1993-054•J:\WPDOCS\ORD\DELOITTE.ORD
ORDINANCE NO. -O
AN ORDINANCE PROVIDING FOR THE EXPENDITURE OF FUNDS FOR PURCHASES
OF PROFESSIONAL SERVICES IN ACCORDANCE WITH THE PROVISIONS OF STATE
LAW EXEMPTING SUCH PURCHASES FROM REQUIREMENTS OF COMPETITIVE BIDS;
AND PROVIDING AN EFFECTIVE DATE.
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION I. That the City Manager is authorized to execute a
professional services contract between the City of Denton and
Deloitte & Touche relating to arbitrage rebate services, under the
terms and conditions of the contract attached hereto and made a
part hereof.
SECTION II. That the City Council hereby authorizes the
expenditure of funds in the manner and amount as specified in the
contract.
SECTION III. That this ordinance
immediately upon its passage and appproval.
PASSED AND APPROVED this the (f/~
1993.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: O
APPROVED AS TO LEGAL FORM:
DEBRA A. DRAYOVITCH, CITY ATTORNEY
BY: ~J C
shall become effective
day of ,
DATE: APRIL 6, 1993
CITY COUNCIL REPORT
TO: Mayor and Members of the City Council
FROM: Lloyd V. Harrell, City Manager
SUBJECT: PURCHASE ORDER # 33224 - DELOITTE & TOUCHE
RECOMMENDATION: We recommend Purchase Order #33224 to Deloitte and Touche
be approved in the amount of $12,500.00.
SUMMARY: This purchase order is for arbitrage rebate services for
1987,1988,1989,1991 and 1992 bond issues as of 9-30-92.
The services dealt with on this purchase order are for Professional Services that are
exempt from the bid process.
BACKGROUND: Purchase Order #33224, Invoice #02125385 and letter of agreement
from Deloitte and Touche.
PROGRAMS, DEPARTMENTS OR GROUPS AFFECTED: Finance Administration.
FISCAL IMPACT: Funds for this purchase order will be taken from ten different
account numbers in various amounts. Each bond issuance will be charged an
appropriate share of the total cost.
41spectfully submitted:
Lloyd V. Harrell
City Manager
M--
Approved:
Name: Tom D. Shaw, C.P.M.
Title : Purchasing Agent
agenda.357
901-B TEXAS STREET
P. 0. NUMBER
33224
VENDOR
DELOITTE & TOUCHE
SUITE 2340
801 CHERRY ST.
FT WORTH, TX 76102-6801
CITY OF DENTON, TEXAS
PURCHASE ORDER DENTON, TX 76201
DATE/VENDOR NO. DOCUMENT
SHIPTO:
FINANCE ADMINISTRATION
215 E. MCKINNEY
DENTON,TX 76201
TYP
ITEM ACCOUNT NUMBER UNITS NUMBER DESCRIPTION BID NO. LINEAMOUN
01 LISTED ON ATTACHED INVOICE ARBITRAGE SERVICES $ 12,500.00
The City of Denton, Texas Is tax exempt-House Bill No. 20. TOTAL PO AMOUNT $ 12,500.00 -
Reference P.O. Number on all B/L, Shipments and Invoices.
Shipments are F. 0. B. City of Denton, or as Indicated. By -
Send Invoices TO: Direct Inquiries TO:
City of Denton, Accounts Payable John J. Marshall, C. P. M. Purchasing Agent
215 E. McKinney St., Denton, TX 76201 Tom D. Shaw, C. P. M. Asst. Purchasing Agent
(or as Indicated on Purchase Order) 817/566-8311 D/FW Metro 267-0042
The City of Denton Is an equal opportunity employer
Deloitte &
buche
City of Denton
215 East McKinney
Denton, Texas 76201
Attention of Mr. Harlan Jefferson
Suite 2340
801 Cherry Street
Fort Worth, Texas 76102-6801
(817) 336-2531, Metro 654-2777
Facsimile: (817) 336-2013
Taxpayer I.D. No. 13-5133500
DATE: February 23, 1993
REFERENCE NUMBER:
INVOICE NUMBER: 02125385
Due and Payable on Receipt
For arbitrage rebate services in connection with
the following bond issues for the fiscal year
ended September 30, 1992:
• $3,500,000 General Obligation Bonds, Series 1987
• $500,000 Certificates of Obligation, Series 1987
V3 7- /4,70-
~V - 1!51110-'12
yyy- 16W3. ua
• $171485,000 Utility System Refunding Bonds, Series 1987
• $3,600,000 General Obligation Bonds, Series 1988
• $3,500,000 Utility System Revenue Bonds, Series 1988
• $3,615,000 General Obligation Bonds, Series 1989 and
$1,155,000 Certificates of Obligation, Series 1989
(combined)
• $1,550,000 Certificates of Obligation, Series 1989-A
• $20,000,000 Utility System Revenue Bonds, Series 1989
• $590,000 Certificates of Obligation, Series 1991
• $2,630,000 General Obligation Bonds, Series 1992 and
$1,325,000 Certificates of Obligation, Series 1992
(combined)
• $4,500,000 Utility System Revenue Bonds, Series 1992
DU (I~r'1i
blol ~GI 7/6 J(IR~s~
G70 5 3,D50,Od' (I la`I-
G7/ a~,7a~~lJ~~~'~ 1
g7ails~.00
(ail-~~Pi-ti'~a'1 ~1AMN= X14•!9
2388.92.
