Title
Proposed Change Order No. 5 - GLWA CS-002 Financial Advisor
Body
Agenda of: March 24, 2021
Item No.: 2021-098
Amount: Original Contract: $ 300,000.00
Change Order No. 2: $ 100,000.00
Change Order No. 3: $ 100,000.00
Change Order No. 4: $ 100,000.00
Proposed Change Order No. 5: $ 78,600.00
Total Revised Contract: $ 678,600.00
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: March 24, 2021
RE: Proposed Change Order No. 5 - 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), approves the Change Order No. 5 for Contract GLWA CS-002, "Financial Advisor" with PFM Financial Advisors LLC, at a cost increase of $78,600.00, for a total cost not-to-exceed $678,600.00, and a time extension of eight and one-half months for a total contract duration of eighty and one-half months, 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 GLWA CS-002. As a municipal advisor, PFM acts in a fiduciary capacity to assist GLWA with the issuance of its water and sewer revenue bonds. To date, PFM has assisted GLWA with the issuance of 31 new money and refunding bond issues (including state revolving fund bonds), totaling over $3.1 billion. PFM also provides other non-transactional services such as providing feedback on various GLWA agreements and financial policies.
The current contract for Financial Advisor (CS-002) with PFM will expire on March 19, 2021. GLWA will need issue a n...
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