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Home My WebLink AboutBid AwardCONTRACT AWARD SHEET Internal Services Department Procurement Management Services PROCUREMENT DIVISION BID NO.: RFQ-00008 TITLE: FINANCIAL ADVISORY SVCS. GENERAL SEGMENT CURRENT CONTRACT PERIOD: 10/21/2014 through 10/31/2017 Total # of OTRs: 2 Bid No. RFQ-00008 Award Sheet PREVIOUS BID NO,: RFQ90-2(2) MODIFICATION HISTORY Bid No. RFQ-00008 Award Sheet DPM Notes APPLICABLE ORDINANCES LIVING WAGE: No UAP: Yes IG: Yes OTHER APPLICABLE ORDINANCES: CONTRACT AWARD INFORMATION: No Local Preference No Micro Enterprise No Full Federal Funding No Perfomrance Bond No Small Business Enterprise (SBE) No PTP Funds No Partial Federal Funding Yes Insurance Miscellaneous; REQUISITION NO.: PROCUREMENT AGENT: BETEL GOLDSMITH PHONE: 305 375-5683 FAX: EMAIL: BGOLDSM rr MIAMIDADE.GOV DEPARTMENT OF PROCUREMENT MANAGEMENT PROCUREMENT DIVISION Page 1 of 3 Bid No. RFQ-00008 Award Sheet VENDOR NAME: PUBLIC FINANCIAL, MANAGEMENT DBA: FEIN: 231992164 SUFFIX: 01 19103 STREET: TWO LOGAN SQUARE SUITE 1600 CITY:PLIILADELPHIA ST: PA ZIP: FOB_TERMS: DEST-P DELIVERY: PAYMENT TERMS: NET45 TOLL PIIONE: 800-695-4323 VENDOR INFORMATION: CERTIFIED VENDOR ASSIGNED MEASURES Local Vendor: SBE Micro Ent. Set Aside Selection Factor Bid Pref. Goal Other: Vendor Record Verified? ****kith*****k*k********k***k****k*k*k*****k*******kk***k*******kk*kA Vendor Contacts: Name Phonel Phone2 Fax Email Address DAVID MILLER 407-648-2208 800-695-4323 407-648-1323 MILLERD@PFM.COM ITEMS AWARDED Section: Details: Item 4 Description Unit Price End of ITEMS AWARDED Section BCC Award; No AWARD INFORMATION Section DPM Award: No BCC Date: 10/07/2014 DPM Date: 07/31/2014 Contract Amount: S 2,500,000.00 Additional Items Allowed: Special Conditions: Agenda Item No.: DEPARTMENT OF PROCUREMENT MANAGEMENT PROCUREMENT DIVISION Page 2 of 3 Bid No. RFQ-00008 PO NFORil ATION Section Award Sheet 1 ABCW1500053 Commodity ID Commodity Name 946-48 FINANCIAL ADVISOR SERVICES Department Department Allocation FN $2,500,000.00 End of BPO Information Section DEPARTMENT OF PROCUREMENT MANAGEMENT PROCUREMENT DIVISION Page 3 of 3 INTERNAL SERVICES DEPARTMENT 111 NW 1st Street • Suite 1300 Miami, Florida, 33128 -1974 T (305)375 y5289 F,(3QSi3,75�440 (303)372-6128 a mlarlisTade.gov l;aI August 1, 2014 All Responding Proposers (See Distribution List) SUBJECT: RFQ0008 Financial Advisory Services — General Segment Dear Proposers: Evaluation of proposals tendered in response to the above cited solicitation has been completed. The County Mayor or designee has recommended award as shown in the attached document. This notice is provided in accordance with Section 4,8 of the solicitation and Sections 2-8.3 and 2-8.4 of the Code of Miami -Dade County. Our provision of this notice also serves to confirm the lifting of the Cone of Silence from this procurement action as dictated by Section 2-11.1(t) of the County Code. We appreciate the participation of all proposers which responded to the subject action. If you have any questions, please contact me at 305-375-1291 or lydiaos@miamidade.gov. Sincerely, /yr/ 4x Osiorno Lydia Osborne Procurement Contracting Officer Distribution List: Public Financial Management, Inc. Public Resources Advisory Group, Inc. Dunlap & Associates, Inc. First Southwest Company Attachment: County Mayor Award Recommendation cc: Clerk of the Board Hugo Benitez, Assistant County Attorney Memorandum Date: October 7, 2014 To: Honorable Chairwoman Rebeca Sosa and Members, Board of unty Commissioners From: Carlos A. Gime Mayor Subject: Recom enclation for Appro (RFQ No. 00008) MIAMI• COUNTY Agenda Item No. 8 (r ) (7) o Award: Financial Advisory Services - General Segment Recommendation It is recommended that the Board of County Commissioners (Board) approve award of RFQ No. 00008 Financial Advisory Services — General Segment to Public Financial Management (PFM) to provide financial advisory services for debt transactions and related services. These transactions will include issuance of bonds, notes, certificates or other financing instruments, and on -going advisory services related exclusively to the County's General Segment, which includes all financial advisory services for the County except for those financial advisory services associated with its peripheral agencies: Water and Sewer Segment, and Enterprise Segment (Aviation, Seaport and Public Works and Waste Management departments). The County has separated its financial advisory services into three segments: Water and Sewer (RFQ No. 00007), General (RFQ No. 00008) and Enterprise (RFQ No. 00009), and is issuing a separate contract for each segment. The three segments were established as the County anticipates issuing bonds over the next five years. The debt transactions have been split equitably among the three segments. PFM is the incumbent under the current contract providing financial advisory services for the General Segment. The services requested in the solicitation are substantially the same as the current contract with the exception that the Public Health Trust (PHT) and Miami -Dade Transit, which was previously part of the Enterprise Segment contract, have been added to this segment to equalize anticipated bond issuances. Scope The impact of this item is countywide in nature. Fiscal Impact and Funding Source The fiscal impact for the initial three-year term is $2,500,000. If the two, two-year options to renew, each valued at $1,667,000, are exercised, the cumulative value of the contract will be $5,834,000 for a total of seven years. The current contract for the General Segment is valued at $2,362,000 for eight years, The value of this contract is higher as a result of the addition of PHT and Transit to the General Segment. In the past, PHT was not part of any of the three financial advisory segments as it had procured its own financial advisors, and Transit was included In the Enterprise Segment Financial Advisory Services contract. The price for bond related work includes administrative fees and out-of-pocket expenses for work attributed to bond issues. A minimum charge of $25,000 and a maximum charge of $175,000 per bond issue has been established for the term of the contract, including any renewals or extensions. Department Allocation Funding Source Contract Manner Finance $2,600,000 Bond Proceeds Frank Hinton Total $2,600,000 Track Record/Monitor Lydia Osborne of Internal Services Department is the Procurement Contracting Officer. Honorable Chairwoman Rebeca Sosa and Members, Board of County Commissioners Page 2 Delegated Authority If this item is approved, the County Mayor of County Mayor's designee will have the authority to exercise all provisions of the contract, Section 2-8.1 of the County Code and Implementing Order 3-38. Vendor Recommended for Award The County issued a Request for Qualifications (RFQ) under full and open competition on February 5, 2014. Four firms responded to the solicitation. The Evaluation/Selection Committee recommended the highest -ranked proposer for award based on the criteria established in the RFQ. Award —co Address Principal Public Financial Management, Inc. Two Logan Square, Suite 1600 181" & Arch Streets Philadelphia, PA John Bonow Vendor(s) Not Recommended for Award Proposers Reason for Not Recommending Dunlap & Associates, Inc. First Southwest Company Public Resources Advisory Group, Inc. Evaluation Scores/Ranking Due Diligence Due diligence was conducted in accordance with the Internal Services Department's Procurement Guidelines to determine the contractor's responsibility, including verifying corporate status and that there are no performance or compliance issues, The lists that were referenced include: convicted vendors, debarred vendors, delinquent contractors, suspended vendors, and federal excluded parties. There were no adverse findings relating to Contractor responsibility, This information is being provided pursuant to Resolution Rw187-12, Applicable Ordinances and Contract Measures O The two percent User Access Program provision applies and will be collected on all purchases. O The Small Business Enterprise Selection Factor and Local Preference were applied in accordance with the applicable ordinances. O The Living Wage Ordinance does not apply, 91,4 Edward Marquez Deputy Mayor 2 MEMORANDUM (Revised) TO: Honorable Chairwoman R.ebeca Soso. and Members, Board of County Commissioners FROM: R. A. Cii vas, Jr. County Attorney DATE: October 7, 2014 SUBJECT: Agenda Item No. 8 (F) ( 7) . Please note any items checked, "3-Day Rule" forcommiftees applicable if raised 6 weeks required between first reading and public hearing 4 -weeks notification to rnuntcipal officials required prior to public bearing Deereases revenues o ineeases expenditures without balancing budget Budget required Statement of fiscal impact required Ordinance creating a new board requires detailed County Mayor's report for public hearing No committee review Applicable legislation requires more than a majority vote (i.e., 2/3's , 3/5's , unanimous ) to appro-ve Current information regarding funding source, index code and available balance, and available capacity (if debt is contemplated) required 3 Approved Mayor Agenda Item No. 8(F) (7) Veto 10-7-14 Override RESOLUTION NO. RESOLUTION AUTHORIZING AWARD OF A CONTRACT IN AN AMOUNT UP TO $5,834,000.00 WITH PUBLIC FINANCIAL MANAGEMENT TO OBTAIN FINANCIAL ADVISORY SERVICES FOR THE GENERAL SEGMENT OF THE COUNTY, AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR'S DESIGNEE TO EXECUTE AN AGREEMENT FOR AND ON BEHALF OF MIAMI-DADE COUNTY AND TO EXERCISE ANY CANCELLATION AND RENEWAL PROVISIONS, AND TO EXERCISE ALL OTHER RIGHTS CONTAINED THEREIN CONTRACT NO. RFQ00008 WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIANH-DADE COUNTY, FLORIDA, that this Board authorizes award of a contract in an amount up to $5,834,000.00 with Public Financial Management, in substantially the form attached hereto and made a part hereof, and authorizes the County Mayor or County Mayor's designee to execute same for and on behalf of Miami -Dade County and to exercise any cancellation and renewal provisions and all other rights contained therein, The foregoing resolution was offered by Commissioner who moved its adoption. The motion was seconded by Commissioner and upon being put to a vote, the vote was as follows: 4 Bruno A. Barreiro Jose "Pepe" Diaz Sally A. Heyman Jean Monestime Sen, Javier D. Souto Juan C. Zapata Agenda Item No, 8(F) (7) Page No. 2 Rebeca Sosa, Chairwoman Lynda Bell, Vice Chair Esteban L. Bovo, Jr. Audrey M. Edmonson Barbara J. Jordan Dennis C.Moss Xavier L. Suarez The Chairperson thereupon declared the resolution duly passed and adopted this 7th day of October, 2014, This resolution shall become effective ten (10) days after the date of its adoption unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board, Approved by County Attorney as to form and legal sufficiency, Hugo Benitez 5 MIAMI-DADE COUNTY, FLORIDA BY ITS BOARD OF COUNTY COMMISSIONERS HARVEY RUVIN, CLERK. By: Deputy Clerk Miami•Dade County, FL RFQ No. 00008 PROPOSAL SUBMISSION PACKAGE REQUEST FOR QUALIFICATIONS (RFQ) No, 00008 FINANCIAL ADVISORY SERVICES (GENERAL SEGMENT) In response to the Solicitation, Proposer shall RETURN THIS ENTIRE PROPOSAL SUBMISSION PACKAGE as follows: 1. Solicitation Submittal Form, Cover Page of Proposal Complete and sign the solicitation submittal form (by Proposer or representative of the Proposer who is legally authorized to enter into a contractual relationship in the name of the Proposer) as required, 2. Proposer Information Complete following the requirements therein. Note: The Proposer information document is available in Word and is included in the Solicitation attachments. 3, Affidavits/Acknowledgements Complete and sign the following: Lobbyist Registration for Oral Presentation 4, Form B-1, Price Proposal Schedule Complete following the requirements therein. Please refer to the front cover of this Solicitation for electronic submission instructions. Miami -Dade County Bid RFQ-00008 Bid Tabulation Packet for Solicitation RFQ-00008 Financial Advisory Services - General Segment Bid designation: Public Miami -Dade County 3/4/2014 BidSync P. 1 Miami -Dade County Bid #RFQ-00008 - Financial Advisory Services - General Segment Creation Date Feb 4, 2014 Start Date Feb 5, 2014 4:19:03 PM EST End Date Mar 3, 2014 6:00:00 PM EST Awarded Date Not Yet Awarded Bid RFQ-00008 RFQ-00008--01-01 Financial Advisory Services - General Segment re= esa. Dunlap & Associates, Inc. First Offer - 1 / each Y Product Code: Agency Notes: Supplier Product Code: Supplier Notes: Please contact Craig Dunlap, President, Dunlap & Associates, Inc. if you have any questions at 407-678-0977. Public Resources Advisory Group Product Code: Agency Notes: 'First Offer - 1 / each Supplier Product Code: Supplier Notes: Y Supplier Totals Public Financial Management o hack Sergio Masvic davisdiia pfm.com 'h 407 648.--2208 Agency Notes: Phyllis Green' pgreen@pragny co •Ph:727 822-3339,: Fax 727 822-3502 Dunlap & Associates, Inc. Bid Contact Haig Dunlap. jcd�inlap@dunlepanl i407 678 0977 Agency Notes: 0 S.'Orange ':_ uite 1170 rlando,;FL 32801' Supplier Notes: 46 Keyes Avenue inter Park, FL-3278 Supplier Notes: $0.00 $0.00 ** 3/4/2014 BidSync p. 2 Miami -Dade County Bid RFQ-00008 Public Financia Management Bid Contact Sergio Masvidal davisd@pfm.cc m Ph 407*648-2208 300 S Orange live Suite 1170 Orlando, FL 32801 Item # Line Item Notes Unit Price Qty/Unit Attch. Docs RFQ-00008 -01-0 Financial Advisory Services - General Segment', Supplier Product Code 3/4/2014 BidSync Supplier Total $0.00 p. 150 Miami -Dade County Bid RFQ-00008 Public F is l NTaragemenn; Item: Financial Advisory Services - General Segment PFM Bond Financing Record,pdf 3/4/2014 BidSync p. 151 Miami -Dade County Bid RFQ-00008 The PFM Group Public Financial Management, Inc, PFM Asset Management LLC PFM Advisors Miami -Dade County Proposal for Financial Advisory Services General Segment RFQ No. 0008 March 3, 2014 The PFM Group 255 Alhambra Circle Suite 404 Coral Gables, FL 33134 Sergio D. Masvidal Managing Director 305-448-6992 305-448-7131 fax masvidals@pfm.com www.pfm.com 3/4/2014 BidSync p. 152 Miami -Dade County Bid RFQ-00008 Table of Contents Transmittal Letter Page Proposer Information 1 Affidavits/ Acknowledgements 43 Form B-1, Price Proposal Schedule 45 Appendix 47 3/4/2014 BidSync p, 153 Miami -Dade County Bid RFQ-00008 255 Alhambra Circle Suite 404 Coral Gables, FL 33134 The PEW Group Public Flndocisti Manngrmaut, lnc, ?FrA Aseel Mdiingaelant LLC' F'FM Advisors March 3, 2014 Lydia Osborne Procurement Contracting Officer Miami -Dade County 111 NW 1st Street Suite 1300 Miami, Florida 33128 Dear Ms. Osborne, 305-448-6992 305-448-7131 fax wwwpfm.com The PFM Group ("PFM") is pleased to submit this proposal to continue serving as financial advisor to Miami -Dade County (the "County"). Over the last several years PFM has served the County by providing various financial advisory services, including transaction advisory, long-term capital planning, and rating agency management, among other services. PFM has assisted and advised the County with over $2 billion of new money and refunding transactions producing over $90 million of Net Present Value Savings to the County. PFM also provided strategic and financial advice on debt policies, reserve levels, Building Better Communities strategies and various debt structuring options. Most recently PFM assisted the County in financing approximately $400 million in Building Better Communities projects that was completed through an innovative flexible drawdown bond program. Our experience with the County demonstrates that PFM offers the County the "deepest bench" of resources, ranging from traditional governmental debt to specialty tax or revenue credits, transit agencies, and P3s. With 29 professionals in Florida, PFM is the only firm that can deliver the full range of services the -County -needs -in -a timely -manner. As such, PFM -would -like to continue to serve as the-County's General Segment Financial Advisor. PFM was founded over thirty-five years ago with the goal of creating an independent financial advisor with technical resources matching those of the most sophisticated Wall Street investment banks. This commitment continues today. As a result, PFM has grown to be the leading financial advisor in the nation as well as the State of Florida. From the outset PFM strived to be a financial advisor that was very different from our competitors. PFM's complete independence is significant, but it is just the beginning of our unique qualifications. PFM is the only firm offering a comprehensive scope of services including: strategic consulting, debt RBC Capital Markets 168 management, investment management, P3 Estrada Hinojosa & advice, pension consulting, and arbitrage Company Inc rebate services. The County has full access to take advantage of as many of these services as it desires. We are confident you will find the breadth of our experience with local governments, combined with the depth of our financial planning expertise, uniquely qualify PFM to serve the County as its financial advisor. 2013 Full Year Overall Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source: Thomson Reuters PFM Public Resources Advisory Group FirstSouthwest Lamont Financial Services Corp Acacia Financial Group Inc Piper Jaffrey & Co KNIN Public Finance A C Advisory Inc # transactions 768 121 654 r 8,468.5 147 kip 8,386.3 2075,824.2 58 5,229.1 5 - " 5,202.9 74 4,556.2 4,065.4 21,109. 