CM-2015-641 - 1/9/2015City of Round Rock
i°x°Ns°0.Opr Agenda Item Summary
Agenda Number:
Title: Consider executing an agreement for arbitrage calculation services with
American Municipal Tax -Exempt Compliance (AMTEC).
Type: City Manager Item
Governing Body: City Manager Approval
Agenda Date: 1/9/2015
Dept Director: Loris Lankford, Acting Finance Director
Cost: $25,000.00
Indexes:
Attachments: Agreement - Arbitrage Calculation Services
Department: Finance Department
Text of Legislative File CM -2015-641
The city is required to have an annual arbitrage calculation performed for all outstanding
bond issuances. This calculation is technical in nature and requires knowledge in this field.
The city has been using American Municipal Tex -Exempt Compliance (AMTEC) for the past
5 years and has been very satisfied with the level of service and pricing received by them.
Staff recommends continuing this professional relationship with AMTEC for an additional
term of up to five (5) years.
Staff recommends approval
Cttx 0RounJRook Page 1 PdnMsm 1"15
LEGAL DEPARTMENT APPROVAL FOR CITY COUNCIL/CITY MANAGER ACTION
Required for Submission of ALL City Council and City Manager Items
Department Name: Fluence Project Name: Agreement for Arbibage Celouloation Services
American Municipal Tax -Exempt Compliance
Project Mgr/Resource: Elaine Wilson ContractorNendor: (AWEC)
Council Action:
ORDINANCE RESOLUTION
Fxx-lCity Manager Approval
O:\wdox\SCClnts\0117\1403\MISC\00326407.XLS Updated 6/3/08
CITY OF ROUND ROCK AGREEMENT
FOR PROFESSIONAL CONSULTING SERVICES
WITH AMERICAN MUNICIPAL TAX-EXEMPT COMPLIANCE
This Agreement for Professional Consulting Services (hereinafter referred to as the
"Agreement") shall recite the contractual terms whereby the City of Round Rock, Texas (herein
referred to as the "City") engages American Municipal Tax -Exempt Compliance (herein referred
to as "Amtec" or the "Consultant") to perform, by way of illustration and not limitation, the
following services:
Provision of necessary investment arbitrage calculation services for all long -tern
bonds issued by the City of Round Rock which are subject to the 1986 Tax
Reform Act, as amended.
This Agreement is made by and between the City of Round Rock, a Texas home -rule
municipal corporation, whose offices are located at 221 East Main Street, Round Rock, Texas
78664, and American Municipal Tax -Exempt Compliance, whose offices are located at 90 Avon
Meadow Lane, Avon, Connecticut 06001.
RECITALS:
WHEREAS, City has determined that there is a need for the delineated services; and
WHEREAS, City desires to contract for such professional services; and
WHEREAS, the parties desire to enter into this Agreement to set forth in writing their
respective rights, duties and obligations hereunder;
NOW, THEREFORE, WITNESSETH:
That for and in consideration of the mutual promises contained herein and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, it is
mutually agreed between the parties as follows:
1.01 EFFECTIVE DATE, DURATION, AND TERM
This Agreement shall be effective on the date this Agreement has been signed by each
party hereto, and shall remain in full force and effect unless and until it expires by operation of
the term indicated herein, or is terminated or extended as provided herein.
The initial term of this Agreement shall be for one (1) thirty-six (36) month period from
the effective date of this Agreement. This Agreement shall be automatically renewed for two (2)
additional twelve (12) month periods from the expiration date of the initial term, provided
Consultant has performed each and every contractual obligation specified in this Agreement.
00325891/ss2
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City reserves the right to review the Agreement and contractual relationship at any time,
and may elect to terminate same with or without cause or may elect to continue.
