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MBIA MUNISERVICES-MMC/MUNICIPAL RESOURCES
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Last modified
6/9/2017 9:47:48 AM
Creation date
6/26/2012 5:23:57 PM
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Contracts
Company Name
MBIA MUNISERVICES-MMC/MUNICIPAL RESOURCES
Contract #
A-2000-101
Agency
Finance & Management Services
Insurance Exp Date
10/31/2017
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A. Necessary Inform*. <br />• <br />CITY will provide MMC, on a timely basis, with information necessary to conduct its compliance <br />review activities including but not limited to: monthly UUT payment histories, exemption lists, and SB <br />278 gas and electric lists (including names of customers refusing to pay surcharges), and certified <br />copies of the UUT ordinance and any subsequent amendments. <br />B. Authorizing Resolution. <br />CITY will adopt a resolution that authorizes appropriate CITY officers to execute administrative <br />subpoenas for the review of utility customer records by designated CITY personnel or authorized <br />agents of the CITY, and to execute necessary nondisclosure agreements approved by the CITY. <br />C. Letter of Authorization. <br />CITY will provide a letter of authorization identifying MMC as an authorized agent of the CITY to <br />perform utility users tax compliance audits, to receive and examine appropriate utility and customer <br />records (hard copy and data format) necessary to assure UUT tax compliance, and to execute necessary <br />nondisclosure agreements approved by CITY. <br />D. Legal Interpretations of Ordinance. <br />Upon request, CITY will provide MMC with appropriate legal and administrative interpretations of its <br />UUT ordinance. It is agreed and understood that CITY will retain the exclusive authority and <br />responsibility to administer, interpret, and enforce its UUT ordinance, recognizing that the role of <br />MMC and LAW FIRM is limited to employing their unique expertise and proprietary tools for: i) <br />detecting and identifying errors/omissions by utility service providers or utility users in the application, <br />calculation, collection, and/or remittal of UUT; and, ii) providing CITY with technical assistance, <br />without assuming or being delegated the authority or responsibility of CITY to administer, interpret, <br />and enforce its UUT ordinance and standard utility franchise agreements. <br />6. COMPENSATION/TERM <br />A. Annual Fixed Fee <br />The CITY's total annual fixed fee for participating in the PROGRAM shall be one-half percent (0.5%) <br />of the total UUT revenues received by the CITY based on the 1998-99 fiscal year (Base Year), and <br />shall be paid in four equal quarterly payments with due dates of: September 30, and December 31, <br />March 31, and June 30. These quarterly payments are nonrefundable. The payments for MMC and <br />LAW FIRM shall be made separately as follows: three-eighths of one percent (0.375%) to MMC and <br />one-eighth of one percent (0.125%) to LAW FIRM (as reflected in a separate attorney/client agreement <br />with the CITY). For purposes of compensation under this Section 6(A), the effective date of this <br />AGREEMENT shall be deemed to be July 1, 2000. In the event that total annual UUT revenue for any <br />fiscal year after the Base Year is less than the Base Year, then the Base Year shall be adjusted to reflect <br />said lower total annual UUT revenue, and shall be used for purposes of determining the compensation <br />for the next following calendar year. In the event that the total annual UUT revenue for any <br />subsequent fiscal year exceeds the unadjusted Base Year, the total annual revenue for the unadjusted <br />Base Year shall be used for purposes of determining the compensation for the next following calendar <br />year. <br />B. Waiver of Compensation for Prior UUT Compliance Agreement <br />As consideration for the CITY entering into this AGREEMENT for a minimum of twenty-four (24) <br />months, MMC/MRC hereby specifically waives its right to any and all compensation that is due, or <br />would be due, whether known or unknown, under any prior agreement with Municipal Resource <br />Consultants (MRC) and the CITY for UUT audit services, including the Agreement dated November <br />16, 1992. <br />C. Performance-based Compensation for City -Specific Audit Services <br />With respect to a CITY -specific audit of a utility franchise, including a CATV UUT/franchise audit <br />referred to in Section 4(A) above, MMC shall be entitled to additional compensation in the event that <br />MMC's compliance review activities result in the CITY receiving additional revenues from such <br />CITY -specific audit activity. Accordingly, the CITY shall pay MMC twenty-five percent (25%) of the <br />additional revenues, including interest and penalties, that MMC is able to reasonably substantiate has <br />
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