RPVCCA_CC_SR_2012_10_30_A_Agreement_For_Financial_Advisor_ServicesCITY OF
MEMORANDUM
TO:
FROM:
DATE:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DENNIS McLEAN,DIRECTOR OF FINANCE AND INFORMATION 0,
TECHNOLOGY
OCTOBER 30,2012
SUBJECT:AGREEMENT FOR FINANCIAL ADVISOR SERVICES
REVIEWED BY:CAROLYN LEHR,CITY MANAGER ~
Staff Coordinator:Kathryn Downs,Deputy Director of Finance
and Information Technology \C()
RECOMMENDATION
1.Approve the proposed agreement with Magis Advisors to provide financial advisor
services to prepare the Financing Plan and oversee the sale of debt securities for
the San Ramon Canyon Stabilization project,and authorize the City Manager to
execute the agreement.
2.Authorize Magis Advisors to proceed with Phase 1 of the project,which is to prepare
the Financing Plan.
BACKGROUND AND DISCUSSION
On October 16,2012,the City Council approved Staff's recommendation to retain Magis
Advisors for financial advisor services related to financing the San Ramon Canyon
.Stabilization project.
The proposed agreement with Magis Advisors has been revised (see attached),and
includes the following basic provisions:
~An annual retainer fee of $40,000 for 240 hours of work,resulting in a discounted
hourly rate of $167 per hour;
~The 240 work hours may be applied to other financial advisory services;and
~The agreement terminates on October 31,2013,but may be terminated by the City
at any time prior with 1O-day written notice.
If the City Council determines that no additional action be taken after reviewing the
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AGREEMENT FOR FINANCIAL ADVISOR SERVICES
October 30,2012
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Financing Plan,then the agreement may be terminated with a 1O-day written notice;and
the City will not incur the full $40,000 annual retainer.
As reported on October 16,2012,if the City Council approves the Magis Advisors
agreement,Staff expects that a proposed Financing Plan could be ready for public
presentation as early as December 2012.Per the City Council's direction,the Financing
Plan would first be presented to the Finance Advisory Committee for its review and
recommendation to the City Council.
FISCAL IMPACT
The Financial Advisor fees for services related to the San Ramon Canyon Stabilization
Project wi,!1 be charged to the FY12-13 project budget of $191,867 in the Water Quality
Flood Protection Program.If other Financial Advisor services are provided,the fees will be
charged to the Finance budget program within the General Fund;which has a total budget
of $25,000 for Financial Advisor services and other professional services.
If the City Council authorizes the full scope of work after completion of Phase 1,Staff
expects that a total of less than $27,000 would be charged to the FY12-13 appropriations
identified above.
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Professional Services Agreement for
Financial Advisory Services
between
'i'"
The City of RANCHO PALOS VERDES
&
Magis Advisors,Inc.
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THIS AGREEMENT ("Agreement")is made and entered into this day
of October,2012 by and between the City of Rancho Palos Verdes (hereinafter referred
to as the "CITY")and Magis Advisors,Inc.(a California corporation)(hereafter referred
to as "CONSULTANT").
IN CONSIDERATION of the covenants hereinafter set forth,the parties hereto agree
as follows:
ARTICLE 1
SCOPE OF SERVICES
1.1 Project Description
The Project is described as follows:provide financial advisory services to
CITY,including,financial analysis and evaluation of funding and/or financing options for
the San Ramon Canyon Stabilization Project,which includes debt,draw-down of existing
reserves and project management of debt offering,if requested by CITY.
1.2 Description of Services
CONSULTANT shall:provide industry standard financial advisory services
as described in the CONSULTANT's Proposal,which is attached hereto as Exhibit "A"
and incorporated herein by this reference.