1.02 CONTRACT AMOUNT; AND SCOPE OF WORK DELINEATION
In consideration for the professional services to be performed by Consultant, City agrees
to pay Consultant a total sum not to exceed Five Hundred and No/100 Dollars ($500.00) per
issue per contract year in payment for services and the Scope of Work deliverables as delineated
hereafter:
For purposes of this Agreement Consultant has issued its Statement of Work. Such
Statement of Work is attached as Exhibit "A" and incorporated herein by reference for all
purposes. This Agreement, including all exhibits, shall evidence the entire understanding and
agreement between the parties and shall supersede any prior proposals, correspondence or
discussions.
Consultant shall satisfactorily provide all services described under the attached Statement
of Work within the contract term specified in Section 1.01. Consultant's undertakings shall be
limited to performing services for City and/or advising City concerning those matters on which
Consultant has been specifically engaged. Consultant shall perform its services in accordance
with this Agreement, in accordance with any appended exhibits, in accordance with due care,
and in accordance with prevailing industry standards for comparable services.
1.03 PAYMENT FOR SERVICES; PAYMENT FOR REIMBURSABLE EXPENSES;
SUPPLEMENTAL AGREEMENTS
Not -to -Exceed Total for Payment for Services: Unless subsequently changed by
additional Supplemental Agreement to this Agreement, duly authorized by City Council or City
Manager action, Consultant's total compensation hereunder shall not exceed. $500.00 per issue
per contract year. This amount represents the absolute limit of City's liability to Consultant
hereunder unless same shall be changed by additional Supplemental Agreement, and City shall
pay, strictly within the confines of the not -to -exceed sum recited herein, Consultant's
professional fees for work done on behalf of City.
Not -to -Exceed Total for Payment for Reimbursable Exoenses: No reimbursable expenses
are authorized or allowed under this Agreement.
Deductions: No deductions shall be made for Consultant's compensation on account of
penalty, liquidated damages or other sums withheld from payments to Consultant.
Additions: No additions shall be made to Consultant's compensation based upon claims
associated with this Agreement, whether paid by City or denied.
Suvolemental Agreements: The terms of this Agreement may be modified by written
Supplemental Agreement hereto, duly authorized by City Council or City Manager action, if City
determines that there has been a significant change in (1) the scope, complexity, or character of
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the services to be performed; or (2) the duration of the work. Any such Supplemental
Agreement must be executed by both parties within the period specified as the term of this
Agreement. Consultant shall not perform any work or incur any additional costs prior to the
execution, by both parties, of such Supplemental Agreement. Consultant shall make no claim for
extra work done or materials famished unless and until there is full execution of any
Supplemental Agreement, and City shall not be responsible for actions by Consultant nor for any
costs incurred by Consultant relating to additional work not directly authorized by Supplemental
Agreement.
1.04 TERMS OF PAYMENT
Invoices: To receive payment, Consultant shall prepare and submit a series of monthly
detailed invoices to City for services rendered. Each invoice for professional services shall detail
the services performed, along with documentation. All payments to Consultant shall be made on
the basis of the invoices submitted by Consultant and approved by City.
Should additional backup material be requested by City, Consultant shall comply
promptly. In this regard, should City determine it necessary, Consultant shall make all records
and books relating to this Agreement available to City for inspection and auditing purposes.
If City has any dispute with work performed, then City shall notify Consultant within
thirty (30) days after receipt of invoice. In the event of any dispute regarding the work
performed, then and in that event Consultant shall either (a) satisfactorily re -perform the disputed
services or (b) provide City with an appropriate credit.
Payment of Invoices: City reserves the right to correct any error that may be discovered
in any invoice that may have been paid to Consultant and to adjust same to meet the
requirements of this Agreement. Following approval of invoices, City shall endeavor to pay
Consultant promptly, but no later than the time period required under the Texas Prompt Payment
Act described in Section 1.08 herein. Under no circumstances shall Consultant be entitled to
receive interest on payments which are late because of a good faith dispute between Consultant
and City or because of amounts which City has a right to withhold under this Agreement or state
law. City shall be responsible for any sales, gross receipts or similar taxes applicable to the
services, but not for taxes based upon Consultant's net income.
