HomeMy WebLinkAboutC2023-160 - 8/15/2023 - Approved DocuSign Envelope ID: F3164AAl-1 B05-4F26-B59C-752D94545E55
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SERVICE AGREEMENT NO. 4682
Arbitrage Compliance Services
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1852
THIS Arbitrage Compliance Services Agreement (''Agreement'') is entered into by
and between the City of Corpus Christi, a Texas home-rule municipal corporation
("City") and Arbitrage Compliance Specialists, Inc. ("Contractor''), effective upon
execution by the City Manager or the City Manager's designee ("City Manager").
WHEREAS, Contractor has bid to provide Arbitrage Compliance Services in
response to Request for Bid/Proposal No. 4682 ("RFB/RFP"), which RFB/RFP includes the
required scope of work and all specifications and which RFB/RFP and the Contractor's
bid or proposal response, as applicable, are incorporated by reference in this
Agreement as Exhibits 1 and 2, respectively, as if each were fully set out here in its
entirety.
NOW, THEREFORE, City and Contractor agree as follows:
1. Scope. Contractor will provide Arbitrage Compliance Services ("Services") in
accordance with the attached Scope of Work, as shown in Attachment A, the
content of which is incorporated by reference into this Agreement as if fully set
out here in its entirety, and in accordance with Exhibit 2.
2. Term.
(A) The Term of this Agreement is five years beginning on the date provided
in the Notice to Proceed from the Contract Administrator or the City's
Procurement Division. The parties may mutually extend the term of this Agreement
for up to zero additional zero-year periods ("Option Period(s)"), provided, the
parties do so in writing prior to the expiration of the original term or the then-current
Option Period.
(B) At the end of the Term of this Agreement or the final Option Period, the
Agreement may, at the request of the City prior to expiration of the Term or final
Option Period, continue on a month-to-month basis for up to six months with
compensation set based on the amount listed in Attachment B for the Term or the
final Option Period. The Contractor may opt out of this continuing term by
providing notice to the City at least 30 days prior to the expiration of the Term or
final Option Period. During the month-to-month term, either Party may terminate
the Agreement upon 30 days' written notice to the other Party.
3. Compensation and Payment. This Agreement is for an amount not to exceed
$83,470.00, subject to approved extensions and changes. Payment will be made
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for Services performed and accepted by the City within 30 days of acceptance,
subject to receipt of an acceptable invoice. All pricing must be in accordance
with the attached Bid/Pricing Schedule, as shown in Attachment B, the content
of which is incorporated by reference into this Agreement as if fully set out here in
its entirety. Any amount not expended during the initial term or any option period
may, at the City's discretion, be allocated for use in the next Option Period.
Invoices must be mailed to the following address with a copy provided to the
Contract Administrator:
City of Corpus Christi
Attn: Accounts Payable
P.O. Box 9277
Corpus Christi, Texas 78469-9277
4. Contract Administrator. The Contract Administrator designated by the City is
responsible for approval of all phases of performance and operations under this
Agreement, including deductions for non-performance and authorizations for
payment. The City's Contract Administrator for this Agreement is as follows:
Judy Ann Villalon
Finance Department
Phone: 361-826-3651
judyavCcctexas.com
5. Insurance; Bonds.
(A) Before performance can begin under this Agreement, the Contractor must
deliver a certificate of insurance ("COI"), as proof of the required insurance
coverages, to the City's Risk Manager and the Contract Administrator.
Additionally, the COI must state that the City will be given at least 30 days'
advance written notice of cancellation, material change in coverage, or intent
not to renew any of the policies. The City must be named as an additional insured.
The City Attorney must be given copies of all insurance policies within 10 days of
the City Manager's written request. Insurance requirements are as stated in
Attachment C, the content of which is incorporated by reference into this
Agreement as if fully set out here in its entirety.
(B) In the event that a payment bond, a performance bond, or both, are
required of the Contractor to be provided to the City under this Agreement before
performance can commence, the terms, conditions, and amounts required in the
bonds and appropriate surety information are as included in the RFB/RFP or as
may be added to Attachment C, and such content is incorporated here in this
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Agreement by reference as if each bond's terms, conditions, and amounts were
fully set out here in its entirety.
