DocuSign Envelope ID: 00B72325-E38C-441D-BE01-290153F450BD AMENDMENT NO.1 TO AGREEMENT FOR
BANKING AND MERCHANT SERVICES
CONTARCT NO. C24189060
This AMENDMENT TO AGREEMENT FOR BANKING AND MERCHANT SERVICES (the "Amendment"), dated as of July 1, 2023 (the "Effective Date"), is made by and between the CITY OF PALO ALTO, CALIFORNIA ("City") and U.S. BANK NATIONAL ASSOCIATION, a national banking association ("Bank").
WHEREAS, City and Bank have entered into that certain Agreement for Banking and Merchant Services dated July 1, 2020 (the "Existing Agreement"); and WHEREAS, City and Bank have agreed to extend the current pricing arrangements through June 30, 2024, all in accordance with the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the foregoing premises and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree to be bound as follows:
Section 1. Capitalized Terms. All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Existing Agreement.
Section 2. Extension of Pricing Arrangements. The following pricing arrangements shall hereby remain in effect through June 30, 2024:
(a) Treasury Management Services: Bank will hold the line-item treasury management services at the same exception price as they are at the time of this Amendment through June 30, 2024.
(b) Institutional and Corporate Trust: Confirmation and agreement has been obtained from a management level to hold the City's custody fees consistent with the existing fee through June 30, 2024. (c) Elavon Merchant Processing: Elavon has an evergreen clause in its contract which auto-renews the City's agreement with existing pricing for an additional twelve months upon expiration of the existing contract.
Elavon shall honor the pricing currently in place for the City through June 30, 2024.
Section 3. Effect of Amendment. Bank and City agree that after this Amendment becomes effective, the Existing Agreement, as hereby amended, shall remain in full force and effect.
DocuSign Envelope ID: 00B72325-E38C-441D-BE01-290153F450BD Section 4. Incorporation of Existing Agreement and Other Agreements by Reference: Ratification of Existing Agreement. Except as expressly modified under this Amendment, all of the terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants and representations of City and Bank under the Existing Agreement and any and all other documents and agreements entered into with respect to the rights, duties and obligations under the Existing Agreement are incorporated herein by reference and are hereby ratified and affirmed in all respects by City and Bank. All references in the Existing Agreement to "this Agreement," "herein," "hereof," and similar references, and all references in any related agreement to the "Existing Agreement," shall be deemed to refer to the Existing Agreement, as amended by this Amendment.
Section 5. Merger and Integration. Superseding Effect. This Amendment, from and after the date hereof, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes and has merged into it all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment shall control.
Section 6. Counterparts. This Amendment and any waiver or amendment hereto may be executed in counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. This Amendment may be executed and delivered by pdf format via email transmission or by facsimile transmission, all with the same force and effect as if the same were a fully executed and delivered original manual counterpart. (Signature page to follow.)
DocuSign Envelope ID: 00B72325-E38C-441D-BE01-290153F 450BD IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Agreement for Banking and Merchant Services to be executed and effective as of the date and year first above written.
U.S. Bank National Association City of Palo Alto, CA
- Docusigned by:
By: Mick Melson By:
-FC6CDOBFOC434A9..
Name: Nick Nelson Name:
Title: Vice President Title:
APPROVED AS TO FORM:
City Attorney or designee
DocuSign
Certificate Of Completion
Envelope Id: 00B72325E38C441DBE01290153F450BD Status: Completed Subject: Complete with DocuSign: FINAL US Bank Palo Alto Contract Amend No. 1 (7.1.23-6.30.24).pdf Source Envelope:
Document Pages: 3 Signatures: 1 Envelope Originator:
Certificate Pages: 1 Initials: 0 Alice Harrison
AutoNav: Enabled 250 Hamilton Ave
Envelopeld Stamping: Enabled Palo Alto, CA 94301
Time Zone: (UTC-08:00) Pacific Time (US & Canada) Alice. [email protected] IP Address: 199.33.32.254
Record Tracking
Status: Original Holder: Alice Harrison Location: DocuSign 10/18/2023 2:08:07 PM Alice. [email protected] Security Appliance Status: Connected Pool: StateLocal
Storage Appliance Status: Connected Pool: City of Palo Alto Location: DocuSign Signer Events Signature Timestamp
Nick Nelson - DocuSigned by: Sent: 10/18/2023 2:09:47 PM [email protected] Mick Nelson Viewed: 10/18/2023 2:34:39 PM FCBCDOBFOC434A9
Vice President Signed: 10/18/2023 2:35:23 PM
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 10.139.142.0
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 10/18/2023 2:09:47 PM
Certified Delivered Security Checked 10/18/2023 2:34:39 PM Signing Complete Security Checked 10/18/2023 2:35:23 PM Completed Security Checked 10/18/20232:35:23 PM
Payment Events Status Timestamps