Offsets: City may, at its option, offset any amounts due and payable under this
Agreement against any debt (including taxes) lawfully due to City from Consultant, regardless of
whether the amount due arises pursuant to the terms of this Agreement or otherwise and
regardless of whether or not the debt due to City has been reduced to judgment by a court.
1.05 REQUIRED REPORTS
Consultant agrees to provide City with any necessary detailed interim and final written
reports, together with all information gathered and materials developed during the course of the
project. Additionally, Consultant agrees to provide City with any necessary oral presentations of
such detailed interim and final written reports, at City's designation and at no additional cost to
City.
1.06 LIMITATION TO SCOPE OF WORK
Consultant and City agree that the scope of services to be performed is generally
enumerated in Exhibit "A." Notwithstanding anything herein to the contrary, the parties agree
that City retains absolute discretion and authority for all funding decisions, such decisions to be
based solely on criteria accepted by City which may be influenced by but not be dependent on
Consultant's work.
1.07 NON -APPROPRIATION AND FISCAL FUNDING
This Agreement is a commitment of City's current revenues only. It is understood and
agreed that City shall have the right to terminate this Agreement at the end of any City fiscal year
if the governing body of City does not appropriate funds sufficient to purchase the services as
determined by City's budget for the fiscal year in question. City may effect such termination by
giving Consultant a written notice of termination at the end of its then -current fiscal year.
1.08 PROMPT PAYMENT POLICY
In accordance with Chapter 2251, V.T.C.A., Texas Government Code, payment to be
made by City to Consultant will be made within thirty (30) days of the date City receives goods
under this Agreement, the date the performance of the services under this Agreement are
completed or the date City receives a correct invoice for the goods or services, whichever is later.
Consultant may charge interest on an overdue payment at the "rate in effect" on September I of
the fiscal year in which the payment becomes overdue, in accordance with V.T.C.A., Texas
Government Code, Section 2251.025(b). This Prompt Payment Policy does not apply to
payments made by City in the event:
(1) There is a bona fide dispute between City and Consultant, a contractor,
subcontractor, or supplier about the goods delivered or the service performed that
causes the payment to be late; or
(2) There is a bona fide dispute between Consultant and a subcontractor or between a
subcontractor and its supplier about the goods delivered or the service performed
that causes the payment to be late;
(3) The terms of a federal contract, grant, regulation, or statute prevent City from
making a timely payment with federal funds; or
(4) The invoice is not mailed to City in strict accordance with any instruction on the
purchase order relating to the payment.
1.09 TERMINATION
This Agreement may be terminated for any of the following conditions:
(1) By City for reasons of its own, with or without cause, and not subject to the
mutual consent of any other party, such written termination notice to be given to
the other party not less than thirty (30) days prior to termination.
(2) By mutual agreement and consent of the parties, such agreement to be in writing.
(3) By either party for failure by the other party to perform the services set forth
herein in a satisfactory manner, such termination notice to be given in writing to
the other party.
(4) By either party for failure by the other party to fulfill its obligations herein.
(5) By satisfactory completion of all services and obligations described herein.
Should City terminate this Agreement as herein provided, no fees other than fees due and
payable at the time of termination shall thereafter by paid to Consultant. City shall pay
Consultant for all uncontested services performed to date of notice of termination.
If either party defaults in performance of this Agreement or if City terminates this
Agreement for default on the part of the other party, then City shall give consideration to the
actual costs incurred by Consultant in performing the work to the date of default. The cost of the
work that is useable to City, the cost to City of employing another firm to complete the useable
work, and other factors will affect the value to City of the work performed at the time of default.
The termination of this Agreement and payment of an amount in settlement as set forth
above shall extinguish all rights, dudes, and obligations of City and the terminated party to fulfill
contractual obligations. Termination under this section shall not relieve the terminated party of
any obligations or liabilities which occurred prior to cancellation.
