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ÆØÏØØÙÜÏØÆØÊÚÜÑÜÉÎËÚÑÜÈÊØÆÕÔÚÕÔÊÐÎËØÑÔÒØÑÄÉÎÒØØÍÈÍÆÔÉÕÎÈËÚÎÊÉÊÜÏÙ ÆØÊÕÎÈÑÙ ÍËÎÇÔÙØ×ÎËÜÏØÅÉËÜÎËÙÔÏÜËÄÔÏÚËØÜÊØÔÏÎÈË×ØØÉÎöÈÑ×êÉËØÜÐÆÕØÏÆØÔÏÚËØÜÊØÉÕØÊÉÜ××ÔÏÖ×ÎËêÉÜÉÔÎÏ South Palm Beach and Manalapan pay for contracted Fire-Rescue services. In each of these towns, however, the fee is based on the cost of staffing and equipping a fire station. South Palm Beach and Manalapan share the cost of staffing a station which is actually located in the north end of Manalapan. Although Boynton Beach now serves Ocean Ridge from their new station on Federal Highway, their base fee established in 2004 involved staffing an engine in Ocean Ridge. We are not doing that in Gulf Stream. We have simply added Gulf Stream to the response zone for Station # 2. Compared to what Deerfield Beach charges Hillsboro Beach, on a per capita basis we propose to charge Gulf Stream more. The Fire Department has some different ideas on methods for calculating a fee which they are scheduled to review with me on Monday. Information on their proposal will be forwarded to you when I receive it. RECOMMENDATION The Commission is requested to provide direction on how the fee should be calculated to charge the Town of Gulf Stream for Fire Rescue services. That fee will then be incorporated into the proposed agreement and the agreement brought to the Commission for approval at a regular meeting. INTERLOCAL SERVICE AGREEMENT BETWEEN THE CITY OF DELRAY BEACH AND THE TOWN OF GULF STREAM THIS AGREEMENT entered into on this day of , 2009 by and between the CITY OF DELRAY BEACH, FLORIDA, a Florida municipal corporation, and the TOWN OF GULF STREAM, FLORIDA, a Florida municipal corporation. WITNESSETH: WHEREAS, the Town of Gulf Stream presently does not maintain a Fire and Emergency Medical Services Department with fire fighting and emergency medical equipment and personnel; and, WHEREAS, the City of Delray Beach does presently maintain such a Fire and Emergency Medical services Department with fire fighting and emergency medical equipment and personnel; and, WHEREAS, in order to protect the health, safety and welfare of all residents of the Town of Gulf Stream and the City of Delray Beach who may be in the jurisdictional boundaries of the Town of Gulf Stream, it is deemed mutually advantageous to enter into this Agreement, providing for fire and emergency medical services by the City of Delray Beach within the municipal boundaries of the Town of Gulf Stream; and, WHEREAS, Florida Statutes 163.01 authorizes execution of interlocal agreements to provide for such aid and assistance. WHEREAS, the Town of Gulf Stream acknowledges that it is familiar with the facilities and equipment of the City of Delray Beach and has informed itself as to the scope and capabilities of facilities and equipment available, and does hereby accept these services and facilities as being adequate and capable for emergency and other related purposes within the incorporated area of the Tvwn of Gulf Stream. NOW THEREFORE, it is hereby agreed by and between the parties hereto as follows: The City of Delray Beach, during the term of this agreement shall provide the following services to the Town of Gulf Stream through the Delray Beach Fire Department and its officers and personnel responding from City of Delray Beach Fire Stations and administrative facilities. A. Fire Suppression. B. Heavy Rescue and Associated Extrication. C. Basic and Advanced Life Support Pre-Hospital Emergency Medical Services, and emergency transportation to medical facilities. This service will be provided under the same terms and conditions as provided to the residents of the City. The residents of the Town will be responsible for payment of such services under the same terms and conditions, as are residents of the City. The City shall provide Emergency Medical Transport Services for the Town as long as the City possesses a Certificate of Public Convenience and Necessity. If for any reason the City no longer possesses a valid Certificate of Public Convenience and Necessity it shall cease to provide Emergency Medical Transport Services to the Town. D. Public Fire Safety Education E. Fire Prevention and Life Safety Inspections in all occupancies other than one and two family residences. F. Fire code and Life Safety plans examination and review for building permits for occupancies and structures other than one and two family dwellings. G. Initial Hazardous Materials Incident Response and Scene Control. 2. Initial Hazardous Materials Incident Response and scene Control. In the event the City of Delray Beach is notified by the appropriate officials in the Town of Gulf Stream, or by the public through the Police-Fire Communication Genter of the City of Delray Beach, of the existence of a fire or other emergency including the need for emergency medical services within the municipal boundaries of the Town of Gulf Stream the Gity of Delray Beach shall supply such emergency equipment and personnel as are then reasonably available to the City of Delray Beach In the same manner as provided to the citizens of Delray Beach. 3. The final and ultimate determination as to whether a particular notification gives rise to alife-threatening or emergency situation shall solely be the policy determination of the personnel of the City of Delray Beach. 4. This Agreement shall not be construed to impose any obligation, duty or responsibility whatsoever on the City of Delray Beach to provide any specific types, kinds, or numbers of emergency personnel or apparatus at any fire station of the City of Delray Beach, or at any emergency scene within the Town of Gulf Stream within a specific time frame. The City of Delray Beach will dispatch and assign the closest, appropriately staffed and available vehicle(s) to emergencies within the Town of Gulf Stream. 2 The City will endeavor to maintain a dispatch to arrival time within seven {7) minutes. 5. The Town of Gulf Stream acknowledges its responsibility under Section 633.025, Florida Statutes, 2008, concerning minimum Fire Safety Standards. The City of Delray Beach, through its Fire Department, will conduct all necessary or mandatory fire safety inspections and inform the Town Manager of the Town of Gulf Stream of any fire safety matters which require correction. The Town of Gulf Stream shall enforce all applicable #ire safety standards in a timely manner and shall report the abatement and disposition of the reported violations to the City of Delray Beach. The City of Delray Beach, through its Fire Department, will provide all necessary technical assistance to the Town of Gulf Stream in order to facilitate this process. 