1.3 Schedule of Work
Upon receipt of written Notice to Proceed from the CITY,CONSULTANT
shall perform with due diligence the services requested by the CITY.Time is of the
essence in this Agreement.CONSULTANT shall not be responsible for delay,nor shall
CONSULTANT be responsible for damages or be in default or deemed to be in default by
reason of strikes,lockouts,accidents,or acts of God,or the failure of CITY to furnish timely
information or to approve or disapprove CONSULTANT's work promptly,or delay or faulty
performance by CITY,other consultants/contractors,or governmental agencies,or any
other delays beyond CONSULTANT's control or without CONSULTANT's fault.
ARTICLE 2
COMPENSATION
2.1 Fee
CITY agrees to compensate CONSULTANT an amount not to exceed Forty
thousand and 00/100 dollars ($40,000)per year for the services described in
Article 1.This annual fee excludes CONSULTANT's claims for
reimburseable expenses,as described in Exhibit A hereto.
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2.2 Payment Address
All payments due CONSULTANT shall be paid to:
Magis Advisors,Inc.
1301 Dove St.,Suite 380
Newport Beach,CA 92660
Federal tax 10#26-3221500
2.3 Terms of Compensation
CONSULTANT shall submit monthly invoices for the work completed in the
previous month.CITY agrees to authorize payment for all undisputed invoice amounts
within thirty (30)days of receipt of each invoice.CITY agrees to use its best efforts to
notify CONSULTANT of any disputed invoice amounts within ten (10)days of the receipt of
each invoice.However,CITY's failure to timely notify CONSULTANT of a disputed amount
shall not be deemed a waiver of CITY's right to challenge sU(:~.h,amount.
Additionally,in the event CITY fails to pay any undisputed amounts due
CONSULTANT within forty-five (45)days after invoices are received by CITY then CITY
agrees that CONSULTANT shall have the right to consider said default a total breach of
this Agreement and be terminated by CONSULTANT without liability to CONSULTANT
upon ten (10)working days advance written notice.
2.4 Additional Services
CITY may request specified work under this Agreement.All such work must
be authorized in writing by the CITY's Director of Finance and Information Technology prior
to commencement.CONSULTANT shall perform such services,and CITY shall pay for
such services in accordance with CONSULTANT's Schedule of Hourly Rates,which is
within Exhibit "A,"and the work shall be charged against the annual retainer of $40,000.
The rates in Exhibit "A"shall be in effect through the end of this Agreement.If any work
requested by the City is expected to exceed the $40,000 annual retainer,the work must be
approved in advance by the City Council.
2.5 Term of Agreement
This Agreement shall commence on November 1,2012,and shall terminate
'on October 31,2013 unless sooner terminated pursuant to Article 4 of this Agreement.
Additionally,the term of this Agreement may be extended for an additional year upon the
mutual written consent of both parties.
ARTICLE 3
INDEMNIFICATION AND INSURANCE
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3.1 Indemnification,Hold Harmless,and Duty to Defend.
(a)Indemnity for Professional Services.In connection with its
professional services,CONSULTANT shall hold harmless and indemnify CITY,and its
officials,officers,employees,agents and independent contractors serving in the role of
CITY officials,and designated volunteers (collectively,"Indemnitees"),with respect to any
and all claims,demands,causes of action,damages,injuries,liabilities,losses,costs or
expenses,including reimbursement of attorneys'fees and costs of defense (collectively,
"Claims"hereinafter),including but not limited to Claims relating to death or injury to any
person and injury to any property,which arise out of,pertain to,or relate to in whole or in
part to the negligence,recklessness,or willful misconduct of CONSULTANT or any of its
officers,employees,subcontractors,or agents in the performance of its professional
services under this Agreement.
