The URL can be used to link to this page

Home My WebLink AboutFI16-399 - Amendment - #1 - PFM Asset Management LLC - Management of the City's Investment Portfolio - 01/10/2017 e c o r c(- s Mjv a r)i,a qc-? - -4 KIR CIO iNA RIA)CIT COW'R G-'f,CS 'T This ups to be. (ce,a a p I et ad by the cc,o a,I[la"act man a gjerrx polor Lo 5,0 5t"Y C errluua ayefflc;e. A 61 ovfi.fiar na re. to be c�ompleTed. XT v ll have quesfi;arcaa° o, pgeasn c ayiilt rct c;ft/ CC lalr 'pp, office. Veaidoa- Ai'a nne4 P E LA fta,3rf:t ajA rje&op LL C�,. Vendor HumIsern JD Cclw ards NUI-Ilber- �Acaa�:a° r, �'ia�aaaG�er,,o N�p�- This is assigned by City CNerk's Office Project Name: fide criptr:inn.- Cl Interlocial Agreement El Change Order VAmendmeiit 0 Contract Other: �wAc; aat:a:,a co :ifF c., ��ae Date." 'V JIU .,Fevminai.iion Dlate� �( 0pa— Comracl,: l` enewaq Notice (DaVs)-� Number of clays required notice for termination or renewal or aaiendmerit CoinTrac l: Manager,. . PIMP*I " Departmc nI.,., _ F ((,'Ona rac T ��aa�na.aunt,. Appvo ] ilumt Deana., N Department Director nMayor ElCity Coclncil Detail-. (i.e. address,, lef.aVan, pa rci,,,A number, two Ildl, etc.),.� adccWI0877-8-1§ AMENDMENT TO INVESTMENT ADVISORY AGREEMENT THIS AMENDMENT TO INV[-,ISTMEN'r ADVISORY AGREEMENT, entered into as of the l0th day oflantlary, 2017 (tile "First Amendment"), by and between tile CITY OF KENT, WASI-IINGTON, a Washington municipality (hereinatler the "Client"), and PFM ASSFT MANAGI","MENTUC, a Delaware limited liability company with an officc in Portland, Oregon (hereinafter tile "Advisor"). WITNESSET11 WHEREAS, the Client and the Advisor entered into all Investment Advisory Agreement dated as of October 1, 2016 (die "(.original Agreement-) J'or tile provision of investment advisory services, as described thercin and WI-IEREAS, the parties hereby desire to clarify that the investment advisory services to be performed by the Advisor are to be on a nondiscrctionary basis; and WHEREAS, the Original Agreement, as amended and supplemented by this First Z7 L, Amendment, is referred to as the "Agreement. " NOW, THEREFORE, tile Client and tile Advisor, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound, hereby agree as follows: 1. Section I of the Original Agreement is hereby amended and restated to provide as follows, with language to be added indicated by a redline, and langua0c to be removed indicated by a strikethrough: I SERVICES OF ADVISOR. The Client hereb t-- y engages the Advisor to serve as investment advisor under the terms of this Agreement with respect to the Initial Funds and Such other funds as the Client may ftom tinge to time assign by written notice to the Advisor (collectively the "Managed Funds"), and the Advisor accepts such engagement. In connection therewith, the Advisor will provide investment research and Supervision of the Managed Funds investments and conduct a continuous program of investment-.-a-i-)(J cvrultralion au I. ��Flr�rrr of the Managed Funds assets. 'file Advisor shall I continuously monitor investment opportunities and evaluate investments of the Managed F'unds. 'File Advisor shall furnish the Client with statistical information and reports with respect to investments of the Managed Funds. The Advisor shall place all orders for the purchase, sale, loan or exchange of portfolio securities for the Client's account with brokers or dealers recommended by tile Advisor and/or the Client., and to that end the Advisor is authorized as agent of the Client to give instructions to the custodian designated by the Client (tile *'Custodian") as to deliveries Of SeCL11-ities and payments of cash for the account of the Client. In connection with the selection of'such brokers and dealers and the placing Of such orders, the Advisor is directed to seek flor the Client the most favorable CXCCLItion and price, the determination of which may take into account, subject to any applicable laws, rules and regulations, whether statistical, research and other information or services have been or will be Furnished to the Advisor by such brokers and dealers. Bolh the Oicni and flic Advisor aurec cm the kffloy"hig �Ji6i roles it) the Conduct of ....................- . 11__ I - 'll" 1�__ e1V I.... __----- - hivestment decisimts.. and Advisor's audloritv__O' dec�S�ons, The --------------------.......... ...1111-11-1111-1 1- I'll- _ -1 1____ ,", _1_ _1? - ........... A(Njsor shall have no discreluonary M10101-6' U11(iff this ALrcement. The Advis(.!, s,[uffl make 'Mvestilicilt Ncommendalions to thy ("Iicult, in ,.rCcordilnce Mth Hie flent*s w6tunl .................. - lovv e I i I Pcdicv Statement. Hic (Jiem agrecs io Cvdiuntc the Advisor's f'eC,0Mj11CnLh11�011S, and to C�tlter acce L. f, of- ni od i t I I e, h1VCS1111Cnt ----------- .................. ..............111_1................ RXOMMCIICI�ations, Hie C"fient is not hinited to thc Advisor's rccominenchijotis in the choicc of investment deci it 11s r ualrdillu tile iiiVesimenis for tjtc, or the alloca6on of' tile M"Imm-'ed FUH(fiS M110HU fhOSC NCL)mmended investmenis. and Advisor ------------ .......... , _...................................................... nlav ass�st hi 11-ic, of' scmm,, or aH hivesinient, dcc sions, wjth(')ut .................... Ilo I I Si 1)J I i hov'iever. for ............... ..................w.....i.ffi the hlyestmelft Pohe .Start r elit its to lo inw�Cstmems (.fircctcd bV [hC Chelfl lhd� h,1VC iWt heen reccxtmimidc�.1 I-,)v the Advisof, ............... I'hc withorizes the Advisor to iolimv anv wrinen inshfcticil,is 'Ovided bv flic ---------- I C d lo eent Ilated by the Chpi for commuf6cating those histructions_kvi 11 investmems and allocalion oi, inve-01neitts Widlin tile Nfimmued Fumls. Such m'�tlen hislrucdoi�s titav Pic wtcnt by lirsi Class n'i"dL klx, ClCclronic mad of,mher\visc. The Custodian shall have CLIstody of cash, securities and other assets of the Client. The Advisor shall not take possession of or act as custodian for the cash, seCLII-itiCS or other assets of the Client and shall have no responsibility in connection therewith. Authorized investments shall include only those investments which are currently authorized by the state investment statutes and applicable covenants and as supplemented by SLICII Other. 2 written instructions as may from time to time be provided by the Client to the Advisor. The Advisor shall be entitled to rely upon the Client's Written advice with respect to anticipated drawdowns of Managed Funds. 1-he Advisor will observe the i11StrUCti011S Of the Client with respect to broker/dealers who are approved to execute transactions involving the Managed I_'Unds and in the absence 01' such instructions Will engage broker/dealers which the Advisor reasonably believes to be reputable, qualified and Financially sound. 2. Except as provided herein, all provisions of the Original Agreement shall remain in full force and effect, IN WITNESS WHEREOF, the parties hereto have caused this I"irst Amendment to be executed by their authorized representatives as of the date set forth in the first paragraph of this First Amendment. PFM ASSET MANAGEMENT LLC fey Name: "fide: Managing Director CIT OF KENT,WAS INGTON By: Nat ic: 3