Label
DPU120424FinancialConsulting
Utilities Admin
Douglas Stephens (x1845)
Revised
Title
Authorizing the Mayor to execute a one (1) year professional services agreement with an option to renew for two one-year terms with PFM Financial Advisors LLC (PFM) for debt consulting services; waiving the competitive bidding requirements of TMC Chapter 187; authorizing the expenditure of an annual amount not to exceed $45,000 from the Water Operating Fund and an annual amount not to exceed $45,000 from the Sewer Operating Fund subject to appropriation; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Department of Public Utilities requires professional consulting services regarding the issuance of debt and the review, creation and development of rate structures and projection models. Ordinance 336-12, 253-17, and 404-22 previously authorized Public Financial Advisors LLC (PFM) to be the professional consultant. PFM has also assisted in the issuance of debt for the plant improvements to the Water Treatment Plant and would like to continue their services. Funding these services will be available and appropriated either from future debt proceeds or annual appropriation measures as approved by City Council. This ordinance authorizes a professional services agreement with PFM for consulting services and waives the competitive procurement provisions of the TMC Chapter 187 in order to maintain consistency and the level of excellence and professionalism currently rendered by PFM to the City of Toledo.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into a one (1) year professional services agreement with an option to renew for two one-year terms with Public Financial Advisors LLC (PFM) for debt consulting, financial planning and rate model development services, upon terms and conditions approved by the Director of Public Utilities and the Director of Law.
SECTIO...
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