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HomeMy WebLinkAbout1998-060NOTE- Amended by Ordinance No. 98-230. AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE A PROFESSIONAL SERVICES AGREEMENT WITH REED CONSULTING GROUP PROVIDING FOR CONSULTING SERVICES RELATED TO ELECTRIC RESTRUCTURING, AUTHORIZING THE EXPENDITURE OF FUNDS THEREFOR, AND PROVIDING FOR AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I. That the City Manager is hereby authorized to execute a Professional Services Agreement providing for professional consulting services related to electric restructuring with Reed Consulting Group, a copy of which agreement is attached hereto and incorporated herein SECTION II That the expenditure of funds as provided in the attached Agreement is hereby authorized SECTION III. That this ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the,?—' day of 1998 JACK R, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY BY — APPR ED AS O LEGAL FORM HERB RT L PROUTYI, CITY ATTORNEY BY S \Our Documents\Ordmances\98\Reed Consulting Ord doc STATE OF TEXAS COUNTY OF DENTON PROFESSIONAL SERVICES AGREEMENT This Agreement is entered into this '59 day of March, 1998, by and between Reed Consulting Group ("REED"), a Massachusetts corporation, with its principal office at 200 Wheeler Road, Burlington, Massachusetts, 01803, and the City of Denton, Texas ("CITY"), a Texas municipal corporation, with its principal office at 215 East McKinney Street, Denton, Texas, 76201, for professional and related consulting services to be provided to City, both parties acting by and through their duly authorized representatives WHEREAS, that in consideration of the covenants and agreements herein contained, REED and the CITY do hereby mutually AGREE as follows ARTICLE I SCOPE OF SERVICES The CITY hereby engages REED, and REED hereby agrees to provide to City the services set forth in the individual Task Order made an attachment to this Agreement The Task Order generally provides for a preliminary evaluation of alternatives available to the CITY at this point in time related to the stranded costs associated with Texas Municipal Power Agency ("TMPA") ARTICLE II FEES FOR SERVICES For services provided by REED to CITY pursuant to this Agreement, CITY shall pay REED in accordance with the rates and charges set forth in Exhibit "A", "Fees for Services" attached hereto and made a part of this Agreement for all purposes, provided however such charges and rates shall not exceed $75,000 00 unless the CITY agrees by an amendment to this Agreement to increase the maximum fee for services for this engagement ARTICLE III BILLING AND PAYMENT REED shall submit a monthly statement to CITY setting forth the amount due for services and itemizmg amounts due for expenses CITY shall pay the full amount of such statement within thirty (30) days after receipt Any sums billed, not disputed in written form setting forth specific exceptions and unpaid after thirty (30) days from the date of receipt, shall be subject to a late payment charge equal to one (1) percent for each month or fraction thereof past due Nothing contained in this article shall require the CITY to pay for any work which is unsatisfactory as reasonably determined by the Assistant City Manager/Utilities for the CITY, or which is not submitted in compliance with the terns of this Agreement No late charge shall apply to any such unsatisfactory or disputed work The CITY shall not be required to make any payments to REED when REED is in default under this Agreement ARTICLE IV INDEPENDENT CONTRACTOR REED shall provide services to CITY as an independent contractor, not as an employee of CITY REED shall not have or claim any right ansmg from employee status REED agrees to perform the services hereunder in connection with the project as stated in this Agreement with due diligence, and in accordance with the highest professional standards obtained for such services in the State of Texas ARTICLE V TERM AND TERMINATION OF AGREEMENT A Unless otherwise terminated as provided herein, this Agreement shall become effective upon execution by the parties and shall terminate when (1) the services provided for herein have been fully and completely performed, or (2) July 1, 1998, whichever event shall occur first This Agreement may be sooner terminated in accordance with the provisions hereof Time is of the essence in this Agreement REED will make all reasonable efforts to complete the services set forth herein as expeditiously as possible to meet the schedule established by the CITY B Notwithstanding any other provision of this Agreement, either party may terminate this Agreement by giving thirty (30) days advance written notice to the other party C This Agreement may be terminated in whole or in part in the event of either party substantially failing to fulfill its obligations under the Agreement No such termination will be affected, unless the breaching party is given (1) written notice, delivered by certified mail, return receipt requested, of intent to terminate, and not less than thirty (30) calendar days to cure the failure, and (2) an opportunity for consultation with the terminating party prior to