Fort Walton Beach Council agenda — 02-23-2010 Regular — reading text

h legal fees will. depend on a recovery in this case. In no e ' e-nt shall legal Client be obligat ed fo r legal fees if the case is brougght to conclusion and no settlement or verdict is obtained. I In the event of termination of representation mid client obtains a recovery,, Attorneys ,;hall be paid a fee equal to the reasonable value of Attorneys' services prior to such termination of Attorneys, which shall be determined as fellows; a. If the parties had reached an agreed- to settlement prior to termination, then the contingent fee agreed to herein; b. If the opposing parties have offered settlement in amounts not yet accepted by Client, then the contingent fee on the offered settlement, even if the final settlement or verdict amount is less, c. If no settlement offer has been made, Attorneys will bill Client for all senrices rendered at hourly rates in effect for Attorneys and their staff at the time this agreement was entered into. If Client elects at any time to abandon its claim and or discharge Attomeys without good cause against the recommendation and advice of Attorneys, then in either such event, Client agrees to pay Attorneys for all reasonable costs advanced by Attorneys Prior to the date of such discharge or abandonment. If Client elects to abandon this claim or discharges Attorneys with their concurrence then Client will not be responsible for the costs that bad been advanced by Attorneys on Client' s behalf at Arne of abandonment of claim or discharge. or for Attorneys legal fees. 7. Approval Necessary for Settlement. Attorneys will not make any settlement or compromise of any nature of any of Client' s claims without Client*s prior approval. Client retains the absolute right to accept or reject any settlement. Client agrees to consider seriously any settlement offer Attorneys recommend before making a decision to accept Or reject such offer. Client agrees not to make any settlement or compromise of any nature of any of Client' s claims without prior notice to Attorneys. 8. Lien by Attorneys. The parties Ridber agree that Attorneys shall have a lien against any sums recovered by Client arising out of the above-described matter in an amount equal to the compensation earned by Attorneys and the costs incurred by Attorneys in discharge of their duties for and on behat,"of the Client. The Attorneys will not be obligated to turn over the office file to Client until either full payment of all sums due has been made or other arrangements satisfactory to Attorneys have been consummated.  9` otification. This contract may be cancelled by written notification to the Attorneys at any time within three business, days, of the date the contract was signed, as shown below, and if cancelled the Client shall not be obligated to pay, any fees to the Attorricys for the xvork-performed duringo, that time. if the Attorneys havre advanced funds to others in representation of the Client, the Attorneys are entitled to be reimbursed for such amounts as they have reasonably advanced on behalf of the Client. You have been advised that Attonleys cannot guarantee success or art), particular result. You. haN,,e also been advised that Attorney,,;cannot be responsible for failing to retain, beyond a reasonable time, copies of finn-generated documents, 10. Power of Attorney. The Client expres-0y grants power to the Attomeys to endorse and deposit into the attorneys' Trust Account any checks in the client's name, and authorizes the, attorneys to deduct fees, costs, and expenses from the client's share of the recovery. Any liens shall remain the client's obligations. IN W ITN.ESS 1WH EREOF. the parties have executed this Agreement the date set forth below. City of Ft. Walton each General Employees' Retirement Fund Bv: Its: Chairperson Date: ATTESTED TO BY Its: Secretary Date: BE GS & LANE RLLP 0 Gregory R. Miller. A Partner Date: LEWIN, PAPANTONIOI THOMAS., MITCHELL, ECHSTNER & PROCTOR, P.A. By. Peter J. Mougey, A Partner Date: LEDBETTER & ASSOCIATES, P. A. By: , Dale Ledbetter, A Partner Date:  City ofFort Walton Beach Memorandum To: Bob Meatus, City Manager From: Brandy Wunker, Finance Director Subject: Merrill Lynch Legal Action Date: January 6, 2010 1. BACKGROUND: 1. 1. Nlerrill Lynch was the City' s Investment Advisor until the City' s Pension Attorney recommended replacing the firm in 2008. 1. 