5. The Fire Chief of the City of Delray Beach shalt have full and complete authority through the normal chain of command over the operation of Delray Beach Fire department personnel, vehicles and equipment white in the Town of Gulf Stream. 7. The Town of Gulf Stream officials and employees and citizens and residents shall not interfere with the direction, management and deployment of the Delray Beach Fire Department, its personnel or equipment at any time during fire fighting or other emergency situations. 8. All suggestions or complaints concerning services provided under this agreement shall be directed to the attention of the Fire Chief of Delray Beach, in writing, for proper administrative remedy andlor response, as the case may be. In the event the Town of Gulf Stream has a dispute with respect to the City of Delray Beach's performance hereunder, the Town of Gulf Stream, by its governing body, Mayor, Manager or other appropriate municipal official shall forward to the Chief of the Fire Department for the City of Delray Beach, the disputed matter. In the event that the disputed matter is not addressed in a manner suitable to the Town of Gulf Stream, the town shall request of the Chief of the Fire Department for the City of Delray Beach, Florida, that the disputed matter be resolved by the City Manager of the City of Delray Beach. If the disputed matter cannot be resolved by the City Manager of the City of Delray Beach, the disputed matter shall be scheduled on the next available Delray Beach City Commission meeting or workshop as the City Manager deems appropriate. 9. The parties hereto further understand and agree that a possibility exists that the Delray Beach Fire Department may receive simultaneous calls for separate accidents, fires and other public safety problems. In the event of a simultaneous occurrence of emergencies in the City of Delray Beach 3 and the Town of Gulf Stream, the judgment of the Fire Chief of the City of Delray Beach, or the senior Fire Department Officer on duty at the time, as to which call should receive first priority response, shall be binding upon the parties hereto and shall control actions of both parties hereto. If the City of Delray Beach can not respond to a call far assistance from the Town of Gulf Stream due to multiple calls and/or alarms in progress the caller from the Town of Gulf Stream will be so advised and all reasonable efforts will then be made by the City of Delray Beach to arrange for a suitable response from another agency or jurisdiction cooperating with the City of Delray Beach through various mutual aid agreements in effect at the time. At the time of the execution of this agreement the Gity of Delray Beach has Mutual Aid Agreements in effect with the Cities of Boynton Beach, Boca Raton, Palm Beach County and is a participant in the Fire- Rescue Interlocal Agreement for Governmental Agencies in Palm Beach County and the interlocal agreement for Regional Hazardous Materials Response Services. The City of Delray Beach will endeavor to notify the Town of Gulf Stream of any changes in these agreements. 10. The Town of Gulf Stream shall inspect annually all fire hydrants within its corporate limits to verify their satisfactory operation and function and agrees to repair or cause to be repaired all fire hydrants, branch valves, and sectional valves within the municipal water distribution system which could affect fire suppression operations. It is further understood that all fire hydrant threads shall conform with those used by the Delray Beach Fire Department or non-conforming threads, if any, shall be changed without delay at the expense of the Town of Gulf Stream. Inoperative fire hydrants, valves, etc. within the municipal distribution system shall be repaired without delay, but in no case later that thirty (30) days following discovery of any deficiency. Fire hydrants which are placed out of service shall be immediately reported to the City of Delray Beach Fire Department. Immediate notice shall also be given when said fire hydrants are returned to service. 11. The Town of Gulf Stream shall report all street and road closures and openings immediately to the City of Delray Beach Fire Department. 12. All exemptions from ordinance and rules, and all pension, insurance, disability, workers compensation, salary, death, and other benefits which apply to the activity of such officers, agents, or employees of the City of Delray Beach, when performing their respective functions within the territorial limits of the City of Delray Beach, Florida shall apply to them to the same degree, manner, and extent while engaged in the performance of any of their functions and duties within the Town of Gulf Stream. 13. During the term of this agreement, the City of Delray Beach shall be the sole provider of the services enumerated within the Town of Gulf Stream. 4 14. The Town of Gulf Stream agrees to pay the City of Delray Beach, during the term of this Agreement, a service fee for the emergency and administrative services enumerated above. The service fee is based on the annual operating budget of the City of Delray Beach far the provision of Fire Prevention, Fire Suppression, Emergency Medical Services, and related services; the population of the City of Delray Beach; and the population of the Town of Gulf Stream. This fee entitles the Town of Gulf Stream and its residents access to the previously enumerated fire department services and programs. Extraordinary events or unusual demands for services requiring personnel and/or equipment to be stationed within the corporate limits shall be billed separately by the City of Delray Beach to the Town of Gulf Stream based on the actual costs to provide these services. In the case of hazardous materials abatement and/or mitigation, these extraordinary costs shall be paid directly to the vendors or, outside contractors involved as directed by the City of Delray Beach. 