6. Purchase Release Order. For multiple-release purchases of Services to be
provided by the Contractor over a period of time, the City will exercise its right to
specify time, place and quantity of Services to be delivered in the following
manner: any City department or division may send to Contractor a purchase
release order signed by an authorized agent of the department or division. The
purchase release order must refer to this Agreement, and Services will not be
rendered until the Contractor receives the signed purchase release order.
7. Inspection and Acceptance. City may inspect all Services and products supplied
before acceptance. Any Services or products that are provided but not
accepted by the City must be corrected or re-worked immediately at no charge
to the City. If immediate correction or re-working at no charge cannot be made
by the Contractor, a replacement service may be procured by the City on the
open market and any costs incurred, including additional costs over the item's
bid/proposal price, must be paid by the Contractor within 30 days of receipt of
City's invoice.
8. Warranty.
(A) The Contractor warrants that all products supplied under this Agreement
are new, quality items that are free from defects, fit for their intended purpose,
and of good material and workmanship. The Contractor warrants that it has clear
title to the products and that the products are free of liens or encumbrances.
(B) In addition, the products purchased under this Agreement shall be
warranted by the Contractor or, if indicated in Attachment D by the
manufacturer, for the period stated in Attachment D. Attachment D is attached
to this Agreement and is incorporated by reference into this Agreement as if fully
set out here in its entirety.
(C) Contractor warrants that all Services will be performed in accordance
with the standard of care used by similarly situated contractors performing similar
services.
9. Quality/Quantity Adjustments. Any Service quantities indicated on the Bid/Pricing
Schedule are estimates only and do not obligate the City to order or accept more
than the City's actual requirements nor do the estimates restrict the City from
ordering less than its actual needs during the term of the Agreement and including
any Option Period. Substitutions and deviations from the City's product
requirements or specifications are prohibited without the prior written approval of
the Contract Administrator.
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10. Non-Appropriation. The continuation of this Agreement after the close of any
fiscal year of the City, which fiscal year ends on September 30th annually, is subject
to appropriations and budget approval specifically covering this Agreement as
an expenditure in said budget, and it is within the sole discretion of the City's City
Council to determine whether or not to fund this Agreement. The City does not
represent that this budget item will be adopted, as said determination is within the
City Council's sole discretion when adopting each budget.
11. Independent Contractor. Contractor will perform the work required by this
Agreement as an independent contractor and will furnish such Services in its own
manner and method, and under no circumstances or conditions will any agent,
servant or employee of the Contractor be considered an employee of the City.
12. Subcontractors. In performing the Services, the Contractor will not enter into
subcontracts or utilize the services of subcontractors.
13. Amendments. This Agreement may be amended or modified only in writing
executed by authorized representatives of both parties.
14. Waiver. No waiver by either party of any breach of any term or condition of this
Agreement waives any subsequent breach of the same.
15. Taxes. The Contractor covenants to pay payroll taxes, Medicare taxes, FICA
taxes, unemployment taxes and all other applicable taxes. Upon request, the City
Manager shall be provided proof of payment of these taxes within 15 days of such
request.
16. Notice. Any notice required under this Agreement must be given by fax, hand
delivery, or certified mail, postage prepaid, and is deemed received on the day
faxed or hand-delivered or on the third day after postmark if sent by certified mail.
Notice must be sent as follows:
IF TO CITY:
City of Corpus Christi
Attn: Judy Ann Villalon
City Treasurer
1201 Leopard St., Corpus Christi, TX 78401
Phone: 361-826-3651
Fax: 361-826-3601
IF TO CONTRACTOR:
Arbitrage Compliance Specialists, Inc.
