Title
Contract No. 2204949 Municipal Advisory Services
O & M
Body
Agenda of: June 28, 2023
Item No.: 2023-181
Amount: $3,150,000.00
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: June 28, 2023
RE: Contract No. 2204949
Municipal Advisory Services
Vendor: PFM Financial Advisors LLC
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, Financial Services, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), authorizes the Chief Executive Officer (CEO) to enter into Contract No. 2204949, "Municipal Advisory Services" with PFM Financial Advisors LLC, at a cost not to exceed $3,150,000.00 for a duration of three (3) years with two (2) one (1) year renewal options; and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The role of a municipal financial advisor is to act in a fiduciary capacity and provide other non-transactional services including providing advice on compliance matters, various debt management agreements, financial plans, strategies, and policies. More specific responsibilities include assistance with the following:
* The plan of finance and related transaction timetable.
* Financing solutions and alternatives for funding the capital improvement plan.
* Method of sale for bond transactions, considering market conditions and near-term activity in the municipal market.
* Rating agency strategies and presentations.
* Bond-related and State Revolving Fund (SRF) loan-related activities associated with Internal/external accountants, feasibility consultants and escrow agents.
* Selection of underwriters, underwriter compensation issues, syndicate structure and bond allocations.
* Negotiated bond sales, including advice regarding retail order periods and institutional marketing, analysis of comparable bonds and sec...
Click here for full text