15. Beginning on the effective date of this agreement, the Town of Gulf Stream shall pay to the City of Delray Beach an annual service fee of $229,000. One twelfth of this amount will be due and payable on or before the first business day of each month. The Finance Department of the City of Delray Beach shall bill the Tawn of Gulf Stream for this amount on or before the 15th day of the preceding month. In the event payment is not made timely, a late charge equal to the then prevailing legal rate of interest shall be added to the Town of Gulf Stream's liability to the City of Delray Beach, Florida. Interest shall be compounded daily commencing with the first business day of each month. If payment is not received for two successive months, then upon thirty (30} days notice the City of Defray Beach, Florida, may terminate its responsibilities as provided herein. The parties agree that the annual service fee may be adjusted to offset increased costs of providing the enumerated services and programs due to extraordinary unfunded mandates of the Federal, State or County governments. The parkies also agree that when the City of Delray Beach increases staffing of its Station 2, the primary response station for calls originating in Gulf Stream, to five personnel, the annual service fee shall be adjusted to reflect Gulf Stream's pro rata share of the cost of increased staffing. 16. The Town of Gulf Stream and the City of Delray Beach agree that the service fee shall be adjusted annually based on the "All Urban Consumers - United States" April Consumer Price Index {CPI) or an increase of five percent (5.0%}, whichever is greater. The projected annual service fee adjustment will be reported to the Town Manager of the Town of Gulf Stream on or before July 15th of each year and will become effective on October 1st. 17. All notifications of claims shall be provided in writing to the respective Town Manager and City Manager of the parties hereto. This does not apply to notifications of necessity for supplying of emergency services which are the subject of this Agreement. 18. This Agreement represents the entire Agreement between the parties and supersedes all prior negotiations, representations, or agreements either written or oral, including the 1983 "Emergency Medical Services Agreement". This agreement may only be amended or modified in writing and executed by al! parties to this Agreement, except as previously provided above with the annual service fee. 19. The term of this Agreement shall be for ten (10) years beginning October 1, 2009 and extending through midnight on September 30, 2019 with options to renew far additional periods of five (5) years each upon the mutual agreement of both parties hereto in writing. 20. This agreement may be terminated for good cause only in the event of breach of its terms or in the event of the inability of the City of Delray Beach to provide the services specified herein. In the event that either party desires to termina#e this agreement for good cause resulting from the breach of its terms, the party alleging the breach shall give notice of its intent to terminate this agreement at the end of a contract year upon submission to the other party. Said notice shall be in writing and shall be given at least six (6) months prior to the end of any twelve month period which commences on October 1st and terminates on September 30th of the subsequent year. If an impasse arises as to whether either party has breached this agreement, each party shall select an independent party to act as an arbitrator, and the two arbitrators selected by the parties shall select a third arbitrator and the arbitrators by majority vote shall decide whether the party has breached this agreement and shall also decide any other dispute arising hereunder. Said arbitrators shall act in accordance with the rules of the American Arbitration Association and the parties hereby agree that they shall be bound by the decision of the arbitrators. in the event of termination for cause resulting from the inability of the City of Delray Beach to provide the services specified pursuant to the terms of this agreement, the City of Delray Beach shall provide the Town of Gulf Stream at least six (6) months notice prior to the end of any twelve month period which commences on October 1st and terminates an September 30th of the subsequent year. Any inability to provide the services specified in this agreement shall be substantiated only upon a clear showing by the City of Delray Beach of a similar inability to provide said services for the residents of the City of Delray Beach. 6 21. Any cost of expenses (including reasonable attorney's fees} associated with litigation concerning the terms and conditions of this agreement shall be borne by the non-prevailing party, provided however, that this clause pertains only to the parties of this agreemen#. IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed by their duly authorized officers on this day of , 2009. ATTEST: CITY OF DELRAY BEACH, FLORIDA By: City Clerk Approved as to form: By: City Attorney ATTEST: By: City Clerk Approved as to form: By: City Attorney By: Mayor TOW OF G F THE FLORI By: Mayor 7 Memo To: City Commission From: City Manager CC: Date: May 11, 2009 Re: Fire-Rescue Service Charges for the Town of Gulf Stream The Fire-Rescue Department staff has prepared the attached points regarding what we should charge the Town of Gulf Stream for providing Fire-Rescue services to the Town. I offer the following comments regarding their points: This point is correct in that the per capita fee I have previously recommended, based on past practice, does not take into account the cost of our fire stations and other real property used in the provision of Fire-Rescue services. However, I believe our system of vehicle rental charges adequately accounts for the cost of vehicles and apparatus in our operating budget. The Fire Department staff argues that the vehicle rentals in the operating budget are based on the acquisition cost of the vehicles and do not take into account increasing vehicle costs. But, the concept is that if you invested the rental fees at interest, you would keep pace with increased vehicle purchase prices. 2. Since Gulf Stream is served principally by Station 2, I think it is appropriate to increase what we charge Gulf Stream when we increase the staffing of that station, since their level of service will increase. 3. The per capita costs paid by various coastal communities for Fire-Rescue services are based on contracts negotiated at various times based on a variety of circumstances. I see that Hillsboro Beach, with service from Deerfield Beach, has been removed from the list although it was included on earlier lists. As I have pointed out previously, their per capita cost is lower than what I have proposed for Gulf Stream. 