6 dollars In millions 30, 959.6 46,071.0 3/4/2014 BidSync p. 154 Miami -Dade County Lydia Osborne March 3, 2014 Page 2 Leading Advisor to Florida Counties: In addition to serving Miami -Dade County, PFM currently serves as financial advisor to PFM numerous other Florida counties including: Raymond James Alachua, Brevard, Broward, Clay, Collier, Duval Public Resources Advisory (Jacksonville), Flagler, Highlands, Leon, Marion, Group Monroe, Orange, Osceola, Palm Beach, Dunlap&Associates 726.1 Sarasota, St. Johns, St. Lucie, Volusia and FirstSouthwest Walton. Working with these entities on a day - Tibor Partners to -day basis provides us in-depth knowledge of at the issues facing local governments in Fidelity Financial Services today's uncertain economic times. This enables RBC Capital Markets PFM to provide a higher level of service than Kaufman Hall & Associates any of our competitors and uniquely qualifies Inc Hamlin Capital Advisors PFM to continue serving Miami -Dade County as its financial advisor, As shown in the graphic, PFM served as financial advisor on almost three times as many transactions in. Florida as any of our competitors last year. 2013 Full Year Florida Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source: Thomson Reuters # transactions 41 1 al 166.5 Bid RFQ-00008 dollars in millions 2,042,3 Scope of Services: PFM provides decades of traditional financial advisory experience along with a broad range of complementary services, including investment management, bond pricing, escrow structuring, arbitrage rebate, structured products, public/private partnerships (P3) and strategic consulting such as assistance with budgeting, workforce management and OPEB issues. Our expertise developing debt management strategies has earned numerous Bond Buyer Deal of the Year awards and more importantly, saved our clients millions of dollars. Experienced & Broad Team of Professionals: PFM's team is comprised of industry leaders led by Sergio Masvidal and David Moore, who together have over 35 years of experience. Mr. Masvidal and Mr. Moore will be supported by Nicklas Rocca and Pedro Varona. The combination of Sergio Masvidal and David Moore has completed more transactions within the State of Florida over the last five years than any other public finance firm. The County will also have access to specialists in PFM's Pricing Group, Strategic Consulting Group, Structured Products Group, and PFM Asset Management as needed. Local Presence: Over a decade ago, PFM made the commitment to having the largest presence in the State of Florida, with a total of 29 professionals in three office locations, enhancing service delivery and availability to clients. PFM maintains an office in the center of the County. Our local presence has grown since opening the office ten years ago. With staffing numbers between 3-4 professionals at any given time, the County can be assured that it will receive services directly from our local presence. Perhaps equally important to the County is the fact that Mr. Masvidal is at the point in his career that will allow him to be the County's primary contact for many years to come. Quantitative Rigor: Among both independent advisory firms and broker/dealers acting as financial advisors, PFM is set apart by our quantitative tools, analytical capabilities and the originality we bring to these tasks. One example is the PFM Pricing Desk that assists all large clients with negotiating interest rates for financings. Many firms serving as both financial advisor and underwriter are constrained in their ability to price bonds because the desk has to balance the conflicting desires of investors and issuers. PFM avoided this conflict by creating the Pricing Group, which is not the model for many other advisors. 2,669.4 3/4/2014 BidSync p. 155 Miami -Dade County Bid RFQ-00008 Lydia Osborne March 3, 2014 Page 3 Our team proactively drives the pricing for 10 to 20 financings a week around the nation and monitors all large transactions completed in the market. Our technical resources enable the Pricing Group to access all market data used on trading desks to ensure timely knowledge. The Pricing Group develops proprietary models to assist in advising clients regarding call options, premium/par decisions and other factors critical to making an informed decision regarding pricing the County's debt. Our clients experience the benefit of blending quantitative rigor and technology to obtain superior pricing results. Diversity: PFM has a long standing commitment to diversity both within our organization and when selecting the firms we partner with throughout the country. While PFM is not a certified minority business, minorities and women own over 55% of the firm. Fees: PFM has proposed a fee structure that we believe is reasonable and fair for the level of services the County is accustomed to. We are prepared to negotiate the fees in a manner that is mutually agreeable if we are selected. While our proposed fees may not be the lowest, it is important to understand the full array of services that PFM provides and the overall cost benefit that can be accomplished with PFM as the County's financial advisor. We appreciate that the County will consider the level, detail, scope, and value of our services in considering the fee proposal. Our goal is to create the proper balance of service to provide the most cost effective financial advice. We have reviewed the RFP scope of work and understand what will be required of PFM should we be fortunate enough to be selected to continue serving as the County's financial advisor. We are ready to go to work and committed to complete any and all assigned tasks in a professional and timely manner. Finally, we would like to note for the selection committee that if we were to be fortunate enough to have the same ranking for both the General Segment and the Water and Sewer segment, that we would strongly desire to continue to serve as the County's General Segment FA. While the Water and Sewer segment has a higher contract value, our experience with the County over the last several years lend themselves best to the General Segment, and we would be willing to forego the other award in order to continue serving the General Segment. It would be our pleasure to continue serving the County in either aspect, however we wanted to note this for the committee. In either case, the County can be assured it will have PFM's full commitment to any segment. Sincerely, Public Financial Management, Inc. Sergio D. Masvidal Managing Director David M. Moore Managing Director 3/4/2014 BidSync p. 156 Miami -Dade County Bid RFQ-00008 Proposer Information p. 157 3/4/2014 BidSync Miami -Dade County Bid RFQ-00008 Minimum Qualification Requirement PUSLI P1NANC1AL 4ANAGE2rt NT, INC. Matittipa? Adel rs 255 Agra#xa. Mto f,to 404 cowl G0001;Fl0J134 PFM A&9ET MANAGE Investmant Advisee> Tax !D: 234089064 PFM Asst ht GIC Erokor SWAP or Dot -PPM/lis. t Mgmettnieni Ll on pl aNSveadn&M advisory 9en+ioo4... TA% 0 10ti2'IP,4 0702 PFM IO NANCIALA3AIfA+Ct MINT, INC, Ikti�x.f tutu . t�cfrtazztg esga ee.cac zz t z Csztr lernkl jsts?canL r0t::a 305-446 9n2 e- At1.00Fa 101•0tarn VanIM mv.v Om coin 2(7t?014 Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 I 1 3/4/2014 BidSync p. 158 Miami -Dade County Bid RFQ-00008 Minimum Qualification Requirement stereo a MunicipatiERdvissso th the S curi ie n Exc nge Commi{ providep oof the registrat( R gi tration rte ds also ap ly to at y rse (5 1 i� teaProposer is considering to _ernter� lto a tctlrt , e re w As required by the Dodd -Frank Wall Street Reform and Consumer Protection Act, Public Financial Management, Inc. has registered as a municipal advisor under regulations issued by the Securities and Exchange Commission and the Municipal Securities Rulemaking Board. A copy of PFM's SEC registration is included as Appendix B. SRB aa��e'n The Muni<IpaI Seer! is registered with the This c may (703) 797 66680r Signature; Names Date: ) SRS Re is rganization listed b rket Information Department at Stephanie Braddell, Operations September 12, 2011 Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 12 er` 3/4/2014 BidSync p. 159 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance nc€uding inceptiond ie, Prop t (pia been in business least once �, ----- --- --- reinintris ch having a _oIicitc Public Financial Management, Inc. ("PFM") was founded in 1975 to provide independent financial advisory services to the public sector and has done so for 39 years and began providing investment advisory services to public entities in 1980. In 2001, PFM Asset Management, LLC ("PFMAM") was created as the entity through which investment advisory services are provided. PFM and PFMAM make up the PFM Group of companies, as depicted below. Today, the Group is a national leading provider of independent financial and investment advisory services with 34 offices and 471 professionals throughout the United States. PFM is owned by its 83 Managing Directors and a private equity investor, ICV Partners (ICV). In May 2009, PFMAM, Public Financial Management, Inc., and all related businesses reorganized under a holding company structure known as PFM I, LLC. This holding company is owned in part by the PFM Group's Managing Directors, principals of the firm who provide and supervise the furnishing of advisory services to governmental and institutional clients, and by a small group of external investors led by ICV Partners, a certified Minority Business Enterprise. Private equity firms like ICV make their investments through limited partnerships that involve outside investors. PFM is the largest financial advisory firm in the public finance industry with professionals located in every region of the country, including three offices in Florida (Miami, Orlando and Largo) staffed with a total of 29 professionals. Our strong Florida presence gives us a better understanding of the local issues and problems affecting our various clients in the state, as well as providing the day-to-day contact needed to properly meet their needs. • Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 13 3/4/2014 BidSync p. 160 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Founded in 1975, PFM has been the nation's number one ranked financial advisor for sixteen consecutive years completing over 12,000 transactions with a par amount in excess of $426 billion. In 2013 alone, PFM advised on over 768 transactions with a par amount in excess of $46 billion. s First Place Rank Overall long Term 1998 2013 ara=naant hilionsl `Ytzta ........................__...... 2013 46,071.0 768 2012 56,923.5 902 2013 Full Year Overall Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source: Thomson Routers PFM Public Resources Advisory Group FirstSouthwest Lamont Financial Services Corp Acacia Financial Group Inc Piper Jaffrey & Co KNN Public Finance A C Advisory Inc RBC Capital Markets Estrada Hinojosa & Company Inc # transactions 768 121 654 47 8,468.5 147 r1 8,386.3 207 5,824.2 58 5,229.1 45 5,202.9 168 t 4,558.2 74 4,065,4 dollars in millions 30,959.6 46,071.0 Although rankings provide a shorthand method of measuring success, the length of service and level of satisfaction we provide our clients is a better measure of true success. At PFM, we view our longstanding association with many of our clients as an affirmation of our ability to service their needs thoughtfully and efficiently. We are committed to ensuring our clients' interests are protected and their goals are achieved. One key to our success in serving our clients is our ability to leverage our nationwide resources and collaborate broadly throughout the firm. New alternatives that have worked for one client can also apply to another client in a different region. Utilizing our technology, PFM employees communicate daily across our offices and can easily access relevant information in a timely manner. This allows us to leverage our institutional knowledge as a national firm and the lessons learned locally so that we may inform clients of best practices and applications of new techniques. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 14 3/4/2014 BidSync p. 161 3/4/2014 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance PFM has consistently been the leading financial advisor in the State of Florida. A representative listing of our current Florida clients is provided below. In addition, the table to the right shows the number of transactions and par amount of deals completed in Florida, which has resulted in PFM being the #1 ranked financial advisor in Florida tax-exempt financings each year since 2001. We feel that it is our unique blend of national presence, local understanding and commitment, and the ability to offer completely independent financial advice that truly sets us apart from our competitors. To better serve our clients, we continue to add resources to the firm despite the significant turmoil in the financial markets. While our competitors are downsizing, PFM continues to grow in order to better service our clients. 2013 Full Year Florida Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source: Thomson Reuters PFM Raymond James Public Resources Advisory Group Dunlap & Assocates FirstSouthwest Tibor Partners Fidelity Financial Services RBC Capital Markets Kaufman Hall & Associates Inc Hamlin Capital Advisors $ Lansactions 41 2 4rv_ F'- <, 900.5 4 a _..hz 726.1 559.7 6 tat 292.2 3 275.7 273.9 341A 222,0 166,5 dollars in millions 2,042.3 2,669.4 PFM's Florida Clients Cities Counties Alachua Alachua Boca Raton Brevard Boynton Beach Broward Brooksville Clay Clermont Collier Cocoa -Beach Flagler Coral Gables Highlands Coral Springs Leon Crystal River Marion Daytona Beach Miami -Dade Delray Beach Monroe Dora! Orange Flagler Beach Osceola Gainesville Palm Beach Golden Beach Sarasota Jacksonville St. Johns Key West St. Lucie Lake Wales Volusia Longboat Key Walton Marco Island Melbourne School Districts Melbourne Beach Broward Miami Citrus New Port Richey Columbia Oldsmar Duval Ormond Beach Flagler Palatka Hernando Panama City Lake Beach Manatee Plant City Marion Plantation Martin Pompano Beach Miami -Dade St. Cloud Orange St. Petersburg Palm Beach Sanibel Pasco Sebring Sarasota Stuart Santa Rosa Sunrise Seminole Surfside Volusia Tallahassee Walton Tarpon Springs Titusville West Palm Beach Winter Haven Winter Garden Winter Park Winter Springs Healthcare Adventist Health System Jackson Health System Naples Community Hospital North Broward Hospital District OneBlood, Inc. -Orange-County-Health Facilities Authority The State of Florida Division of Bond Finance Department of Transportation Other Authorities First Florida Governmental Financing Commission South Florida Water Management District Sunshine State Governmental Financing Commission Tampa Bay Water Transportation Jacksonville Aviation Authority Jacksonville Seaport Authority Jacksonville Transportation Authority Lee County Port Authority Okaloosa County (Northwest Florida Regional Airport) Orlando -Orange County Expressway Authority Hillsborough County Aviation Authority Tampa Port Authority Higher Education Edison State College Embry -Riddle Aeronautical University Flagler College Jacksonville University New College Nova Southeastern University Ringling College of Art and Design Saint Leo University Stetson University University of South Florida University of West Florida utilities Gainesville Regional Utilities Jacksonville Electric Authority Orlando Utilities Commission Special Districts Alachua Library District Blueprint 2000 Lake Worth Drainage District Miami -Dade County Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 5 BidSync p. 162 regLlE either desdri Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance om arabte contracts (sim iertt go mum othe As referenced throughout our proposal PFM is the largest and most active financial advisor firm, both nationally and in the state. Nationally, five "major" General Segment governmental clients would include issuers such as: New York Metropolitan Transit Authority, City of Austin Texas, Commonwealth of Pennsylvania, New York Transitional Finance Authority, Nassau County, Fairfax County, and the City of Philadelphia, among others. However please note that for purposes of this response we focused on referencing four major comparable contracts within the State of Florida, and one in Texas, as we think those are more applicable given the distinct nature of Florida government, state revenue sources, no state income tax, and similar financing mechanisms. We would be pleased to provide references for any of our other large national clients as well. City of Jacksonville 117 W. Duval Street Jacksonville, FL 32202 C. Ronald (Ronnie) Belton, Assistant to the Mayor/Chief Financial Officer (904) 630-4999 (904) 630-3615 fax rbelton a(�,coi.net 2001 to Present Value Added: PFM has served the City of Jacksonville, FL as Financial Advisor for over 13 years, and assisted in the development of the City's debt management policy along with advising on the issuance of the City's several types of debt. The combination of traditional fixed rate obligations, variable rate obligations, fixed rate notes, private placements, commercial paper, swap management strategies, use of designated maturity bonds and other asset -liability management strategies have saved the City millions of dollars in debt service that was made available to fund projects. In 2012, PFM approached the City with an idea to consolidate all General Fund Debt issuances under the Special Revenue Lien (Covenant Pledge) through future debt issuances and more specifically refundings. PFM led the effort to consolidate the debt structure for greater efficiency and increased transparency. At the time, the City issued under eight different liens and bonds eligible for refundings were spread across four separate liens. PFM managed the consolidation process and coordinated with City, the Office of General Counsel, bond counsel, disclosure counsel and underwriting team in order to successfully and efficiently create documents to achieve these goals, as well as modernize and standardize the City's issuance documents. PFM worked with the rating agencies throughout the process to ensure modifications did not have negative credit implications. Since 2012, the City has now issued $350 million of bonds under the new indenture, creating over $50 million of Present Value savings. