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File #: 2020-161    Version: 1 Name:
Type: Resolution Status: New Business
File created: 5/8/2020 In control: Board of Directors
On agenda: 5/13/2020 Final action:
Title: Proposed Change Order No. 4 - GLWA CS-002 Financial Advisor
Sponsors: Nicolette Bateson
Indexes: Finance
Related files: 2020-180
Title
Proposed Change Order No. 4 - GLWA CS-002 Financial Advisor
Body

Agenda of: May 27, 2020
Item No.: 2020-161
Amount: Original Contract: $ 300,000.00
Change Order No. 2: $ 100,000.00
Change Order No. 3: $ 100,000.00
Proposed Change Order No. 4: $ 100,000.00
Total Revised Contract: $ 600,000.00


TO: The Honorable
Board of Directors
Great Lakes Water Authority

FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority

DATE: May 8, 2020


RE: Proposed Change Order No. 4 - GLWA CS-002 Financial Advisor



MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer/Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), authorize the Chief Executive Officer to execute Change Order No. 4 for Contract GLWA CS-002, "Financial Advisor" with PFM Financial Advisors LLC, as of March 19, 2020 at a cost increase of $100,000.00, for a total cost not-to-exceed $600,000.00, and a time extension of twelve months for a total contract duration of seventy-two months, as provided by Resolution 2020-114 adopted on March 20, 2020 regarding "Delegation of Additional Authority to CEO During COVID-19 Emergency" and authorizes the Chief Executive Officer or Chief Financial Officer to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
Since March 20, 2015, PFM Financial Advisors, LLC (PFM) has served the Great Lakes Water Authority (GLWA) as its municipal advisor through contract number GLWA CS-002. As a municipal advisor, PFM acts in a fiduciary capacity to assist GLWA with the execution of its water and sewer revenue bond issuances and monitoring of its current debt portfolio. To date, PFM has assisted GLWA with the issuance of 17 new money and refunding bond issues (including state revolving fund bonds), totaling over $2.4 billion. This includes the most recent water refundi...

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