termination D If the Agreement is terminated prior to completion of the services to be provided hereunder„ REED shall immediately cease all services and shall render a final bill for services to CITY within thirty (30) days after the date of termination, and CITY shall pay REED for all services properly rendered and reimbursable expenses to termination incurred prior to the date of termination in accordance with Article III hereof Should the CITY subsequently contract with a new consultant for continuation of services on the project as defined in the attached Task Order, REED shall fully cooperate in providing information All documents prepared or furnished by REED pursuant to this Agreement shall become the property of the CITY but REED may maintain copies of such documents for its use Professional Services Agreement Reed Consulting Group — Page 2 ARTICLE VI INSURANCE During the performance of the services under this Agreement, REED shall maintain the following insurance with an insurance company licensed to do business in the State of Texas by the State Insurance Commission or any successor agency that has a rating with Best Rate Carriers of at least an "A-" or above A Comprehensive General Liability Insurance with bodily injury limits of not less than $1,000,000 for each occurrence and not less than $1,000,000 in the aggregate, and with property damage limits of not less than $100,000 for each occurrence and not less than $100,000 in the aggregate B Automobile Liability Insurance with bodily injury limits of not less than $500,000 for each person and not less than $500,000 for each accident, and with property damage limits of not less than $100,000 for each accident C Worker's Compensation Insurance in accordance with statutory requirements and Employers' Liability Insurance with limits of not less than $100,000 for each accident D Professional Liability Insurance with limits of not less than $1,000,000 annual aggregate E REED shall furnish insurance certificates or insurance policies at the CITY's request to evidence such coverages The insurance policies shall name the CITY as an additional insured on all such policies to the extent lawfully possible and shall contain a provision that such insurance shall not be canceled or modified without thirty (30) days prior written notice to CITY and REED In such event, REED shall, prior to the effective date of the change or cancellation, promptly deliver to CITY substitute policies or certificates providing or evidencing the same coverage ARTICLE VII LIABILITY A REED shall indemnify and hold harmless the CITY, its officials, employees, attorneys and agents, from and against any and all liability, claims, demands, damages, losses, and expenses, including, but not limited to, court costs and reasonable attorney's fees incurred by CITY, for which REED is determined to be legally liable resulting from negligent acts, errors, or omissions by REED, its directors, officers, agents, and employees in performance of services required by this Agreement Liability, claims, demands, damages, losses, or expenses resulting from the negligent acts, errors or omissions, whether active or passive, by CITY, its officials, employees, attorneys, and agents are excluded from REED's obligations pursuant to this paragraph Professional Services Agreement Reed Consulting Group — Page 3 B REED's indemnification of the CITY, as provided in Article VII A above, as to any act or omission constituting professional malpractice, shall be expressly limited to the amount of fees payable to REED as set forth in Article II of this Agreement C REED's indemnification of the CITY, as provided in Article VII A above, resulting from any negligent acts, errors, or omissions of REED, other than professional malpractice, shall be expressly limited to the proceeds of its applicable insurance coverage, as identified in Article VI A, B & C of this Agreement D Nothing in this Agreement shall be construed to create a liability to any person who is not a party to this Agreement and nothing herein shall waive any of either party's defenses, both at law or equity, to any claim, cause of action or litigation filed by anyone not a party to this Agreement, including the defense of governmental immunity, which defenses are hereby expressly reserved ARTICLE VIII OBSERVATION AND REVIEW OF THE WORK REED shall exercise reasonable care and due diligence in discovering and promptly reporting to the CITY any defects or deficiencies in the work of REED or of any contractors, subcontractors, or subconsultants working on the project ARTICLE IX RESPONSIBILITY FOR CLAIMS AND LIABILITIES Approval by the CITY shall not constitute nor be deemed a release of the responsibility and liability of REED, its employees, associates, agents and consultants for the accuracy and competency of their designs or other work Nor shall such approval be deemed to be an assumption of such responsibility by the CITY for any defect in the work prepared by REED, its employees, associates, agents and consultants ARTICLE X ATTORNEY'S FEES If either party hereto shall become involved in litigation ansmg out of this Agreement or the performance thereof, the prevailing party