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No, 0008 16 3/4/2014 BidSync p. 163 Orange County 201 South Rosalind Avenue Orlando, FL 32801 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Most Recent Engagement started in 2005 to Present 20 Total Years of Service Fred Winterkamp, Fiscal and Business Services Manager (407) 836-2920 fred.winterkamp(@,ocfl.net Value Added: In early 2004, various community groups in central Florida began developing strategies to build state of the art "Community Venues" including a $380 million performing arts center, a $480 million arena for the Orlando Magic and a comprehensive renovation of the Citrus Bowl. The facilities were expected to cost approximately $1.1 billion; far more than the County and/or the City could finance. PFM developed a Tourist Development Tax (TDT) cash flow model to aid the County in negotiating details of the constantly evolving plan. The TDT component funds over $500 million of the projects, but all TDT payments are structured out of new TDT revenues or growth from existing TDT revenues beyond 2% ensuring sufficient funds for ongoing tourism related activities well into the future. PFM's knowledge of legal TDT usage and ability to model these structures enabled the community to fund $1.1 billion in Community Venues without impairing its ability to support the critical tourism industry. In early 2013, the County began negotiating with the City of Orlando and Orlando City Soccer regarding the prospects for funding a professional soccer stadium for the team once they obtain an MLS franchise. PFM updated the financing model to reflect current revenue trends and a wide variety of structuring options. In addition, the County used the revised model as a tool in re -working the original agreement to reflect current phasing plans. The result was a comprehensive rewrite of the agreements. Along with TDT modeling and financial planning, PFM has also developed several project -specific cash flow models to assist in the planning and structuring of Developer Agreements, Solid Waste System strategic planning and designed a Water and Sewer model. In addition to planning/strategy work, PFM advises on the issuance of the County's debt. In 2013, PFM worked with County staff and Bond Counsel to develop an innovative approach to the issuance of a privately placed bank loan for a TDT refunding, allowing the County to check the box on the state bond issuance form which indicates the bond was sold via competitive process, as opposed to the typical designation of negotiated sale. Sarasota County 1660 Ringling Boulevard Sarasota, FL 34236 Peter Ramsden, Director of Finance (941) 861-5166 Email: pramsdenna scoov.net Most Recent Engagement started in 2012 to Present 6 Total Years of Service Value Added: PFM was hired by Sarasota County as Financial Advisor in 2012. Since being engaged, PFM has worked with the County on multiple refunding and new money transactions. These transactions were completed using both negotiated and competitive public bond offerings as well as privately placed bank loans. Most recently, PFM worked with the County on the issuance of its Utility System Revenue Bonds, Series 2013 which were issued to acquire the assets of a private owned utility system. As part of the issuance process, PFM worked with the prior bond insurers to implement certain amendments to the Master Bond Resolution that would provide the County future financing flexibility. The most significant of these was the ability to issue future bonds without funding a debt service reserve fund. Given the County's strong underlying credit ratings (Aa2/AA+/AA), funding a debt service reserve fund would result in added cost with no financial benefit. Miami -Dade County . Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 17 3/4/2014 BidSync p. 164 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Collier County 3301 East Tamiami Trail, Building F Naples, FL 34112 Mark lsackson, Corporate Financial Planning & Management Services (239) 252-8717 Marklsackson(ccolliergov.net 2004 to Present Value Added: PFM has served as Financial Advisor and has assisted Collier County with multiple items over the last decade. In addition to serving the County on bond issuances related to its Utility system, general fund, and CRA, PFM routinely monitors the County's outstanding debt for refunding opportunities. As the County's partner, PFM serves as an active participant at the monthly finance committee meetings. The purpose of those meetings is to update the group on market conditions and relevant market data, as well as a specific focus on the County's outstanding debt and upcoming capital plans. Most recently, PFM developed a plan of finance that enabled the County to remove onerous restrictions from one of the County's existing bond liens. This plan of finance includes refunding several outstanding bonds through a newly created bond lien that removed those covenants. The result of the plan of finance, over the course of three financings to date, has been a total Net Present Value savings in excess of $5 million and a release of cash from the existing Debt Service Reserve Fund in excess of $7 million. City of Austin, TX 301 W. 2nd Street, Third Floor Austin, TX 78701 Ms. Elaine Hart, Chief Financial Officer (512) 974-2283 (512) 974-2573 Elaine. hart a(�.austintexas.00v Value Added: PFM has acted as financial advisor to the City of Austin since 1992. This includes providing advisory services for Austin Energy, Austin Water Utilities, Austin -Bergstrom International Airport, a convention center and various conduit issuers. Over the course of our financial advisory relationship PFM has assisted the City with 161 new money transactions (including General Obligation, Revenue, and Other credit types) totaling $3.7 billion of par amount. In addition PFM works with the City to manage their sizable Commercial Paper program, and has worked diligently to identify refunding opportunities that have generated over $283 million in NPV savings. Miami -Dade County - Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 18 3/4/2014 BidSync p. 165 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance City of Jacksonville/Duval County -- Long Term Capital Planning/ Plan of Finance Development: Better Jacksonville Plan PFM has served the City of Jacksonville as Financial Advisor for over 12 years,, and assisted in the development of the City's debt management policy (Debt Affordability Model) along with advising on the issuance of several types of debt. The combination of traditional fixed rate obligations, variable rate obligations, swap management strategies, use of designated maturity bonds and other asset liability management techniques have saved the City millions of dollars in debt service that was made available to fund projects as approved in the Better Jacksonville Plan. From the initial planning stages to the most recent new money and refunding, PFM has assisted the City by providing revised planning models adjusted to reduced revenue levels and structuring highly rated subordinated debt as approved by City Council to allow for a timely completion of funded projects. The BJP is a comprehensive undertaking by the City to provide road, transportation and infrastructure improvements, park and environmental improvements, economic development and public facilities. Beginning more than a year before the first issuance of any BJP bonds, PFM began work with City staff to design an optimal financing structure for funding $2.25 billion of capital projects within the City over ten years. In fact the two pieces of BJP ($1.5 billion from Infrastructure Sales Tax and $750 million from Transportation Sales Tax) were structured in part based upon long term financial planning models developed by PFM which determined the financing and project capacity of each revenue source. Preliminary revenue projections were used to build the initial plan of finance, and updates and revisions to the planning model were made as collections were received. The financial model was in turn driven in part by PFM's knowledge of likely credit ratings, insurance costs and features, and market acceptance of the BJP bonds. The City, and JTA, as applicable, adopted two Bond Ordinances authorizing the BJP bond financing program in its entirety. With PFM's assistance, the entire BJP and associated bond program were reviewed with all three major rating agencies and all four major bond insurers to ensure the program's design would meet the highest standards to the financial community. The long term financial plan was based on both bond financing and cash funded projects within BJP. It fully incorporated coverage requirements, reserve funds, and liquidity needs. For the Transportation Sales Tax component, the financial model included long-term funding of JTA's transit system operations after payment of debt service and capital needs. For the Infrastructure Sales Tax component, the financial model included long-term defeasance or retirement of the bonds from excess revenues after completion of the $1.5 billion in projects. The early BJP bonds prepayment is a requirement of the referendum. The requirements to develop and implement such a financial plan include not only debt management but also a full understanding of investment strategies and asset -liability management. With PFM's assistance, the City's BJP Financial Advisory Committee approved an asset -liability management plan that incorporates variable rate debt and structured investment products such as swaps into the comprehensive financial plan, when appropriate. The financial plan created by PFM was an integral "piece of the puzzle" that made the BJP bonds among fewer than twenty (according to Moody's at that time) "AA" category sales tax bond issues in the nation and reflect, in part, the careful financial planning of the City. The model is routinely updated based on current market conditions and has helped the City retain strong credit ratings throughout economic crisis when revenues declined significantly. Only recently have ratings been lowered on the BJP Sales Tax Revenue Bonds, which had no impact on the City's cost of borrowing since all deals were originally sold as fixed rate debt. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 19 3/4/2014 BidSync p. 166 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Even with lower ratings and wider credit spreads, in July 2011, the City closed on nearly $80 million of Sales Tax Refunding Bonds which generated over 8.5% savings on a present value basis. Below is a listing of transactions completed within the program (only BJP bonds are listed here), all of which PFM has served as financial advisor. As sales tax revenues declined significantly over the past several years, debt service coverage levels on BJP Sales Tax Revenue Bonds and Transportation Revenue Bonds declined to the point that ratings in the "AA" category were at risk. Therefore, after issuing debt to bring BJP Sales Tax coverage levels below 1.50x (currently below 1.30x) the City moved its authorization for Sale Date Name 6/23/2011 Better Jacksonville Sales Tax Revenue Bonds, Series 2011 6/9/2011 Special Revenue Bonds, Series 2011 B (BJP) 8/25/2010 Special Revenue Bonds, Series 2010E (BJP) 9/24/2009 Taxable Special Revenue Bonds, Series 2009E-1 B (BABs) 9/24/2009 Special Revenue Bonds, Series 2009E-1A 4/28/2009 Transportation Revenue Bonds, Series 2008E 9/4/2008 Better Jacksonville Sales Tax Revenue Bonds, Series 2008 5/6/2008 Transportation Revenue Bonds, Series 2008E 4/25/2008 Transportation Revenue Bonds, Series 2008A 9/5/2007 Transportation Revenue Bonds, Series 2007 9/29/2004 Transportation Revenue Refunding Bonds, Series 2004A (ARS) 2/18/2004 Better Jacksonville Sales Tax Revenue Bonds, Series 2004 9/17/2003 Transportation Revenue Bonds, Series 2003E (ARS) 9/17/2003 Transportation Revenue Bonds, Series 2003A (ARS) 6/30/2003 Transportation Revenue Bonds, Series 2003 (ARS) 2/5/2003 Better Jacksonville Sales Tax Revenue Bonds, Series 2003 5/24/2001 Better Jacksonville Sales Tax Revenue Bonds, Series 2001 5/24/2001 Transportation Revenue Bonds, Series 2008A Series Amount $ 79,220,000 86,600,000 100,205,000 55,925,000 52,090,000 117, 570, 000 105,470,000 121,740,000 154,535,000 100, 675, 000 80,275,000 218,755,000 76,800,000 76,825,000 47,775,000 211,050,000 218,430,000 179,280,000 $ 2,083,220,000 remaining BJP funding to be issued as Special Revenue Bond (SRBs). The City recently completed the borrowing for BJP, with the final $300 million in projects funded with SRBs as approved by an authorizing Ordinance to issue bonds with a subordinate pledge on available BJP Sales Tax Revenues. Orange County, Florida Tourist Development Tax Financing Program In early 2004, various community groups in central Florida began developing strategies to build state of the art "Community Venues" including a $380 million performing arts center, a $480 million arena for the Orlando Magic and a comprehensive renovation of the Citrus Bowl. The facilities were expected to cost approximately $1.1 billion; far more than the County and/or the City could finance. Early in the negotiations the County developed a number of strategic objectives. First, given the dominant role of tourism in central Florida, support for the Community Venues could not impair the ability of the County to continue to support the Convention Center and other tourism related obligations. Second, any TDT revenues used for the project could not be "pledged" (senior or subordinate) and must be made out of excess collections. Finally, the County wanted the City to own and manage the facilities so that there would not be any contingent liability in the event the facilities do not operate profitably. PFM refined the TDT model to aid the County in negotiating details of the constantly evolving plan. After months of negotiations, PFM helped the County develop a consensus plan of finance incorporating TDT revenues, CRA revenues, City parking revenues, State of Florida Sales Tax revenue, PECO funding and over $250 million in private payments and donations. The plan is one of the most innovative structures developed to date in the nation. The TDT component funds over $500 million of the projects, but all TDT payments are structured out of new TDT revenues or growth from existing TDT revenues beyond 2% ensuring sufficient funds for ongoing tourism related activities well into the future. PFM's knowledge of legal TDT usage and ability to model these structures enabled the community to fund $1.1 billion in Community Venues without impairing its ability to support the critical tourism industry. In early 2013, the County began negotiating with the City of Orlando and Orlando City Soccer regarding the prospects for funding a professional soccer stadium for the team once they obtain an MLS franchise. PFM updated the financing model to reflect current revenue trends and a wide variety of structuring options. In addition, the City and the County both desired to update the original agreement to reflect Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 110 3/4/2014 BidSync p..167 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance current phasing plans. The result was a comprehensive rewrite of the agreements. PFM serves as financial advisor to both the City and the County and was able to facilitate the discussions as a third party. The City and County both approved the revised agreement in October of 2013 and the agreement includes funding for an $80 million soccer stadium, $18 million in additional funding for the Citrus Bowl, $5 million in new advertising dollars and a $25 million contribution to the Performing Arts Center construction. The agreement was structured in a manner that allows the City to obtain cost effective financing even though the debt structure is highly leveraged. Collier County, Florida -- Refinancing for Annual Interest Rate Savings and Up -front Cash PFM has served as the County financial advisory since 2008. During and prior to this relationship, the County issued three series of Capital Improvement Cc�orrwity Revenue Bonds secured by sales tax revenues (Series 2002, 2003, 2005). At the time of these financings, the County utilized a debt service reserve surety facility to satisfy the requirements of the Bond Ordinance that required a fully -funded Debt Service Reserve Fund. Those surety policies were provided by, what were at the time, two of the largest AAA monoline bond insurers serving the municipal market (Ambac and MBIA). However, as a result of the housing collapse and financial crisis occurring in 2008, both bond insurers were downgraded below the AAA rating level, which resulted in the County being required to replace the value of the surety policies with cash within a certain period of time. At the time, the Debt Service Reserve Requirement was over $20 million. After careful consideration of the County's options, including procuring new surety policies, issuing taxable bonds for the amount of the reserve requirement, or procuring a letter of credit facility, the County decided to fund the reserve requirement with available cash via an inter -fund loan from the utility system. PFM assisted the County with evaluating all of the options available, as well as review of the debt amortization in order to provide the utility with a tentative schedule of when funds could be transferred back to it. As part of that analysis PFM worked with the utility department to analyze It's five-year capital improvement program, when the pay -go requirements necessitated cash, and how that could be managed in light of the expected transfer -back from the interfund loan. The result of that process gave the County comfort that it could effectively make this interfund loan with little disruption to the utility's capital program. Over the course of the next several months, PFM continued to monitor the County's debt portfolio for potential opportunities. These updates included monthly presentations to the County's finance committee — which included a presentation on general municipal market conditions. As part of this surveillance process, PFM advised the County's finance committee of particular maturities within the Capital Improvement Bonds that could potentially be refunded for interest rate savings depending on rate movements. Multiple sensitivity analyses were performed in order to determine the movement necessary to implement a significant refinancing of the 2002, 2003 and/or 2005 Bonds. In addition, PFM ran break- even analysis that demonstrated that under certain conditions the existing bonds could be refinanced for less savings in order to release greater amounts of cash from the Debt Service Reserve Fund. Of course, the limiting factor for a refunding was that the existing bond document required a cash funded reserve or AAA rated surety provider (of which none existed). PFM recommended that the County create a new Ordinance of Special Obligation Bonds, secured by the County's Non -Ad Valorem revenues — which included the excess sales taxes after payment of the Capital Improvement Bonds. Therefore the payment source was identical and there was no net impact to the County's general fund. PFM also recommended that the new Ordinance not require a debt service reserve fund in order to achieve investment grade ratings in a high category. PFM worked closely with Bond Counsel through the creation of a new bond indenture for the County's refunding bonds. This process included guiding the County through the credit rating process and receiving AA ratings from all three rating agencies. Subsequently PFM worked with the County to identify Miami -Dade County — Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 11 3/4/2014 BidSync p. 168 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance the potential refunding candidates, the net present value savings expected from refunding certain bonds, and the cash release from the debt service reserve fund that would be available to transfer back to the utility system. In November of 2010, PFM assisted the County with the competitive pricing of the Special Obligation Refunding Bonds, Series 2010. The refunding resulted in net present value savings of over $1.3 million (over 5% of refunded par) and over $2.5 million of cash that was immediately released and available for transfer back to the utility system. PFM continued to monitor the County's debt portfolio and market conditions for opportunities into calendar year 2011. As rates began to decline to historically low levels in August of 2011, PFM advised the County that more bonds could be refunded for significant interest rate savings, as well as a substantial release of cash from the DSRF. From the point of our recommendation, PFM assisted the County with the competitive pricing of the Special Obligation Refunding Bonds, Series 2011 in under three months. The 2011 refunding resulted in net present value savings of over $4.8 million (over 5% of refunded par) and over $5.0 million of cash that was immediately released and available for transfer back to the utility system. MIami-Dade County . Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 12 3/4/2014 BidSync p. 169 MIN911.1111 FF Attachment #1 n.'s ran Ong Affact Proposer's Experience and Past Performance rL Financial Advisors Ord�alr RFQ No.00008 Please list your firm's rankings as of December 31 st of each year for the past five years, The rankings represent your firm's participation as "Sole Financial Advisor by Thomson Financials "At7" Short-term notes, private placements, and deals not meeting Thomson Financial' T+5 policy rule are to be excluded. Year Rank Dollar Volume ($ millions) Number of Transactions Number of Transactions in which the Firm acted as sole Financial Advisor 2013 1 46,071.0 768 737 2012 1 56,923.5 902 863 2011 1 39,632.1 758 754 2010 1 57,534.9 988 941 2009 1 51,588.5 832 815 2008 1 43,109.9 691 664 2007 1 43,367.1 625 604 Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 1 13 f(}unoO woo -pm 80000-O H P!8 OD 0 Attachment #2 Proposer's Experience and Past Performance Financial Advisors RFQ No. 00008 Please list the Finn's top five major clients, a contact person and phone number, what services you provide and xm is considered ''value added." Major Client Contact and Phone Number Firm's Role "Value'Added" 1 City of Jackson ille t �d tom, C. Ronald (Ronnie) Belton Assistant to the Mayor/Chief Financial Officer (904) 630-4999 rbelton@coi.net Sole Financial Advisor 27 Transactions: $2.5 BN 11 Refunclings: $1.1 BN; $137 MM of NPV Savings g 2 Orange County Fred Winterkamp, Fiscal and Business Services Manager (407) 836-2920 fred.winterkamp@ocil.net Sole Financial Advisor 8 Transactions: $517 MM 8 Refundings: $517 MINI; $66 MM of NPV Savings 3 Sarasota County 1 Peter Ramsden, Director of Finance (941) 861-5166 pramsden@scgov.net Sole Financial Advisor 6 Transactions: $141 MM 3 Refundings: $16 ML\I $5 MM NPV Savings 4 Collier County Mark Isackson, Corporate Financial Planning & Management Sole Financial Advisor 11 Transactions: $361 MM 8 Refundings: $293 MM $19 MM NPV Savings Services, (239) 252-8717 Marklsacksonna;colliergov.net 5 City of Austin Elaine Hart Chief Financial Officer (512) 974-2283 Elaine.hart cr,austintexas gov Sole Financial Advisor 161 new money transactions (including General Obligation, Revenue, and Other credit types) equaling $3.7 billion. 76 refunding transactions equaling $9.4 billion in par (inclusive of CP rollovers) Refundings for savings have generated $283 million in NPV savings. Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 114 /(}unoO epea-lwem 80000-0d l P!8 escrrbe P_'ropos Internet bidderE Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance de in lnternet br'ddiri' rovide In 2013 PFM completed over $3 billion more through competitive auction than any other firm. Electronic bidding is available to state and local issuers of competitively bid municipal bonds. It allows underwriters to submit their bids for a given bond or series of bonds via the Internet or a wire service. PFM was at the forefront of the service, having been one of the first FA firms to complete several electronically bid transactions with each of the primary providers. We have found that electronic bidding offers issuer's several advantages relative to traditional bidding methodologies, including: (i) enhanced competition; (ii) a facilitated bid submission process; (iii) a facilitated bid verification process; (iv) the ability to conduct "open" auctions; and (v) maturity -by -maturity bidding. ro ansi 2013 Full Year Competitive Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source: Thomson Reuters PFM Pubic Resources Advisory Group FirstSouthwest Piper Jaffray & Co Davenport & Company LLC KNN Public Finance Montague DeRose & Associates LLC Acacia Financial Group Inc Stephens Inc Springsted Incorporated iF honseotions 373 281 n 5,125,3 145 Farsimai 3,476,0 45 itigig 1,986.2 27 INgi 1,665.3: 12, 1, 1,476.3 28;Ro 7 itkil 1,403.4 1,381.0 1,349 0 dollars in millions 9,895.2 As the leading financial advisor for competitive sales, PFM is well versed on the two primary auction sites available to the County, Grant Street Group's MuniAuction and Parity's IPreo Auction site (www.i- deal.com). PFM also offers its clients the ability to receive bids for their bonds on MuniAuction via the firm's private label website, www.PFMauction,com. Since its introduction in March of 1999, the website has hosted hundreds of bond sales for a myriad of PFM's local government clients from smaller par amounts to par amounts exceeding $250 million. In each case, PFM independently evaluates and verifies the bids before recommending awarding the bonds. As recently performed for a Miami -Dade County Special Obligation Courthouse Revenue Bond issuance, PFM worked alongside County staff to ensure that all of the parameters were met and independently verified the bids using our bid verification model ("BVM"). Prior to the sale date, PFM assisted the County and legal counsel to prepare the Notice of Sale, ensure that all financing documents were correctly posted on the Internet platform's website, and make follow-up calls to potential bidders. PFM was at the County's finance office the morning of the sale. At the conclusion of the bidding time, PFM independently entered each bidder's scale into the BVM, verified each bid for the award parameters, and advised the County regarding the validity of bids. Most recently PFM completed a very unique competitive sale for another local client, the Miami -Dade County School District. That Internet bid was unique in that it marked the first time in Florida that a School District offered a Term Rate Certificate of Participation via a competitive auction. This was completed using the Parity "I -deal" Auction platform, and resulted in the District receiving multiple bids during the auction. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 115 12,895.6 3/4/2014 BidSync p. 172 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Bond sales conducted on the PFMauction website are different from other competitive sales in several ways. The first difference is bidders have the option of bidding for the entire bond issue, an all -or -none (AON) bid or bidding on each individual maturity of the bond issue, which is referred to as maturity -by - maturity (MBM) bidding. It should also be noted that PFM's agreement with MuniAuction does not even marginally compromise PFM's ability to engage the services of the other electronic bidding service providers on behalf of our clients, as PFM receives no compensation or "add -on" from use of any auction site. PFM's firm -wide policy with regard to electronic bidding is to evaluate each service on a case -by - case basis in light of a given client's needs and preferences. This is done by analyzing the advantages and disadvantages that each site possesses (as outlined in the chart below) and determining which one best suits the specific needs of the client. Regardless of the medium, electronic bid data can be instantaneously evaluated and rank ordered as bids are submitted facilitating the bid verification process. The electronic bidding system also records the bidding history of auction participants, showing the time and levels of successive bids for a given bond or bonds. MUNIAUCTION/PFM AUCTION BIDCOMP/PARITY BLOOM BERG Advantages Disadvantages Advantages Disadvantages Advanta.es Disadvantages Type of Auction empirical: denc8 rVt3M ed)raperi biddirig uces TIC Maturity by Mafia 131dd1"rig Open Auction Only provider to offer Open Auction Format Technological Considerations _ Relies on local" servers both front end (bidder) and back end (issuer) No Open Auction Direct"Wirt ervi (irougho :,system lf;k "uhderWrite issuer `ubscribe No Open Auction Relies on loca serveron baciS--. end (iss"uer} if issuer nct"a-- subscriber =_ Risk of System Failure Issuers Near zero chance of Internet failure \iiy pariy (Including investors) may; access -auction Easy access via an Internet browser Small chance of local server failure on front end (bidder) ......... .. _.... r nprietary wt[e: tsilce; near; got.: oharice` claw .iracj .tension:, existing sei Easy access via an Internet browser Remote chance of wire service interruption a?rcoprletary';tv1r service nec ere ohatic440 ata •Irac:> " Easy access via wire service, if subscriber, Internet if not Remote chance of wire service interruption Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 116 3/4/2014 BidSync p. 173 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance lescn innovative pros du ts,and ter roposer h s submi to to go nentglig At PFM, innovation and analytic excellence does not only occur in the context of debt transactions, but is the core of how we approach the advisory business. In fact, the very way that the firm is designed - as large as the largest investment banks with the expertise to help governments with nearly every aspect of their financial management - is itself an innovation. While some financial advisors advise only on bond and note transactions, we know the County is concerned not only with debt transactions, but with how the budget is holding up, whether the capital program is progressing as planned, trying to control workforce costs, improving investment returns, as well as a myriad of other details. While other financial advisors limit their expertise to bond and note transactions, PFM does not. At PFM we do not believe in innovation for the sake of innovation. Innovative ideas should be considered and deconstructed, and only implemented upon thorough analysis to ensure that the user, the issuer, ultimately benefits from that innovation. Over our 35 year history providing financial advisory services, PFM has been at the forefront of innovative products for our clients. PFM continuously monitors the County's debt portfolio for potential money -saving opportunities. Several of the case studies listed below represent specific examples of these innovative ideas that have been provided to the County over the last several years. The results of which have yielded significant cost savings to the County. Moreover, PFM is likely the only financial advisory firm that has discovered and implemented opportunities that provided up -front savings to the County in the form of immediate cash -in - hand (described in case study number two below). Case Study 1: Commercial Paper. Estimated Savings to date in excess of 6 million. In 2010 PFM began assisting the County on a project intended to expand the project capacity and financing efficiencies of the General Obligation ("GO") Building Better Communities Capital Program. Previously the County had always issued long-term bonds in order to fund capital projects as expenditures were anticipated to be allocated. However in the current low -interest rate environment the County could not invest bond proceeds near the 300 .,o 100 borrowing cost, or the limited "arbitrage yield." As such, PFM worked with the County to introduce an interim borrowing solution to the BBC Program that would enable the County to borrow on a matching basis relative to how much was expected to be spent in that month. In addition to the cost savings during the intermediate borrowing phase, the County would be able to manage the necessary debt service millage rate by timing the issuance of long-term bonds. PFM and the County began working towards a more traditional commercial paper program, which would have provided the County with the flexibility to draw funds as dictated by expenditure schedules, and save significant costs by eliminating negative arbitrage on bond proceeds. Through a competitive process PFM requested Letter of Credit ("LOC") proposals on the County's behalf in support of a commercial paper program. In addition to LOC's, the request included leeway for providers to propose alternatives that would achieve the County's objectives. One of those alternatives was a Flexible Drawdown Bond ("FDB"), which was approximately 20 basis points less expensive than the cost of an LOC. That cost difference alone is projected to save the County over $3 million over the next four years. However since FDB's had never been completed in Florida, and in only one other place nationally, PFM worked with County staff over the next several months to dissect the nuances of the program. In addition, Commercial Paper Schedule WIM CP Borrowing Repay,ne nt — — — CP Outstanding 111J.1111...11.1.ii l.il.1..1.1.J.1.UUJUNAAI1I. OC y� pQ\�• P� 1"' Oi. }��° ''l , n o`;.b ,c YQ 0' 04v p,. Pv; Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 117 3/4/2014 BidSync p. 174 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance once the County and finance team were comfortable with the details of the financing alternative, PFM worked with the County to negotiate and improve several points of the FDB, including the specific credit and legal terms, size of the program, and duration of the initial drawdown bonds. With these negotiated points in place, the County proceeded to finalize the terms of the drawdown bonds in 2012 and issued the first tranche of the FDB program in January 2013, Since then, the second tranche was issued in February 2014. As stated in the Mayor's State of the County address, the savings to the County as a result of the program are over approximately $6.4 million in the first year. Case Study 2: In May of 2010, PFMAM completed an escrow restructuring for the County of an escrow that had been originally associated with the 1998 refunding bonds The County had originally created an escrow portfolio that assumed reinvestment in 0% State and Local Government Securities ("SLGS") Rollovers in the future to blend the escrow yield down just below the arbitrage yield of the 1998 bonds. However, in 2009, the County issued a new series of bonds to defease the 1998 bonds via a low -to -high refunding. A significant portion of the SLGS portfolio subsequently transferred to the refunding bonds, which, as a result of the low -to -high nature of the refunding, was now restricted to an arbitrage yield that was approximately 120 basis points above the arbitrage yield of the refunded bonds. Upon review of the County's debt portfolio and outstanding escrows, PFMAM's arbitrage rebate group calculated the operating rule to determine the proportion of the portfolio to be transferred to the new bonds. The dead time in the portfolio associated with the 0% SLGS that were originally scheduled to be purchased in the future could be monetized by redeeming the SLGS and using the proceeds to purchase open market securities. PFMAM presented analysis to the County outlining the economic benefits of completing the escrow restructuring via a monetization of the difference between the SLGS and cost of a new escrow using open market securities. After receiving approval from the County to proceed, PFMAM conducted a complex competitive procurement process on a security -by -security basis among five (5) approved and pre -qualified securities dealers over the course of two days. Prior to the settlement date of the restructuring, PFMAM worked with the verification agent to produce cash flow and yield schedules that were tailored specifically for this unique transaction. The restructuring produced a net cash benefit to the County of over $2.97 million in the form of an immediate upfront payment. While the circumstances that made this possible for the County may not present themselves in the future, it is an example of the PFM Group's synergy and bringing our resources forward in order to provide unique innovations to the County. Case Study 3: As the County's Financial Advisor, PFM routinely surveys the County's five-year capital plan and outstanding debt obligations. As a result of this surveillance in May of 2013 PFM presented the County with an analysis detailing the refunding opportunity for the outstanding 1999 and 2004 Stormwater Utility Revenue Bonds (approximately $85 million outstanding). In order to make the typical refinancing process more efficient and less time -burdensome to the finance department PFM recommended that the County issue the refunding bond through a direct bank -placement process, which the County had never previously done. After extensive discussion on the merits of the alternative, in May 2013 PFM distributed a request to a broad pool of bank lenders that have been active in the direct -loan space. Although the size of the loan (approximately $87 million) and term requested (16 years) were greater and longer than typically seen in the direct -bank placement space, PFM felt that this particular credit would attract interest from the bank lending community and yield the County with a favorable result. In June 2013 responses were received and the County received a very attractive bid of 3.46% for the 16 year bank loan. As a result of the transaction the County achieved over approximately $4 million of Net Present Value Savings, or $390,000 of annual debt service savings over 16 years. We compared the results of this structure to a standard publicly offered bond financing for the County and determined the County saved approximately 35 basis points (0.35%) in the borrowing cost, in addition to the qualitative benefits such as are the reduced administrative time and burden that was achieved. Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 118 3/4/2014 BidSync p. 175 Miaml-Dade County Bid RFQ-00008 Proposer's Experience and Past Performance PFM has served as the County's General Segment Financial Advisor. As such, we believe we are in the unique position of having a much greater and deeper understanding of the County's various functions, departments, and financial positions. PFM maintains a database of the County's entire debt position, and has assisted with various debt issuances, strategic plans, and rating agency presentations for multiple general segment credits. Through our service to the County we have gained an enormous amount of experience and knowledge of the County's financial positions and strategic goals. We believe this uniquely separates PFM from other proposers who do not possess the same level of understanding. PFM has served the County through the following three contracts: Contract No: 262 Administering Department: Finance Department Contact Person(s): Rachel Baum, Finance Director Telephone No: 305-375-5147 Term of Contract: One (1) year, with option of four (4) one-year renewals Description of the Work: Financial Advisory Services Dollar Value: Approximately $1,039,906 Prime or Sub Contractor: Prime Contractor Results of Project: All work was completed in a timely fashion as required Contract No: Q45N Management Advisory Consulting Services (MACS) Pool Administering Department: Office of Performance Improvement Contact Person(s): Director, Office Performance Improvement Telephone No: 305-349-6100 Term of Contract: Three (3) years, and two additional years on a year -to —year basis Description of the Work: Management and Strategic Consulting Services Dollar Value: $0.00 Prime or Sub Contractor: Prime Contractor Results of the Project: No work orders were awarded under the pool Contract No: Q90 Administering Department: Finance Department Contact Person(s): Frank Hinton, Director, Division of Bond Administration Telephone No: 305-375-5147 Term of Contract: Three (3) year, with option of two (2) two-year renewals Description of the Work: Financial Advisory Services Dollar Value: Approximately $2,438,121.12 to date Prime or Sub Contractor: Prime Contractor Results of the Project: All work was completed in a timely fashion as required Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 119 3/4/2014 BidSync p. 176 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Relationship with Rating Agencies PFM has developed considerable experience working with the major national rating agencies. As a result of our experience advising hundreds of clients each year on the issuance of tax-exempt securities for a wide range of purposes, PFM has developed a clear understanding of the analytical methods utilized by Moody's Investors Service, Standard & Poor's and Fitch Ratings. In fact, when Moody's and S&P revised their GO methodology earlier this year, PFM had already provided the County with an evaluation of the impact of the new methodology on the County's credit. A sample of this work product has been included with our proposal; please see "Sample Work Products" in Appendix A (Moody's and Standard & Poor's New Rating Methodology for General Obligation Credits). This type of proactive approach on behalf of our clients is the best demonstration of how we assist our clients approach the rating agency process. The County is armed with information prior to entering any discussion with the rating agencies. The illustration below indicates the major rating agency criteria, and PFM works with clients to prepare a specific approach to each rating meeting, whether they are deal specific or routine surveillance. tr triottraph 1 moot, in We will work closely with the rating agencies to fully understand their concerns and methodology and to design the County's presentation to specifically address each agency's questions in a meaningful way. In addition, we maintain close personal contact with staff members at the rating agencies regarding their views of debt covenants, innovative financing techniques and unusual debt structures. At PFM we believe preparation is the key to success in dealing with the rating agencies, and as such advise clients to focus on the following major tenants: • Client Communication Consistent understanding of evolving rating agency criteria, guidance pieces, and methodology. This information is presented to the County periodically in order to ensure that you're up-to-date on the latest facts. For example, when Fitch published their criteria update for Transit enterprises in 2012, PFM immediately summarized the report findings and updated the County, as well as provided a copy of the report. • Preparation — As the County prepares for a new financing, or is in the budget preparation or other stages, it should be prepared to consider rating agency guidance on the specific financing or action(s) from a rating agency perspective. The preparation aspect considers what is gleaned during the ongoing information stage. • Credit Monitoring — This stage includes being armed with the County's position relative to comparable credits, issuers, and rating medians. Our annual Comprehensive Debt Review provided to the County includes a section that reviews the County's key credit metrics and how they compare to comparable credits. We periodically re-evaluate the credit profile as key financial decisions are implemented. • Active Dialogue — This stage considers the upcoming discussions with the rating agencies, and armed with the information gleaned from the prior three, the County is in a strong position to communicate with the rating agencies armed with the same information they have. In fact, our approach recommends that the issuer drive the discussion with the agencies as much as possible. Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 120 3/4/2014 BidSync p. 177 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance This includes highlighting the positive rating factors, and factually describing the negative rating factors while simultaneously describing the long-term plan to remedy any potentially negative factors. Our professional staff is trained to conduct in-depth credit analyses comparable to the rating agencies so that both credit strengths and weaknesses can be identified by the issuer prior to the presentation of materials to rating analysts. This experience has been utilized effectively to improve the credit ratings assigned to several communities across the nation. Below is sample list of PFM's experience working with clients to achieve rating upgrades and lower borrowing costs: Alachua County Library District Blueprint 2000 Bonita Springs Utilities, Inc. FL FL FL.. FL Broward County School District City of Boca Raton (GO) City of Boca Raton (W&S) City of Coral Gables City of Jacksonville City of Tallahassee Energy System City of Tallahassee Utility Systems Miami Dade County Transit Surtax Orange County Solid Waste Orange County TDT Revenue South Florida Water Management District St. John's County FL FL._. FL FL FL . ......... FL FL Prior Rating Current Rating A_ AA Al/A+ Aa3/AA- A3/A- A2/A+ Al/A+ Aa3/AA- Aa1/AA+ L_ Aaa/AAA AA-/AAg AAA/AAA N/A AAA Al Aa3 AA AA- ._._.:., A2 A/A+ N/A ,n Aa3 AA+ AA Al Aa3/AA+/AA Aa2 Rating Agency S&P Moody's/Fitch Moody's/S&P Moody's/S&P Moody's/S&P S&P/Fitch S&P M oody's S&P_� Moody's�.H., S&P/Fitch Moody's/S&P/Fitch .Moody's.._ The relationship PFM has developed with the rating agencies as well as our understanding of their process is of huge importance to our clients in today's volatile market place. The investor community has begun to put more emphasis on an issuer's underlying credit ratings when making an investment decision and thus obtaining the highest underlying rating is imperative. No longer can an issuer of municipal bonds rely on the bond insurance companies to provide them with the AAA credit strength. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 121 3/4/2014 BidSync p. 178 Miami -Dade County Bid RFQ-00008 Proposer's Experience and Past Performance Public Financial Management, Inc. and an affiliate (collectively "PFM") were joined as "4th party defendants" in a lawsuit initiated by a school district against its swap counterparty for declarative relief that the swap is unenforceable. The swap counterparty joined the school district's bond counsel as a defendant, and bond counsel then joined PFM, claiming that if counsel were to be liable for any damages it would be entitled to contribution from PFM. This suit was settled in early 2013; PFM contributed less than 1% of the amounts agreed in settlement, PFM does not take any exceptions to the terms of this solicitation. However we would kindly request the County Attorney's Office consider the following additions to Article 10 and Article 28. These additions are identified below inside brackets with the underlined and blue font formatting. Sample Form of Agreement for Financial Advisory Services Article 10. INDEMNIFICATION AND INSURANCE "The Contractor shall indemnify and hold harmless the County and its officers, employees, agents and instrumentalities from any and all liability, losses or damages, including attorneys' fees and costs of defense, which the County and its officers, employees, agents or instrumentalities may incur as a result of claims, suits, causes of actions or proceedings of any kind or nature arising out of, relating to or resulting from the [negligent or intentionally wrongfuil performance of this Agreement by the Contractor...". Explanation as follows: PFM respectfully requests the opportunity to negotiate the indemnification language in the Sample Agreement so that PFM's obligation to indemnify is limited to circumstances in which its performance has been negligent or intentionally wrongful. We are not aware of any cost implication associated with this change. ARTICLE 28-CONFIDENTIALITY -"..,All Developed Works ... may not, without the prior written consent of the County, be used by the Contractor or its employees, agents, subcontractors or suppliers for any purpose... unless required by law for regulatory or judicial processl. ,.. Neither the Contractor nor its employees, agents, subcontractors or suppliers may sell, transfer... or otherwise make available to others any part of such Confidential Information without the prior written consent of the County Junless such disclosure is required by law or regulatory or judicial process..."1. Explanation as follows: PFM respectfully requests the opportunity to negotiate the confidentiality provision in the Sample Agreement to allow PFM to disclose confidential information if PFM is required to do so by law or regulatory or judicial process. If PFM is served with a subpoena requiring the production of confidential information, we need to be able to comply with the subpoena, without that compliance constituting a breach of the agreement. We are not aware of any cost implication associated with this change. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 122 3/4/2014 Bidsync p. 179 Miami -Dade County Bid RFQ-00008 Key Personnel Experience and Qualifications tilclud enior, IS erson ices PFM's Florida team has combined for over 100 years of experience. The key personnel are designated in the chart below, and have all served the County's account in some capacity in prior years. In addition to the core Financial Advisory team described on the following page, Sergio Masvidal will coordinate all of the firm's services to ensure the County continues to receive the focused expertise necessary for any potential project in the future. Sergio _Masvidal,.Engagement and Project Manager David Moore, Head of PMI's South Region DavidM11 ti+iaaagrng NicklesRpq Senior Mar ag Consultants', M8riissa-SAlol'kt Senior MatSI Consultant; RyanCh kb, `:.:, eniorillanaging Consultantx =' Kathy Chen, Analyst t, ey Pinciak, Analyst Tam Morsch, ,Managing Director. ScottTrommer, Managing Director Mike Harris, Managing Dlrec • Setup consi SteveAlexander; Managing Director; Andrew _ McKendrick, Managing Director Jeff Pearsall, Managing Director Alfred Muku nya, Director Geo ge Hu, Senior Managing Consultant Mike Nadal, Managing Director; Dean Kaplan, - Managing Director . Virginia Rutledge, Director Note: The organizational chart above details all services that might be required for bond related as well as non -bond related work. The blue shading (;':.::._ ) indicates key professionals that will provide primary support to the Engagement / Project manager. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 123 3/4/2014 BidSync p. 180 Miami -Dade County Bid RFQ-00008 Key Personnel Experience and Qualifications enenc , gt� li its c othei r al information he functio Sergio D. Masvidal, a Managing Director in the Miami office, will serve as the engagement manager for this relationship. Mr. Masvidal specializes in Florida municipal finance for counties, cities, special authorities, and school districts, managing over $8 billion of debt transactions over the last 10 years. Mr. Masvidal manages PFM's Miami office and deploys a significant amount of resources and effort to our local South Florida clients. David Moore, a Managing Director in the Orlando office, will provide management support for this relationship. Mr. Moore is one of the most seasoned finance professionals in Florida providing financial advisory services to a vast array of counties, cities and school districts managing over $15 billion of debt. transactions during the last 20 years. Nicklas Rocca, a Senior Managing Consultant in the Orlando office, will provide senior project support for the engagement. Mr. Rocca specializes in Florida municipal finance for counties, cities, and school districts and has advised on over $4 billion in financings over the last 6 years. Marissa Wortman, a Senior Managing Consultant in the Miami office, will provide senior project support for the engagement. Ms. Wortman specializes in Florida municipal finance for counties, cities, authorities, airports, seaports and colleges and has managed over $6 billion in financings over the last 12 years. Pedro Varona, an Analyst in the Orlando office, will assist Mr. Masvidal and provide analytical and technical support for the County's engagement. In addition to the core financial advisory team listed above, as identified on the prior page the engagement also includes specific sector expertise, including: Todd Fraizer, the head of PFM's Bond Pricing Group and Ryan Childs, a Senior Managing Consultant in the Bond Pricing Group; Tim Carden, Managing Director, and the head of PFM's Public -Private Partnership practice; Matthew Eisel, Director, and Christopher Harris, Senior Managing Consultant, in the Escrow Structuring practice; as well as professionals with specific expertise in structured products and strategic consulting, as necessary. Miami -Dade County — Proposal for Financial Advisory Services (General Segment). RFQ No. 0008 124 3/4/2014 BidSync p, 181 Miami -Dade County Bid RFQ-00008 Key Personnel Experience and Qualifications Sergio Masvidal Managing Director Engagement Manager Sergio Masvidal is a Managing Director in the Miami office and he has assumed an active role in providing technical financial advisory support to clients throughout Florida and the Southeast, with a primary focus in South Florida. Over the last ten years Mr. Masvidal has been one of the most active financial advisors in Florida in terms of both total Par Amount and number of transactions completed. Having actively managed over $8.0 billion of bond transactions over a 10 year period, Mr. Masvidal's clients include a variety of Counties, Cities, School Districts, Special Taxing Districts, Transportation Authorities and Utilities. In his role as project manager, Mr. Masvidal devotes a significant amount of time working with counties and cities in South Florida as well as assisting issuers to develop long-term capital financing strategies. Part of this process includes a comprehensive evaluation of available security pledges, budgetary constraints, and development of credit ratings. Over the last five years Mr. Masvidal has served as financial advisor on more transactions than all but one competitor firm, and over $4.7 billion of par amount. Mr. Masvidal also assists other municipalities and special taxing entities with long-term capital planning and debt structuring/execution. Other Florida clients to whom Mr. Masvidal provides financial advisory services include Collier County, Monroe County, Broward County, the Miami -Dade County School District, South Florida Water Management District, East Central Regional Wastewater Authority, the City of Coral Gables, City of Coral Springs, City of West Palm Beach, City of Doral, City of Pompano Beach, City of Miami, among others. Mr. Masvidal has also been an active participant on innovative financing engagements, including public -private partnership structuring. As a member of PFM's financial advisory group, Mr. Masvidal has responsibility for providing analytical and technical support to his clients. These responsibilities include managing all aspects of bond transactions, including sizing bond transactions, developing CIP spreadsheet models, and performing refunding analyses. 