(b)Other Indemnities.In connection with any and all claims,demands,
causes of action,damages,injuries,liabilities,losses,costs or expenses,including
attorneys'fees and costs of defense (collectively,"Damages':.hereinafter)not covered by
Section 3.1 (a),CONSULTANT shall defend,hold harmless and indemnify the Indemnitees
with respect to any and all Damages,including but not limited to,Damages relating to
death or injury to any person and injury to any property,which arise out of,pertain to,or
relate to the acts or omissions of CONSULTANT or any of its officers,employees,
subcontractors,or agents in the performance of this Agreement,except for such loss or
damage arising from the sole negligence or willful misconduct of the CITY,as determined
by final arbitration or court decision or by the agreement of the parties.CONSULTANT
shall defend Indemnitees in any action or actions filed in connection with any such
Damages with counsel of CITY's choice,and shall pay all costs and expenses,including all
attorneys'fees and experts'costs actually incurred in connection with such defense.
Consultant's duty to defend pursuant to this Section 3.1 (b)shall apply independent of any
prior,concurrent or subsequent misconduct,negligent acts,errors or omissions of
Indemnitees.
(c)All duties of CONSULTANT under Section 3.1 shall survive termination
of this Agreement.
3.2 General Liability
CONSULTANT shall at all times during the term of the Agreement carry,
maintain,and keep in full force and effect,a policy or policies of Commercial General
.Liability Insurance,with minimum limits of one million dollars ($1,000,000)for each
occurrence and two million dollars ($2,000,000)general aggregate for bodily injury,death,
loss or property damage for products or completed operations and any and all other
activities undertaken by CONSU LTANT in the performance of this Agreement.Said policy
or policies shall be issued by an insurer admitted to do business in the State of California
and rated in A.M.Best's Insurance Guide with a rating of A:VII or better.
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3.3 Professional Liability
CONSULTANT shall at all times during the term of this Agreement,carry,
maintain,and keep in full force and effect a policy or policies of professional liability
insurance with a minimum limit of one million dollars ($1 ,000,000)per claim and aggregate
for errors and/or omissions of CONSULTANT in the performance of this Agreement.Said
policy or policies shall be issued by an insurer rated in Best's Insurance Guide with a rating
of A-VII or better.If a "claims made"policy is provided,such policy shall be maintained in
effect from the date of performance of work or services on the CITY's behalf until three (3)
years after the date of work or services are accepted as completed.Coverage for the post-
completion period may be provided by renewal or replacement of the policy for each of the
three (3)years or by a three-year extended reporting period endorsement,which reinstates
all limits for the extended reporting period.If any such policy and/or policies have a
retroactive date,that date shall be no later than the date of first performance of work or
services on behalf of the CITY.Renewal or replacement policies shall not allow for any
advancement of such retroactive date.
3.4 Automobile Liability
CONSULTANT shall at all times during the term of this Agreement obtain,
maintain,and keep in full force and effect,a policy or policies of Automobile Liability
Insurance,with minimum of one million dollars ($1,000,000)per claim and occurrence and
two million dollars ($2,000,000)in the aggregate for bodily injuries or death of one person
and five hundred thousand dollars ($500,000)for property damage arising from one
incident.
3.5 Worker's Compensation
CONSULTANT agrees to maintain in force at all times during the
performance of work under this Agreement worker's compensation insurance as required
by the law.CONSULTANT shall require any subcontractor similarly to provide such
compensation insurance for their respective employees.
3.6 Notice of Cancellation
(a)All insurance policies shall provide that the insurance coverage shall
not be cancelled by the insurance carrier without thirty (30)days prior written notice to
CITY,or ten (10)days notice if cancellation is due to nonpayment of premium.
'CONSULTANT agrees that it will not cancel or reduce said insurance coverage.
(b)CONSU LTANT agrees that if it does not keep the aforesaid insurance
in full force and effect,CITY may either immediately terminate this Agreement or,if
insurance is available at a reasonable cost,CITY may take out the necessary insurance
and pay,at CONSULTANT's expense,the premium thereon.
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3.7 Certificate of Insurance
At all times during the term of this Agreement,CONSULTANT shall maintain
on file with the CITY Clerk a certificate of insurance showing that the aforesaid policies are
in effect in the required amounts.The commercial general liability policy shall contain
endorsements naming the CITY,its officers,agents and employees as additional insureds.
