HomeMy WebLinkAbout1999-137 Agrmt - PFMAGREEMENT FOR FINANCIAL ADVISORY SERVICES
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THIS AGREEMENT, entered into as of the ,,~,'~ day of
i~ ~4~--~-- 1993, by and between the City of Ashland, (hereafter the
"City") and Public Financial Management, Inc., a Pennsylvania corporation with
an office in the City of Portland, Oregon, (hereafter "PFM" or the "Financial
Advisor").
WITNESSETH
WHEREAS, the City desires to obtain the services of a financial advisor to
provide advice and assistance in connection with the City's financial planning
and debt management; and
WHEREAS, the City has determined that PFM possesses the professional
skills and technical expertise to assist the City by providing the requisite financial
advice contemplated herein;
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements hereinafter set forth, the parties hereto, intending to
be legally bound hereby, do hereby covenant and agree for themselves, their
successors and assigns, as follows:
The Financial Advisor shall at the request, direction and guidance of Jill
Turner, Finance Director, her successor and assigns, perform services
enumerated in Section 4. of this agreement.
2. Services called for herein shall be provided at such times and at such
locations as may be reasonably requested by the City.
It is mutually agreed that the Financial Advisor shall provide the services
hereunder as an independent professional consultant and independent
contractor and not as an employee of the City.
The City agrees to pay the Financial Advisor for the performance of the
services set forth herein according to the following terms, conditions and
schedule:
a)
A work scope and budget will be established for each project to be
undertaken on behalf of the City with notice to proceed issued by the
City.
Agreement for Financial Advisory Services
Page 2
b) Unless otherwise agreed, fees for services will be billed hourly at the
rate listed below:
Blended hourly rate of $145*
Blended hourly rate of $145 for base year 1993. Rate will inflate at
CPI each year at the beginning of the City's fiscal year.
c)
PFM will be reimbursed for out of pocket expenses incurred for travel,
lodging, computer, communications and freight, reproduction, graphics
and word processing. PFM will be reimbursed for the printing and
distribution costs for the official statements prepared in connection
with bond sales. Word processing related to the official statement will
be billed at a rate of $25.00 per hour.
d) All billings, unless otherwise agreed to, will be submitted monthly to Jill
Turner, Finance Director, for payment.
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It is understood that this contract is for unique professional services.
Accordingly, the duties specified in this Agreement may not be delegated
by the Financial Advisor without prior written consent of the City.
6. This agreement shall become effective upon its approval by the City.
The City may terminate this Agreement at any time by written notice to the
Financial Advisor. In the event of termination, the Financial Advisor shall
be entitled to compensation up to the time of termination, which shall be
determined in the following manner; PFM will submit an invoice and
statement of charges, including documented out-of-pocket expenses.
PFM will accept in full settlement thereof the amount determined by the
City to be fair and equitable, but not less than documented out-of-pocket
expenses.
This Agreement constitutes the entire agreement between the parties. No
amendment or modification altering its scope or terms shall have any
force or effect unless it is in writing and signed by both parties.
Agreement for Financial Advisory Services
Page 3
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
this ,.~-~ day of b4 ~. ,,.~: ,.~1,L~-~1,,,~93
ATTEST:
PUBLIC FINANCIAL MANAGEMENT, INC.
By / C,u'u+-,,;--- .
By