2009 - 2013 Florida Long Term Municipal Now Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source: Thomson Reuters PFM 293 M transactions dollars In millions Raymond James Morgan Keegan FlrstSouthwest T 5,189.9 Public Reso Group Dunlap & Associates 4,778.4 4,099.6 71 I i_ 2,645.5 RBC Capital Markets 46 Spectrum Municipal Sery Inc Kaufman Hall & Associates Inc Frasca & Associates 28 gee 2,206.4 2,096.0 1,725 7 1,359.7 8,395.5 Mr. Masvidal graduated from Muhlenberg College in May of 2002, where he earned his Bachelor of Arts. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 125 20, 662:0 3/4/2014 BidSync p. 182 Miami -Dade County Bid RFQ-00008 Key Personnel Experience and Qualifications David M. Moore Managing Director Head of Southern Practice Management Support David Moore is a Managing Director in PFM's Florida practice. Mr. Moore coordinates the firm's Southern region and is among the most active financial advisors in Florida completing in excess of 250 financings totaling over $15 billion. During his twenty-six year professional career, Mr. Moore has worked as an engineer, investment banker and financial advisor focusing on public finance for the past twenty-one years, joining PFM in 1998. Mr. Moore is a hands-on, analytica project manager. This approach evolved out of his roots as an analyst in public finance. This technical foundation is a unique asset when advising clients regarding strategic issues with complex financing needs. An example of Mr. Moore's technical accomplishments is that his work for the School Board of Palm Beach County resulted in the District receiving the Bond Buyer's Southeast Region Deal of the Year award for a multi -series plan of finance included almost $1 billion in financings incorporating fixed and variable rate obligations. Another of the firm's clients —the South 'Florida Water Management District —was nominated and won the Deal of the Year for the entire nation. For the District he helped create the first COP financing program for environmental restoration. Even though COPs are generally viewed as a weak credit structure, Mr. Moore helped the District create a credit presentation that outlined the unique characteristics of the District and the program. This effort led to the District being rated AAA (implied GO) and the COPs being rated AA+. Mr. Moore has applied his expertise for City and County clients on projects including: economic development, airports, housing, convention centers, pooled financings, solid waste, special assessment programs and utility financings. Below is a sample of Mr. Moore's current and previous clients: Boca Raton at, el fables Daytona,' Beac Gainesville Jacksonville.. Key West felbourne Ormond Beacl Sunrise St. Petersburg Tallahassee eon County/ rtof Y allahassee llueprirt 200C south FL Wat /lanagement )rstrlot ;l trst Fltrlda �overrimental inencing _ ' Mr. Moore holds a M.B.A., cum laude, from the Crummer School of Business at Rollins College and a B.S. in Electrical Engineering from Auburn University. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 26 3/4/2014 BidSync p. 183 Miami -Dade County Bid RFQ-00008 Key Personnel Experience and Qualifications Nicklas Rocca joined the Orlando PFM office in May 2008. Mr. Rocca provides primary analytical support for clients located throughout Florida. His daily responsibilities include structuring financings, pricing new money and refunding municipal bond issues, identifying and running analysis' of refunding opportunities, and assessing debt structures for clients. Mr. Rocca also creates and assists in the development of specialized quantitative models used to help clients with their unique financings. Nicklas Rocca Senior Managing Consultant Florida Municipal Finance Senior Project Support Mr. Rocca has been directly involved in over 60 financings totaling more than $4 billion in debt issuance for Florida clients. Some of his notable Florida clients include Miami -Dade County, Collier County, Broward County, City of Coral Springs, City of Sunrise, City of Orlando, City of Key West, City of Apopka, School Board of Duval County, School Board of Citrus County, and Tampa Bay Water. Mr. Rocca will work in conjunction with the assigned Project Manager to ensure the client receives a full level of service. Mr. Rocca graduated with honors from the University of Central Florida with a degree in Accounting. Marissa Wortman Senior Managing Consultant - Florida Municipal Finance Senior Project Support Marissa Wortman is a Senior Managing Consultant in the Miami office. As a Senior Managing Consultant, Ms. Wortman is responsible for providing project management and analytical and technical support to the financial advisory group which includes: sizing bond transactions, performing refunding analyses, reviewing legal documents, preparing and maintaining disclosure documentation, overseeing the rating process, preparing terms and conditions of sales, creating models for quantitative analysis and analyzing market conditions. She has executed both negotiated and competitive bond transactions, structured both tax-exempt and taxable new money and refunding financings for her clients. Prior to joining PFM, Ms, Wortman worked at a regional investment bank where she served as support banker in numerous underwriting and financial advisory financings, investment programs, and competitively bid bond issues. Ms. Wortman has worked with Florida clients such as: Counties of Broward, Orange, Seminole, Bay, Volusia and Escambia, Cities of Jacksonville, Miami, New Port Richey, Sebring, Lake Wales, Clermont, Panama City, Oviedo, and Apopka, School District of Martin County, Clay County Utility Authority, Jacksonville Port Authority, Jacksonville Aviation Authority, Rollins College, Ringling College of Art and Design, and Stetson University. She has participated in the completion of short-term and long-term financings exceeding $6 billion in par issuance. Ms. Wortman received her Bachelor of Science in Business Administration degree from the University of Central Florida in December 1997, graduating at the top of her class with Summa Cum Laude honors. Pedro Varona Analyst Analytical Support Pete Varona joined PFM in 2012 and is staffed in the Orlando office. Mr. Varona works in the general financial advisory sector, providing technical and quantitative support for various clients. His present duties include structuring, sizing, and pricing new money and refunding municipal bond issues. He is also involved in assessing municipal issuer's outstanding debt and performing analysis of refunding opportunities. Mr. Varona graduated from the University of Florida with a Master of Arts degree in International Business, as well as a Bachelor of Science in Economics. Miami -Dade County -- Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 127 3/4/2014 BidSync p. 184 Miami -Dade County Bid RFQ-00008 Personnel Experience & Qualifications Related to Rating Agency PFM's experience in the municipal market on a national basis, and on the state and local levels enables our firm to know of rating agency developments in real-time and allow us to keep our clients informed of the latest rating agency procedures. In addition to our market knowledge, two of the principals at the firm are former heads of rating agencies, which provides us, and our clients, with an inside perspective to the rating agency thought process. And while having those professionals in-house is a benefit, the best form of rating agency representation and preparation is to ensure that the financial advisor maintains the pulse of the issuer. PFM has provided these services to the County for the last several years, and has assisted the County finance staff in better informing other stakeholders of the ratings process as well as deal directly with the rating agencies. As discussed in response to questions 14 and 15, the key personnel assigned to this engagement are the most active financial advisors in Florida. Sergio Masvidal and David Moore complete significantly more transactions than any other financial advisors in Florida. As a result, we dialogue with all three of the major rating agencies on a regular basis. That experience and level of communication provides us with specific insight to the rating agency procedures and what they have come to expect from our clients with regards to the rating process. PFM takes a methodical approach to rating agency management. Upon being hired as the County's financial advisor, PFM will continue to work to preserve or improve the County's existing 'AA' ratings. In order to do so, our team will assist the County to facilitate consistent communication with the rating agencies. Additionally, our team will assist the County to uphold and even strengthen two of the County's strongest credit attributes: long-term capital planning and debt management. In a recent credit report S&P wrote: "We view County's management conditions as strong, with good financial practices." The word "strong" under S&P's Financial Management Assessment methodology, indicate that the rating agency believes practices are "strong, well -embedded, and likely sustainable." Our team will work with County staff to assist in the capital planning process and creation of plans of finance that conform to established debt guidelines. We highlight these two credit attributes because they are the attributes most within the County's control. Of course, the County has other significant attributes that will serve as the basis for a strong credit rating into the future. Among these attributes are improving taxable values and the County's broad and diverse economy. Furthermore, our team will work to provide the County with the knowledge and information necessary in order to go into rating discussions with the same understanding and perspective as the credit agencies. To this end, we have already taken steps to familiarize the County with the new General Obligation rating methodology implemented by both Moody's and S&P. PFM has been in regular communication with each agency in an attempt to provide meaningful feedback during the comment period in order to ensure the new methodology is crafted in a manner that is not overly onerous to issuers. Below we have summarized some of the relevant points from the revised methodologies that the County should be aware of. Similar information is included in the section for Sample Work Products located in Appendix A (Moody's and Standard & Poor's New Rating Methodology for General Obligation Credits). We provided those reports to the County as soon as the new methodology was adopted in order to provide the County with the necessary information to have knowledgeable discussions with each agency. The following page describes the new methodology recently implemented by Moody's and Standard & Poor's. Miami -Dade County N Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 120 3/4/2014 BidSync p, 185 Miami -Dade County Bid RFQ-00008 Personnel Experience & Qualifications Related to Rating Agency Moody's: • The new approach creates a metric -based scorecard used to calculate an indicated rating for the entity. Built from the original four categories of Economic Strength, Financial Strength, Management and Governance, and Debt/Pensions, this scorecard translates each of these areas into quantifiable metrics. • Moody's has decreased the Economy/Tax Base weighting from 40% to 30%, and increased the Debt/Pensions weighting from 10% to 20%. • Moody's has also formally incorporated their recently released Adjusted Net Pension Liability ("ANPL") calculation into the ratings criteria. Standard & Poor's: • The new approach scores seven different areas on a scale of 1 to 5 (1 = strongest; 5 = weakest), which will formulate a weighted average resulting in the indicative rating. • Each individual category contains numerous qualitative factors that can impact the score positively or negatively. • The resulting indicative rating across all categories may be revised upward or downward, or capped, based on several overriding factors. Economy/Tax Base Finances Management Debt/Pensions 40%° 3 0% 20% 10% 30% 30%0 20% 20% Another specific service PFM provides in order to maintain constant dialogue with the rating agencies and present clear, concise information is the Comprehensive Debt Summary Report (CDSR), which is a detailed description of an issuer's overall debt portfolio and credit profile that is updated at the conclusion of each fiscal year. The CDSR summarizes all of the relevant information about an issuer's debt including current ratings, debt service graphics, debt service coverage and eligibility for refunding. It also provides a comparability credit analysis of key credit features of an issuer to highlight the strengths and address any weakness. The final aspect of the report is a summary of transactions completed during the fiscal year as well as an overview of pending items for the upcoming fiscal year. Clients and rating agencies alike have provided great feedback on the usefulness of CDSR, Iota, EAJer which allows PFM to proactively keep the rating agencies up to date on the financial status of issuers even when financings are not being undertaken. We have prepared this report for the County for the last four years, the most recent of which also accompanies our proposal. On the following pages we have included snapshots of certain sections from that report. Category Institutional Framework ight 10% Economy 30% Management 20% Liquidity 10% Budgetary Performance Budgetary Flexibility Debt & Contingent Liabilities 10% 10% 10% Debt Ptc•fite 35205.009 Aa2 AA AA eiol Ige231,3.000 Ana AA AA 1=14110 ailNW/s A A Water rrrarBm Aa, 4 s t .�I,�,' 000.030.Oo Aa3 arawaem<,bslmx Ar3 Braand firseu, 03s:00o Aa3 a ed Enalemer1 53026000 Aa3 An Piotessloial Spots Franchise Tax O0f.T03.20 Al Cn, 831I0.00 Aa2 AA- agn,t,00,elMgnTaoxn w, nt Sublolal 482:3.02'a: ,, as $3 oW Overall Debt by Lien Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 129 3/4/2014 BidSync p. 186 Miami -Dade County Bid RFQ-00008 Personnel Experience & Qualifications Related to Rating Agency General Credit`Pro file Key Metrics R Total General Fund Revenues — National County Comparison — T Higher is Better Peer Comparison Total General Fund Revenues ($000) Comparison to County and Credit Medians 2,000,000 1,00000 1400000 1200.000 tem,occ 0w,000 400,000 Total General Fund Revenues ($000) Iaml Gade Omnty, PAS -,ales Castles PA-Ratetl Counties ',Rated Co0nlle0 ,.. 2.2%Kiwi\\ � 1:1.1011211SW23.*�� VxaWMq.� *552521a. 2% Source: Moody's Investors Service. Moody's Financial Ratio Analysis. General .Credit Pro ile :Key Metrics ® General Fund Balance as a Percentage of Revenues — Florida County Comparison — t Higher is Better Peer Comparison General Fund Balance as a % of Revenues ero.verd Courtly FL Hllsnorounh oanry, FL Sour.: Moody's nwostors Sooloe. Moody's Financial Ratio Analysis. Comparison to County and Credit Medians General Fund Balance as % of Revenues b1I IDade • AAA eet'Gsunly AAR ledaanrunty ARat County b z Medlens MeMedians 25P Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 130 3/4/2014 BidSync p. 187 Miami -Dade County Bid RFQ-00008 Proposed Approach At PFM, we believe the financial advisor should play an active part in designing and executing the financing strategies of our clients. We see ourselves as both your partner and agent in helping to achieve your specific goals. Our job is to make you aware of all of the options at your disposal and the consequences of utilizing each of them. It is not our job to make policy choices; rather we want to ensure that you have the appropriate tools to craft a financing strategy that can lead to the lowest cost of borrowing consistent with your broader policy and financial objectives. It is our job to provide a forum for ideas, an environment for challenging the conventional wisdom, and a crucible for forging strategies to improve the performance of the program. Most importantly we must help manage the process and execute transactions. Throughout the course of the financing (plan of finance development, document preparation and negotiation, and rating agency presentation process) PFM will develop an arsenal of County attributes. Armed with this information, PFM is able to negotiate the best possible terms for our clients with the other market players. PFM will serve solely to meet the goals of the County. When serving as financial advisor, PFM takes an all -encompassing approach that ensures that our client's best interests are taken into account during each step of the bond issuance process. This begins with the creation of a team that consists of the optimal mix of professionals and carries all the way through post issuance compliance on an ongoing basis. Within this section we provide a detailed description of this approach and how it benefits each of our clients. Phase 1: Creating the Optimal Team Phase 2: Plan of Finance Development Phase 3: Transaction Management Phase 4: Bond Pricing Phase 5: Post -issuance Reporting and Compliance Miami -Dade County — Proposal for Financial Advisory Services (General Segment) - RFQ No, 0008 131 3/4/2014 BidSync p. 188 Miami -Dade County Bld RFQ-00008 Proposed Approach Phase 1: Creating the Optimal Team As discussed previously, the County's team will be led by Sergio Masvidal. Mr. Masvidal will lead each project and coordinate the effort of the entire team. One of the assets we offer the County is a flexible project -oriented approach to staffing engagements, which enables us to bring the proper mix of resources and experience to bear on a given client's problem or transaction. This may mean bringing together several members of the same advisory practice or it may entail organizing a team from several different practices and offices. This approach fosters creativity and innovation between PFM professionals and clients, while ensuring that the County receives service by a local team that is focused on the County's unique goals and objectives. lSl r Un opal , Hi�er`'µbatic>n �volvi iind8etvri e`s l Mrch'Thr1 it)ti6fies_ 1 / ln0e11Ma0 emenl"- Inueslrne )l;4onsL IT* P ibiicP e pgrs/ crs 0061F66I1 ie 7fansj d talr n tr tecic I bydsttngeivice. rt, iJement,dotdBu?get Advi tsty4ernses Florid Pricing Debt Nlanagemenl Quantitative Sliategles " < Stole Revolving Fund