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<br />ATTY/AGR/2016.150/PFM-INVESTMENT ADVISORY SVC <br />REV: 06-22-16 JS <br />Page 8 of 16 <br />Agreement nor any of its provisions may be amended, modified, waived or discharged <br />except in a writing signed by both parties. <br /> <br />27. Authority. The individuals executing this Agreement and the instruments <br />referenced in it on behalf of Consultant each represent and warrant that they have the <br />legal power, right and actual authority to bind Consultant to the terms and conditions of <br />this Agreement. <br /> <br />28. Investment Advisor Provisions <br /> <br />28.1 Services of Advisor. City hereby engages Consultant to serve as <br />investment advisor under the terms of this Agreement with respect to the funds <br />described in this Agreement and such other funds as City may from time to time <br />assign by written notice to Consultant (collectively the "Managed Funds"), and <br />Consultant accepts such appointment. In connection therewith, Consultant will <br />provide investment research and supervision of the Managed Funds investments <br />and conduct a continuous program of investment, evaluation and, when <br />appropriate, sale and reinvestment of the Managed Funds assets. Consultant <br />shall continuously monitor investment opportunities and evaluate investments of <br />the Managed Funds. Consultant shall furnish City with statistical information and <br />reports with respect to investments of the Managed Funds. Consultant shall <br />place all orders for the purchase, sale, loan or exchange of portfolio securities for <br />City's account with brokers or dealers recommended by Consultant and/or City, <br />and to that end Consultant is authorized as agent of City to give instructions to <br />the custodian designated by City (the “Custodian’) as to deliveries of securities <br />and payments of cash for the account of City. In connection with the selection of <br />such brokers and dealers and the placing of such orders, Consultant is directed <br />to seek for City the most favorable execution and price, the determination of <br />which may take into account, subject to any applicable laws, rules and <br />regulations, whether statistical, research and other information or services have <br />been or will be furnished to Consultant by such brokers and dealers. The <br />Custodian shall have custody of cash, assets and securities of City. Consultant <br />shall not take possession of or act as custodian for the cash, securities or other <br />assets of City and shall have no responsibility in connection therewith. <br />Authorized investments shall include only those investments which are currently <br />authorized by the state investment statutes and the applicable covenants and as <br />supplemented by such other written instructions as may from time to time be <br />provided by City to Consultant. Consultant shall be entitled to rely upon City's <br />written advice with respect to anticipated drawdowns of Managed Funds. <br />Consultant will observe the instructions of City with respect to broker/dealers who <br />are approved to execute transactions involving the Managed Funds and in the <br />absence of such instructions will engage broker/dealers which Consultant <br />reasonably believes to be reputable, qualified and financially sound. <br /> <br /> <br />6.1.I. - Page 37