Attn: Doug Pahnke
President
6041 S. Syracuse Way, #310, Greenwood Village, CO 801 1 1
Phone: 303-867-7526
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Fax: 800-756-6505
17. CONTRACTOR SHALL FULLY INDEMNIFY, HOLD HARMLESS AND DEFEND
THE CITY OF CORPUS CHRISTI AND ITS OFFICERS, EMPLOYEES AND
AGENTS ("INDEMNITEES") FROM AND AGAINST ANY AND ALL LIABILITY,
LOSS, CLAIMS, DEMANDS, SUITS, AND CAUSES OF ACTION OF
WHATEVER NATURE, CHARACTER, OR DESCRIPTION ON ACCOUNT OF
PERSONAL INJURIES, PROPERTY LOSS, OR DAMAGE, OR ANY OTHER KIND
OF INJURY, LOSS, OR DAMAGE, INCLUDING ALL EXPENSES OF
LITIGATION, COURT COSTS, ATTORNEYS' FEES AND EXPERT WITNESS FEES,
WHICH ARISE OR ARE CLAIMED TO ARISE OUT OF OR IN CONNECTION
WITH A BREACH OF THIS AGREEMENT OR THE PERFORMANCE OF THIS
AGREEMENT BY THE CONTRACTOR OR RESULTS FROM THE NEGLIGENT
ACT, OMISSION, MISCONDUCT, OR FAULT OF THE CONTRACTOR OR ITS
EMPLOYEES OR AGENTS. CONTRACTOR MUST, AT ITS OWN EXPENSE,
INVESTIGATE ALL CLAIMS AND DEMANDS, ATTEND TO THEIR SETTLEMENT
OR OTHER DISPOSITION, DEFEND ALL ACTIONS BASED THEREON WITH
COUNSEL SATISFACTORY TO THE CITY ATTORNEY, AND PAY ALL
CHARGES OF ATTORNEYS AND ALL OTHER COSTS AND EXPENSES OF
ANY KIND ARISING OR RESULTING FROM ANY SAID LIABILITY, DAMAGE,
LOSS, CLAIMS, DEMANDS, SUITS, OR ACTIONS. THE INDEMNIFICATION
OBLIGATIONS OF CONTRACTOR UNDER THIS SECTION SHALL SURVIVE
THE EXPIRATION OR EARLIER TERMINATION OF THIS AGREEMENT.
18. Termination.
(A) The City may terminate this Agreement for Contractor's failure to comply with
any of the terms of this Agreement. The City must give the Contractor written
notice of the breach and set out a reasonable opportunity to cure. If the
Contractor has not cured within the cure period, the City may terminate this
Agreement immediately thereafter.
(B) Alternatively, the City may terminate this Agreement for convenience upon
30 days advance written notice to the Contractor. The City may also terminate
this Agreement upon 24 hours written notice to the Contractor for failure to pay or
provide proof of payment of taxes as set out in this Agreement.
19. Owner's Manual and Preventative Maintenance. Contractor agrees to provide a
copy of the owner's manual and/or preventative maintenance guidelines or
instructions if available for any equipment purchased by the City pursuant to this
Agreement. Contractor must provide such documentation upon delivery of such
equipment and prior to receipt of the final payment by the City.
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20. Limitation of Liability. The City's maximum liability under this Agreement is limited
to the total amount of compensation listed in Section 3 of this Agreement. In no
event shall the City be liable for incidental, consequential or special damages.
21. Assignment. No assignment of this Agreement by the Contractor, or of any right
or interest contained herein, is effective unless the City Manager first gives written
consent to such assignment. The performance of this Agreement by the
Contractor is of the essence of this Agreement, and the City Manager's right to
withhold consent to such assignment is within the sole discretion of the City
Manager on any ground whatsoever.
22. Severability. Each provision of this Agreement is considered to be severable and,
if, for any reason, any provision or part of this Agreement is determined to be
invalid and contrary to applicable law, such invalidity shall not impair the
operation of nor affect those portions of this Agreement that are valid, but this
Agreement shall be construed and enforced in all respects as if the invalid or
unenforceable provision or part had been omitted.
23. Order of Precedence. In the event of any conflicts or inconsistencies between this
Agreement, its attachments, and exhibits, such conflicts and inconsistencies will
be resolved by reference to the documents in the following order of priority:
A. this Agreement (excluding attachments and exhibits);
B. its attachments;
C. the bid solicitation document including any addenda (Exhibit 1); then,
D. the Contractor's bid response (Exhibit 2).
24. Certificate of Interested Parties. Contractor agrees to comply with Texas
Government Code Section 2252.908, as it may be amended, and to complete
Form 1295 "Certificate of Interested Parties" as part of this Agreement if required
by said statute.