1.10 INDEPENDENT CONTRACTOR STATUS
Consultant is an independent contractor, and is not City's employee. Consultant's
employees or subcontractors are not City's employees. This Agreement does not create a
partnership, employer-employce, or joint venture relationship. No party hasauthority to enter
into contracts as agent for the other party. Consultant and City agree to the following rights
consistent with an independent contractor relationship:
(1) Consultant has the right to perform services for others during the term hereof.
(2) Consultant has the sole right to control and direct the means, manner and method
by which services required by this Agreement will be performed.
(3) Consultant has the right to hire assistants as subcontractors, or to use employees
to provide the services required by this Agreement.
(4) Consultant or its employees or subcontractors shall perform services required
hereunder, and City shall not hire, supervise, or pay assistants to help Consultant.
(5) Neither Consultant nor its employees or subcontractors shall receive training from
City in skills necessary to perform services required by this Agreement.
(6) City shall not require Consultant or its employees or subcontractors to devote full
time to performing the services required by this Agreement.
(7) Neither Consultant nor its employees or subcontractors are eligible to participate
in any employee pension, health, vacation pay, sick pay, or other fringe benefit
plan of City.
1.11 NON -SOLICITATION
All parties hereto agree that they shall not directly or indirectly solicit for employment,
employ, or otherwise retain staff of the other during the term of this Agreement.
1.12 CONFIDENTIALITY; AND MATERIALS OWNERSHIP
Any and all programs, data, or other materials furnished by City for use by Consultant in
connection with services to be performed under this Agreement, and any and all data and
information gathered by Consultant, shall be held in confidence by Consultant as set forth
hereunder. All parties agree to hold all confidential information in the strictest confidence and
not make any use thereof other than for the performance of this Agreement. Notwithstanding the
foregoing, the parties recognize and understand that City is subject to the Texas Public
Information Act and its duties run in accordance therewith.
Any and all materials created and developed by Consultant in connection with services
performed under this Agreement, including all trademark and copyright rights, shall be the sole
property of City at the expiration of this Agreement.
1.13 WARRANTIES
Consultant warrants that all services performed hereunder shall be performed consistent
with generally prevailing professional and industry standards, and shall be performed in a
professional and workmanlike manner. Consultant shall re -perform any work not in compliance
with this warranty.
1.14 INDEMNIFICATION
Consultant agrees to hold harmless, exempt, and indemnify City, its officers, agents,
directors, servants, representatives and employees, from and against any and all suits, actions,
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legal proceedings, demands, costs, expenses, losses, damages, fines, penalties, liabilities and
claims of any character, type, or description, including but not limited to any and all expenses of
litigation, court costs, attorneys fees and all other costs and fees incident to any work done as a
result hereof.
City agrees to hold harmless, exempt, and indemnify Consultant, its officers, agents,
directors, servants, representatives and employees, from and against any and all suits, actions,
legal proceedings, demands, costs, expenses, losses, damages, fines, penalties, liabilities and
claims of any character, type, or description, including but not limited to any and all expenses of
litigation, court costs, attorneys fees and all other costs and fees incident to any work done as a
result hereof.
In no event shall either party be liable to the other for special or consequential damages,
statutory or otherwise.
1.15 ASSIGNMENT AND DELEGATION
The parties each hereby bind themselves, their successors, assigns and legal
representatives to each other with respect to the terms of this Agreement. Neither party may
assign any rights or delegate any duties hereunder without the other's prior written approval.
1.16 LOCAL, STATE AND FEDERAL TAXES
Consultant shall pay all income taxes, and FICA (Social Security and Medicare taxes)
incurred while performing services under this Agreement. City will not do the following:
(1) Withhold FICA from Consultant's payments or make FICA payments on its
behalf;
(2) Make state and/or federal unemployment compensation contributions on
Consultant's behalf; or
(3) Withhold state or federal income tax from any of Consultant's payments.
If requested, City shall provide Consultant with a certificate from the Texas State
Comptroller indicating that City is a non-profit corporation and not subject to State of Texas
Sales and Use Tax.