3.8 Primary Coverage
The insurance provided by CONSULTANT shall be primary to any coverage
available to CITY.The insurance policies (other than workers compensation and
professional liability)shall include provisions for waiver of subrogation.
ARTICLE 4
TERMINATION
4.1'Termination of Agreement
(a)This Agreement may be terminated at any time,'with or without cause,by the
CITY upon ten (10)days prior written notice.Notice shall be deemed served if completed
in compliance with Section 6.14.The compensation due CONSULTANT shall be pro-rated
based on the amount of work performed by CONSULTANT prior to the date of such
termination.This Agreement may be terminated at any time by CONSULTANT upon thirty
(30)days prior written notice.
(b)In the event of·termination or cancellation of this Agreement by
CONSULTANT or CITY,due to no fault or failure of performance by CONSULTANT,
CONSULTANT shall be paid compensation for all services performed by CONSULTANT,
in an amount to be determined as follows:for work satisfactorily done in accordance with
all of the terms and provisions of this Agreement,CONSULTANT shall be paid an amount
equal to the percentage of services performed prior to the effective date of termination or
cancellation in accordance with the work items;provided,in no event shall the amount of
money paid under the foregoing provisions of this paragraph exceed the amount which
would have been paid to CONSULTANT for the full performance of the services described
in this Agreement.
ARTICLE 5
OWNERSHIP OF DOCUMENTS
5.1 Ownership of Final Documents and Work Product
All final documents,plans,specifications,reports,information,data,exhibits,
photographs,images,video files and media created or developed by CONSULTANT
pursuant to this Agreement ("Written Products")shall be and remain the property of the
CITY without restriction or limitation upon its use,duplication or dissemination by the CITY.
All Written Products shall be considered "works made for hire,"and all Written Products
and any and all intellectual property rights arising from their creation,including,but not
limited to,all copyrights and other proprietary rights,shall be and remain the property of the
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CITY without restriction or limitation upon their use,duplication or dissemination by the
CITY.CONSULTANT shall not obtain or attempt to obtain copyright protection as to any
Written Products.
CONSULTANT hereby assigns to the CITY all ownership and any and all
intellectual property rights to the Written Products that are not otherwise vested in the CITY
pursuant to the paragraph directly above this one.
CONSULTANT warrants and represents that it has secured all necessary
licenses,consents or approvals to use any instrumentality,thing or component as to which
any intellectual property right exists,including computer software,used in the rendering of
the services and the production of all Written Products produced under this Agreement,
and that the CITY has full legal title to and the right to reproduce the Written Products.
CONSULTANT shall defend,indemnify and hold the CITY,and its elected officials,officers,
employees,servants,attorneys,designated volunteers,and agents serving as independent
contractors in the role of CITY officials,harmless from any loss,claim or liability in any way
related to a claim that CITY's use of any of the Written Products is violating federal,state
or local laws,or any contractual provisions,or any laws relati1),.9 'ID "trade names,licenses,
franchises,copyrights,patents or other means of protecting intellectual property rights
and/or interests in products or inventions.CONSULTANT shall bear all costs arising from
the use of patented,copyrighted,trade secret or trademarked documents,materials,
equipment,devices or processes in connection with its provision of the services and
Written Products produced under this Agreement.In the event the use of any of the
Written Products or other deliverables hereunder by the CITY is held to constitute an
infringement and the use of any of the same is enjoined,CONSULTANT,at its expense,
shall:(a)secure for CITY the right to continue using the Written Products and other
deliverables by suspension of any injunction,or by procuring a license or licenses for CITY;
or (b)modify the Written Products and other deliverables so that they become non-
infringing while remaining in compliance with the requirements of this Agreement.This
covenant shall survive the termination of this Agreement.