4. I disagree with the idea that the per capita cost being paid by the Town of Highland Beach is what should be used for the Town of Gulf Stream. As I have previously pointed out, Highland Beach asked for their own fire station with a specified level of staffing and equipment. Because they have a station in the middle to the Town, their response times are several minutes less than for Gulf Stream. Their station is the least busy of any in our system. They averaged only one medical transport per day compared with two per day for Station 2 and 3.4 to 4.6 per day for our other stations. Similarly, the total number of responses for their rescue unit is about one-half to one-fourth the number from other stations. Their aerial unit ran about 30% fewer responses than the engine at Station 2, and from one-half to one third the number of responses by engines or aerial units at other stations. I do not feel that we can justify charging Gulf Stream the same as Highland Beach. Their costs should be lower based on their longer response times and the fact that they do not have what is basically dedicated equipment. 5. In order to take into account our investment in fixed facilities supporting Fire-Rescue services and the credit risk assumed by our residents in support of such services, perhaps it would be appropriate to add a surcharge to the per capita fee which I have previously proposed. Recommendation: We request that the Commission provide direction concerning how you wish the Fire-Rescue service fee for the Town of Gulf Stream to be calculated. • Page 2 ^ ~- '~ base th~r~, std liy lU~r. H~rd~r- is fa°ctored only on the Fire-Rescue °Q~ratr~g $~tdget and' ~' : ~nci~ide any charges for ~ap~t~7 drnpror~ement Ilan funding. ~ssefltall~~ ~,~rd +c Ut~lf Stteau:t I,F ,day less for Fire-~2escue service than a resident .Qf ,I?el'ra~. 1 ~ ~ $#r~~t~ ~ ~oti~tt'ibli~e nbt~~~, far tNi~~s like faGilifies ~stat~ons, tra~~ een tre anc~ rescue a~rparatus, ~ ~s~~~~~es ~rar~ ~£oir f~~~ ~rtSpecto~ w+do,ans ~u~~f~tr~~rt; X11 ~~~~ ~ ~ ~h~T~. iz ~ f i~d ~a ~~ fir: ~sf. ~; '~'c~r fiat 'to Uirl~' ~rn~~. ~~~~~x ~i~t. ~~.st ~`,~~~'8:~~ ~ ~°~o f~rr~ a~ ~,~`s~~~ a£' C~.i~~ ~ ~vnul~ ~~~ ~tre for aria ~rSiflni~~ ~ ^Che ba~et` ~i~a ~~ ~1~~ ~~'~~ ~~`? ~~~' ~#~~; ~i ~~: {Boca,tt3~, .'Sdt~th P~1~ 8B E'i~~eac~t ~.~ ~i';b99,357' ~~5~8 ~~'~,~~` Mar-~~ ~~! B~~te~: ~~ ,~ $9 ,OS1, 35~ X35 ~,'082:9~„ ~~~~ '~t~ ~Sjr~tt~rt ~n ~'~3,6s3 ,~~ 4~~24 I?':-Y ~~~ ~nt~ar~ x,655 '~ ~ ~~ ~cc~st 4~ S~}~~~~ ~ ~ res~ciez~~~. ~I~~~~td ~~~ -~~,~ar~ fccr tlieii~ ~~ .~ ~~~~t e~~ture ~"br ~~~; er~vfc~s to t~i~'~'av~ ~t~e:>an MEMORANDUM TO: Mayor and City Commissioners FROM: David T. Harden, City Manager DATE: May 8, 2009 SUBJECT: AGENDA ITEM WS.S - SPECIAL/WORKSHOP MEETING OF MAY 12, 2009 REVIEW OF BOND ISSUANCE PROCEDURES ITEM BEFORE COMMISSION The Commission is requested to provide direction and establish policy regarding the City's process for issuance of bonds and procurement of professional services required in connection with issuing bonds and managing the City's bonded debt. BACKGROUND The U.S. Attorney's indictment of former County Commissioner Mary McCarty raised questions concerning the methods used in selling Delray Beach bond issues over the last ten years. In response to those questions, the Commission retained Mr. Larry Brown to conduct an independent review. Mr. Brown found that the City's bonding procedures did not comply with recommended practices established by the Government Finance Officers Association (GFOA). Consequently, he made a number of recommendations in his report to the Commission. A copy of those recommendations is attached. He makes reference to documents detailing GFOA recommended best practices which can be found under "Recommended Practices" at www.gfoa.org. These GFOA best practices are also attached to the County Clerk and Comptroller's Debt Issuance Process Review which is available on the Clerk and Comptroller's web site. These recommendations have been reviewed by our Finance Department and refined into specific guidelines concerning (1) sale of municipal bonds, (2) selection of a bond underwriter, (3) selection of bond counsel and (4) selection of a financial adviser. These recommendations are also attached. RECOMMENDATION The Commission is requested to give direction on any changes you may wish to make in the Finance Department's proposed policies. Your changes will be incorporated into a formal policy document and brought back to the Commission for adoption at a regular meeting. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 14 IV. The City's Bonding Practices and Procedures Do Not Comply with Recommended Practices Established by the GFAO. The Government Finance Officers Association ("GFOA") is the professional association of state and local finance officers throughout the United States and Canada. Its purpose is "to enhance and promote the professional management of governments for the public benefit by identifying and developing financial policies and practices and promoting them through education, training and leadership."12 The GFOA has developed a body of recommended practices in certain areas ofpublic finance to provide guidance to its members and to other state and local governments on sound financial management practices. We contacted the Florida League of Cities to ask whether they have any recommended practices regarding the issuance of municipal bonds, and were advised that they do not have their own practices; they follow the GFAO Recommended Practices. The four GFOA recommended practices that relate to the issuance of municipal bonds are as follows.13 12 See www.gfoa.org/index.php?option+com_content&task+view&id+17&Itemid+181. 13 See the following GFOA Recommended Practices: Selecting and Managing the Method of Sale of State and Local Government Bonds X1994 and 2007) (DEBT); Selecting Financial Advisors (2008) (DEBT); Selecting Underwriters for Negotiated Bond Sales (2008) D( EBT); and Pricing Bonds in a Negotiated Sale (I 996 and 2000. These Recommended Practices can be accessed by clicking on "Recommended Practices" at w°ww.gfoa•org_. