time - property acquisition, park improvements, government center, etc. That agreement recently expired and we are proposing the attached as a renewal of those services. These services are all the more essential given current economic conditions, pending tax reforms, instability in the financial markets, postponement of private development projects, etc, We will evaluate all options including but not limited 10 use of the Florida Mllnicipal Loan Council, separate bond issue by the City, general obligation bonds, ballk loan, voter referendum, revenue bonds, private/public partnersh ips, etc. FUllds were recently transferred to 20-600-5313 for general consulting services. t\pprm,.I: Fun"ing .v.il.ble: 10 Fin.nce D<:pnrtment Agen"" It<:m Nn,; C;nmmi",jon Meeting I)"t.'; -1- I -, - 0 '5? City Commission Norman S. Edelcup Mayor Lewis J, Thaler Vice Mayor Roslyn Brezin Commissioner Gerry Goodman Commissioner George "Bud" Scholl Commissioner A. John Szerlag City Manager Hans Ottinol City Attorney Jane A. Hines City Clerk January 23, 2008 Ed Marquez, Senior Vice President First Southwest Company 20 N, Orange Avenue, Suite 1209 Orland, Florida 3280 I Re: Consulting Agreement for Comprehensive Financial Dear Mr. Marquez; At its regular meeting of January 17, 2008, the City Commission adopted Resolution No. 2008-1204, which approved a Consulting Services Agreement with First Southwest Company for the development of a comprehensive financing plan. Enclosed are two (2) original agreements for execution by you and two witnesses. Upon execution, please return both originals to my attention for final processing, An original, executed agreement and a copy of the approving resolution will be mailed to you upon completion. Thank you. Very truly yours, ~~,lli~~ Priscilla Walker, CMC Deputy City Clerk Enclosures cc: Doug Haag, Assistant City Manager/Finance (w/o enclosures) First Southwest Finance Development Agrmt for Sig Ltr .ff I First Southwest Company 18851 NE 29th Avenue Suite 520 Aventura, FL, 33180 305-819-8886 Direct 305-819-9992 Fax Ana M. Oeahora Administrative Assistant adeahora@firstsw,com February 1, 2008 Ms, Priscilla Walker, CMC City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles, FL 33160 Dear Ms. Walker: Per your request, please find attached two original, executed Consulting Services Agreements, Kind regards, Cbc(lJ)l/JaJ(T){L Ana M. Deahora Administrative Assistant Enclosures City Commission Norman S. Edelcup Mayor Lewis J. Thaler Vice Mayor Roslyn Brezin Commissioner Gerry Goodman Commissioner George "Bud" Scholl Commissioner A. John Szerlag City Manager Hans Ottinol City Attorney Jane A. Hines City Clerk February 12,2008 Ed Marquez, Senior Vice President First Southwest Company 20 N. Orange Avenue, Suite 1209 Orland, Florida 32801 Re: Consulting Agreement for Comprehensive Financial Dear Mr. Marquez: At its regular meeting of January 17, 2008, the City Commission adopted Resolution No. 2008-1204, which approved a Consulting Services Agreement with First Southwest Company for the development of a comprehensive financing plan. Enclosed are a copy of the approving legislation and an original agreement for your files. Thank you. Very truly yours, ~JkkuJ~ Priscilla Walker, CMC Deputy City Clerk Enclosures cc: Doug Haag, Assistant City Manager/Finance Anice Paul, Administrative Assistant to Finance Department First Southwest Finance Development Agrmt Trans Ltr