City Council Meeting
City of DeBary
Subject: Approval of Agreement For Financial Advisory Services With Public Financial Services
From: Liz Bauer, Finance Director
Meeting/Hearing Date: May 6, 2015
( ) Ordinance
( ) Resolution
( ) Other
( X) Supporting Documents/Contracts
The attached piggyback agreement with Public Financial Management, Inc. would provide services related to financial planning and policy development and services contract related to financial planning services related to debt issuance. The attached contract is the result of a competitive RFP process the City of Palatka held in 2012, and contains the same terms and pricing.
In addition to providing assistance in formulating financial debt policies and administrative procedures PFM will assist the city with pending debt issues.
There are two debt issues the city will need assistance in placing over the ensuing 18 months.
The first debt issue will be to finance the Fort Florida Road water line extension. This project will be a special assessment district with the cost of the project assessed against the benefiting properties through a non-advalorem assessment.The initial engineering estimate for project cost is $825,000.
The second debt issue is the 2009 Stormwater Utility Revenue Note that balloons in January 2017. To refinance the $4 million balloon note will require refinancing action to commence by October of 2016.
Approve Agreement for Financial Services with Public Financial Management Inc.
City Council Action:
( ) Approved As Recommended
( ) Approved With Modification
( ) Disapproved
( ) Continued Date:
( ) Other