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 15 1. Selecting and Managing the Method of Sale of State and Local Government Bonds14 With regard to the selection and management of the method of sale of municipal bonds, the GFOA recognizes that "[s]tate and local government bond issuers should sell their debt using the method of sale that is most likely to achieve the lowest cost of borrowing while taking into account both short-range and long-range implications for taxpayers and ratepayers." To achieve that result, the GFOA recommends that state and local government bond issuers "select a method of sale based on a thorough analysis of the relevant rating, security and other factors pertaining to the proposed bond issue." If the government agency does not have in-house expertise to conduct this analysis, the selection should be undertaken in partnership with a financial advisor. According to the GFOA, "issuers should not use abroker/dealer or potential underwriter to assist in the method of sale selection unless that firm has agreed not to underwrite that transaction." The GFOA believes the presence of the following factors may favor the use of a competitive sale: ^ The rating of the bonds, either credit-enhanced or unenhanced, is at least in the single-A category. ^ The bonds are general obligation bonds or full faith and credit obligations of the issuer or are secured by a strong, known and long-standing revenue stream. ^ The structure of the bonds does not include innovative or new financing features that require extensive explanation to the bond market. Similarly, the GFOA believes that the presence of the following factors may favor the use of a negotiated sale: ^ The rating of the bonds, either credit-enhanced or unenhanced, is lower than single-A category. ^ Bond insurance or other credit enhancement is unavailable or not cost- effective. ^ The structure of the bands has features such as a pooled bond program, variable rate debt, deferred interest bonds; or other bonds that maybe better suited to negotiation. ^ The issuer desires to target underwriting participation to include disadvantaged businesses enterprises (DBEs) or local firms. ^ Other factors that the issuer, in consultation with its financial advisor, believes favor the use of a negotiated sale process. 14 All assertions and quotations set forth in this section are taken from Selecting and Managing the Method of Sale of State and Local Government Bonds (1994 and 2007) (DEBTZ Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 16 The GFOA Recommended Practice addressing the selection and management of the sale of municipal bonds also specifies that the following steps and policies are among those that should be taken "to increase the likelihood of a successful and fully documented negotiated sale process": ^ Select the underwriter(s) through a formal request for proposals process. The issuer should document and make publicly available the criteria and process for underwriter selection so that the decision can be explained, if necessary. ^ Enter into a written contractual relationship with a financial advisor (a firm unrelated to the underwriter(s)), to advise the issuer on all aspects of the sale, including selection of the underwriter, structuring, disclosure preparation and bond pricing. ^ Due to inherent conflicts of interest, the firm acting as a financial advisor for an issuer should not be allowed to resign and serve as underwriter for the transaction being considered. ^ Due to potential conflicts of interest, the issuer should also enact a policy regarding whether and under what circumstances it will permit the use of a single firm to serve as an underwriter on one transaction and a financial advisor on another transaction. ^ Remain actively involved in each step of the negotiation and sale processes in accordance with the GFOA's Recommended Practice, Pricing Bonds in a Negotiated Sale. ^ Require that financial professionals disclose the name(s) of any person or firm compensated to promote the selection of the underwriter; any existing or planned arrangements between outside professionals to share tasks, responsibilities and fees; the name(s) of any person or firm with whom the sharing is proposed; and the method used to calculate the fees to be earned. ^ Review the "Agreement Among Underwriters" and ensure that it governs all transactions during the underwriting period. ^ Openly disclose public-policy issues such as the desire for DBEs and regional firm participation in the syndicate and the allocation of bonds to such f rms as reason for negotiated sale; measure and record results at the conclusion of the sale. ^ Prepare apost-sale summary and analysis that documents the pricing of the bonds relative to other similar transactions priced at or near the time of the issuer's bond sale, and record the true interest cost of the sale and the date and hour of the verbal award. The City did not select its underwriter, Bear Stearns, through a formal RFP process. And, the City did not document or make publicly available the criteria and process it used to select Bear Stearns. In order to provide transparency to the City's bonding practices and procedures, is strongly recommended that from this day forward, the City employ the GFOA Recommended Practice for Selecting Underwriters for Negotiated Bond Sales. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 17 2. Selecting Financial Advisors15 State and local governments employ financial advisors to assist in the structuring and issuance of bonds, whether the bonds are sold through a competitive or negotiated process. Furthermore, in bond sales, the financial advisor represents only the issuer. The GFOA recommends that issuers select financial advisors on the basis of merit using a competitive bid process involving either a formal RFP or a formal request for qualifications ("RFQ"). Additionally, the GFOA recommends that issuers periodically review their relationships with their financial advisors. Before starting the RFP process, the issuer should decide whether the financial advisor will assist the issuer with a single bond sale, for amulti-year engagement, or whether the issuer seeks to establish a pool of financial advisors from whom to choose for future bond sales. The RFP should then be carefully written in order to achieve the relationship desired by the issuer, and also comply with any applicable procurement requirements. The Recommended Practice for Selecting Financial Advisors. specifies the recommended content for requests for proposals and the information to look for in the responses the local government receives. Furthermore, the Recommended Practice regarding the selection of financial advisors specifies steps to take to: maximize the number of responses to the RFP; document the selection process; define the parameters of the policies applicable to the relationship between the issuer and the financial advisor; establish the