Services bi18ta8 err Management G d Budget Ccunseling Strategic['orecesting Services Public Pri afePartnershrp?nalygi5 and ihlpldmenIdion InveotmoriMot-agemeril VrivestmenIQ'onsulting ralJ.l '_— Arbitrage Rebel e sorow Slrucl urii rg Structured Pmarts _, Swaps Mindoe olis=--=, Nov _;z< d kldnd `" orlatTdo r f'1-iladei�hta Dieveted Roiilnnd - g ... Deomiei rihcelon DDePr v1dence es Moines R ohmond -= vunry H rrreburg S hF}a CIScd Ann Aria' Nur(fsville . :Saltlelr; Alant8i Lcrgo &C_LoutFe talifa l..ddgistond Wog,PaInnpeach asJon Los Chartdlei ` Malvern Child -to .:_ Memphis GhMIenoo a Mra7I Chicdtr`b Milwa kee Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 132 3/4/2014 E3idSync p. 189 3/4/2014 Miami -Dade County Bld RFQ-00008 Proposed Approach Phase 2 and 3: Plan of Finance Development and Transaction Management Before the actual issuance of debt, a viable plan of finance must be constructed. Once the Plan of Finance is in place, PFM works through the Transaction Management process to make certain that the necessary actions take place to complete the financing. In many instances, developing the Plan of Finance overlaps with the Transaction Management process. Our expertise in debt structuring, creating credit structures, managing the rating agency/insurer relationship and pricing bonds adds value during each phase of the financing process. The exhibits below outline PFM's approach to the development of long-term strategic financial plans. PFM will serve to administer each step of the plan of finance and transaction management. �iu irwe.a€taa ak�tt tc4nxlaikYtli.li$ahti0 yntit lklf7liY';t�;~ifU9tt�'tt�iJk r1T,'.'tl Md.?rt~'3&SKUis ='. t`itCi Ctln3LY$'�ntlp ample F tinnc iwtitig bsl4t ati,l1 oi1tnd en pttt iraptt ilzlkxAA .. ipl onnoe itai ank{(naralaYeasttvetar0Xr s.,i dcoltiry 1'triaiiiiingAlternatives l ntormsthe issatar aY 111 as ntial eons of different financing -techniques Outlines potential tine eteategl s edevaitt to a specitle piejeet rival Financial Plan • Documents all policies; processes: alternatives and reeults •, POenanlly recommends an optimal financing plan and 'sole iiOn PFM will work with the County's staff and finance team to address funding needs and will present financing options that best meet the needs of the County. PFM will analyze different financing structures to determine the best financing terms for the County, while achieving the lowest overall cost of borrowing. Transaction Management p Ter pa€ttf l«e iman n ankl Dovo uepi erc4thgski x t[ify' "itlslvhieb nr"e niti'oCt€x'et0 41a ci'C`it�>13toIUforn4itmt6ednbt - efue�asi�tor�tr k Ili ell piill aiftralt:t Develop Marketing Ptan Inoltutionnl 1nJtstors "roue S1ll0l', und/or entranced bona issue Advertising 01 i imiie as terietllee and inventor bnel'e'st 61 file securities D1cve1.9p Ratting Presentation • 01iadir Iligh0sfpossibiottoditratiagfar debt issue Pernabinte aid irilj jelnent'Iolig term eeedit l;it1ng.stretegy Assist With Sale and Closing of Beals' • Asente the Issuer otlowest iaitci•est rate torn givaliliarket Provide written doeumentadon et acceptability of bond sale Assure emiaplete compliance Whit all aanrket and regulatory reQllik'elnents , Miami -Dade County « Proposal for Financial Advisory Services (General Segment) " RFQ No. 0008 133 BidSync p. 190 Miami -Dade County Bid RFQ-00008 Proposed Approach The example timetable below outlines the steps employed by PFM to facilitate the sale and marketing of a current public offering of debt. PFM serves as the quarterback of the financing team and coordinates the entire process. The value added by PFM during each phase of the transaction results in the County achieving the lowest overall borrowing cost. As PFM works with the County's team to develop a Plan of Finance and then move forward with a financing strategy, there are several key elements in the financing that are considered. Of significant importance is the time that goes into the procurement of documents to meet needs of both policy and credit structure. As documents are prepared for a public debt offering, County staff and PFM will work together to ensure the initial ratings (and insurer) package is complete and provides sufficient detail regarding the credit strength, project significance and management strengths to garner the highest possible credit rating that is warranted. A similar approach exists for bank loans, but the credit process is unique to each potential bank instead of preparing continuing disclosure that is required for a bond transaction. Timing of the bond sale will incorporate consideration for the primary issuance debt calendar, planned release of economic data and general interest rate levels. If the County is issuing refunding bonds, PFM will assist the County in the implementation of the optimal escrow structuring strategy (highest yield on escrow investments net of costs, to increase realized savings) and time the funding of the escrow to reduce negative arbitrage without a pricing penalty. If a Bank Loan financing is deemed optimal, PFM will work with County staff to schedule the RFP release and approval/closing dates to optimize the financing's attractiveness to potential bidders and allow for multiple terms and conditions to be evaluated. In the selection and approval process, PFM will clearly outline the risks and benefits of the different financing options proposed, and make a recommendation based on which alternative best meets the County's objectives. Gfri late. Eoud Fosmtm4n er•L ,t Sire 2CC4;Aotice of 1 Confe<e8• C to saBand-Fo, m d Tu torrLet1 r$ -. Cncnl e� Iland.Fa, andInvesim Distribute. REP tae anellpry; smv. I+9j+Y'o±a dgen1' P g. , Pcaticarim. & be 4 be i Septamkf�• Septembe.B -+ 5epGnb-��9 -. Pc/Amber septa 12 Sepvmber•-n: Sept' in September-.i4 BCC.Appco2l•1,. tiug";l. 12 Conditian8 Notice. afRedemptie• fixceiveo ?tops als.ro1Ancilfary• Sen•& Select Ancillary- San Prortidera�Ti Cieaulme. Final Dammmtv(Penda 1 P.4peallatka,Sauiiaes• torE: Ln k interest Rate' for2611.Rerrm1m2•Bar2Q Circulate Final Documarts Final. Int Pre-Clasing CLPA•pm)T E�..less'atm oElriyoi s 16.day-V.a r Pet CI smg.i9J6tan)T fra 2OO4 Boniisl T Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 134 3/4/2014 BidSync p. 191 Miami -Dade County Bid RFQ-00008 Proposed Approach Phase 4; Bond Pricing Our team offers the County a unique blend of Wall Street knowledge, technical resources and an independent, local fiduciary perspective. As indicated in the table below, PFM is the most active financial advisor in the country andis a more frequent market participant than even the largest investment banking firms. In 2013, PFM assisted clients with 768 debt issues with a total par amount in excess of $46 billion. 2013 Full Year Overall Long Term Municipal New Issues PFM vs Underwriters National Municipal Financial Advisory vs Underwriter Ranking Full to Each, Equal if Joint Financial Advisor; True Economics to Each Bookrunner Source: Thomson Reuters # transactions dollars in millions. PFM 768 46,071.0 Bank of America Merrill 386 44, 952.9 Lynch J P Morgan Securities LLC 343(� �? 38,497.9 Citi 362 r��' 1s 36, 736.9 Morgan Stanley 236-;: 20,647.2 Goldman Sachs & Co 93 17,215.8 RBC Capital Markets 571 17,013.1 Wells Fargo & Co 214 16, 982.4 Barclays 121 13,915.2 Piper Jaffray & Co 626 10, 996.0 PFM Pricing Group A unique feature among financial advisory firms is PFM's in-house Bond Pricing Group. While many firms view pricing as a one -day event, we do not. Rather, we view it as the culmination of several critical decisions made throughout the financing process. The diligence brought to each decision during the financing process will be enhanced by PFM's dedicated in-house Bond Pricing Group, which will join the core financing team to support the pricing of the County's bonds. While not an underwriting desk (PFM does not underwrite or trade municipal bonds), our pricing group is structured to capitalize on one of the characteristics that has proven successful to investment banks; a centralized pricing desk where all market data is available and pricing expertise is concentrated. The PFM Pricing Group has complete, real-time access to every market platform necessary to evaluate the municipal market. We also subscribe to all of the major information vendors and are privy to real-time trade data. However, it is the knowledge we obtain through our daily presence in the markets (an average of over 14 deals per week) combined with our intimate knowledge of our clients' needs that we depend upon the most to shape our advice to clients. Unlike broker dealers that serve as financial advisor, PFM's Pricing Group has the benefit of market views from multiple market participants instead of relying on the views of only one underwriting desk. In negotiated sales, we use this knowledge to determine the target price that we expect the underwriter to meet and provide the underwriter our analysis to support our position. In competitive sales, we structure issues and sale times to ensure that as many investors are bidding on our clients' bonds as possible. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 135 3/4/2014 BidSync p. 192 Miami -Dade County Bid RFQ-00008 Proposed Approach Negotiated and Competitive Sale Process PFM possesses extensive expertise and experience in regard to both competitive and negotiated sales. Dependent on our client's needs and situation, PFM has experience in playing a variety of roles in the negotiated sale financing process. We have positive working relationships with all of the national investment banking firms, as well as the major regional firms. Likewise, PFM, as independent financial advisors, places considerable corporate emphasis on the professional and skillful conduct of competitive issues. The public finance departments of investment banks generate the vast majority of their revenues from negotiated bond issues and therefore have a natural bias both in attitude and experience to negotiated issues. PFM works on hundreds of competitive issues each year and, in fact, the team prides itself on successfully bringing issuers to the competitive markets. PFM is proud of its role as being on the leading edge of the municipal industry in developing innovative ways to use the competitive bid process. Our recommendation regarding the method of sale is derived after considering all the relevant factors. If a negotiated sale is determined to be the appropriate method, PFM has an unmatched expertise in negotiating the lowest cost possible for our clients. Assisting with bond pricing is one of the most critical roles of a financial advisor. Recognizing that, for over 30 years PFM has been at the forefront of the evolution of pricing techniques, resulting in savings to our clients of millions of dollars. Time and time again underwriting firms have said "you can't do that" to many of the concepts PFM has developed, that are now industry standards including par calls, option analysis, minimizing discounts and premiums, designation rules and most recently the PFM Pricing Desk. PFM will recommend the method of sale that will provide the Lowest cost of borrowing after' taking into consideration market conditions, structural factors and the County's specific goals for the project and broader policies and objectives. 2013 Full Year Competitive Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each Financial Advisor Source; Thomson Reuters PFM Public Resources Advisory Group FlrstSouthwest Piper Jaffrey & Co Davenport & Company LLC # transactions 373 7 5,125.3 145 3,476.0 45 ,... mg 1,986.2. KNN Public Finance 27 1,665.3 12 1,476.3 Acacia. Financial Group Inc 28:�*,' 1,4014 ... _...... Stephens Inc 77 1,381.0 Springsted Incorporated Montague DeRose & Associates LLC 181,10 1,349.0 dollars In millions 9,895.2 2013 Full Year Negotiated Long Term Municipal New Issues National Municipal Financial Advisory Ranking - Equal to Each. Financial Advisor Source: Thomson Reuters 12,895.6 PFM Public Resources Advisory Group FlrstSouthwest Lamont Financial Services Corp Acacia Financial Group Inc A C Advisory Inc Estrada Flinojosa & Company Inc RBC Capital Markets KNN Public Finance Fieldman Rolapp & Associates # transactions dollars in millio. 395 373 IL.. 42 isibmzu7,837.6 119 aptia 6,982.9 .. ___....... 38L Rmv.>t 4,927.9 69 € 3,908.5 106£,1 3,888.2 31 3,563.9 72 IN 3,038.9 Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 136 33,175.4 3/4/2014 BidSync p. 193 Miami -Dade County Bid RFQ-00008 Proposed Approach Phase 5: Post Issuance Reportinq/Compliance and Ongoing Debt Monitoring After each transaction, PFM customarily prepares a financial advisory memorandum that provides its clients with a summary of the transaction, including the financial alternatives considered, the financial impact of the transaction, and a comparison to similar deals that priced within the same timeframe. Part of this post -sale analysis includes detailed information regarding the pricing performance of the bond sale. This detailed analysis includes a review of the County's prior transactions, other transactions in the market that priced within the same time frame, and a summary of the pricing in comparison to the pricing model. PFM will compile this information for the County as part of the "Financial Advisor's Report" and will also identify the on -going administrative requirements over the life of the transaction. Below is a sample excerpt of the post -pricing analysis that PFM recently provided Miami Dade County. PFM would provide the County with a similar Pricing Analysis after a new issuance of Bonds. Pricing Performance 2013A Bonds Below is a summary of the Pricing Performance of the 2013A Bonds The "Reoffering Yield Spread" ranged from 22 bps for early maturities to 87 bps in later maturities atciNGaTr 000 4.0000i 0.40044 3,01.000� 4.000°b� 1.100M 0.000= 4.o00x e,oaoi 4.oab a'. 5.000 fi.000% 9,030.000 5,000143.670k 33400001 5.000%1 03050%i 3,60E,000 A000%t 4.O90M .23 ..._...........:......9......................... 3695,000e 42fi0."e, d.250 b 3.810.000 9.2500' 4.390k0 Saraal Serial Srrlal 9.340% 80.0 00.0 t6Ai 3 A6.3 .11.......... ... 0 69.0 40 34.0 089 Type of Salo: COMPETf1ME 004001 niter: MORGAN STANI BY Bond Gannet BQUFESANCQ23& CLMPSEY Flrenolol Advisor: PLBLICFINANCAL MUMT NC Tax Status: Tax•IXempt Nota .Issuonco Pnr is,o101 m11°—.. tlee w, "out "c n.ylold' ors 0ot..°,0 Baled Mate: 9125413 sale Mato: 9n203 1st OAII R9e: 411rz0 1st Call Brion: 100.03( Moody's: 003Una3 12 Independent Financial Advisor's Post Sale Report This report summarizes the Bond Sale and general market conditions leading up to the sale date of the bonds, as well as the pricing performance show previously. Below are select pages taken from the Report provided to Miami Dade County for its Capital Asset Acquisition Revenue Bonds, Series 2013A and Capital Asset Acquisition Revenue Refunding Bonds, Series 2013B. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 137 3/4/2014 BidSync p. 194 Bid RFQ-00008 Proposed Approach Miami -Dade County COUNTY Miami -Dade County, Florida Report of the Independent Financial Advisor $76 320, 000 Capital Asset Acquisition Revenue Bonds, Series 2013A $24,330, 000 Capital Asset Acquisition Revenue Refunding Bonds, Selves 2013B The PFM Group Putlic.Finandol Mendo,m9nt, lai. PEM Asset kiunipetnelit MIAMI PF57 Ativ1ss)r 255 Alhambra Circle S: ibe 4404 Corn) Ckablr$ f°'1. D3134 ;:11:15-44E,4007 305..4497131 fax vwwJ.PF141.corn Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 138 3/4/2014 BidSync p. 195 Miami -Dade County Bid RFQ-00008 Proposed Approach ary o£. the 2013 .Bonds • Summary: — $76,320,000 Capital Asset Acquisition Bonds, Series 2013A and $24,330,000 Capital Asset Acquisition Bonds, Series 2013B — The 2013 Bonds were sold via competitive sale on September 12, 2013 — The combined all in true interest cost was 4.16% — The senior underwriter for the 2013A Bonds was Morgan Stanley — The senior underwriter for the 2013E Bonds was Stifel Nicolaus • Purpose of Issue: — The 2013A Bonds were issued to: • Fund acquisition, development and construction of Series 2013A projects; • Pay at maturity all of Capital Asset Series 2010C, the Scott Carver/Hope VI Project; • Prepay the Naranja CRA Sunshine State Loan, including a reimbursement to the County for payment — The 2013B Bonds were issued to refund Capital Asset Series 2004E bonds maturing April 1, 2019 and April 1, 2024 2013 Bons • Below are the estimated Sources: Bond Proceeds: Par Amount Net Premium/OID Total: sources and uses of funds for the 2013 Bonds: Series 2013A Series 2013B 76,320,000.00 24,330,000.00 Total 100,650,000,00 3,012,216.30 2,271,571.65 5,283,787,95 79,332,216.30 26,601,571.65 105,933,787.95 Use Project Fund Deposit: ERP Election Equipment Transit Buses (Community Action and Human Services). PortableClassrooms (Community Action and Human Services) West Lot Project Naranjo Reimbursement Refunding Escrow Deposits: Cash Deposit Delivery Day Expenses: Cost of Issuance Underwriter's Discount Total: 46,000,000.00 4,847,000,00 2,758,480.00 2,800,000,00' 3,000,000.00 6224,000.00 18,245,724.70 26,376,000.00 407, 977, 09 143.947.18 649,034.51 81,624.47 79,332,216.30 26,601,571,65 46,000,000,00 4,847,000,00 2,758,480,00 2,800,000.00 3,000,000,00 624,000,00 44,621,724.70 651,924.27 730,658. 98 106,033,787,95 Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No, 0008 139 3/4/2014 BidSync p. 196 Miami -Dade County Bid RFQ-00008 Proposed Approach Market Coriditicstis fc)r Sale —Yield Curve The chart below shows the progression of the "AM' MMD index since September of 2012. The "AAA" MMD is a proxy for interest rates on the highest rated (AAA) municipal bonds. From September 2012 through the pricing date (9/12/13) municipal interest rates trended upward from all-time historic lows on the sale date. Historical AAA G.O. MMD Yield Curve snook 9712/2013 aset Pricing Date for 2013 Bonds 1 2 3 4 5 B 7 8 9 101112131415161718182021222324 252627252930 .---8/12/2012 10122012 -.