Upon termination,abandonment or suspension of the Project,the
CONSULTANT shall deliver to the CITY all Written Products and other deliverables related
to the Project without additional cost or expense to the CITY.If CONSULTANT prepares a
document on a computer,CONSULTANT shall provide CITY with said document both in a
printed format and in an electronic format that is acceptable to the CITY.
ARTICLE 6
GENERAL PROVISIONS
6.1 Representation
The CITY representative shall be the Director of Finance and Information
Technology or his or her designee,and CONSULTANT designated representative shall be
the CONSULTANTS Principal Owner and President.These individuals shall be the
primary contact persons for the parties regarding performance of this Agreement.
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6.2 Fair Employment Practices/Equal Opportunity Acts
In the performance of this Agreement,CONSULTANT shall comply with all
applicable provisions of the California Fair Employment Practices Act (California
Government Code Sections 12940-48),the applicable equal employment provisions of the
Civil Rights Act of 1964 (42 U.S.C.200e-217),and the Americans with Disabilities Act of
1992 (42 U.S.C.§11200,et seq.).
6.3 Personnel
CONSULTANT represents that it has,or shall secure at its own expense,all
personnel required to perform CONSULTANT's services under this Agreement.Any
person who performs services pursuant to this Agreement shall be licensed as required
under applicable federal and state law,and shall maintain such licenses in good standing
for the duration of this Agreement.CONSULTANT shall make reasonable efforts to
maintain the continuity of CONSULTANT's staff who are assigned to perform the services
hereunder and shall obtain the approval of the Director of Finance and Information
Technology'of all proposed staff members who wilL peliorm such services.
CONSULTANT may associate with or employ associates or subconsultants in the
performance of its services under this Agreement,but at all times shall CONSULTANT be
responsible for its associates or subconsultants'services.
6.4 CONSULTANT's Representations
CONSULTANT represents,covenants and agrees that:a)CONSULTANT is
licensed,qualified,and capable offurnishing the labor,materials,and expertise necessary
to perform the services in accordance with the terms and conditions set forth in this
Agreement;b)there are no obligations,commitments,or impediments of any kind that will
limit or prevent CONSULTANT's full performance under this Agreement;c)to the extent
required by the standard of practice,CONSULTANT has investigated and considered the
scope of services performed,has carefully considered how the services should be
performed,and understands the facilities,difficulties and restrictions attending
performance of the services under this Agreement.
6.5 Conflicts of Interest
CONSULTANT agrees not to accept any employment or representation
during the term of this Agreement orwithin twelve (12)months after completion of the work
under this Agreement which is or may likely make CONSULTANT "financially interested"
'(as provided in California Government Code Sections 1090 and 87100)in any decisions
made by CITY on any matter in connection with which CONSULTANT has been retained
pursuant to this Agreement.
6.6 Legal Action
(a)Should either party to this Agreement bring legal action against the
other,the validity,interpretation,and performance of this Agreement shall be controlled by
and construed under the laws of the State of California,excluding California's choice of law
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rules.Venue for any such action relating to this Agreement shall be in the Los Angeles
County Superior Court.
(b)If any legal action or other proceeding,including action for declaratory
relief,is brought for the enforcement of this Agreement or because of an alleged dispute,
breach,default or misrepresentation in connection with this Agreement,the prevailing party
shall be entitled to recover reasonable attorneys'fees,experts'fees,and other costs,in
addition to any other relief to which the party may be entitled.
(c)Should any legal action about a project between CITY and a party
other than CONSULTANT require the testimony of CONSULTANT when there is no
allegation that CONSULTANT was negligent,CITY shall compensate CONSULTANT for its
testimony and preparation to testify at the hourly rates in effect at the time of such
testimony.
6.7 Assignment
Except for compensation earned and invoiced by,~OE>NSUL TANT,neither this
Agreement nor any part thereof shall be assigned by CONSULTANT without the prior
written consent of the CITY.Any such purported assignment without written consent shall
be null and void,and CONSULTANT shall hold harmless,defend and indemnify the CITY
and its officers,officials,employees,agents and representatives with respect to any claim,
demand or action arising from any unauthorized assignment.