basis of compensation for the financial advisor; and establish the form of the contract governing the relationship. The City has retained Public Financial Management ("PFM") for over nineteen years to act as its Financial Advisor. Ordinarily, that may cause one to believe that it may be time for the City to revisit its relationship with PFM. However, PFM is the nation's largest financial advisory firm. For the last f ve years, it has been ranked by The Bond Buhr as the top financial advisor for all municipal bond issues, competitive issues, negotiated issues, and small issues.16 Last year, PFM advised on 625 bond transactions with a total volume of over $43.3 billion. That experience and depth of knowledge of the municipal bond market is indeed invaluable. The City may wish to review PFM's procedures for compliance with the GFOA's recommended practices. It is believed, however, that those procedures in all likelihood mirror the practices that are recommended by the GFOA. 15 All assertions and quotations set forth in this section are taken from Selecting Financial Advisors (2008) fDEBT~. 16 See www.bondbuyer.coin. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 18 3. Selecting Underwriters for Negotiated Bond Sales" The primary role of an underwriter in a negotiated sale of municipal bonds is to market the municipal bonds to investors. If the issuer and underwriter reach agreement on the pricing of the bonds at the time. of sale, the underwriter purchases the entire bond issue from the issuer and then resells the bonds to investors. "In addition, negotiated sale underwriters are likely to provide ideas and suggestions with respect to structure, timing and marketing of the bonds being sold." Importantly, the underwriter and financial advisor are "separate adversarial roles and cannot be provided by the same party." Underwriters do not have a fiduciary duty to the issuer. Financial advisors, on the other hand, represent only the issuer and have a fiduciary duty to the issuer. The GFOA recommends the use of the RFP process when selecting underwriters "in order to promote fairness, objectivity and transparency." The RFP process "can result in selection of one or more underwriters for a single transaction or result in identification of a pool of underwriters from which firms will be selected over a specific period of time for a number of different transactions." In any event, "[n)o firm should be given an unfair advantage in the RFP process." The GFOA recommends that the Request for Proposal include at least the following components: ^ A clear and concise description of the contemplated bond sale transaction. ^ A statement noting whether firms may submit joint proposals. In addition, the RFP should state whether the issuer reserves the right to select more than one underwriter for a single transaction. ^ A description of the objective evaluation and selection criteria and explanation of how proposals will be evaluated. ^ A requirement that all underwriter compensation structures be presented in a standard format. Proposers should identify which fees are proposed on a "not-to- exceed" basis, describe any condition attached to their fee proposal, and explicitly state which costs are included in the fee proposal and which costs are to be reimbursed. ^ A requirement that the proposer provide at least three references from other public-sector clients, preferably clients where the firm provided underwriting services similar to those proposed to be undertaken as the result of the RFP. The GFOA also recommends that RFPs include questions to distinguish firms, qualifications, and experience, including but not limited to the following " All assertions and quotations set forth in this section are taken from Selecting Underwriters for Negotiated Bond Sales (2008~(DEBT~. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 19 ^ Relevant experience of the firm and the individuals assigned to the issuer, and the identification and experience of the individual in charge of day-to-day management of the bond sale, including both the investment banker(s) and the underwriter(s). ^ A description of the firm's bond distribution capabilities including the experience of the individual primarily responsible for underwriting the proposed bonds. The firm's ability to access both retail and. institutional investors should be described. ^ Demonstration of the firm's understanding of the issuer's financial situation, including ideas on how the issuer should approach financing issues such as bond structures, credit rating strategies and investor marketing strategies. ^ Demonstration of tie firm's knowledge of Local, politicai, economic, Legal or other issues that may affect the proposed financing. ^ Documentation of the underwriter's participation in the issuer's recent competitive sales or the competitive sales of other issuers in the same state. ^ Analytic capability of the firm and assigned investment bankers}. ^ Access to sources of current market information to provide bond pricing data before, during and after the sale. ^ The amount of uncommitted capital available and the ability and willingness of the firm to purchase the entire offering of the issuer, if necessary, in the case of a firm underwriting. ^ Any finder's fees, fee splitting, or other contractual arrangements of the firm that could present a real or perceived conflict of interest, as well as any pending investigation of the firm or enforcement or disciplinary actions taken within the past three years by the SEC or other regulatory bodies. Moreover, the GFOA recommends that issuers do the following in conducting the underwriting process: ^ Take steps to maximize the number of respondents by using mailing lists, media advertising, resources of the GFOA, resources of the financial advisor and applicable professional directories. ^ Give adequate time for firms to develop their responses to the RFP. Two weeks should be appropriate for alI but the most complicated RFPs. ^ Establish evaluation procedures and a systematic rating process, conduct interviews with proposers, and undertake reference checks. Where practical, one individual should check all references using a standard set of questions to promote consistency. To remove any appearance of a conflict of interest resulting from political contributions or other activities, elected officials should not be part of the selection team. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 20 ^ Document and retain the description of how the selection was made and the rankings of each firm. The City did not use the RFP process when it selected Bear Stearns. It is strongly recommended that the City use the RFP process, and that the City select at least three underwriters to form an underwriter pool for its future bond issues. It is suggested that the bond issues rotate amongst the pool members, but that all members of the pool have the opportunity to submit refunding opportunities to the City, regardless of whether they are next in line to handle a City bond issue. This will ensure that all members of the pool continuously monitor the market and strive to ensure that the City's best interests are being looked-out for. 4. Pricing Bonds in a Negotiated Sale18 The GFAO recommends that state and local government issuers strive to achieve the lowest overall cost of financing. In their Recommended Practice on Pricing Bonds in a Negotiated Sale, they specify several actions that issuers should take in order to improve the pricing process. Those actions include but are not limited to the following: ^ Communicate to the underwriter specific goals to be achieved in the pricing of bonds and expectations regarding the roles of each member of the financing team, including the issuer and an the independent financial advisor. ^ Take steps during the underwriting selection process and prior to final pricing to manage the compensation to underwriters by including a provision in the request for proposal that requires respondents to indicate the range of costs expected for each component of compensation and specify an expected maximum for each; setting a cap in fees and expenses; and obtaining and reviewing information on each component of underwriters' compensation for other recent similar sales. ^ Develop an understanding of prevailing market conditions, evaluate key economic and financial indicators, and assess how these indicators likely will affect the timing and outcome of the pricing. Obtain a pricing book from the underwriter and/or financial advisor. ^ Work with the underwriter to develop an appropriate premarketing effort to gauge and build investor interest. Consider using aone- or two-day retail order period. ^ Carefully evaluate whether structural features of the bond that impact the true interest cost of a bond offering, but limit future flexibility in managing the debt portfolio, will result in greater overall borrowing costs. ' g All assertions and quotations set forth in this section are taken from Pricing Bonds in a Negotiated Sale (1996 and 2000. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 21 The documents reviewed during this investigation reveal that City staff, particularly Rebecca O'Connor, were continuously involved in the City's bond issues. It is recommended that she, Joseph Safford, and other appropriate City staff familiarize themselves with this Recommended Practice, if they have not indeed already done so. It is further recommended that Ms. O'Connor, Mr. Safford, and other appropriate City staff continually keep abreast of issues related to the pricing of municipal bonds so that they can ensure the City is most effectively represented by its Financial Advisor, and that the City receives the best deal reasonably achievable on the dates of its future bond sales. V. Other Recommendations The recommendations made in this Report are intended to improve the transparency of the City's bonding practices and procedures. In addition to those recommendations, and in light of the circumstances that precipitated this investigation, it is recommended that the City continue the practice established by City Attorney Susan Ruby of educating its City Commissioners and upper level staff on the requirements of Florida's Sunshine Law, Public Records Law, and Ethics requirements. Additionally, it is recommended that the City Commissioners and upper level staff be educated on the federal Honest Services Law. Consistent training of new City Commissioners and City staff on these matters, along with "refresher courses" for those who already possess knowledge of these subjects, will ensure that the City Commissioners and City staff have the knowledge they need to conduct their City business in the most honest and lawful manner possible. Additionally, during the course of this investigation, we discovered some confusion regarding the lobbyists retained to represent the City's interests in Tallahassee. Specifically, there were two different lobbyists employed to represent the City, and there was confusion over what each lobbyist was retained to do. Additionally, one of those lobbyists failed to comply with the statutory registration requirements.i9 In order to prevent similar problems from arising in the future, it is recommended that the City review the lobbyists that it has retained to represent it, and if it has not done so, establish parameters for each lobbyist so that there is no confusion over each lobbyist's respective duties. Furthermore, it is suggested that the City implement record-keeping practices which will enable it to ensure that its lobbyists comply with the registration requirements. i9 See § 11.045, Fla. Stat. (registration and reporting requirements for lobbying before the Florida Legislature}. Final Report re: City of Delray Beach Bonding Procedures March 23, 2009 Page 22 Lastly, if the City Commission so desires, the City can employ an outside firm to conduct a retrospective analysis of its bond transactions that involved Bear Stearns. Such an analysis would examine whether the deals the City received were indeed good deals under the market conditions existing at the time of those bond issues. However, given the involvement of PFM and the multiple steps it took to ensure the City's interests were protected in the bond issues, it is suggested that such an analysis is not necessary. Thank you very much for allowing us to assist the City with this matter. truly ~s er ry Brown, Esq., and Erin J. O'Leary, Esq. For the Firm Brown, Garganese, Weiss & D'Agresta, P.A. M~MC iTM To: David T. harden, City Manager Froxn: 3oseph M. Safford, Finance Directar Date: May S, 20133 Subject: I~olicy Regarding Municipal fond Issues This department has been asked to provide recommendations as to our future policies regarding the issuance of bonds. This memorandum is issued to respond to this request. The City of Delray reach proposes to utilize the Croverninent Finance ®fficers Association (CIFC}A~ recammended best practices guidelines as follows: 1. dale ~~ u~icaal aids The City of Delray leach Finance Department will provide written justification fz-om its Financial Advisor as to whether a recammendation is made to sell bonds through either a competitive bid ®r a negotiated sale dependent upon market conditions and evaluation of the bast method to achieve the lowest possible cast to our ta:~payers. This recamrner~dation will be for-v~arded tc~ the City Can~mission for the fanal decision on this issue. fonds and other Winding alternatives being sold to banks (not requiring the use of bond underwriters and band counsel} will be issued in accordance with sealed bids with the final award to be made by the City Commission following a staff recornmendationbesed ugon the lowest and best bid. Selectiaa~ e~f Viand ITne ~te~° The City of Delray beach Finance Department would recommend the issuance of a detailed Request far I~ropasal ire accordance with. accepted. ~aFC3A guidelines to select a Band ZTnderwriter. This selection process will res~zlt in a prioritized share list of three ~3} fans, The final selection award will be made by the City Carnmissian. ale would recommend a eve ~5) year contraL~t since the City has limited band issues aver this period of time. It should be understand that, if at atl passible, the Finance Department will utilize sealed bids to banks far its finding needs in order to eliminate underwriting fees and thus a~ainianize the cast to our taxpayers. ~electian al" fond Cnur~sel The City of Delray beach Finance Department would recommend the issuance of a detailed Request for I~roposal in accordance with accepted FDA guidelines to select a fond Counsel. This selection process would result in a prioritized short list. of three (3) firms. The final selection award will be made b}r the City Coiiiinisson. e would. recommend a five (5} year contract since the City has limited band issues aver this period of time. It should be noted that these individuals are used throughout the year for advice an issues pertaining to bonds, bondholders, market conditions, and ][l~S issues. 4e Selectaa~n of a ~ina~tcial AdvYSnr `The City of Delray ~eacla Finance Department waiild recommend the issuance of a detailed Request f€~r Proposal. in accordance with accepted GFDA guidelines to select a Financial Advisor. 'This selection process would result in a prioritized sham list of three (3) firms. 'I"he final selection award will be made by the City Commission. ~e would recommend a fee (5} year contract since the City has limited band issues aver this period of time. It should also be noted that these individuals are used throughout the year far advice an issues pertaining to funding alternatives, bands, market conditions, and Il~S issues. 'The Finance Departriient will accorriplisli these Requests far Proposals. following a review of our existing contracts and should be able to complete this process within the next 9a-120 days. Please advise if you are in concurrence with these recommendations. Cc: Susan ruby, City Attorney Becky ~7'Cannar, 'Treasurer It~Iilei3a ~Valinski, Assistant Finance Director MEMORANDUM TO: Mayor and City Commissioners FROM: David T. Harden, City Manager DATE: May 8, 2009 SUBJECT: AGENDA ITEM WS.6 - SPECIAL/WORKSHOP MEETING OF MAY 12, 2009 POSSIBIE INTERIM USE OF OLD SCHOOL SQUARE GARAGE RETAIL SPACE ITEM BEFORE COMMISSION Consider whether to sell the Old School Square Garage retail space as soon as possible, or to bring in some interim uses until the commercial real estate market recovers. BACKGROUND As you know, we have green seeking to sell the retail space in the Old School Square Garage for some time. Recently we met with our broker and a potential purchases to discuss possibilities for selling the space. Currently, given the tight credit market for commercial real estate, it is difficult to sell, and lessors are having to build out space and offer substantial concessions in order to lease their properties. With this situation in mind the City Attorney suggested that perhaps we should consider putting some temporary uses in this space in order to generate some activity in Pineapple Grove and use the space until the real estate market recovers rather than selling the space at a depressed price. Some ideas discussed included bringing the Green Market indoors and operating it five or six days per week, like Neal's Market; or use it for artist's studios or a museum store for Old School Square. We have discussed this concept with Diane Colonna who agreed that it would be a good idea and has begun exploring how it might be done. Of course we would have to install a floor, restrooms and air conditioning, but we would do only a minimal amount of internal improvements. RECOMMENDATION Before we went any further in determining costs and seeking prospective tenants, we wanted to find out if the Commission was receptive to the idea of putting temporary uses in this space rather than selling it for substantially less than we had anticipated. Page 1 of 1 Harden, David /From: Colonna, Diane Sent: Friday, May 01, 2009 11:24 AM To: Harden, David; Hasko, Richard Subject: Farmers Market in OSS Garage Good morning, I met with our Green Market Manager Lori Nolan and Economic Development Director Francisco Perez to discuss the City's idea of using the 10,OD0 sq. ft. retail space in the garage as a farmer's market (or combination market and art gallery). We are all excited by the idea and we would like the opportunity to put together a business plan to submit for your review. It would take into account the costs of making the space ready, operational costs, projected revenues, and other factors that need to be considered in deciding whether or not #o proceed with running a market. We think timing is perfect, since the Green Market will have to be relocated again due to park construction next fall. We need 4 to 6 weeks to develop a plan. Let me know if that's okay with you and we'll get started right away. We'd like to get together with you a!I as soon as possible to discuss what the City's expectations are in terms of cost and revenues. We will also need a set of keys to start working on the floor plan and cast estimates. Hope to hear from you soon. Diane Diane Colonna Executive Director Cornntunity RedeUelopment Agency 20 .~'. Swinton Aueraue Delray ~3each, FL 33444 (56.T) 2i6-8640 colo nna@ci.delray• beach. fl. us Under Florida law, a-mail addresses are public retards. If you do not want your a-»tail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing. 5/8/2009