HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #6899
Date:
Commission Meeting Date: 02/13/2020
Type: Resolution
Subject: Bid Waiver - Bloomberg Finance
Purpose of Item:
Requesting Department: Department of
Finance
Sponsored By:
District Impacted: All
A resolution of the Miami City Commission, with attachment(s), authorizing the City
Manager to execute an agreement for right to use the BLOOMBERG TERMINAL in
substantially the attached form with Bloomberg Finance L.P.
Background of Item:
In an effort to maximize City investment portfolio, the Bloomberg Terminal delivers
coverage of markets and securities with information across asset classes.
Budget Impact Analysis
Item is Related to Revenue
Item is NOT funded by Bonds
Total Fiscal Impact:
N/A
Department of Finance
Department of Procurement
Office of Management and Budget
Office of Management and Budget
City Manager's Office
Legislative Division
City Manager's Office
Office of the City Attorney
Office of the City Attorney
City Commission
Legislative Division
Office of the City Attorney
Office of the City Attorney
City Commission
Office of the City Clerk
Reviewed B
Erica T Paschal
Annie Perez
Donovan Dawson
Christopher M Rose
Sandra Bridgeman
Valentin J Alvarez
Nikolas Pascual
Barnaby L. Min
Victoria Mendez
Todd B. Hannon
Valentin J Alvarez
Barnaby L. Min
Victoria Mendez
Maricarmen Lopez
City Clerk's Office
Department Head Review
Procurement Review
Budget Analyst Review
Budget Review
Assistant City Manager Review
Legislative Division Review
City Manager Review
Deputy City Attorney Review
Approved Form and Correctness
Meeting
Legislative Division Review
Deputy Attorney Review
Approved Form and Correctness
Meeting
Rendered
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12/23/2019 11:41 AM
12/26/2019 4:27 PM
12/26/2019 4:45 PM
12/27/2019 8:49 AM
12/27/2019 11:17 AM
12/27/2019 11:22 AM
12/27/2019 2:23 PM
12/27/2019 5:49 PM
12/27/2019 6:56 PM
01/09/2020 9:00 AM
01/14/2020 5:08 PM
01/15/2020 10:03 AM
01/31/2020 12:52 PM
02/13/2020 9:00 AM
02/19/2020 6:16 PM
City of Miami
Legislation
Resolution
Enactment Number: R-20-0037
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 6899 Final Action Date:2/13/2020
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A
FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, PURSUANT TO SECTION 18-85(A)
OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CODE"),
AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND
CONFIRMING THE CITY MANAGER'S FINDING, ATTACHED AND INCORPORATED
AS EXHIBIT "A", WAIVING THE REQUIREMENTS OF COMPETITIVE SEALED
BIDDING PROCEDURES AS NOT PRACTICABLE AND NOT ADVANTAGEOUS TO
THE CITY OF MIAMI ("CITY") AND APPROVING THE PROCUREMENT FOR THE
CITY'S FINANCE DEPARTMENT OF A FINANCIAL SERVICE INFORMATION, DATA,
SOFTWARE, AND EQUIPMENT TERMINAL SYSTEM FROM BLOOMBERG FINANCE
L.P. ("BLOOMBERG"); ALLOCATING AND APPROPRIATING FUNDS FROM THE
FINANCE DEPARTMENT'S BUDGET ACCOUNT NO.
00001.162000.534000.0000.00000, SUBJECT TO THE AVAILABILITY OF FUNDS
AND BUDGETARY APPROVAL AT THE TIME OF NEED; AUTHORIZING THE CITY
MANAGER TO NEGOTIATE AND EXECUTE, IN A FORM ACCEPTABLE TO THE
CITY ATTORNEY, A BLOOMBERG TERMINAL USE AGREEMENT WITH
BLOOMBERG FOR A TERM OF NOT TO EXCEED TWO (2) YEARS FOR AN
ANNUAL USE FEE NOT TO EXCEED TWENTY-SEVEN THOUSAND DOLLARS
($27,000.00) PER YEAR FOR A TOTAL AUTHORIZED AMOUNT NOT TO EXCEED
FIFTY-FOUR THOUSAND DOLLARS ($54,000.00) IN ACCORDANCE WITH
BLOOMBERG'S QUOTE; FURTHER AUTHORIZING THE CITY MANAGER TO
NEGOTIATE AND EXECUTE ANY AND ALL OTHER DOCUMENTS, INCLUDING ANY
AMENDMENTS, RENEWALS, MODIFICATIONS, AND EXTENSIONS, SUBJECT TO
FUTURE ALLOCATIONS, APPROPRIATIONS, AND BUDGETARY APPROVALS AT
TIME OF NEED HAVING BEEN PREVIOUSLY MADE, IN COMPLIANCE WITH
APPLICABLE PROVISIONS OF THE CITY CODE, INCLUDING THE CITY'S
PROCUREMENT ORDINANCE, ANTI -DEFICIENCY ACT, AND FINANCIAL
INTEGRITY PRINCIPLES, ALL AS SET FORTH IN CHAPTER 18 OF THE CITY
CODE, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AND IN
COMPLIANCE WITH APPLICABLE LAWS, AS MAY BE NECESSARY FOR SAID
PURPOSE.
