HomeMy WebLinkAboutPFM 2020-2021 ResolutionRESOLUTION
BOARD OF COUNTY COMMISSIONERS
COUNTY OF KITTITAS
STATE OF WASHINGTON
RESOLUTION NO. 2022________
A RESOLUTION ACKNOWLEDGING EXTENSION OF THE PROFESSIONAL SERVICES
AGREEMENT BETWEEN KITTITAS COUNTY TREASURER’S OFFICE AND PFM FINANCIAL
ADVISORS, PLLC
WHEREAS, Kittitas County Treasurer’s Office (KCTO) has had a Professional
Services Agreement with PFM Financial Advisors, PLLC (PFM) since 2016 in which PFM
serves as the financial advisor to assist the Treasurer’s office in developing and
implementing strategies to meet their short and long-term operations, financial obligations,
capital financing needs, and to render assistance with respect to debt transactions; and
WHEREAS, PFM and KCTO wish to extend the existing professional services
contract an additional two years in writing, as allowed for in the original contract
agreement, a copy of which is attached hereto; and
WHEREAS, the purpose of extending the agreement is to continue the agreement
from January 1, 2022 to December 31, 2023 and thereby retain the services of PFM as
financial advisor, for which a quarterly retainage fee of $1,000 is paid, as well as any
additional fees billed at a fixed rate for financing projects (e.g., bond issuance) and non-
transaction related hourly project fees; and
WHEREAS, changes to the contract terms for the 2022-2023 contract year are
presented in Amendment No. #3 which amends Exhibit B – Compensation for Services.,
Terms of the contract are extending from January 1, 2022 to December 31, 2022, and
PFM address has been updated. The original contract allows for additional two-year
extension terms upon mutual agreement in writing.
NOW, THEREFORE, BE IT RESOLVED AND IT IS HEREBY ORDERED, That the
Agreement between Kittitas County Treasurer's Office and PFM Financial Advisors, PLLC
is adopted.
ADOPTED this day of 2022.
BOARD OF COUNTY COMMISSIONERS
KITTITAS COUNTY, WASHINGTON
Chair
Vice-Chair
Commissioner
RESOLUTION
ATTEST: APPROVED AS TO FORM:
_______________________ _________________________________
Christopher Horner, Deputy Prosecuting Attorney
☐ Clerk of the Board- Julie Kjorsvik
☐ Deputy Clerk of the Board- Mandy Buchholz
RESOLUTION
KITTITAS COUNTY
PROFESSIONAL SERVICES AGREEMENT
AMENDMENT NO. 3
The Professional Services Agreement entered into September 15, 2016 by and between the
Kittitas County (the “County”) and PFM Financial Advisors LLC (“PFM”) is amended as follows:
1. TERMS AND TERMINATION
a. Extend the Term in Section IV of the Agreement through December 31, 2023
unless sooner terminated according to the provisions therein.
2. NOTICES
a. Amend Section VII to modify PFM Financial Advisors LLC Seattle office address
as follows:
PFM FINANCIAL ADVISORS LLC
107 Spring Street
Seattle, WA 98104
Attention: Managing Director
3. EXHIBIT B
A. Amend Exhibit B Compensation for Services #1 Fixed Rate Transaction Fees
(Competitive and Negotiated) as follows:
For financing up to $20 million: $1.50 per $1,000, with a $25,000 minimum
For financing over $20 million: $30,000 plus $0.75 per $1,000 over $20 million
ALL OTHER TERMS AND CONDITIONS OF THE ORIGINAL CONTRACT REMAIN IN FULL
FORCE AND EFFECT.
IN WITNESS WHEREOF, the parties hereby execute this Amendment.
PFM Financial Advisors LLC: County:
__________________________________ __________________________________
Signature Date Signature Date
_____________________________________________________ ______________________________________________________
Name Name
Managing Director___________________ ___________________________________
Title Title