25. Governing Law. Contractor agrees to comply with all federal, Texas, and City laws
in the performance of this Agreement. The applicable law for any legal disputes
arising out of this Agreement is the law of the State of Texas, and such form and
venue for such disputes is the appropriate district, county, or justice court in and
for Nueces County, Texas.
26. Public Information Act Requirements. This paragraph applies only to agreements
that have a stated expenditure of at least $1 ,000,000 or that result in the
expenditure of at least $1 ,000,000 by the City. The requirements of Subchapter J,
Chapter 552, Government Code, may apply to this contract and the Contractor
agrees that the contract can be terminated if the Contractor knowingly or
intentionally fails to comply with a requirement of that subchapter.
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27. Entire Agreement. This Agreement constitutes the entire agreement between the
parties concerning the subject matter of this Agreement and supersedes all prior
negotiations, arrangements, agreements and understandings, either oral or
written, between the parties.
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CONTRACTOR
DocuSigned by:
Signature: L06
4 PaLAkt,
Q 0
Printed Name: Doug Pahnke
Title: President
Date:
6/30/2023 M2023-119 Authorized By
Council 8/15/2023
CITY OF CORPUS CHRISTI DS
DocuSigned by:
Er
�/s
is
14
Josh ron rey
Assistant Director of Finance - Procurement
8/18/2023 ATTEST:
Date: Docu3ig ned by:
Attached and Incorporated by Reference: L�
Attachment A: Scope of Work Rebecca Huerta
Attachment B: Bid/Pricing Schedule City Secretary
Attachment C: Insurance and Bond Requirements
Attachment D: Warranty Requirements
Incorporated by Reference Only:
Exhibit l : RFB/RFP No. 4682
Exhibit 2: Contractor's Bid/Proposal Response
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Attachment A: Scope of Work
1.1 General Requirements
The Contractor shall provide Arbitrage Compliance Services as required to
ensure compliance with Section 148 of the Tax Code and Treasury
regulations as amended, and assist the City in the event of an Internal
Revenue Service (IRS) inquiry or audit related to arbitrage issues.
The City is required to calculate interest earned on invested tax-exempted
bond proceeds fund balances to determine the arbitrage rebate amount
due to the IRS. The purpose of this scope is to establish parameters within
which the Contractor is to provide Arbitrage Rebate Compliance Services
related to reviewing the City's tax-exempt debt service funds, debts service
reserve funds, capital projects funds, and other funds, into which tax exempt
proceeds may be been deposited.
1.2 Scope of Work
A. The Contractor shall perform all required calculations including a
calculation of arbitrage yield, arbitrage liability and yield restriction
requirements not less than annually for each issue of outstanding
obligations of the City.
B. The Contractor shall create and maintain records necessary to
determine arbitrage liability, if any, on outstanding obligations of the City.
C. The Contractor shall review reports of investment and expenditure of
bond proceeds as necessary to ensure compliance with the IRS.
D. The Contractor shall assist the City in preparing or causing to be prepared
any schedules, reports, or records necessary to perform or support a
calculation of arbitrage liability.
E. The Contractor shall provide the City a report of the calculations
(including supporting documentation) of arbitrage liability within 90 days
after the end of the fiscal year (fiscal year ends September 30).
F. The Contractor shall prepare transmittals and forms necessary to report
and pay arbitrage liability on time.
G. The Contractor shall assist the City in providing information and guidance
to the City's client agencies as may be necessary from time to time to
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improve record-keeping and monitoring required for compliance with
the IRS.
H. The Contractor shall provide advice and recommendations to the City
concerning unique or extraordinary compliance issues that may arise
from time to time.
I. The Contractor shall review opportunities and recommend options to
minimize existing liabilities or increase retainable earnings.
J. The Contractor shall provide updates to staff regarding changes to IRS
regulations regarding arbitrage rebate.
K. The Contractor shall analyze and prepare post issuance financial
calculations (arbitrage) to ensure compliance with IRS regulations.
1.3 IRS Inquire or Audit Assistance
The Contractor shall assist and represent the City as necessary in the event
of an IRS inquiry or audit. This work will be compensated on a loaded hourly
rate basis. The loaded rate includes all compensation for these services. No
additional costs will be allowed.
1.4 Special Information
A. Bond proceeds are commingled.
B. Bond proceeds are managed by the City and invested in compliance
with the City's Investment Policy.