1.17 COMPLIANCE WITH LAWS, CHARTER AND ORDINANCES
Consultant, its consultants, agents, employees and subcontractors shall comply with all
applicable federal and state laws, the Charter and Ordinances of the City of Round Rock, as
amended, and all applicable rules and regulations promulgated by local, state and national
boards, bureaus and agencies. Consultant shall further obtain all permits, licenses, trademarks,
copyrights, and the like required in the performance of the services contracted for herein, and
same shall belong solely to City at the expiration of the term of this Agreement.
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1.18 FINANCIAL INTEREST PROHIBITED
Consultant covenants and represents that Consultant, its officers, employees, agents,
consultants and subcontractors will have no financial interest, direct or indirect, in the purchase
or sale of any product, materials or equipment that will be recommended or required hereunder.
1.19 DESIGNATION OF CITY REPRESENTATIVE
City hereby designates the following representative authorized to act in its behalf with
regard to this Agreement:
Elaine Wilson, Accounting Manager
221 East Main Street
Round Rock, Texas 78664
Telephone: 512-218-5444
1.20 NOTICES
All notices and other communications in connection with this Agreement shall be in
writing and shall be considered given as follows:
(1) When delivered personally to recipient's address as stated herein; or
(2) Three (3) days after being deposited in
the United States mail, with postage
prepaid to the recipient's address as stated in this Agreement.
Notice to Consultant:
Raymond H. Bentley
President, Amtec
90 Avon Meadow Lane
Avon, CT 06001
Notice to Ciri:
City of Round Rock
City Attorney's Office
City Manager AND TO:
Stephan L. Sheets, City Attorney
221 East Main Street
309 East Main Street
Round Rock, TX 78664
Round Rock, TX 78664
Nothing contained in this section shall be construed to restrict the transmission of routine
communications between representatives of City and Consultant.
1.21 APPLICABLE LAW; ENFORCEMENT AND VENUE
This Agreement shall be enforceable in Round Rock, Texas, and if legal action is
necessary by either party with respect to the enforcement of any or all of the terms or conditions
herein, exclusive venue for same shall lie in Williamson County, Texas. This Agreement shall
be governed by and construed in accordance with the laws and court decisions of Texas.
1.22 EXCLUSIVE AGREEMENT
The terms and conditions of this Agreement, including any appended exhibits, constitute
the entire agreement between the parties and supersede all previous communications,
representations, and agreements, either written or oral, with respect to the subject matter hereof.
No modifications of this Agreement will be binding on any of the parties unless acknowledged in
writing by the duly authorized governing body or representative for each party.
1.23 DISPUTE RESOLUTION
If a dispute arises under this Agreement, the parties agree to first try to resolve the
dispute with the help of a mutually selected mediator. If the parties cannot agree on a mediator,
City shall select one mediator and Consultant shall select one mediator and those two mediators
shall agree upon a third mediator. Any costs and fees, other than attorney fees, associated with
the mediation shall be shared equally by the parties.
City and Consultant hereby expressly agree that no claims or disputes between the parties
arising out of or relating to this Agreement or a breach thereof shall be decided by any arbitration
proceeding, including without limitation, any proceeding under the Federal Arbitration Act (9
USC Section I-14) or any applicable state arbitration statute.
1.24 ATTORNEY FEES
In the event that any lawsuit is brought by one party against any of the other parties in
connection with this Agreement, the prevailing party shall be entitled to seek to recover its
reasonable costs and reasonable attorney fees.
1.25 FORCE MAJEURE
Notwithstanding any other provisions of this Agreement to the contrary, no failure, delay
or default in performance of any obligation hereunder shall constitute an event of default or a
breach of this Agreement, only to the extent that such failure to perform, delay or default arises
out of causes beyond control and without the fault or negligence of the party otherwise
chargeable with failure, delay or default; including but not limited to acts of God, acts of public
enemy, civil war, insurrection, riots, fires, floods, explosion, theft, earthquakes, natural disasters
or other casualties, strikes or other labor troubles, which in any way restrict the performance
under this Agreement by the parties.