Notwithstanding the above,CONSULTANT may use the services of persons
and entities not in CONSULTANT's direct employ,when it is appropriate and customary to
do so.Such persons and entities include,but are not necessarily limited to,specialized
consultants.CONSULTANT's use of subconsultants for additional services shall not be
unreasonably restricted by the CITY provided CONSULTANT notifies the CITY in advance.
6.8 Independent Contractor
CONSULTANT is and shall at all times remain,as to the CITY,a wholly
independent contractor.Neither the CITY nor any of its agents shall have control over the
conduct of CONSULTANT or any of the CONSULTANT's employees, except as herein set
forth,and CONSULTANT is free to dispose of all portions of its time and activities which it
is not obligated to devote to the CITY in such a manner and to such persons,firms,or
corporations as the CONSULTANT wishes except as expressly provided in this Agreement.
CONSULTANT shall have no power to incur any debt,obligation,or liability on behalf of the
'CITY or otherwise act on behalf of the CITY as an agent.CONSULTANT shall not,at any
time or in any manner,represent that it or any of its agents,servants or employees,are in
any manner agents,servants or employees of CITY.CONSULTANT agrees to pay all
required taxes on amounts paid to CONSULTANT under this Agreement,and to indemnify
and hold the CITY harmless from any and all taxes,assessments,penalties,and interest
asserted against the CITY by reason of the independent contractor relationship created by
this Agreement.CONSULTANT shall fully comply with the workers'compensation law
regarding CONSULTANT and its employees.CONSULTANT further agrees to indemnify
and hold the CITY harmless from any failure of CONSULTANT to comply with applicable
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workers'compensation laws.The CITY shall have the right to offset against the amount of
any fees due to CONSULTANT under this Agreement any amount due to the CITY from
CONSULTANT as a result of its failure to promptly pay to the CITY any reimbursement or
indemnification arising under this Article.
6.9 Titles
The titles used in this Agreement are for general reference only and are not
part of the Agreement.
6.10 Entire Agreement
This Agreement,including any other documents incorporated herein by
specific reference,represents the entire and integrated agreement between CITY and
CONSULTANT and supersedes all prior negotiations,representations or agreements,
either written or oral.Accordingly,this Agreement terminates the prior Agreement between
CITY and CONSULTANT,dated February 16,2010.This Agreement may be modified or
amended,or provisions or breach may be waived,only by sugsequent written agreement
signed by both parties.
6.11 Construction
In the event of any asserted ambiguity in,or dispute regarding the
interpretation of any matter herein,the interpretation of this Agreement shall not be
resolved by any rules of interpretation providing for interpretation against the party who
causes the uncertainty to exist or against the party who drafted the Agreement or who
drafted that portion of the Agreement.
6.12 Non-Waiver of Terms,Rights and Remedies
Waiver by either party of anyone or more of the conditions of performance
under this Agreement shall not be a waiver of any other condition of performance under
this Agreement.In no event shall the making by the CITY of any payment to
CONSULTANT constitute or be construed as a waiver by the CITY of any breach of
covenant,or any default which may then exist on the part of CONSULTANT,and the
making of any such payment by the CITY shall in no way impair or prejudice any right or
remedy available to the CITY with regard to such breach or default.
6.13 Severability
If any term or portion of this Agreement is held to be invalid,illegal,or
otherwise unenforceable by a court of competent jurisdiction,the remaining provisions of
this Agreement shall continue in full force and effect.