shall be entitled to reasonable attorney's fees, costs and expenses This provision shall be construed as applicable to the entire Agreement ARTICLE XI NOTICES A Any notice, demand, information, invoice, report, or item otherwise required, authorized, or provided for in this Agreement, unless otherwise specified herein, shall be deemed properly given if delivered in person or sent by United States Mail, First Class Postage prepaid Professional Services Agreement Reed Consulting Group — Page 4 CITY REED Howard Martin, Assistant City Manager/Utihties Reed Consulting Group, Inc City of Denton, Texas James Coyne, Vice President 215 E McKinney Street 200 Wheeler Road Denton, TX 76201 Burlington, MA 91803 B All notices mailed shall be deemed effective upon receipt by the party to whom such notice is given ARTICLE XII ARBITRATION AND ALTERNATE DISPUTE RESOLUTION The parties may agree to settle any disputes under this Agreement by submitting the dispute to arbitration or other means of alternate dispute resolution such as mediation No arbitration or alternate dispute resolution ansing out of or relating to, this Agreement involving one parry's disagreement may include the other party to the disagreement without the other's approval ARTICLE XIII OWNERSHIP OF DOCUMENTS All documents prepared or furnished by REED (and REED's subcontractors or subconsultants) pursuant to this Agreement are instruments of service and shall become the property of the CITY upon the termination of this Agreement REED is entitled to retain copies of all such documents The documents prepared and furnished by REED are intended only to be applicable to this project and the CITY's use of these documents in any other project shall be at the CITY's sole risk and expense In the event the CITY uses the documents in another project or for other purposes than specified herein any of the information or materials developed pursuant to this Agreement, REED is released from any and all liability relating to their use in that project ARTICLE XIV ACCESS TO RECORDS OF REED BY CITY REED agrees that the CITY shall, until the expiration of three (3) years after the final payment under this Agreement, have access to and the right to examine any directly pertinent books, documents, papers and records of REED involving transactions relating to this Agreement REED agrees that the CITY shall have access during normal working hours to all necessary REED facilities and shall be provided adequate and appropriate working space in order to conduct audits in compliance with this section The CITY shall give REED reasonable advance notice of intended audits Professional Services Agreement Reed Consulting Group — Page 5 ARTICLE XV PERSONNEL A REED represents that it has or will secure at its own expense all personnel required to perform all the services required under this Agreement Such personnel shall not be employees or officers of, or have any contractual relations with the CITY REED shall inform the CITY of any conflict of interest or potential conflict of interest that may anse during the term of this Agreement B All services required hereunder will be performed by REED or under its supervision All personnel engaged in work shall be qualified and shall be authorized and permitted under state and local laws to perform such services ARTICLE XVI DISCRIMINATION PROHIBITED In performing the services required hereunder, REED shall not discriminate against any person on the basis of race, color, religion, sex, national origin or ancestry, age, or physical handicap. ARTICLE XVII COMPLIANCE WITH LAWS REED shall comply with all federal, state, local laws, rules, regulations, and ordinances applicable to the work covered hereunder as they may now read or hereinafter amended ARTICLE XVIII COORDINATION OF WORK ON THE ENGAGEMENT A REED shall commence, carry on, and complete this engagement with all applicable dispatch; in a sound, economical, efficient manner, and, in accordance with the provisions hereof In accomplishing the project, REED shall take such steps as are appropriate to ensure that the work involved is properly coordinated with related work being carved on by the CITY B The CITY shall assist REED by placing at REED's disposal all available information pertinent to the project, including previous reports, any other data relative to the project and arranging for access to, and make all provisions for REED to enter in or upon, public and private property as required for REED to perform services under this Agreement C REED agrees to cooperate fully with Resource Management International, Inc ("RMI"), R J Covington Consulting ("Covington") and City staff, together with the CITY's outside attorney$ and consultants in achieving an effective, efficient evaluation REED agrees to work in close coordination with RMI, Covington, City staff, as well as with the CITY'S outside attorneys and consultants in order to maximize the efficiency and quality of the project Professional Services Agreement Reed Consulting Group — Page 6 deliverables to the CITY considering the aggressive schedule of this project The CITY is relying upon REED to maintain open lines of communication with RMI and Covington