HomeMy WebLinkAboutReso 2009-124RESOLUTION N0.2009-124
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE AGREEMENT WITH
PUBLIC FINANCIAL MANAGEMENT, INC. TO PROVIDE
FINANCIAL ADVISORY SERVICES
WHEREAS, on January 20, 2009, the City Council approved a Fiscal Health Plan which
provides for along-term financial strategy; and
WHEREAS, on Mazch 13, 2009, staff issued a Request for Proposal (RFP) for financial
advisory services to assist in reviewing outstanding debt obligations and address current cash
flow shortfalls in the Public Facilities Development Impact Fee Fund; and
WHEREAS, the financial advisory firm would assist the city in identifying refunding options
in order to continue meeting debt obligations in an attempt to avoid additional financial strain on the
General Fund; and
WHEREAS, the financial firm will also provide other options in addition to restructuring
existing debt in order to determine which direction would best meet the City's long-term
financial goals; and
WHEREAS, the RFP was advertised on-line in the Bond Buyer, a national publication,
and posted electronically on P1anetBids, a web-based vendor and bid management system that is
widely used by other local agencies; and
WHEREAS, in addition, many financial advisory firms were contacted directly and
invited to participate in this process; and
WHEREAS, in total, five proposals from national and regional financial advisory firms
were received, and all five firms were interviewed; and
WHEREAS, a three member panel consisting of the City s Director of Finance; Assistant
Director of Finance and Treasury Manager was created for the selection process; and
WHEREAS, after a comprehensive evaluation process, the selection panel recommends
the contract be awazded to Public Financial management, Inc. (PFM) to be the City's financial
advisor; and
WHEREAS, PFM is best suited to meet the City's needs as the firm has extensive
experience in developing complex financing structures and has been the #1 financial advisor in
the country for five straight yeazs; and
WHEREAS, they have developed complex multi-year financial models for cities around
the country, from Philadelphia to Long Beach, and aze competitively priced.
Resolution No. 2009-124
Page 2
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby approve the Agreement with Public Financial Management, Inc. to provide
financial advisory services.
Presented by
Mazia Cachadoorian
Director of Finance
Approved as to form by
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 26th day of May 2009 by the following vote:
AYES: Councilmembers: Castaneda, McCann, Ramirez, and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: Bensoussan
Cheryl Cox, ay
ATTEST:
a
Donna R. Norris, C ,City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2009-124 was duly passed, approved, and adopted by the City Council at a
regulaz meeting of the Chula Vista City Council held on the 26th day of May 2009.
Executed this 26th day of May 2009.
Donna R. Norris, CMC, City Clerk