~t~l- ~~1 -Rt38~-AD►-IN=3315.15
Oaf - RAJ a - j=
321109,,1r
Ae (X-
c13~ 040,
~1~13-ouo- A,~t3r-ots~lo- ~5~7= /ybo I~ i
tlutl U~JD ~l.EBL-Go~O'85g7= m zll
Total Amount of Billing 12~_ 50
Deloitte &
Touche
November 15, 1991
City of Denton
Municipal Building
Denton, Texas 76201
Suite 2340 Telephone: (817) 347-3300
801 Cherry Street Facsimile: (817) 336-2013
Fort Worth, Texas 76102-6801
This letter will confirm our understanding of the arrangements covering our rendering of
the arbitrage rebate services listed below for the City of Denton.
D&T rebate services will consist of the following activities for each bond issue for which
services are requested:
• Calculation of the bond yield as required.
• Annual determination of the amount, if any, of required rebate to the federal
government.
• Issuance of an annual report presenting the results for the immediately preceding
bond year, plus cumulative results since issue date.
• Preparation of necessary reports and IRS forms to accompany any required
payment to the federal government.
All computations will be based on our interpretations of current law and regulations, or as
modified at the request of your bond counsel, if agreed to by us.
Although only temporary regulations have been promulgated by the United States
Department of the Treasury, we continue to monitor activity in this area and the computer
software used by us in providing services is updated to accommodate changes as they
develop. Computations for subsequent years will reflect the application of any updated
regulations to the bond issue from the issue date through the end of the latest year covered
by the report.
D&T professional fees (due and payable on receipt of an invoice from us) for services
listed above will be based on the actual time required to perform services at hourly rates
based on the experience levels of the professionals providing services, plus all reasonable
out-of-pocket expenses. The estimated fee for each report issued by us is $1,250.00 per
issue (for the first year reports) or $1,000 per issue (for update reports), plus reasonable
out-of-pocket expenses. In the event that less than $1,250.00 or $1,000 of charges are
accumulated, less will be billed.
Member
moo International
In connection with the engagement, you or your bond counsel will need to provide to us
copies of all requested documents. You will be responsible for entry of all investment data
of all of the issue's "gross proceeds," using the Data Entry Module. Such data shall then
be delivered to us on computer diskettes. If such data is not input properly and so received
by us in disorder, additional fees may be required. We will provide a limited review of the
accuracy of the data input function. Where any proceeds have been commingled with
amounts not considered "gross proceeds" of the bonds, you will have sole responsibility for
making any necessary allocations. Assistance may be requested from D&T; any fees
applicable to such work are not included with the fees set forth above.
You will have sole responsibility for determining what constitutes "gross proceeds" of each
series of bonds for the purposes of the rebate requirements. With respect thereto, you
may seek the advice of your bond counsel with respect to the bonds or of D&T, which
advice shall not be included within the fees set forth above. We will be entitled to rely
conclusively on your determination of what constitutes "gross proceeds. "
You will have the sole responsibility for the accuracy and completeness of all data and
information provided to us. We will rely solely on such data and information furnished to
us and will have no obligation to audit, verify, check, inquire, analyze, or apply any
procedures with respect to it.
We will be available to assist you in the event of an inquiry by the Internal Revenue
Service regarding the rebate requirement applicable to any of the bonds. The fee for such
assistance is not included in the fees set forth above.
We will have no liability to you or to any other person or entity for any action taken or
omitted to be taken by us which is due to reliance on any data or information provided to
us for use in providing the arbitrage rebate services enumerated above. Any liability we
may have for any reason whatsoever arising under or relating to this engagement shall not
exceed in the aggregate the professional fees actually received by us hereunder (except that
if the negligence of D&T causes the City to incur a penalty for underpayment of rebate,
such penalty shall not be subject to such limit).
If you are in agreement with the terms and conditions set forth above, please sign the
enclosed copy of this letter and return it to us.
Yours truly,
George A. Scott
Partner
Accepted by'e~
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