at all times in order to coordinate the work and to avoid any conflict or any unnecessary duplication of effort During the course of this project the CITY expects, and REED agrees to refrain from, any action against any consultant hired by the CITY on this project which might disrupt or impair the course of work being performed for the CITY on this project ARTICLE XIX SEVERAL OBLIGATIONS Except where specifically stated in this Agreement to be otherwise, the duties, obligations and liabilities of the parties are intended to be several and not joint or collective Nothing contained in this Agreement shall be construed to create an association, trust, partnership, or joint venture or impose a trust or partnership duty, obligation, or liability on or with regard to either party Each party shall be individually and severally liable for its own obligations under this Agreement ARTICLE XX MODIFICATION No waiver or modification of this Agreement or of any covenant, condition, limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith and no evidence of any waiver or modification shall be offered or received in evidence in any proceeding ansing between the parties hereto out of or affecting this Agreement, or the rights or obligations of the parties hereunder, and unless such waiver or modification is in writing, and duly executed The parties further agree that the provisions of this Article will not be waived unless as herein provided ARTICLE XXI ASSIGNABILITY REED shall not assign any interest in this Agreement and shall not transfer any interest in this Agreement (whether by assignment, novation or otherwise) without the prior written consent of the CITY ARTICLE XXII SUCCESSORS ININTEREST This Agreement shall be binding on, and inure to the benefit of, each party's successors and assigns Professional Services Agreement Reed Consulting Group — Page 7 ARTICLE XXIII ENTIRE AGREEMENT This Agreement constitutes the complete and final expression of the agreement of the parties and is intended as a complete and exclusive statement of the terms of their agreements and supersedes all prior and contemporaneous offers, promises, representations, negotiations, discussions, communications, and agreements which may have been made in connection with the subject matter hereof ARTICLE XXIV SEVERABILITY If any provision of this Agreement is found or deemed by a court of competent jurisdiction to be invalid or unenforceable, it shall be considered severable from the remainder of this Agreement and shall not cause the remainder to be invalid or unenforceable In such event, the party shall reform this Agreement to replace such stricken provision with a valid and enforceable provision which comes as close as possible to expressing the intention of the stricken provision ARTICLE XXV GOVERNING LAW This Agreement shall be construed and interpreted according to, and the rights of the parties shall be governed by, the laws of the State of Texas Venue of any suit or cause of action under this Agreement shall lie exclusively in Denton County, Texas ARTICLE XXVI WAIVER Any waiver at any time by either party of its rights with respect to a default under this Agreement, or with respect to any other matters ansmg in connection with this Agreement, shall not be deemed a waiver with respect to any subsequent default or other matter ARTICLE XXVII CAPTIONS The captions of this Agreement are for informational purposes only and shall not in any way affect the substantive terms or conditions of this Agreement IN WITNESS HEREOF, the City of Denton, Texas has caused this Agreement to be executed by its duly authorized City Manager and Rhas executed this Agreement through its duly authorized undersigned officer on this the J day of March, 1998 Professional Services Agreement Reed Consulting Group — Page 8 "CITY" CITY OF DENTON, TEXAS A Texas Municipal Corporation BY Ted Benavides, City Manager ATTEST JENNIFER WALTERS, CITY SECRETARY e By _ AP PR ED A TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY "REED" REED CONSULTING GROUP A Massachusetts Corporation WITNESS 0 \\CH-LGL\VOLI\shued\dept\LGL\Our Documents\Contracts\98Uteed Consulting Group2 doc Professional Services Agreement Reed Consoltmg Group — Page 9 EXHIBIT A FEES FOR SERVICES Professional and support services, except for testimony, shall be billed at the following rates President $300 per hour Executive Vice President $240 per hour Senior Vice President $230 per hour Vice President $230 per hour Assistant Vice President $190 per hour Senior Economist $170 per hour Senior Project Manager $170 per hour Project Manager $160 per hour Senior Consultant $145 per hour Staff Consultant $130 per hour Senior Technical Consultant $110 per hour Consultant $110 per hour Assistant Consultant $ 90 per hour Research Librarian $ 75 per hour Administrative Assistant $ 45 per hour The above rates shall be adjusted each year, commencing July 1, 1998, to reflect the change in rates officially established by REED Testimony shall be billed at one and one-half (1 '/2) times the above stated hourly rates Reproduction, printing, communications, computer services, and other miscellaneous support services shall be billed at rates