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���'17'IW�� <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 befinreen 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 Pertormance. 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 /> ATTY/AGR/2016.150/PFM-INVESTMENT ADVISORY SVC <br /> REV:06-22-16 JS <br /> Page 1 of 16 <br />