Consultant shall not be deemed to be in default of its obligations to City if its failure to
perform or its substantial delay in performance is due to City's failure to timely provide
requested information, data, documentation, or other material necessary for Consultant to
perform its obligations hereunder.
1.26 SEVERABILITY
The invalidity, illegality, or unenforceability of any provision of this Agreement or the
occurrence of any event rendering any portion of provision of this Agreement void shall in no
way affect the validity or enforceability of any other portion or provision of this Agreement. Any
void provision shall be deemed severed from this Agreement, and the balance of this Agreement
shall be construed and enforced as if this Agreement did not contain the particular portion of
provision held to be void. The parties further agree to amend this Agreement to replace any
stricken provision with a valid provision that comes as close as possible to the intent of the
stricken provision. The provisions of this Article shall not prevent this entire Agreement from
being void should a provision which is of the essence of this Agreement be determined void.
1.27 STANDARD OF CARE
Consultant represents that it is specially trained, experienced and competent to perform
all of the services, responsibilities and duties specified herein and that such services,
responsibilities and duties shall be performed, whether by Consultant or designated
subconsultants, in a manner according to generally accepted business practices.
1.28 GENERAL AND &DSCELLANEOUS
The section numbers and headings contained herein are provided for convenience only
and shall have no substantive effect on construction of this Agreement.
The failure of a party to exercise any right hereunder shall not operate as a waiver of said
party's right to exercise such right or any other right in the future.
Time is of the essence to this Agreement. Consultant understands and agrees that any
failure of Consultant to complete the services due under this Agreement within the agreed term
as delineated in Section 1.01 herein will constitute a material breach of this Agreement.
City agrees to provide Consultant with one (1) fully executed original of this Agreement
document.
This Agreement may be executed in multiple counterparts, which taken together shall be
considered as one original.
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IN WITNESS WHEREOF, the parties have executed this Agreement on the dates
hereafter indicated.
CITY OF ROUND ROCK, TEXAS
�Y 4
FOR CITY, ATTEST:
By.
Sara L. White, tty Clerk
FORCTTY PROD S TO FORM:
By:
Stephat L. Sheet , omey
AMERICAN MUNICIPAL TAX-EXEMPT COMPLIANCE (AMTEC)
By: Iw
a -Il
Printed Name:
Raymond B. Bentley
Title:
President
Date Signed:
December 10, 2014
11
TAX-EXEMPT COMPLIANCE
November 2l, 2014
Ms. Elaine S. Wilson
Financial Programs Manager
City of Round Rock
221 East Main Street
Round Rocky TX 78664
EXHIBIT "A"
Re: Bond Arbitrage Rebate Services Agreement for the City of Round Rock, Texas
Dear Ms, Wilson:
It has been a pleasure working whh you and the City of Round Rock, Texas (the "City) staff during the
past five years. As you know, our Agreement with the City will conclude with the delivery of the
September 30, 2014 Fiscal Year End Rebate Reports. At this time, we would like to propose a
continuation of arbitrage rebate services.
Proposal
We have prepared our guaranteed fee schedule below, beginning with the September 30, 2015 Fiscal
Year End Rebate Reports. As you can see, we simplified our fee souctme to $500 per issue per year, as
long as gross proceeds of the Bonds remain outstanding. Once proceeds are spent, the corresponding fee
will no longer be billed. Our fee is guaranteed not to exceed $500 per year for any issue through
September 30, 2019. The City can be assured that AMTEC will provide the necessary service to ensure
that each bond issue is in compliance with the Code and the Regulations, regardless of whether a fee is
assessed. This is our guarantee.
AMTEC represents that it is qualified to provide the services required and states that the City may rely
upon these representations. The scope of services to be performed is identified below.