for such services as determined from time to time and officially established by REED All travel, food, lodging, and miscellaneous expenses, except automobile mileage, associated with the provision of services hereunder shall be billed at cost Automobile mileage shall be billed at $0 32 per mile CITY shall reimburse REED for any applicable sales tax imposed on services rendered by REED to CITY ATTACHMENT TO PROFESSIONAL SERVICES AGREEMENT BETWEEN REED CONSULTING GROUP THE CITY OF DENTON DATED February 24, 1998 Financial Advisory Services — Options Assessment This Task Order defines a Scope of Services and Budget for work by Reed Consulting Group (REED) for the City of Denton, Texas (City) The activities in this Task Order are designed to study and present alternatives to the City for resolution of its investment and related financial obligations primarily associated with the Texas Municipal Power Agency (TMPA)/Gibbons Creek Power Plant Other generation assets owned by the Cities may also be considered, particularly those with debt obligations This work is intended to serve as a precursor to the financial advisory role previously discussed Prior to proceeding with a divestiture plan, the City requires an evaluation of the alternatives for its existing generation ownership which satisfactorily addresses the City's potential stranded costs and bond obligations in the deregulating electric environment SCOPE OF SERVICES Task A — Identify the Alternatives REED will first examine the City's ownership in electric generation assets (and contracts for output) to fully understand the current situation related to generating assets The focus of this task will be to determine • Ownership structure • Contractual obligations • Financial obligations Review the status of electric restructuring in Texas Legislative status Public Utilities Commission requirements and proposals IOU and municipal precedents in the state on generation ownership and stranded cost resolution issues Review municipal precedent in comparable situations • Financial restructuring • Asset sales • Stranded cost recovery mechanisms Based on REED's experience in generation asset divestiture and electric unbundling, REED will work with the City and its advisor(s) to develop alternatives for its existing generation asset related obligations These alternatives may include • Proceed with divestiture a) alone b) with Garland c) with Garland, Greenville and Bryan • Maintain status quo • Conduct an asset appraisal and approach the legislature for stranded cost assistance • Securitization • Release the assets to unregulated merchant plant status • Others to be identified Task B — Evaluate the Alternatives Provide a basis for financial evaluation of the alternatives • Examine the financial models constructed for this purpose and build on and complete evaluations already begun • To the extent possible, complete this model to allow for financial scenario evaluation • If the existing model is not capable, create a new model to capture the essential financial implications of alternative scenarios • Develop baseline market assumptions with assistance from the City, public sources, and REED market knowledge Quantitatively (where possible) and qualitatively evaluate the alternatives • Stranded cost exposure • Cash flows available for debt • Impacts on customer rates, and taxpayers • Bond covenants Task C — Present and Discuss Findings, Conclusions and Recommendations Summarize results of Tasks A and B in summary presentation form Review with the City Manager, Utility Board management, and other Advisors Present the findings, conclusions, and recommendations to the City Council PROJECT TEAM REED will provide a highly qualified project team The team will draw on the firm's extensive experience in finance and electric asset rationalization Consulting staff, which will effectively leverage the experience of senior staff to manage overall project costs, will support senior staff The following project team is proposed Hourly Name Title Rate Area of Responsibility John J Reed President $300 Project Advisor Malcolm R Ketchum Executive Vice President $240 Project Advisor Mark C Pocmo Sr Vice President $230 Financial Advisor James M Coyne Vice President $230 Project Manager Frederick J Nemergut Vice President $210 Electric Municipal/ Finance Prescott C Hartshorne Sr Project Manager $170 Finance/Bond Covenants Sajid Malik Staff Consultant $130 Consulting Support Natalie D Cameron Consultant $110 Consulting Support In addition to the core project team, REED will rely upon other members of its staff for specific areas of project expertise and consulting support BUDGET and TIMING Budget for work performed under this Task Order is difficult to estimate with certainty due to some unknowns concerning the financial modeling status, the number of alternatives evaluated and the depth of analysis the City will require The estimated budget for this Task Order is $75,000 All work will be billed on a monthly basis with supporting documentation of activities performed The estimated time required to complete this assignment is approximately 6 weeks once work commences This Task Order is authorized and made an