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County Administrator's Report 10. 24.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	09/06/2018
Issue: Contract Award for Professional Financial Advisory Services
From:	Paul Nobles
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Contract Award for Financial Advisor - Paul Nobles, Purchasing Manager, Office of Purchasing

That the Board approve and authorize the County Administrator to sign an Agreement between Escambia County, Florida, and Public Resources Advisory Group, Inc., per the terms and conditions of PD 17-18.060, Financial Advisor, for a term of three years with two additional 12-month terms. The fees will be based on issuance amounts of certain debt instruments, such as Bonds, as the services are required, at the following rates:

1.	Basic Fees for Bond-Issuance Related Services
	Minimum fee – bond issue	$17,500
	Minimum fee – bank loan	$15,000
		Fee per bond ($1,000)
	First $20 million	$0.90
	Next $20 million - $40 million	$0.80
	Amount Over $40 million	$0.75

2.	Special Services for non-Bond Issuance Related Services as directed
	Title	Hourly Rate
	Senior Managing Director	$225
	Managing Director	$200
	Vice President	$180
	Assistant Vice President/Associate	$150

3.	Out of Pocket Expenses
	PRAG would expect to bill for out-of-pocket expenses for both debt issuance and non-debt issuance engagements at the following rates:
	Thomson Municipal Wire	at cost
	Copying and Printing (outside service)	at cost
	Conference Calls	at cost
	Other Expenses	at cost

Expenses, including overnight mail, parking, printing, and out-of-County travel shall be reimbursed at cost, consistent with Florida Statutes 112.061.

[Funding: Fees will be built into the cost of any debt financing or restructuring]

BACKGROUND:

The legal advertisement for "Request for Proposals" was advertised in the Pensacola News Journal on April 17, 2018. Four known firms were notified of the solicitation. Responses were received from three firms on May 17, 2018. Discussions were held with all three firms on June 12, 2018. The firms were ranked as follows #1 PRAG (Public Resources Advisory Group, Inc.), #2 Hilltop Securities and #3 PFM Financial Advisors, LLC. Negotiations were held on August 18, 2018.

BUDGETARY IMPACT:

Funding: fees will be built into the cost of any debt financing or restructuring

LEGAL CONSIDERATIONS/SIGN-OFF:

The agreement was prepared by Kristin D. Hual, Senior Assistant County Attorney.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

This recommendation is in compliance with the Code of Ordinalces of Escambia County, FL 1999, Chapter 46, Article II Purchases and Contracts.

IMPLEMENTATION/COORDINATION:

The Office of Purchasing will issue the agreement.

Attachments
Agreement
Committee Evaluations
Registers of Submitters