--.6112/2013 212013 The County issued Series 2013B to advance refund the Series 2004B Capital Asset bonds maturing April 1, 2019 and April 1, 2024 The County was able to achieve over $2.2 million of savings by refunding these bonds, or $1.8 million on a Net Present Value basis Prior Debt Refunding Present Value to Date Service Debt Service Savings 09/26/13 @ 4.00% 4/1/2014 1,256,000.00 1,144,697.22 111,302.78 121,367,34 4/1/2015 4,516,000,00 4,300,600.00 215,400.00 204,469.42 4/1/2016 4,358,000.00 4,147,000,00 211,000,00 192,235,19 4/1/2017 3,839,750.00 3,627,500.00 212,250.00 185,825,42 4/1/2018 3,694,250,00 3,479,300.00 214,950.00 180,597.45 4/1/2019 3,553,750,00 3,338,525.00 215,225,00 173,647.11 4/1/2020 3,413,000.00 3,198,425.00 214,675.00 166,242.43 4/i/2021 2,082,000.00 1,869,000.00 213,000.00 158,457,20 4/1/2022 1,995,250.00 1,781,000.00 214,250.00 153,133.86 4/1/2023 1,908,500,00 1,693,500 00 215,000.00 147,638.55 4/1/2024 1,821,750.00 1,606,500 00 215,250.00 142,006.12 Total: 32,438,250.00 30,186,047.22 2,252,202.78 1,825,620.08 Miami -Dade County - Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 I 40 3/4/2014 BidSync p. 197 Miami -Dade County Bid RFQ-00008 Proposed Technical and In -House Capabilities Technological and Analytical Capabilities PFM continues to develop and strengthen its edge technically by installing the most advanced telecommunications and rate processing systems available. PFM provides its clients with a diverse and broad array of analytical capabilities. Each team of PFM professionals includes members experienced in credit research, economic analysis, computer programming, municipal bond structuring and refunding techniques. All PFM professionals possess exceptional skills in utilizing financial modeling software and developing sophisticated financial analysis models. Technology and Resources PFM maintains sophisticated computer capabilities, both in-house and through various contract services and major time sharing system vendors. Each member of PFM's professional staff is provided with a personal computer with a minimum of a Pentium IV processor. We also provide employees with remote transmission capabilities for field use, via Citrix enabled VPN services. The Firm's in-house computing capabilities consist of multiple MS SQL Server based applications, hosting of internet and intranet websites, including client related sites and a nationwide frame relay network connecting Mini and Micro based processing systems. All PFM computers are connected through extensive Local Area and Telecommunications Networks. Each Novell File Server in the network has a tape back-up system in place and mission critical applications are backed up by mirror servers and real- time replication in addition to the normal processes. These state-of-the-art networks enable PFM to transmit documents quickly between PFM offices as well as with PFM clients across the nation, enhancing the Firm's creativity and efficiency. To supplement PFM's in-house financial analysis models, PFM uses DBC; a bond structuring program that optimally sizes and structures debt issues, given any number of constraints. This municipal finance program, which currently constitutes the industry standard, is integrated with other proprietary computer programs written by PFM professionals, and is easily transformed into graphics for presentation purposes. PFM maintains an extensive library of widely published computer applications which are used for debt structuring, cash flow analyses, debt management, investment management, leasing analyses, and other modeling requirements. These applications include, Microsoft Office 2010 (includes Word, Excel, PowerPoint and Access), Pagemaker (desktop publishing), MS Visual Basic (application development), MS .Net (Internet development), MS SQL Server (database) Lindsey & Ward (bond tool, financial modeling), dBase (database management) and MBRisk Management. In addition to in-house technical resources, PFM makes use of nationally recognized timesharing networks and database management systems including those of: Bloomberg, Securities Data Corporation, Municipal Market Advisors, Thomson Financial, CDA Spectrum and Dow Jones. PFM uses these timesharing networks and information systems for research and bond market analyses. PFM tracks municipal bond new issue pricings and credit information with on-line access to the Securities Data Corporation's extensive database. PFM also actively tracks secondary market conditions and specific issue trading activities for numerous municipal clients whose debt instruments are actively traded in the secondary market. The variety of technical resources available to PFM allows us to provide flexible customized research and analytical support to our clients in a cost effective manner. These technological capabilities and training programs make PFM very unique to any of our competitors in the State of Florida. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0006 141 3/4/2014 BidSync p. 198 Miami -Dade County Bid RFQ-00008 Proposed Technical and In -House Capabilities Quantitative Resources PFM's Quantitative Strategies Group (the "QSG") comprises a group of dedicated professionals whose mission is to develop proactive strategies and tools for all of PFM's business practices. Through the use of advanced financial analysis and commercial and proprietary software, the QSG develops customized solutions to meet the individual quantitative needs of all of our clients. Our extensive quantitative capabilities allow us to provide services which address the full scope of strategic and operational considerations, ranging from capital financing strategies, to strategic planning and budgeting, to investment management strategies. Our Financial Risk Management, Structural Optimization, Refunding Efficiency, Forward Pricing, Other Post -Employee Benefits, and Budget Projection Models, to name a few, assist us in achieving these objectives. Pricing Group PFM's Pricing Group was formed over ten years ago with the specific and sole purpose of providing our financial advisory professionals and clients with a centralized source for municipal market pricing expertise. Today our Pricing Group is involved in more transactions than any other financial advisory firm, and has experience equaling or exceeding the largest investment banking firms. This type of expertise is very unique for a financial advisor, in which our only role is to advise you, the issuer, and not represent the interests of the investor community. Today's market conditions make independent pricing expertise even more critical than before. PFM's Pricing Group uses analytical structuring tools that offer a unique perspective for clients entering the capital markets. Miami -Dade County - Proposal for Financial Advisory Services (General Segment) - RFQ No. 0008 142 3/4/2014 BidSync p, 199 Miami -Dade County Bid RFQ-00008 Affidavits/ Acknowledgements 3/4/2014 BidSync p. 200 Miami -Dade County Bid RFQ-00008 Affidavits/ Acknowledgements Public Financial Management, Inc. has completed the Solicitation Submittal Form and uploaded to Bid Sync system. PFM's completed Lobbyist Registration for Oral Presentation Form is immediately following this page. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 ( 44 3/4/2014 BidSync p. 201 Bid RFQ-0000 0 U 0 DPX Form Supplier Response Form AFFIDAVIT OF MIAMI•DADE COUNTY LOBBYIST REGISTRATION FOR ORAL PRESENTATION (1)SdJettabonTitle: Financial Advisory ServlcGeneral Se (2)Deparment: Finance Department (3) Proposer's Name: Public Financial Management, tnc Address: 255 Alhambra Circle, Sulfa 404, Coral Gables, F Business id phone: 305-448-6992 E Solicitation No.: 'FQ-000 33134 ... als@pfm.com {4) List All Members of the Presentation Team Who Will Be P t eI tag in the Oral P Name lifts Employed By Emaile. Address Sergio Masvidat Managing Director Public Financial M2 rnasvidals@pfm.com David Miller Managing Director Public FlnnnclaI ME miller d@pfnt.cam David Moore Managing Director Pubic Financial Me moored pfm.com John Bonow CEO Public Financial Ma bonowi@pfm.com Todd Fralzer Managing Director Public Financial Mc fralzert@pfm.corn Tim Carden Managing Director Public Financial Me cardemt+ pfm.com Scott Trommer Managing Director Public Financial M1ta trommers@pfm.com (ATTACH ADDITIONAL SHEETS IF NECESSARY) 2 The Individuals named above are Registered and the R rtelratlen Fee is eret required for the Oral Preserriallon ONLY. Any peson who appears as a reprosentalNe fa an individual or frm for an oral presentation before a County certifieedon, evaluation, selection, technical review or stmiar committee must be !bled on an affidavit provkied by the County. The affidavit shaft be filed with the Clerk of the Boad at the tirne the response b submitted. The Individual or frm must submit a revised affidavit for additional team members added after submittal of the proposal with the Clerk of the Board prior to the oral presentation. Any person not listed on the affidavit a revised affidavit may not panidpate in the oral presentation, unless he er she is registered wtlr the Clerk's office and has paid at appik7bte fees. Other than for the oral presentation, Proposers who wish to address the county commission, county brad er county orxrtmi#eo Concerting any actions, decisions or recommendations of County personnel regarding thts solicitation h accordance will Section 2.11.1(s) of the Code of Miand )ode County MUST register with the Clerk Otte Board and pay all applicable fees. I do solemnly swear that an the foregoing facts are true and correct and I have real Or am familiar with the provisions of Section 2-11.1(s) of the Code of Miarre Dade Countyas amended, ature of Authorized Representative: STATE OF Florida COUNTY OF orange The foregohg instrument was by Sergio D. Masvldal (IndMduat, Officer, Partner orAgree) tome, a who has pr Title; Managing Director htlps://www.bidsync.eu DPXViewer/A.f(idavittlp,-Lobbyist_Registruttonjor_Ora.l,,,, 0 a 2/24/2014 N 0 0 0 N m 0 E 0 DPX Form Dorrena B. DavIs (Signature of person taklig acknowle Dorrena B. Davis (Name of AcknoMedger typed, prinked or stied) Est I5420 0 m�..�,.„_ (tle or Rank} (Serial Number, if any Please enter your password below and click Save to update your response. Piece e be ;:ware that typing in your password acts as your electronic signature, which is just as legal signature, (See Electronic Signatures In Qlobal and National Commerce Act for more information.) To take exception: 1) Click Take Exception, 2) Create a Word document detailing your exceptions. 3) Upload exceptions as an attachment to your offer on BidSync's system. By completing this farm, yrsur hid has not wit been W)rnitietti Plecose click on the prep offer button to finish filling but yew hid, Usemame davisd@prm.com Password ,.. ..., ._..._... « . Page 2 or2 " Required fields fAwfkal I,714 d bindirrtj as an uric ir'ai Iattps://www.bidsync,com/DPXViewer'Aff daviiL-Lobbyistjtegistration_ or_Ornl,Yresen... 2/24/24i 4 U c Miami -Dade County Additional Team Members of the Presentation Team Bid RFQ-00008 Name Title Employed By Email Address Michael Nadol Managing Director Public Financial Management, Inc. nadolm(a?pfm,com Marissa Wortman Senior Managing Consultant Public Financial Management, Inc. wortmanmpfm.com Nicklas Rocca Senior Managing Consultant Public Financial Management, Inc. roccan an�pfm.com Pedro Varona Analyst Public Financial Management, Inc. varonap(cr�pfm.com 3/4/2014 BidSync p. 204 Miami -Dade County Bid RFQ-00008 Form B-1, Price Proposal Schedule 3/4/2014 BidSync p. 205 Miami -Dade County Bid RFQ-00008 Form B-1, Price Proposal Schedule PFM's completed Form B-1 is immediately following this page. Miami -Dade County — Proposal for Financial Advisory Services (General Segment) — RFQ No. 0008 46 3/4/2014 BidSync p. 206 Miami -Dade Coun* Miami -Dade County muepo-0nonu Financial Adw^om'Services - General aecinoot Form B-1 Price Proposal Schedule INSTRUCTIONS: The price nthis Form B- Schedule", and inthe manner stated herein. Proposer is requested to fill in the applicable blanks on this form and to make no other marks. A. BOND RELATED WORK 1. Proposed Price per Bond The Proposer mhoU state its price for ' all bond related services as stated in Section 2,4h4\ of this Solicitation. The Proposer shall submit pricing stated as fixed rates which nh8U include all expenses to be paid per bond work under any cnntnno1 issued as a result of this Solicitation. Compensation shall be paid for work attributed to o bond |emue, on a per bond rate basis. Notwithstanding the per bond rate stated below, there shall be aminimum charge per bond issue and o maximum charge per bond issue. F��m�w�VV�r� Price Per $1'OOOPer Bond Issue For Bond _ Upto$15Omillion �.75 per$1,0OO _ Between $158million and $225million $ .50, .per$1,00} Minimum Charge per Bond Issue $ 25, 000 _ 1) For price evaluation purposes and price points, a total price shall be calculated by applying the rates/charges listed above into the bond transactions listed in Section 2below. ' 2\ Proposers who donot submit pricingfor8ectionA.1'PpoposmdP»riceperBond.|n0000ndmnmswdhth|o Form B'1, or who qualify or place ANY conditions on price may not receive evaluation points for the Price portion. 1 3/412014 omS/nc p.n7 ' Miami -Dade County Miami -Dade County Bid RFQ-00008 Financial AcIvisory Services — General Segment RFQ No.00008 2. Price Calculations for Bond Related Work Based on the rates/charges above In Section Al above, Proposer shall calculate per bond price taking into consideration, maximum and minimum charge per bond transactions as indicated below. Rates must be entered and calculated as follows in Table 3: Table 3 Price Calculations for Bond Related Work A C D E F Per Bond Issue Rates Per $1,000 Bond Issue Amount Extension Minimum Charge Per Bond Maximum Charge Per Bond Price (See Instructions below) 1 Up tO $150M: $ '75 $15000000 $ 11,250 $ 25,000 $ 175,000 $ 25,000 2 Up to $150M: $ .75 $76000000 $56,250 $ 25,000 $ 175,000 $56,250 3 a) Up to $150M $ .75 $175,000,000 $ 125,000 $ 25,000 $ 175,000 $ 125,000 b) Next $75M $ • 5° 4 a) Up to $160M $ • 75 $250,000,000 $ 156, 250 $ 25,000 $ 175,000 $156,250 b) Next $75M $ • 50 c) Over $225M $ • 25 5 a) Up to $150M $ .75 $450,000,000 $206,250 $ 25,000 $ 175,000 $ 175,000 b) Next $75M $ • 5° c) Over $225M $ • 25 TOTAL PRICE $ 537,500.00 Instructions: The instructions for completing Table 3 above are as follows: Column A: Insert the applicable "Per $1,000 Per Bond Issue" charge in Column A from Section A(1). Column B: The sample bond issue amount is provided. Column C: Calculate the extension (Column C) by multiplying the applicable "Per $1,000 Per Bond Issue" rate, by the bond issue amount, divided by $1,000 (Column A times Column B divided by $1,000). Column D: Insert the same Minimum charge from Section A(1) for all bond issues in Column D. Column E: Insert the same Maximum Charge from Section A(1) for all bond issues in Column E. Column F: Price shall be the Extension or the Minimum/Maximum Charge as follows: a) If Column C is less than Column D, then Column D shall be the Price in Column F. b) If Column C is greater than Column D, but less than Column E, then Column C shall be the Price in Column F. c) If Column C is greater than Column E, than Column E shall be the Price in Column F. Notes: 1) If the applicable charge based on the per $1,000 per bond issue for bond related work rate listed above in Table 1, is less than the minimum charge per bond issue listed in Table 2, then the minimum charge per bond issue listed in Table 2 shall prevail. 2 3/4/2014 BidSync p. 208 MMa(-DadeCouniv Miami -Dade County Bid RFQ-00008 Financial Acivisory Services — General Se rent RF No.00008 2) If the applicable charge based on the per $1,000 per bond issue for bond related work rate listed in Table 1, is more than the maximum charge per bond issue, listed in Table 2, then the maximum charge per bond issue listed in Table 2 shall be applied, 3) Above rates/charges include normal administrative fees, such as telephone, mailing, faxes, duplicating charges, overnight mail, parking, and out of pocket expenses, except travel expenses incurred in connection with a bond issue. Such expenses shall be limited to $10,000 per bond issue, unless otherwise approved, in writing and in advance, by the Finance Director for extraordinary circumstances, Refer to Section 5.0, Article 7, regarding adherence to CH.112.061 of the Florida Statutes for travel expenses, 4) The above Bond Issues are for evaluation purposes only. The actual amount paid by the County shall be based on the actual bonds issued as a result of any work issued under this Solicitation, 5) Proposer shall use the rates listed in Section A(1) to calculate the "Bond Issue Amount" and "Price", 6) The County reserves the right to correct and re -calculate any errors found in the above transactions. Prices/Charges stated in Section A(1) shall prevail. B. NON BOND RELATED WORK Proposer should list, in the tables below, not -to -exceed hourly rates for the various staff levels proposed to complete the required tasks and deliverables as stated in Section 2.4(B) of this Solicitation. Compensation for non -bond related work listed in Section 2.4(B) shall be paid as needed, on an hourly basis, Table 4: Proposed Maximum Hourly Rates For Non -Bond Related Work Staff Position Year 1 Year 2 Year 3 Managing Director $ 300 $ 300 $ 300 Director / SMC $ 225 $ 225 $ 225 Sr Analyst / Analye$ 200 $ 200 200 $ $ $ Notes: 1. The hourly rates above shall remain firm and fixed for the term of the Contract, including any renewals or extensions thereof. 2. The proposed hourly rates above include all costs, including all out-of-pocket expenses, such as travel, per diem, and miscellaneous costs and fees, which shall be incorporated in this price schedule, as they will not be reimbursed separately by the County. 3. Notwithstanding the rates above, compensation to the selected Proposer shall be based on the projects assigned. The selected Proposer shall not exceed the maximum hourly rates when calculating the not - to -exceed cost statement required for each assignment. 4. The positions identified in the table above, shall be the same as the key positions identified in the Proposer's proposal. The County expects that the key personnel, in those positions, will be performing the services, as needed. 5. Section B of the Price Form will riot be used for price scoring purposes. For Section B only, additional positions may be attached on a separate sheet. 3/4/2014 3 BidSync p. 209 Miami -Dade County Bid RFQ-00008 Appendix A. Sample Work Products B. SEC Registration C. Business Licenses 3/4/2014 BidSync p. 210