HomeMy WebLinkAboutContract l.AVR02-221
Public Finance, Inc.
Specializing in LID Administration
CITY OF RENTON
February 11, 2002 SEP 2 3 ?005
FlFrrivro
Gina Jarvis CITY Ci_[F�it'8 OFFICE_
Finance Department
City of Renton
1055 South Grady Way
Renton, WA 98055
RE. SFECi yL ASSESSWIEii`T®1ST RiC7 CONTRACT wt,1,71i iST RATION
Dear Gina:
Public Finance Inc. is pleased to submit this letter of agreement to provide special
assessment district contract administration services to the City of Renton.
SCOPE OF SERVICES
Contract Administration
1. Enter and maintain loan contract information in our Windows-based software system.
This data is always available to city staff in electronic or printed form upon request.
2. Set up new loan contracts and calculate any accrued interest to be rolled into beginning
principal balance. Provide an estimated payment schedule for each new contract.
3. Generate and mail billing statements to property owners at least 30 days prior to the
annual due date for each contract payment.
4. Payments will be collected by the City of Renton. Receipts will be deposited directly into
the appropriate account. At no time will Public Finance Inc. handle or have access to
these funds.
5. Research and re-send all returned or undeliverable mail.
6. Post payment transactions and report the allocation of principal, interest and penalty
amounts for each payment.
7. Provide quarterly payment allocation reports showing the total amount of principal, interest
and accrued penalties received and credited to each account.
8. Monitor the status of each account and post late penalties at the appropriate time.
17519 NE 137th Street ♦ Redmond,WA 98052-2182 ♦ Tel: (425)885-1604 ♦ Fax:(425)885-2103
City of Renton
Special Assessment District Contract Administration
Page 2
9. Provide quarterly reports showing the amount of past due principal, interest and accrued
penalties for each overdue account.
10. Field telephone inquiries from property owners, title companies, escrow officers and other
interested parties.
11. Provide pre-payment quotes, estimated amortization schedules, delinquency status and
other information to property owners or other interested parties upon request.
12. Provide quarterly reports showing the remaining balance for each account and the
amount required to pay each account in full.
13. Generate a balance report at the end of each calendar year to confirm that account
principal is accounted for and posted properly.
14. Generate required audit documentation and be available to communicate with the State
Auditor's Office as needed.
Delinquency Management (optional services provided only at the direction of city staff)
1. Send overdue notices to delinquent property owners in a timely manner.
2. Send a second notice to unresponsive property owners upon request by city staff.
3. Send a Notice of Intent to Foreclose in accordance with state law and relevant city
ordinances.
4. Any accounts that remain delinquent and unresponsive will be turned over to the City
Attorney's office for appropriate action.
CHARGES FOR SERVICES
Contract Set-up fee
There is a one-time charge of $15 to set up each new contract, calculate the accrued interest
rolled into the beginning principal balance, and generate an estimated payment schedule.
Contract Administration
Monthly charges for contract administration services are based on a fee of $4.75 for each
outstanding contract.
City of Renton
Special Assessment District Contract Administration
Page 3
Delinquency Management (services to be provided only at the direction of city staff)
• Notice of Overdue Account (per account) $16
• Notice of Intent to Foreclose (per account) $48
These fees include all incidental expenses except postage, paper stock, envelopes, county
processing fees and any other incidental costs approved in advance by city staff. All such
expenses will be passed through at actual cost. Any future increase in this structure is limited
to the annual percentage change in the Average Wage Earners and Clerical Workers
Consumer Price Index for Seattle/Tacoma as published by the U.S. Department of Labor.
PAYMENT TERMS
Charges for administration services will be invoiced on a quarterly basis. Charges for the
initial setup of new contracts and delinquency management services will be invoiced as they
occur. Payment will be due within thirty (30) days of the invoice date.
STATUS
Neither Public Finance Inc. nor personnel employed by Public Finance Inc. shall be deemed
agents of the city for any purpose other than as specified herein. Public Finance Inc. shall be
deemed an independent contractor and shall be responsible in full for payment of its employ-
ees, including worker's compensation, insurance, payroll deductions, and all related costs.
CANCELLATION
Either party may cancel this contract at anytime, for any reason, by providing written Notice of
Intent to Cancel at least 30 days prior to cancellation. This notice must include the last day
that service is to be provided. Public Finance Inc. will turn over all electronic and printed
information within 14 days of the contract cancellation.
ACCEPTED BY:
PUBLIC FINANCE INC. CITY OF RENTON
Rick M nopf Na e
Man ing Director
r` Title
C.-2--/i5"/c Z u V 2/
Date Date