C. Reports are current for all bond issuances and will be available for review.
All necessary information will be provided for the awarded Contractor.
DocuSign Envelope ID: F3164AAl-1 B05-4F26-B59C-752D94545E55
amus c� Attachment B: Bid/Pricing Schedule
w CITY OF CORPUS CHRISTI
H Pricing Form
CONTRACTS AND PROCUREMENT
1852 RFP No. 4682
Arbitrage Compliance Services
PAGE 1 OF 2
DATE: May 2, 2023
Arbitrage Compliance Specialists, Inc. wik441
PROPOSER AUTHORIIED SIGNATURE
1. Refer to "Instructions to Proposers" and Contract Terms and Conditions before completing
proposal.
2. Provide your best price for each item.
3. In submitting this proposal, Proposer certifies that:
a. the prices in this proposal have been arrived at independently, without consultation,
communication, or agreement with any other Proposer or competitor, for the purpose
of restricting competition with regard to prices;
b. Proposer is an Equal Opportunity Employer; and the Disclosure of Interest information
on file with City's Contracts and Procurement office, pursuant to the Code of
Ordinances, is current and true.
c. Proposer has incorporated any changes issued through Addenda to the RFP in this
pricing.
Item Delivery Size Issue Description Unit Cost Cost Cost Cost Cost
Date Year 1 Year 2 Year 3 Year 4 Year 5
1 2/23/2012 7,390,000 2012 PPFCO EA None,pro eeds spent 3nd debt se ice is bona- de
2 8/2/2012 29,075,000 2012 Seawall Project EA Not req'd. Not req'd. Not req'd. $495.00 Not req'd.
3 9/27/2012 8,340,000 2012A Improv Airport Ref GO EA $495.00 matured matured matured matured
4 12/27/2012 90,770,000 2012A Junior Lien Rev Refd EA $495.00 $495.00 $495.00 $495.00 $495.00
5 12/27/2012 58,815,000 2012A.5 Utl Junior Lien Rev Refdg EA See item#4 fee,all bonds part of tsame"issu "
6 12/27/2012 69,085,000 2012B Utl Junior Lien Ref Ref EA See item#4 fee all bo ids part of tsame"issu "
7 7/31/2013 82,025,000 2013 Improv GO EA $495.00 matured matured matured matured
8 12/19/2013 97,930,000 2013 Utl Improvement Bonds Jr Lien EA $495.00 $495.00 $495.00 $495.00 matured
9 2/6/2014 30,555,000 2014 Arena Project EA $495.00 1 $495.00 $495.00 matured matured
10 5/16/2014 9,000,000 2014 PPFCO EA $495.00 $495.00 $495.00 $495.00 matured
11 10/1/2015 61,015,000 2015 Gen Im ry Refdg Bond EA $495.00 $495.00 $495.00 $495.00 $495.00
12 8/27/2015 90,520,000 2015 General Improvement EA $495.00 $495.00 $495.00 $495.00 $495.00
13 1/15/2015 2,600,000 2015 Marina Rev Taxable EA Not re 'd. Not re 'd. Not re 'd. Not re 'd. Not re 'd.
