HomeMy WebLinkAboutReso 2014-105 RESOLUTION NO. 2014-105
RESOLUTIO?�' OF THE CITY COUNCIL OF THE CIT1' OF
CHtiL.A VISTA .APPROVTt�'G .A?v .4GREEME?�T WITH PFA4
ASSET I��'AGEI�4ENT. LLC TO PROVIDE II�T�rESTMENT
A1�\'AGEn4E1�'T SERVICES A?�TD AUTHORIZI\'G THE CITY"
A�.4NAGER TO E�ERCISE T\4'O ONE-YEAR OPTIOI�S TO
E�TEI�'D THE .AGREEA4ENT
WZ-IEREAS; the Finance Department currentl}� manages the Cit}�'s In��estment Portfolio
of approzimatel�� 5120 million �vith in-house staff_ and
WHEREAS, the Cin� has never had an im�estment ad��isor manage the City's portfolio;
and
�l'HEREAS, a Request for Proposal (`RFP") to provide investment manaeement sen�ices
for the Cih� w�as issued n4arch 2�. 2014; and closed on April 21, 2014; and
R'HEREAS, the RFP was posted electronicaliv on planetBids.Com. a ���eb-based vendor
and bid manasement s��stem that is ���idelv used bv other local asencies. and ���as sent directiv to
im�estment advisory firms that had espressed an interest in performing investment mana�ement
sen�ices for the Cin�: and
�l'HEREAS, a Selection Committee composed of the Director of Finance/Treasurer;
Assistant Director of Finance, Finance 1�lanager and Treasury A4anaeer ���as formed to e��aluate
the proposals: and
V�'HEREAS, four proposals ���ere recei��ed and were required to meet minimum
qualifications in order to be considered for selection; and
N'HEREAS, if the proposing firm met the minimum qualifications then their proposal
ti�as fiu-ther e��aluated based on criteria articulated in the RFP: and
�0%HEREAS, the Selection Committee deemed one proposal as non-responsive and
inten ieH�ed the three remainine firms: and
R'HEREAS. based on all selection factors. the Selection Committee recommends PFM
Asset n4anagement LLC ("PFA9") to mana�e the Cirv`s investment portfolio; and
WHEREAS, PFM �+�arrants and represents that it is esperienced and staffed in a manner
such that it can deli�=er the sen�ices required of Consultant ro Cit�� in accordance �vith the time
frames and the terms and conditions of this Aereement.
Resolution No. 2014-]0�
Pa�*e 2 . -
NOVJ. THEREFORE. BE IT RESOLVED b}� the Cit�- Council of the Citv of Chula
Vista, that it approve the Aereement to Pro��ide Im�estment Management Services bet��een the
Cit}� and PFM, in the form presented, with such minor modifications as may be required or
appro��ed b�� the City Attorney, a copy of which shall be kept on file in the Office of the Citv
Clerk, authorize the Citv Manager to e�ercise two one-pear options to extend the Agreement; and
authorize and direct the n9avor to e�:ecute the Aereement.
Presented b�� Approved as to form by
� �
/ �
Maria K hadoorian Glen R. G ogins
Director of Finance/Treasurer Ci�eeney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 17th day of June 2014 by the followine vote:
AYES: Councilmembers: Aguilar, Bensoussan, Ramirez; Salas and Cos
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Chery] Cox, Ma r
ATTEST:
_�/!;�_� �_
Donna R. Norris, CMC, City Clerk
STATE OF CALIFORI�'IA )
COUTTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Norris. Cit�� Clerk of Chula Vista. California, do herebvi certifi� that the foreeoine
Resolution No. 2014-10� �vas duly passed, approved, and adopted by the Cit}� Council at a
regular meetin� of the Chula Vista City Council held on the ]7th day of.lune 2014.
Ezecuted this 17th da�� of June 2014.
� �� ���
Donna R. Norris, CMC. Citv Clerk