Authorize Intergovernmental Agreement between Office of Management and Finance and Prosper Portland for Debt Management Services

The City of Portland ordains: Section 1. The Council finds: The Debt Management Division of the City of Portland, Oregon Office of Management and Finance (“OMF”) administers the City’s debt management program, providing technical assistance on new financing programs or proposals, and assistance and expertise in compliance programs (“Debt Management Services”) to City bureaus and offices. The Portland Development Commission, doing business as Prosper Portland, the duly designated urban renewal agency of the City of Portland, has a current need for Debt Management Services which it cannot readily provide for itself. Prosper Portland desires to obtain such services from OMF and OMF desires to provide such services to Prosper Portland. The projected cost of Debt Management Services is not expected to exceed $1,300,000 over the five year period beginning July 1, 2021 and ending June 30, 2026. NOW, THEREFORE, the Council directs: The Chief Administrative Officer of the Office of Management and Finance is hereby authorized to enter into a governmental agreement (the “Agreement”) similar in form to the agreement attached as Exhibit A to this Ordinance and by this reference made a part hereof t o bill Prosper Portland for up to $1,300,000 for Debt Management Services provided from July 1, 2021 through June 30, 2026. The Chief Administrative Officer of the Office of Management and Finance may execute amendments to this Agreement on behalf of OMF, provided such agreements are in writing, signed by both Parties, and approved as to form by the City Attorney. The City of Portland ordains: Section 1. The Council finds: The Debt Management Division of the City of Portland, Oregon Office of Management and Finance (“OMF”) administers the City’s debt management program, providing technical assistance on new financing programs or proposals, and assistance and expertise in compliance programs (“Debt Management Services”) to City bureaus and offices. The Portland Development Commission, doing business as Prosper Portland, the duly designated urban renewal agency of the City of Portland, has a current need for Debt Management Services which it cannot readily provide for itself. Prosper Portland desires to obtain such services from OMF and OMF desires to provide such services to Prosper Portland. The projected cost of Debt Management Services is not expected to exceed $1,300,000 over the five year period beginning July 1, 2021 and ending June 30, 2026. NOW, THEREFORE, the Council directs: The Chief Administrative Officer of the Office of Management and Finance is hereby authorized to enter into a governmental agreement (the “Agreement”) similar in form to the agreement attached as Exhibit A to this Ordinance and by this reference made a part hereof t o bill Prosper Portland for up to $1,300,000 for Debt Management Services provided from July 1, 2021 through June 30, 2026. The Chief Administrative Officer of the Office of Management and Finance may execute amendments to this Agreement on behalf of OMF, provided such agreements are in writing, signed by both Parties, and approved as to form by the City Attorney.