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SECOND AMENDMENT TO AGREEMENT
CITY OF FRESNO, CALIFORNIA
GOVERNMENT BANKI NG SERVICES
THIS SECOND AMENDMENT to the Agreement for Government Banking
Services (the "Second Amendment") is made and entered into effective the 1st day of
september, 2014, ("Effective Date") by and between the clrY oF FRESNQ, a
municipal corporation (hereinafter referred to as "C|TY"), and Bank of America, N.4., a
national banking association (hereinafter referred to as "BANK"), and amends that
certain Agreement for Government Banking Services entered into on March 15,2010,
(the "Agreement"), by and between the CITY and BANK as well as other integrated
agreement and precedence of documents referenced in the Agreement.
RECITALS
WHEREAS, BANK provides banking services to CITY pursuant to the Agreement for
Government Banking Services dated March 15,2010; and
WHEREAS, BANK is engaged in the business of furnishing technical and expert
services as bankers and hereby represents that it is professionally capable of
performing the services called for in the Agreement;
WHEREAS, Section 4 of the Agreement provides in part that the 'CITY shall have the
option to extend the Agreement on the same terms and conditions for two consecutive
1-year terms or for one consecutive 2-year term by providing 60 days notice to the
BANK prior to the end of the respective initial term or term of extension";
WHEREAS, Section 5 (a) of the Agreement provides that "All "Unit" (Prices) and rates
shall remain fixed until March 31,2017";
WHEREAS, Section 5 (c) of the Agreement provides in parl that the 'BANK may not
add or delete an lnitial Service, unless it obtains a prior written amendment to this
Agreement by CITY"; and
WHEREAS, BANK and CITY wish to amend the terms of the Agreement under the
terms and conditions negotiated between the parties as set forth below:
THEREFORE, as of the Effective Date of this Second Amendment, BANK and CITY
amend the Agreement as follows:
1. The amended term of this Agreement will be for an additional 2 years
beginning on March 31,2015, and ending on March 31,2017.
2. The CITY will reduce the balances in its non-interest bearing DDA to no
more than $25 million and transfer excess funds to a newly established
investment account at Bank of America.
3. The BANK will reduce the earnings credit rate to a floating market rate
(currently 0.20%).
Second Amendment to Banking Services Agreement
Between the City of Fresno and Bank of America
September 1,2014
All terms and conditions of the Agreement not expressly modified by this Second
Amendment shall remain unmodified and in full force and effect.
Each party acknowledges that it has read and fully understands the contents of this
Second Amendment. This Second Amendment has been executed as of the date first
set forth above by the parties' respective duly authorized officers or representatives
having full authority to bind the below respective entities.
lN WITNESS WHEREOF, the parties have executed this Second Amendment at
Fresno, California the day and year first above written.
CITY OF FRESNO
A California municipal corporation
By:
ATTEST:
WONNE SPENCE, CMC
City Clerk Title: Senior Vice President
Name:
Title:
CITY:
City of Fresno
Attention : Greg Wiles
Treasury Officer
2600 Fresno Street, Room 21565
Fresno, CA 93721-3622
Phone: (559) 621-7004
Fax: (559) 488-4636
g req.wiles@fresno. gov
BANK:
Bank of America, N.A.
Jonathan Millard, SVP
Senior Client Manager
cA5-705-11-00
555 California St., Suite 1160
San Francisco, CA, 94104-1S03
Phone: (415)913-2837
Fax. (415) 228-7984
ionathan. millard@bm l. com
By:
Name. Patty Ramirez -
D AS TO FORM:
GLAS T. SLOAN
City Attorney
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