attachment to the above -identified Professional Services Agreement through the signatures below Authorized by City of Denton, Texas Accepted by Reed Consulting Group By Byer` 1" Dated 3 3 q 8 Dated &5 A0 W \001\MRK\Professional Services Agreement\Prof Service Agreement Denton Financial ORDINANCE NO �D AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE AN AMENDMENT TO THE PROFESSIONAL SERVICES AGREEMENT WITH REED CONSULTING GROUP FOR CONSULTING SERVICES RELATED TO ELECTRIC RESTRUCTURING BY ADDING A TASK ORDER AND AUTHORIZING THE PAYMENT OF ADDITIONAL COMPENSATION, AND PROVIDING FOR AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I That the City Manager is hereby authorized to execute an amendment to the Professional Services Agreement ("Agreement") between Reed Consulting Group ("REED") and the City, heretofore entered into by the parties on March 3, 1998 for professional services with regard to the City's investment and related financial obligations primarily associated with the Texas Municipal Power Agency/Gibbons Creek Power Plant, which amendment is in substantially the form of Task Order No 98-A, a copy of which task order is attached hereto and made a part of this ordinance for all purposes, which Agreement is amended by adding additional professional services to be rendered by Reed and providing for an additional amount of fees and expenses not to exceed $100,000 00 for the additional professional services to be performed by Reed SECTION II That the expenditure of funds as provided for in the attached Task Order No 98-A is hereby authorized SECTION III That this ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the ATTEST JENNIFER WALTERS, CITY SECRETARY BY APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY BY V �. /....ilk r. y' me Pr, MILLER, \\Svc utd\VOLT\shared\dept\Legal\MlkeCopeland's Work\Reed Amended Ord doe ATTACHMENT TO PROFESSIONAL SERVICES AGREEMENT BETWEEN REED CONSULTING GROUP AND THE CITY OF DENTON TASK ORDER NO.98-A Financial Advisory Services — Options Assessment — Phase II This Agreement amends the Professional Services Agreement (the "Agreement") entered into by the parties hereto on March 3, 1998, and defines a Scope of Services and Budget for additional professional services to be performed by Reed Consulting Group ("REED") for the City of Denton, Texas ("CITY") The activities in this Task Order are designed to complete the evaluation of alternatives for the City with regard to its investment and related financial obligations primarily associated with the Texas Municipal Power Agency ("TMPA")/Gibbons Creek Power Plant SCOPE10FSERVICES Task A — Refine the Analysis Revisit analysis of Denton's cost of generation Run additional scenarios Compare/contrast with Garland Revise Base Case as needed Task B — Support the City in Discussions with other Parties Other TMPA Cities First Southwest Company Legal Advisors of City Task C — Present and Discuss Findings, Conclusions and Recommendations 1 Review with the City Manager, Public Utility Board members, City Utility Management, and other City Advisors 2 Present the findings, conclusions, and recommendations to the City Council PROJECT TEAM REED will provide a continuation of its existing project team Hourly Name Title Rate Area of Responsibility John J Reed President $300 Project Advisor James M Coyne Vice President $230 Project Manager PrescottiC Hartshorne Sr Project Manager $170 Financial Analysis In addition to the core project team specified in the March 3, 1998 Professional Services Agreement between the parties, REED will rely upon other members of its staff for specific areas of project expertise and consulting support as the project reasonably dictates BUDGETAND TIMING REED shall perform the professional services provided for in this Task Order on a time and expense basis in accordance with the provisions of the Professional Services Agreement between Reed and the City, dated March 3, 1998 The budget for work to be performed under this Task Order is highly dependent upon the steps required to reach successful negotiations with other TMPA cities and the depth of additional analysis which the City may require The estimated budget for this Task Order is not to exceed $100,000 for professional services and expenses All work will be billed on a monthly basis with itemized documentation of activities performed clearly set forth in each billing invoice Reed and the City AGREE, that except as amended by this Task Order No 98-A, all the terms, conditions, covenants and provisions of the Professional Services Agreement between themselves, dated March 3, 1998, shall remain in full force and effect This Task Order No 98-A is APPROVED and AGREED TO, and is made an attachment to, and is incorporated by reference to the above -identified Professional Services Agreement as evidenced by the signatures of the parties' duly-authonzed signatories set forth herembelow Authorized by CITY OF DENTON, TEXAS By /l�G Dated ATTEST JENNIFER WALTERS, CITY SECRETARY APPROVED AS TO LEGAL FORM HERBpERT L PROUTY, CITY ATTORNEY dUCEJ BY Accepted by REED CONSULTING GROUP ..w I \\Svc unl\VOL I\shared\dept\Legal\MjkeCopeland's Work\Reed Amended Task Order doc