2024/07/24 Council Agenda Packet

Project title: Authorize the Mayor to sign Amendment No. 2 to the Professional Services Agreement with PFM Financial Advisors LLC Council Bill # interoffice use Project: Financial Advisory Services Partner/Supplier: PFM Financial Advisors LLC Location: NA Preceding action: July 9, 2014 Fund: 010/Finance Agenda dates requested: Briefing Proposed action Consent 07/24/24 Action Ordinance Public hearing Yes X No Budget amendment: Yes X No PowerPoint presentation: Yes X No Attachments: PSA Department(s) involved: Finance Contact person: Heide Brillantes Phone number: 425-257-8612 Email: HBrillantes@everettwa.gov Initialed by: HB Department head Administration Council President Fiscal summary statement: On July 9, 2014, Council awarded RFQ 2014-045 to PFM Financial Advisors LLC to provide financial advisory services and authorized the Mayor to sign the Professional Services Agreement. In 2019, Amendment No. 1 extended the term to August 15, 2024. The proposed Amendment No. 2 is to amend: 1. provision 3 of the Agreement to extend the term through August 15, 2028, 2. City of Everett and PFM’s addresses for notices in provisions 22.A. and 22.B. of the Agreement, and 3. provision 4.B. of the Agreement to change compensation schedules for competitive and negotiated sales of long-term financings and advisory services. There is no change to the scope of work. Project summary statement: The financial advisor assists in the City’s debt issuance process, including, but not limited to preparing Preliminary and Final Official Statements, providing analysis of market interest rates based on the City’s bond rating, and facilitating the online competitive bidding process and final award. Recommendation (exact action requested of Council): Authorize the Mayor to sign Amendment No. 2 to the Professional Services Agreement with PFM Financial Advisors LLC. City Council Agenda Item Cover Sheet