HomeMy WebLinkAboutR-14-0412City of Miami
Legislation
Resolution: R-14-0412
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00987 Final Action Date: 10/23/2014
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE A PROFESSIONAL SERVICES
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, IN ACCORDANCE
WITH SECTION 18-111 OF THE CODE OF THE CITY OF MIAMI ("CITY"), AS
AMENDED, FOR THE PROCUREMENT OF INVESTMENT ADVISORY AND
MANAGEMENT SERVICES FROM PFM ASSET MANAGEMENT LLC, UTILIZING
THE COMPETITIVELY SOLICITED AND EXISTING CITY OF PALM BEACH
GARDENS, FLORIDA ("PALM BEACH GARDENS") REQUEST FOR PROPOSALS
("RFP") CONTRACT NO. RFP2014-013FN ("CONTRACT") EFFECTIVE MARCH 6,
2014, FOR AN INITIAL FIVE (5) YEAR PERIOD WITH ONE OPTION TO RENEW
FOR AN ADDITIONAL FIVE (5) YEAR PERIOD, AT AN ANNUAL AMOUNT
CORRESPONDING WITH THE SIZE OF THE CITY'S PORTFOLIO AND IN
ACCORDANCE WITH THE ATTACHED CONTRACT FEE SCHEDULE, SUBJECT
TO ANY RENEWALS, EXTENSIONS AND/OR REPLACEMENT CONTRACTS BY
PALM BEACH GARDENS, TO BE UTILIZED ON AN AS NEEDED CONTRACTUAL
BASIS, SUBJECT TO THE AVAILABILITY OF FUNDS AND BUDGETARY
APPROVAL AT THE TIME OF NEED.
WHEREAS, currently the City of Miami ("City") has Request for Proposals Contract No.
245238 for the provision of financial advisory services from PFM Asset Management, LLC ("PFM");
and
WHEREAS, the City wants its current financial advisor, PFM, to manage its investments as
well; and
WHEREAS, per City Code Section 18-111 the Chief Procurement Officer has determined that
the Palm Beach Gardens Contract with PFM for the procurement of investment advisory and
management services was entered into pursuant to a competitive process in compliance with the
City's Procurement Code; and
WHEREAS, the adoption of this resolution will provide the City the investment management
services it requires from PFM on an as -needed contractual basis, subject to the availability of funds
and budgetary approval at the time of need;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute a Professional Services Agreement,
City of Miami
Page 1 of 2 File Id: 14-00987 (Version: 2) Printed On: 1/16/2018
File Number: 14-00987 Enactment Number: R-14-0412
in substantially the attached form, in accordance with Section 18-111 of the City Code, as amended,
for the procurement of investment advisory and management services from PFM, utilizing the
competitively solicited and existing Palm Beach Gardens Contract effective March 6, 2014, for an
initial five (5) year period with one option to renew for an additional five (5) year period, at an annual
amount corresponding with the size of the City's portfolio and in accordance with the attached
contract fee schedule, subject to any renewals, extensions and/or replacement contracts by Palm
Beach Gardens, with the City's right to terminate at will, to be utilized on an as -needed contractual
basis subject to the availability of funds and budgetary approval at the time of need.
Section 3. This Resolution shall become effective immediately upon its adoption and the
signature of the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10)
calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it
shall become effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 14-00987 (Version: 2) Printed On: 1/16/2018