1024-Public Resources Management Group-Work Order-01-2007
CITY OF SANFORD
WORK ORDER TO
PUBLIC RESOURCES MANAGEMENT GROUP, INC.
FOR
UTILITY FINANCIAL CONSULTING SERVICES
WORK ORDER NO. 01-2007
This Work Order, when executed, shall be incorporated in and shall become an integral part of
the Master Agreement dated July 14, 2005 between the City of Sanford (the "City") and Public ~
Resources Management Group, Inc. (PRMG)
Project Title: Water and Wastewater Debt Analysis
Project Description: Professional services related to analyzing utility debt refunding
and debt issuance strategy with the City's Financial Advisor.
Scope of Services: See Exhibit A
Project Cost/Budget: Not-to-exceed $5,000
PRMG Principal: Henry L. Thomas
PRMG Project Mgr.: Anthony D. Hairston
Project Schedule: Substantial completion by September 30,2007
Method of Invoice: Hourly rate method; guaranteed maximum price (not to exceed)
PRMG Project No. 1095-11
Work Order Approval:
City of Sanford
Public Resources Management Group, Inc.
Attest: '0 ~~ O~
~J.; c;:J; u,~
BY~~~
Title .j ~
I Jett P7
I '
Attest: W~ <1r\. ~
~/U-S5
Date
K:\l 095-1O\correspondence\ Work Order No 01-2007 .doc
EXHIBIT A
CITY OF SANFORD
WATER AND WASTEWATER DEBT ANALYSIS
WORK ORDER NO. 01-2007
SCOPE OF SERVICES
This Work Order is made part of the Master Agreement, dated July 14,2005, between the City of
Sanford (the "City") and Public Resources Management Group, Inc. (PRMG). The consulting
services provided under this Work Order will include, among other items, services associated
with analyzing the utility debt refunding and debt issuance strategy in coordination with the
City's Financial Advisor, First Southwest Company.
Based on the scope of services as summarized below and the direct hourly labor billing rates as
shown on Attachment A to the Master Agreement, the not-to-exceed budget of this Work Order
is $5,000.
The scope of services to be provided by Public Resources Management Group, Inc. (PRMG)
related to this Work Order is summarized below by task:
1. Review of Existing Utility Debt Structure and Future Debt Needs - PRMG will review the
City's existing utility (water and wastewater) debt structure and future borrowing needs
based on recent projections contained in the City's 2006 Water and Wastewater Rate
Study. PRMG will coordinate with City staff and engineering consultants to determine
any changes in capital funding needs or other financial issues that would affect the
structure of future debt.
2. Formulate Debt Refunding and New Debt Issuance Strategy - PRMG will assist the
City's Financial Advisor in preparing a strategy for refunding certain portions of the
City's outstanding utility debt and issuance of additional debt. The City's existing utility
debt includes revenue bonds and State Revolving Fund loans (SRF Loans) issued through
the Florida Department of Environmental Protection. Additional project funds may
involve either additional revenue bonds or SRF Loans. The objective of the analysis is to
provide the lowest overall debt costs, with minimal affect on future utility rate
adjustments, while maintaining the City's ability to issue additional utility debt in the
future
2. Meetings with City staff and Presentation to City Commission - It is anticipated that this
scope of services will require several meetings with City staff, the City's Financial
Advisor, and consulting engineers in order to gain a consensus of the optimum debt
strategy. PRMG will assist the City's Financial Advisor in preparing presentation
materials and attending a public hearing with the City Commission to review the debt
plan and make appropriate modifications. The following table summarizes the meetings
anticipated under the scope of services for this Work Order.
K:\1095-10\correspondence\Work Order No 01-2007.doc A-I
City of Sanford
Scope of Services
EXHIBIT A
Description
Project Initiation /Data Gathering Meeting
Working Group Meeting (staff and consultants)
Presentation Findings before the City Commission
Total Number of Meetings
Number of
Meetings
I
3
1
5
The debt strategy is anticipated to be completed within ninety (90) days of the City's notice to
proceed.
ADDITIONAL SERVICES
During the course of this Work Order, the City may request that PRMG perform additional
services that would extend beyond the budget set forth in this Work Order. The following is an
example of additional services that PRMG considers being in addition to what is described in the
above of services:
1. Preparation of a financial feasibility report to be included in the official statement for the
issuance of utility revenue bonds.
2. Attendance of meetings in addition to what is referenced in this scope of services.
3. Third party presentations related to litigation, expert witness services, and similar
servIces.
4. Performance of modifications to the rate study analysis due to the receipt of new
information after substantial completion or due to delays in the project schedule that is
not due to PRMG.
TERMS AND CONDITIONS
Standard terms and conditions, that are made part of this Work Order, are set forth in the Master
Agreement dated July 14, 2005.
K:\1095-1O\correspondence\Work Order No Ol-2007.doc A-2