Label
DPU081622FinancialConsulting
Utilities Admin
Ed Moore (x1845)
Revised
Title
Authorizing the mayor to execute a two (2) year professional services agreement with PFM Financial Advisors LLC (PFM) for debt consulting services; waiving the competitive bidding requirements of TMC 187; authorizing the expenditure of an annual amount not to exceed $35,750 from the Water Operating Fund and an annual amount not to exceed $35,750 from the Sewer Operating Fund subject to appropriation; authorizing expenditure of funds in an amount not to exceed the sum of $1.00 for each $1,000 in debt issued, based upon bond proceeds, with a minimum fee of $25,000 plus customary and reasonable expenses in payment of said obligations; 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 and Ord 253-17 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 two (2) year professional services agreement with Public Financial Advisors LLC (PFM) for debt consulting, financial planning and rate model development service...
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