WHEREAS, pursuant to Section 18-85(a) of the Code of the City of Miami, Florida, as
amended ("City Code"), the City Manager has made a finding, attached and incorporated as
Exhibit "A," that competitive sealed bidding is not practicable and is not advantageous to the
City of Miami ("City") in order for the City's Finance Department ("Department") to procure and
to obtain the usage of a financial service information, data, software, and equipment terminal
system (collectively, "Bloomberg Terminal") from Bloomberg Finance L.P. ("Bloomberg"); and
WHEREAS, the Department believes that it can earn the City increased basis points on
each investment by providing for designated Department staff to negotiate with hundreds of
Bloomberg brokers with the use of the Bloomberg Terminal; and
WHEREAS, the Department believes that the Bloomberg Terminal is the best resource
for trading solutions, research, and networking because it offers trading solutions across
multiple asset classes and sophisticated pre- and post -trade analytics for both the buy side and
sell side with a membership community of over 320,000 potential trading partners that
encompasses a broad range of research offerings including direct access to sell -side and
independent research from more than 1,500 sources, as well as proprietary, analyst -driven
research; and
WHEREAS, on November 18, 2019, the Department reviewed with the Finance
Committee the advantages of the Bloomberg Terminal and the Finance Committee approved
same; and
WHEREAS, following a published notice made at least fifteen (15) days prior to the
award, the City Commission is ratifying and approving by a four -fifths (4/5th) affirmative vote, the
waiver of competitive sealed bidding procedures for the procurement by the City of the
Bloomberg Terminal for a period of two (2) years at a not to exceed amount of Twenty -Seven
Thousand Dollars ($27,000.00) per year for a total of not to exceed amount of Fifty -Four
Thousand Dollars ($54,000.00) in accordance with Bloomberg's quote;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. By a four -fifths (4/5ths) affirmative vote, pursuant to Section 18-85(a) of the
City Code, after an advertised public hearing, the City Manager's finding, attached and
incorporated as Exhibit "A", that the requirements of competitive sealed bidding procedures are
not practicable and are not advantageous to the City is ratified, approved, and confirmed, the
requirements for competitive sealed bidding procedures are waived, and the request to
purchase for the City's Finance Department the Bloomberg Terminal from Bloomberg is
approved.
Section 3. Funds from the Finance Department's Budget Account No.
00001.162000.534000.0000.00000, subject to the availability of funds and budgetary approvals
at the time of need, are allocated and appropriated.
Section 4. The City Manager is authorized' to negotiate and execute, in a form
acceptable to the City Attorney, a Bloomberg Terminal Use Agreement with Bloomberg for a
term of not to exceed two (2) years for an annual use fee not to exceed Twenty -Seven
Thousand Dollars ($27,000.00) per year for a total authorized amount not to exceed Fifty -Four
Thousand Dollars ($54,000.00) in accordance with Bloomberg's quote.
Section 5. The City Manager is further authorized1 to negotiate and execute any and all
other documents, including any amendments, renewals, modifications, and extensions, subject
to allocations, appropriations, and budgetary approvals at time of need having been previously
made, in compliance with applicable provisions of the City Code, including the City's
Procurement Ordinance, Anti -Deficiency Act, and Financial Integrity Principles, all as set forth in
1 The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code
provisions.
Chapter 18 of the City Code, in a form acceptable to the City Attorney, and in compliance with
applicable laws as may be necessary for said purpose.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
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