6.14 Notice
Except as otherwise required by law,any notice or other communication
authorized or required by this Agreement shall be in writing and shall be deemed received
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on (a)the day of delivery if delivered by hand or overnight courier service during
CONSULTANT's or CITY's regular business hours or (b)on the third business day
following deposit in the United States mail,postage prepaid,to the addresses listed below,
or at such other address as one party may notify the other:
To CITY:
Responsible Person:Kathryn Downs,Assistant Director,Finance &
Information Technology
City of Rancho Palos Verdes
30940 Hawthorne Blvd.
Rancho Palos Verdes,CA 90275
To CONSULTANT:
Responsible Person:Timothy J.Schaefer,Principal Owner
Magis Advisors,Inc.
1301 Dove St.,Suite 380
Newport Beach,CA 92660
Telephone:(949)428-8363
[Signatures on next page.]
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IN WITNESS WHEREOF,the parties hereto have executed this Agreement as of the
date and year first above written.
Dated:_
Dated:_
ATTEST:
By:_
City Clerk
MAGIS ADVISORS,INC.
("CONSULTANT")
By:_
Printed Name:Timothy J.Schaefer
Title:President/Principal Owner
By:_
Printed Name:Kathryn W.Schaefer
Title:Corporate Secretary
CITY OF RANCHO PALOS VERDES
("CITY")
By:_
Mayor
APPROVED AS TO FORM:
By:_
City Attorney
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Exhibit "A":
Consultant's Cost Proposal
Annual Retainer
All requested services will be provided for an annual retainer fee of $40,000,payable
monthly.Reimbursable expenses are not included in that sum.CONSULTANT and
CITY will establish a monthly "work budget"of 20 hours of CONSULTANTS chargeable
time available to CITY.CONSULTANT will charge time to the work budget,and unused
time from one month's work budget may be rolled over into subsequent months until the
end of the year.Any chargeable time required beyond the work budget allowance,after
applying unused time "carried forward,"will be charged at CONSULTANTS normal
hourly rates shown in Table 1,below.This annual retainer fee is not exclusive to any
project,but may be applied to any services that the City may request.
Financing transactions,if any,are included in the annual retainer amount.
CONSULTANT represents that a typical financing transaction requires about 180-200
hours of work effort on CONSULTANTS part.Accordingly,if crw elects to issue debt,
at either public or private sale,the annual retainer fee is intended by CONSULTANT
and CITY to cover the cost of the transaction (to the extent the work budget described
above has not otherwise been used on other services requested by CITY).
Table 1:Applicable Hourly Rates of Consultant
Personnel
Principal Owner
Vice Presidents
Senior Associates
Associates
Analysts
Administrative/clerical
Hourly Rate
$300
225
160
130
90
70
CONSULTANT will deliver an itemized invoice showing all of CONSULTANTS
chargeable time against the monthly work budget.The invoice will show a detailed
description of the services provided,the date on which they were delivered,and the
names and hourly rates of the individuals who performed such services.
Billing will occur on last day of the month.Unless otherwise agreed upon,we expect
payment within thirty days of the invoice date.
Reimbursement of Costs &Expenses;Payment Terms
CONSULTANT will also charge separately for out of pocket costs incurred by
CONSULTANT at CITY'S request and on CITY'S behalf.Examples of these include,
but are not limited to,materials or services CITY requests that are provided by third-
party vendors;telephone conference services;out-of-town travel and meals;publication
of legal notices;filing or official fees;printing of official documents;and,similar
disbursements.In the case of disbursements greater than $500,CONSULTANT will
request either CITY'S approval of such expenditure(s)or an advance from CITY for
payment of such items.
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CONSULTANT will also add a general allocated expense charge of 6%of the net fee
amount billed (when applicable)to cover expenses that are not practical to track on an
individual basis.These items include,but are not limited to,subscription-based
statistics services;access to credit rating agency data and reports;volume-based data
services;internal printing and photocopying costs;long distance telephone calls;
records retention and retrieval;and,minor office supplies and materials used in
CONSULTANT'S work on CITY'S behalf.
CONSULTANT offers a 2%discount for payments received within ten days of the
invoice date.
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