2. Merrill Lynch was subject to a Securities and Exchange Commission investigation, together with the vice president in charge of the firm' s Florida pension consulting group, Mike Callaway. 1. 3. In early 2009, Merrill Lynch agreed to pay $ 1 million to settle the charges, neither admitting nor denying the SEC allegations of improper conduct. Mr. Callaway, no longer with Merrill Lynch, is contesting the SEC charges. 2. DISCUSSION: 2. 1. At the June 9, 2009 meeting, City Council authorized the law firm of Beggs Lane to conduct an analysis of potential damages incurred by the City as a result of Merrill Lynch' s actions. 2. 2. Beggs & Lane have completed the analysis and the preliminary results are attached. 2. 3. The preliminary analysis shows underperformance in the General Employees' Pension Plan of $1, 315, 252 between January 1, 2004 and December 31, 2007. 2. 4. A, representative from Beggs & Lanes will be present at the February 9, 2010 City Council meeting to present the preliminary damage assessment, discuss the status of the ongoing litigation project involving Merrill Lynch and Michael Callaway, and answer any questions that the Council has concerning the matter. 3. FINANCIAL ]INFORMATION 3. 1. Beggs & Lane has prepared the preliminary analysis at no charge to the City. 3. 2. Should the City Council wish to pursue the lawsuit and engage Beggs & Lane to represent the City, a contingency fee arrangement will be utilized. 4. RECOMMENDATION 4. 1. Staff respectfully request City Council direction on whether or not to engage Beggs & lane to pursue litigation against Merrill Lynch on behalf of the General Employees' Pension Plan. 160- 5. SIGNATURE BLOCK l.Q 5. 1. Submitted by: r, Finance Director ate Bran 5. 2. Reviewed for agenda: Date o Mearns, City Manager Docid: U:\ Finance\Agenda \2009 \Merrill Lynch Litigation 1. 6. 10.doc 161- THIS PAGE IS LEFT INTENTIONALLY BLANK 162-  CITY COUNCIL MEETING February 23, 2010 Discussion - Direction - Action Discussion Northwest Florida League of Cities 2010 Excellence Awards Synopsis: Council consideration ofnominations to the NWFLCfor municipal awards Agenda Item Number: 9. 3  CITY OF FORT WALTON BEACH, FLORIDA MEMORANDUM TO: Robert T. Mearns, City Manager FROM: Cam Johnson, Public Information Officer THROUGH: Fran Diedrich, Administrative Services Director SUBJECT: NWF League of Cities Awards DATE: February 15, 2010 1. Backy-round: 1. 1. The Northwest Florida League of Cities is currently accepting nominations for the Northwest Florida League of Cities 2010 Municipal Official of the Year Award and the Northwest Florida League of Cities 2010 Community of Excellence Award. Nominations for the awards are due to the league no later than Wednesday, March 31, 2010. The awards will be presented during the Northwest Florida League of Cities Annual Summer Dinner and General Membership meeting scheduled for May 7, 2010 in Panama City Beach. 1. 2. In the Community of Excellence Award category, three cities will receive awards based on the population of the city. The categories are 1- 10, 000, 10, 001- 20, 000 and cities 20, 001 and larger. In 2009, the City of Fort Walton Beach received the Excellence Award, population 20,001 and larger, for the Community of wastewater treatment interlocal agreement with Okaloosa County. 1. 3. The winner of the Municipal Official of the Year Award will not be based on population. Mayor Mike Anderson received this award in 2008. 2. Discussion: 2. 1. Community Excellence Award: The Community Excellence Award is presented to the municipality that has developed and implemented a unique economic development project, an innovative community development partnership program, a unique community leadership or citizen engagement program, a technology or government performance efficiency initiative or some other innovative project or program designed to enhance the quality of life for your city, its citizens and the community. 2. 2. Municipal Official of the Year: The Municipal Official of the Year award will be presented to an elected official who has performed in an outstanding manner or has improvement of municipal made an unusual and lasting contribution to the 163-  government:. 2. 3. Criteria for the award include: 2. 3. 1. 60 percent —service to the city 2. 3. 2. 30 percent —service to their regional /local league 2. 3. 3. 10 percent —service to the Florida League of Cities 2.4. Contributions to service shall be defined as: 2. 4. 1. Total. Years of Elected Service 2. 4. 2. Offices Held 2. 4. 3. Programs Initiated 2. 4.4.