14 9/15/2015 62,785,000 2015 NRA EA $350.00 $350.00 $350.00 $350.00 $350.00
15 10/1/2015 10,020,000 2015 Taxable CO Landfill EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
16 1 4/23/2015 93,600,000 2015A Utility Jr Lien Rev EA $495.00 $495.00 $495.00 $495.00 $495.00
17 7/22/2015 101,385,000 2015C Utl Jr Lien Revenue EA $495.00 $495.00 $495.00 $495.00 $495.00
18 7/22/2015 46,990,000 2015D Util Jr Lien Rev Refdg EA See item#17 fee,all bonds part oft a same"is e"
19 1/14/2016 2,000,000 2016 Facility CO EA $495.00 $495.00 $495.00 $495.00 $495.00
20 7/1/2016 16,130,000 2016 Gen Im ry Refdg Bonds EA $495.00 $495.00 $495.00 $495.00 $495.00
21 8/25/2016 80,415,000 2016 Util Jr Lien Refd EA $495.00 495.00 $495.00 $495.00 $495.00
22 8/11/2016 16,430,000 2016A Tax&Limited Pledge CO EA See item 20 fee,all bonds part oft a same"iss e"
23 12/5/2016 7,365,000 2016A General Improvement EA $495.00 $495.00 $495.00 $495.00 matured
Refunding TMPC
24 8/23/2017 2,500,000 2017 Comb Tax&Limited Pldg EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
Revenue CO-Landfill
25 5/2/2017 51,215,000 2017 Utl Jr Lien Rev Refdg Bonds- EA $495.00 $495.00 $495.00 $495.00 $495.00
TWDB
26 12/21/2017 2,750,000 2017 Jr Ln Rev Imp TWDB SWIRFT EA $495.00 495.00 495.00 1 matured matured
27 6/14/2018 16,355,000 2018 General Improvement EA 495.00 495.00 495.00 495.00 $495.00
28 6/14/2018 14,315,000 2018A Tax&Ltd Pld CO-Street EA See item 127 fee all b nds part oft the same"iss e'
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29 6/14/2018 7,490,000 2018B Tax&Ltd PIdg CO-Landfill EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
30 3/1/2018 34,835,000 2018 Utl Sub Ln Rev Refdg TWDB EA $495.00 $495.00 $495.00 $495.00 $495.00
31 9/30/2019 8,740,000 2019A General Imp Refdg EA $495.00 $495.00 $495.00 $495.00 $495.00
32 9/30/2019 3,900,000 20196 General Imp Refdg,Taxable- EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
Airport
33 9/15/2019 93,425,000 2019 Utility Sys Jr Lien Rev Imp& EA $495.00 $495.00 $495.00 $495.00 $495.00
Refdg 1 1
34 7/15/2020 80,385,000 2020A General Imp EA $495.00 $495.00 $495.00 $495.00 $495.00
35 7/22/2020 133,765,000 2020A Utl Jr Ln Rev Imp&Refdg EA $495.00 $495.00 $495.00 $495.00 $495.00
36 12/2/2020 26,595,000 2020B General Imp Refdg EA See item 434 fee,all bonds part of t e same"iSSL e"
37 7/22/2020 183,635,000 2020B Utl Jr Ln Rev Refdg taxable EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
38 7/15/2020 67,320,000 2020C General Imp Refdg,taxable EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
39 11/10/2020 11,425,000 2020C Utl Jr Ln Rev Imp TWDB EA $495.00 $495.00 $495.00 $495.00 $495.00
SWI RFT
1 1
40 9/22/2021 8,485,000 2021A Comb Tax&Ltd PIdg Rev CO EA $495.00 $495.00 $495.00 $495.00 $495.00
41 3/29/2021 35,000,000 2021A Utl Jr Ln Revenue Notes EA $495.00 $495.00 $495.00 $495.00 $495.00
42 9/22/2021 8,940,000 2021 B Comb Tax&Ltd PIdg CO, EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
taxable
43 9/22/2021 40,040,000 2021C General Imp Refdg,taxable EA Not req'd. Not req'd. Not req'd. _ Not req'd. Not req'd.
44 12/8/2021 10,265,000 2021 D General Imp Refdg EA See item 4 40 fee,all bonds part oft e same"iSSL e"
45 9/22/2021 1,985,000 2021E General Imp Refdg(AIVIT) EA $495.00 $495.00 $495.00 $495.00 $495.00
46 6/22/2022 3,561,000 2022A Utl Jr Ln Rev Imp(TWDB EA
CWSRF) $495.00 $495.00 $495.00 $495.00 $495.00
47 7/27/2022 10,205,000 2022A Comb Tax&Ltd PI g Rev CO EA $495.00 $495.00 $495.00 $495.00 $495.00
48 7/27/2022 92,465,000 2022B Utl Jr Ln Rev Imp EA $495.00 1 $495.00 $495.00 $495.00 $495.00
49 7/27/2022 9,160,000 20226 Comb Tax&Ltd PIg Rev CO, EA Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
taxable
50 7/27/2022 36,365,000 2022C General Improvement EA See item 4 47 fee,all b nds part of t e same"iSSL e"
51 3/15/2023 9,510,000 2023 CCBJD Sales Tax Revenue EA
RefundinBonds,taxable Not req'd. Not req'd. Not req'd. Not req'd. Not req'd.
g
I Total Per Year, 1 $14,705 1 $13,715 1 $13,715 $13,220 $11,240
Item Description Unit of Measure Loaded Rate
Years 1 -5
52 Loaded Hourly Rate for Assistance with IRS Related Issues- 25 Hours per year $0.00(for reports completed by ACS)
As needed $135/hr.(for reports not completed by ACS)
*Please Note:The"Total Per Year"columns do not include any contingency for any future bond issues that the City will also want to be calculated.Any future bonds issued
will also have a$495 per bond,per year fee.
