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ATTY/AGR/2016.150/PFM-INVESTMENT ADVISORY SVC <br />REV: 06-22-16 JS <br />Page 1 of 16 <br />AGREEMENT FOR PROFESSIONAL SERVICES <br />PFM Asset Management LLC Investment Advisory Services <br />THIS AGREEMENT is made and entered into as of the 1st day of July, 2016, by <br />and between the CITY OF REDWOOD CITY, a charter city and municipal corporation of <br />the State of California ("City"), and PFM Asset Management LLC ("Consultant"). <br />RECITALS <br />A. City requires the professional services of an investment advisory firm. <br />B. Consultant has the necessary experience in providing professional <br />services and advice. <br />C. Selection of Consultant is expected to achieve the desired results in an <br />expedited fashion. <br />D. Consultant has submitted a proposal to City and has affirmed its <br />willingness and ability to perform such work. <br />NOW, THEREFORE, in consideration of these recitals and the mutual covenants <br />contained herein, the Parties agree as follows: <br />1.Scope of Work. City retains Consultant to perform, and Consultant agrees to <br />render, those services (the "Services") that are defined in attached Exhibit "A," which is <br />incorporated herein by reference. In the event of a conflict between the provisions of <br />Exhibit “A” and the terms of this Agreement, the terms of this Agreement shall prevail. <br />City shall have the right to modify the scope of work to delete tasks in whole or in part. <br />2.Standard of Performance. While performing the Services, Consultant will <br />exercise the reasonable professional care and skill customarily exercised by reputable <br />members of Consultant's profession practicing in the urban Northern California Area, <br />and will use reasonable diligence and best judgment while exercising its professional <br />skill and expertise. <br />3.Term. Unless earlier terminated, the term of this Agreement will be effective for a <br />period of three years from the date first above written. The City Manager may amend <br />the Agreement to extend it for two additional one-year periods. The basis points used to <br />calculate fees may be altered for any such extension period by an amount not to exceed <br />5% of the basis points set forth in Exhibit A. Extensions will be based upon a <br />satisfactory review of Consultant's performance, City needs, and appropriation of funds <br />by the City. The parties will prepare a written amendment indicating the adjusted fees <br />and effective date and length of the extended Agreement. <br />Attachment 36.1.I. - Page 30