Par Amount
Issue
Annual Fee *
$45,465,000
General Obligation and Refunding Bonds, Series 2002
$ 500
$31,945,000
General Obligation and Refunding Bonds, Series 2004
500
$8,920,000
Hotel Occupancy Tax Revenue Refunding Bonds, Series 2007
500
$14,915,000
Combination Tax and Revenue Certificates of Obligation, Series 2007
500
$44,770,000
General Obligation and Refunding Bonds, Series 2007
500
$7,715,000
Venue Tax and Hotel Occupancy Tax Revenue Bonds, Series 2012
500
$66,885,000
$10,465,000
General Obligation Bonds, Series 2014
General Obligation Rcfianding Bonds, Series 2014
500
$8,000,02Q
Utili S Revenue Bonds, Series 2014
500
??
CO's in progress)
500
??
12015 GO Refunding (in ss
500
Total
$5,000
* If a report is not required, i.e. all gross proceeds have been spent, the corresponding fee will not be billed.
90 Avon Meadow Lane, Avon, CT 06001 (860) 321-7521 Fax (860) 321-7581 wwwvmateccorp.com
Guaranteed Fee—New Bond Issues
Any new bond issue will be assessed our guaranteed fee of $500 per year.
Issae
Fee
New Mone
$500 per year per issue until proceeds
are spent. We will not charge twice for
an issue in the same year.
Reserve
Refunding
AMTEC's Scope of Services
Our engagement includes, but is not limited to, the following services:
. Verification that each issue is subject to the rebate requirements.
Calculation of the bond yield.
• Calculation of gross proceeds through a reconciliation of the sources and uses of funds.
• Calculation of the yield on all investments, subject to rebate and yield restriction, annually and
upon the date that all bonds of an issue are retired.
• Determine the arbitrage rebate and/or yield reduction liability.
• Verification of whether a penalty in lieu of rebate has been elected.
Test for exceptions from rebate.
Commingled funds, transferred proceeds and yield restriction analyses, if necessary.
• Written explanation of the computation methodology and recommendations for rebate reserves.
Each rebate report includes a written explanation of the methodology, assumptions and
conclusions employed. Recommendations for rebate reserves or the elimination of negative
arbitrage and for changes in record keeping and investment policy accompany each report.
• Delivery of updated calculations, formal rebate reports and rebate exception reports, each
indicating the above stated information, and the issuance of the AMTEC professional opinion
stating that the computations are in accordance with the Code and Regulations.
• Delivery of appropriate documentation required to support computations with each rebate report.
• Unlimited consultation with City personnel, as necessary, regarding arbitrage related matters.
Consultation on the results of our Report with statt bond counsel, auditors, trustees and the IRS,
if requested.
• Monitoring of the City's ongoing compliance with all arbitrage requirements for its tax-exempt
bond issues and the safeguarding of completed projects for a period of three years after the fund
redemption date of each issue.
• Assurance to the City that all issues are in compliance with the Regulations.
• Guarantee of the completeness and acemacy of our work, computation methodology and
compliance with the Tac Code and the Regulations.
• Preparation of IRS Form 8038-T, accompanying documentation, payment instructions and
report delivery, within 45 days of the Computation Date and 15 days prior to the payment due
date, should a rebate payment be required.
• Review / recommendations of existing accounting and investment practices, if necessary.
• Assistance in the planning stages of new bond issues to discuss possible rebate exceptions,
rebate liabilities and the pro -forma testing of anticipated expenditures for rebate exception
purposes based on a variety of investment scenarios.
The City agrees to famish AMTEC with the required documentation necessary to, fulfill its obligation
under the scope of services. The City will make available staff knowledgeable about the bond
transactions, investments and disbursements of bond proceeds.
The City agrees to pay AMTEC its fee after it has been satisfied that the scope of services, as outlined
above, has been fulfilled.
AMTEC agrees that its fee is all-inclusive and that it will not charge the City for any expenses connected
with this engagement.
The City has the option to terminate this Agreement within 30 days of notifying AMTEC of its intent.
The parties have executed this Agreement on
City of Round Rock, Texas
By: Elaine S. Wilson
Financial Programs Manager
2014.
Consultant: American Municipal Tax -Exempt
Compliance Corporation
4.j -g. aw9
By: Raymond H. Bentley
president