HomeMy WebLinkAboutR-25-0212City of Miami
Resolution R-25-0212
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 17479 Final Action Date: 6/17/2025
A RESOLUTION OF THE MIAMI CITY COMMISSION PURSUANT TO
SECTION 18-111 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS
AMENDED ("CITY CODE"), AUTHORIZING THE PURCHASE OF
INVESTMENT ADVISORY SERVICES ON AN AS -NEEDED BASIS FROM U.S.
BANCORP ASSET MANAGEMENT, INC. D/B/A PFM ASSET MANAGEMENT
("PFM") UTILIZING THE CITY OF PALM BAY, FLORIDA, CONTRACT NO. 66-
0-2021/SZ ("PALM BAY CONTRACT"), AWARDED PURSUANT TO A
COMPETITIVE PROCESS IN COMPLIANCE WITH THE CITY LAWS,
POLICIES, AND PROCEDURES, AS DETERMINED BY THE CHIEF
PROCUREMENT OFFICER, FOR A TERM OF FOUR (4) YEARS FROM
MARCH 1, 2022, THROUGH FEBRUARY 27, 2026, WITH SIX (6) REMAINING
OPTIONS TO RENEW FOR ADDITIONAL ONE (1) YEAR PERIODS;
ALLOCATING FUNDING FROM VARIOUS SOURCES WITHIN THE FINANCE
DEPARTMENT'S OPERATING BUDGET, SUBJECT TO THE AVAILABILITY OF
FUNDS AND BUDGETARY APPROVAL AT THE TIME OF NEED;
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN
AMENDMENT TO THE SUPPLEMENTAL AGREEMENT, DATED APRIL 1,
2024, WITH PFM, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, TO
REMOVE THE NOT -TO -EXCEED $50,000.00 CONTRACT LIMIT; FURTHER
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY
DOCUMENTS, INCLUDING RENEWALS, EXTENSIONS, OR AMENDMENTS,
ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, SUBJECT TO
ALLOCATIONS, APPROPRIATIONS, PRIOR BUDGETARY APPROVAL, AND
COMPLIANCE WITH APPLICABLE PROVISIONS OF THE CITY CODE,
INCLUDING, THE CITY OF MIAMI'S PROCUREMENT ORDINANCE, ANTI -
DEFICIENCY ACT, AND FINANCIAL INTEGRITY PRINCIPLES, ALL AS SET
FORTH IN CHAPTER 18 OF THE CITY CODE, AND IN COMPLIANCE WITH
APPLICABLE LAWS, RULES, AND REGULATIONS, AS MAY BE NECESSARY
FOR SAID PURPOSE; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on April 1, 2024, City of Miami ("City") entered into a supplemental
agreement with PFM Asset Management LLC ("Supplemental Agreement") for the provision of
investment advisory services ("Services") utilizing City of Palm Bay Contract No. 66-0-2021/SZ
("Palm Bay Contract"), which was awarded pursuant to a competitive process in compliance
with the City's laws, policies, and procedures as determined by the Chief Procurement Officer,
with a not -to -exceed contract amount of $50,000.00, pursuant to Section 18-111 of the Code of
the City of Miami, Florida, as amended ("City Code"); and
WHEREAS, the City's total expenditure on the Supplemental Agreement has reached
the $50,000.00 not -to -exceed contract amount; and
City of Miami Page 1 of 3 File ID: 17479 (Revision:) Printed On: 8/25/2025
File ID: 17479 Enactment Number: R-25-0212
WHEREAS, Section 18-111 of the City Code provides further expenditures in excess of
$50,000.00 shall be subject to approval by the City Commission; and
WHEREAS, authorization for expenditures in excess of the $50,000.00 contract amount
will allow for the continued provision of the Services at a rate that is acceptable to the City; and
WHEREAS, since the execution of the Supplemental Agreement, U.S. Bancorp Asset
Management, Inc. has acquired PFM Asset Management LLC and has succeeded it as the
party in interest; and
WHEREAS, pursuant to Section 18-111 of the City Code, the City Commission desires
to authorize further expenditures on the Supplemental Agreement in excess of $50,000.00 on
an as -needed basis, subject to availability of funds and budgetary approval at the time of need;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA.
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. Pursuant to Section 18-111 of the City Code, the purchase of the Services in
excess of $50,000.00 on an as -needed basis from U.S. Bancorp Asset Management, Inc. d/b/a
PFM Asset Management utilizing the Palm Bay Contract for a term of four (4) years from March
1, 2022, through February 27, 2026, with six (6) remaining options to renew for additional one
(1) year periods, subject to any renewals or extensions by Palm Bay, is hereby authorized'
subject to the availability of funds and budgetary approval at the time of need.
Section 3. Funds to be allocated by the various sources of funds from the Finance
Department's Operating Budget, subject to availability of funds and budgetary approval at the
time of need.
Section 4. The City Manager is authorized' to negotiate and execute an amendment to
the Supplemental Agreement, in a form acceptable to the City Attorney, to remove the not -to -
exceed $50,000.00 contract amount.
Section 5. The City Manager is further authorized) to negotiate and execute all other
documents, including any renewals, extensions, and amendments, all in forms acceptable to the
City Attorney, subject to allocations, appropriations, and budgetary approval having been
previously made, and in compliance with applicable provisions pursuant to Chapter 18 of the
City Code, including the City's Procurement Ordinance, Anti -Deficiency Act, and Financial
Integrity Principles, all as set forth in the City Code, and in compliance with applicable laws,
rules, and regulations, as may be necessary for said purpose.
Section 6. This Resolution shall become effective immediately upon its adoption.
1 The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to those prescribed by applicable City Charter and City Code
provisions.
City of Miami Page 2 of 3 File ID: 17479 (Revision:) Printed on: 8/25/2025
File ID: 17479 Enactment Number: R-25-0212
APPROVED AS TO FORM AND CORRECTNESS:
ge Wy j ng III, C1ty ttor -y 5/13/2025
City of Miami Page 3 of 3 File ID: 17479 (Revision:) Printed on: 8/25/2025