Fort Walton Beach Council agenda — 02-09-2010 Regular — reading text

of have been made and documented, if the con ch city availab ers find that no housing project resident or reF low income at rentals ey can affo . in' determining recipient is available to serve as a whether dwelling accom odations re unsafe or insan- commissioner, the existing vacancy shall then itary said goveming body ay to s into consideration through the normal appointment procedures the degree of overcrowdi , percentage of land coverage, the light, air; -' spa nd access available to this subsection. However, such ' normal apt shall not preclude the requirement to exercise the inhabitants of such dwel g accommodations, the In all succeeding vacancies to attempt to first' size and arrangement of th r mi, the sanitary facill- tenant -commissioner. until at least. one ties, and the extent to ch c ditions exist in such commissioner has been appointed. No corn buildings which end go ife or p oparty by fire or other of an authority may be an officer or employee causes. for which the authority is created. A comrrlissi 3)in any. suit, a hold office until a successor has been appo ing involving the on or proce validity or enforcem t of or relatin to any contract of has qualified. A certificate of the appointmer. the authority, th authority shall a conclusively pointment of any commissioner shall, be file deemed to have ome bstablished d•aikthorized to clerk, and such certificate. shall be conclusive transact busine s and exercise its po erq hereunder of the due and proper, appointment of sucl- upon proof ofa adoption of a resolute n by the gov- sioner. A commissioner shall receive no corn eming body sclaring the need for the hority. Such for his or her services but shall be entitled to t resolution resolutions shall be sufficien if 4 declares sary expenses, including travel expenses, h that ther such need for an authority an . nds in sub- the discharge of his or her duties. The requir stantial the foregoing terms, .no further etail being this subsection with respect to the number o nece ary; that either or both of the above a umerated sioners of a housing authority apply without co itions exist in the -city. A copy of such resolution the dater on which the housing authority was y cadified1by the clerk shall be- admissible in evI- 2) The powers of each authority shall b-i erice in-any suit, action or proceeding. the commissioners thereof in office from time NIUM —s': 4, ch. 17MI, 1037; cGL 1040 Supp. 7100(3 -4 w . majority of the commissioners shall constiti 421. 05 rum -of the authority for the purpose of con Appointment, qualifications, and tenure of business and exercising its powers and fo commissioners; hiring of employees. — purposes. Action may be taken by the autho 1) When the governing body of a city adopts a res- vote of a majority of the commissioners press olutlon as aforesaid, the mayor, with the approval of the in any case the bylaws of the authority requi governing body, -shall promptly gpoint no fewer than number. The' mayor with the- concurrence c five persons, and no more than seven persons, as com- erning body. shall designate which of the co trilWoners of the authority created for such city. Three ers appointed shall be the first chair, but whe, of the commissioners who are first appointed shall be of the.chair of the authority thereafter becorr designated to serve for temrs of 1, 2, and 3 years the authority shaft select a chair from arnor respectively; the remaining commissioners shall be missioners. An authority shall select from designated to serve for terms of years each; from the commissioners; a vice chair,and it may empi. date of their appointment. -Thereafter, each commis- tary, who shall• be the executive director sioner shall be appointed as aforesaid for a term of experts, and such other officers, agents, at office of 4 years, except that a vacancy shall be flared for ees, permanent and temporary, as it may r the- unexpired tern by an an may a shall determine their qualifications, duties, pessation. For such -legal services as It may altar such vacancy occurs, tacn nouslng-autnonry cre- authority may call upon the chief law offices ated pursuant to this chapter shall have at least on e or may employ its own counsel and legc' commissioner who shall be a resideM.who is current i n authority may delegate to one or more of it rent in a housing project or.a person of low or very to employees such powers or duties as it income who resides within the housing authority's jurfs proper. diction and is receiving rent subsidy through a program ( 3) Notwithstanding the limitation contai administered by the authority or public housing agen cY section (1) on the number of commissioners 66-  CITY COUNCIL MEETING February 9, 2010 Discussion - Direction - Action Action Authority for City Manager to execute an Agreement with Public Financial Management, Inc. Synopsis: A Financial Advisor is essential for the review ofcurrent bonds, existing debt and refunding opportunities. Previously retained Financial Advisor is no longer responsive to the City' s needs. Agenda Item Number: 9. 1  CITY OF FORT WAS TOA10FACI I- Memorandum To: Bob Mearns, City Manager From: Brandy Wunker, Finance Director Subject: Financial Advisory Services —Public Financial Management, Inc. Date: January 29, 2010 L BACKGROUND: 1. 1. On August 17, 1998, the City entered into an agreement with William R. Hough & Company for financial advisory services. 1. 2. The original agreement was for three ( 3) years with automatic renewal. 1. 3. The City contacted the Representative approximately five months ago to obtain a review of its existing debt structure and to evaluate financing mechanisms. 1. 4. The City has not received any correspondence from the Financial Advisor. 1. 5. It is irresponsible for the City not to have a responsive financial advisor to rely upon. 2. DISCUSSION: 2. 1. Administrative Policy Number FIN -09, as approved by City Council, specifically exempts " contracts for professional servicesinvolving a particular skill, ability, experience or expertise" from the competitive solicitation requirements. 2.2. The City of Lake Wales, Florida recently issued a request for proposal for financial advisory services and received only two ( 2) responses. 2. 3. After evaluating the proposals, the City of Lake Wales ranked Public Financial Management, Inc. ( PFM) as the top ranked firm. Their scoring sheets are attached to this staff report. 2. 4. Staff is currently researching the possibility of refunding current Bond' s and refinancing existing debt. The expertise of a Financial Advisor will play a critical role in the successful completion of this analysis. 2. 5. On September 8, 2009, City Council approved Staff' s recommendation to invest $ 2M in surplus funds with PFM. 2. 6. During the investment process and in the subsequent months, PFM has provided excellent customer service, knowledge, and assistance to Staff. 3. FINANCIAL INFORMATION 3. 1. PFM is allowing the City to take advantage of the same fee structure that the City of Lake Wales has received. The fee schedule for non -transactional services is listed below. 67-  Experience Level Hourly Rate Managing Director & Senior Managing Consultant 190. 00 Consultant 180.00 Administrative Staff 125. 00 3. 2. The fee schedule for tasks related to debt issuance is detailed below. Notes Bank Loans) and other financing that require a limited scope of services will be billed at 60% of the bond fees referenced above subject to a minimum fee of $12, 500. Transaction ($ 000) Fee Schedule Debt Transaction 1 — 205000 95/$ 1, 000 par amount Debt Transaction 20, 001 — 4000 80/$ 1, 000 par amount Debt Transaction 40,001 65/$ 1, 000 par amount Minimum Debt Transaction Fee 17, 500 3. 3. The City does not have a fee schedule set forth in their agreement with William R. Hough & Company that is current, as the service of the Financial Advisor for debt issuance has not been required since 2005. 3. 4. In reviewing the bid tabulations of the City of Lake Wales, PFM was ranked higher due to their price schedule. 4. RECOMMENDATION 4. 1. Staff respectfully requests authorization for the City Manager to