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Attachment C: Insurance and Bond Requirements
A. CONTRACTOR'S LIABILITY INSURANCE
1 . Contractor must not commence work under this contract until all insurance required has
been obtained-and such insurance has been approved by the City. Contractor must
not allow any subcontractor, to commence work until all similar insurance required of
any subcontractor has been obtained.
2. Contractor must furnish to the City's Risk Manager and Contract Administer a copy of
Certificates of Insurance with applicable policy endorsements showing the following
minimum coverage by an insurance company(s) acceptable to the City's Risk
Manager. Project name and/or number must be listed in Description Box of Certificate
of Insurance.
TYPE OF INSURANCE MINIMUM INSURANCE COVERAGE
PROFESSIONAL LIABILITY $1,000,000 Per Claim
(Errors and Omissions) $2,000,000 Aggregate
(Defense costs not included in
face value of the policy)
If claims made policy, retro date
must be at or prior to inception of
agreement, have extended
reporting period provisions and
identify any limitations regarding
who is insured.
3. In the event of accidents of any kind related to this contract, Contractor shall furnish the
Risk Manager with copies of all reports of any accidents within 10 days of the accident.
B. ADDITIONAL REQUIREMENTS
1 . Contractor shall obtain and maintain in full force and effect for the duration of this
Contract, and any extension hereof, at Contractor's sole expense, insurance coverage
written on an occurrence basis by companies authorized and admitted to do business
in the State of Texas and with an A.M. Best's rating of at least A- with a Financial Size
Category of Class VII or higher.
2. Contractor shall be required to submit renewal certificates of insurance throughout the
term of this contract and any extensions within 10 days of the policy expiration dates.
All notices under this Exhibit shall be given to City at the following address:
City of Corpus Christi
Attn: Risk Manager
DocuSign Envelope ID: F3164AAl-1 B05-4F26-B59C-752D94545E55
P.O. Box 9277
Corpus Christi, TX 78469-9277
3. Certificate of insurance shall specify that at least 30 calendar days advance written
notice will be provided to City of any, cancellation, non-renewal, material change or
termination in coverage and not less than 10 calendar days advance written notice for
nonpayment of premium.
4. Within 5 calendar days of a cancellation, non-renewal, material change or termination
of coverage, Contractor shall provide a replacement Certificate of Insurance and
applicable endorsements to City. City shall have the option to suspend Contractor's
performance should there be a lapse in coverage at any time during this contract.
Failure to provide and to maintain the required insurance shall constitute a material
breach of this contract.
5. In addition to any other remedies the City may have upon Contractor's failure to provide
and maintain any insurance or policy endorsements to the extent and within the time
herein required, the City shall have the right to order Contractor to stop work hereunder,
and/or withhold any payment(s) which become due to Contractor hereunder until
Contractor demonstrates compliance with the requirements hereof.
6. Nothing herein contained shall be construed as limiting in any way the extent to which
Contractor may be held responsible for payments of damages to persons or property
resulting from Contractor's or its subcontractor's performance of the work covered
under this contract.
7. Contractor's insurance shall be deemed primary and non-contributory with respect to
any insurance or self insurance carried by the City of Corpus Christi for liability arising out
of operations under this contract.
8. The insurance required is in addition to and separate from any other obligation
contained in this contract.
2023 Insurance Requirements
Ins. Req. Exhibit 3-H
Professional Services - Other Professional Services
O1/01/2023 Risk Management - Legal Dept.
No Bonds are required for this service agreement.
DocuSign Envelope ID: F3164AAl-1 B05-4F26-B59C-752D94545E55
Attachment D: Warranty Requirements
No warranty is required for this service.
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