FIRST AMENDMENT TO THE
AGREEMENT FOR CONSULTING SERVICES
BETWEEN THE CITY OF REDONDO BEACH
AND FHN FINANCIAL MAIN STREET ADVISORS, LLC
THIS FIRST AMENDMENT TO THE AGREEMENT FOR CONSULTING SERVICES ("First Amendment") is made between the City of Redondo Beach, a chartered municipal corporation ("City") and FHN Financial Main Street Advisors, LLC, a Nevada limited liability company ("Contractor" or "Consultant").
WHEREAS, the parties entered into the Agreement for Consulting Services between the City and Consultant (the "Agreement") effective February 18, 2020; and WHEREAS, the parties desire to modify the scope of services.
NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, and intending to be legally bound, the parties hereby agree to make the following amendment to the Agreement:
1. Scope of Service. Exhibit "A" of the Agreement is hereby amended to add Exhibit "A- 1", which removes sections 14 and 15 of Exhibit "A" and defines nondiscretionary investment management. Exhibit "A-1" is attached hereto and incorporated by reference.
2. No Other Amendments. Except as expressly stated herein, the Agreement shall remain unchanged and in full force and effect. The Agreement and the First Amendment constitute the entire agreement between the parties and supersede any previous oral or written agreement with respect to the subject matter hereof.
In the event of any inconsistency between the terms of the Agreement and the First Amendment, the terms of this First Amendment shall govern. [SIGNATURES FOLLOW ON NEXT PAGE]
IN WITNESS WHEREOF, the parties have executed this First Amendment in Redondo Beach, California, as of this 17" day of August, 2021.
CITY OF REDONDO BEACH, FHN FINANCIAL MAIN STREET ADVISORS, a chartered municipal corporation LLC, a Nevada limited liability company Feel ite
By:
William C. Brand, Mayor Name:_ RIck PHILURS
Title: PRESIDENT
ATTEST: APPROVED
Eleano Mamens
Eleanor Manzano, City Glerk Diane Strickfaden, Risk Manager APPROVED AS TO FORM:
Will w. well
Michael W. Webb, City Attorney
2 EXHIBIT "A-1"
SCOPE OF SERVICES
CONSULTANT'S DUTIES
Consultant shall perform the following duties.
1. Provide nondiscretionary investment management of the City's investment portfolio in accordance with federal, state, and local rules, regulations, codes, laws, and ordinances, and the City of Redondo Beach, California Statement of Investment Policy ("City Investment Policy"). Nondiscretionary investment management shall a. Upon written approval from the City, Consultant shall obtain at least three bids or offers prior to executing any trades on behalf of the City. However, multiple offers may not be available if the security is a new issue or offered by fewer than three broker/dealers. In that event, Consultant shall document the bids and offers received, and provide yield information to the City for comparable securities.
2. Transact purchases and sales of securities in the best interest of the City.
3. Use best efforts to advise the City of all investment decisions.
4. Send daily transaction information to the City Treasurer ("Treasurer") or designee via fax or e-mail.
5. Send daily transaction information to the City's custodian for trade settlement.
6. Provide confirmations, detailed reports and reconciliations of daily investment transactions, investment earnings, and performance results on a monthly, quarterly, and annual basis to meet all appropriate governmental reporting requirements of the City.
7. Provide suitable Administrative Reports, including monthly portfolio reports to present to the Mayor and City Council.
8. Conduct a quarterly investment meeting, in person or via the telephone, with the Treasurer and other applicable staff to present economic and market data, portfolio composition and transactions, a comparison of portfolio return performance and benchmarks, and any other reports deemed necessary by the Treasurer.
9. Provide a monthly analysis of the State's Local Agency Investment Fund ("LAIF").
10. Participate in compliance reviews and audits.
3 11. Conduct an annual review of the City Investment Policy.
12. Upon the request of the City Treasurer, present reports and respond to questions at a minimum of two public meetings.
13. Maintain City investment records on Sympro database. 4 Client#: 25306 FIRSHOR
DATE (MM/DD/YYY)
ACORD. CERTIFICATE OF LIABILITY INSURANCE
6/09/2021
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURERS), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer any rights to the certificate holder in lieu of such endorsements).
PRODUCER HANECT Bethany Linton
HUB International Mid-South PHS. Ext: 615 383-9761 (AC, No): 615 383-4628 3011 Armory Drive Suite 250 E-HAIL
ADDREss: [email protected]
Nashville, TN 37204 INSURERS) AFFORDING COVERAGE NAIC # INSURER A: The Phoenix Insurance Company 25623
INSURED Travelers Property Casualty Co of Amerc 25674
INSURER B :
First Horizon Corporation INSURER C: Trumbull Insurance Company 27120 FHN Financial Main Street Advisors LLC
INSURER D:
165 Madison Avenue
INSURER E :
Memphis, TN 38103
INSURER F:
COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS.
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
ADOL SUBR LIMITS
TYPE OF INSURANCE INSR WVD POLICY NUMBER
A X COMMERCIAL GENERAL LIABILITY H6603H224500PHX 06/01/2021: 06/01/2022 EACH OCCURREVCE $1,000,000 CLAIMS-MADE …X OCCUR $1,000,000
MED EXP (Any one person) 1$10,000
PERSONAL & ADV INJURY $1,000,000
GEN'L AGGREGATE LIM.T APPLIES PER: GENERAL AGGREGATE $2,000,000 PRO.
JECT LOC PRODUCTS - COMP/OP AGG $2,000,000
, POLICY •
OTHER
COMBINED SINGLE LIMIT
AUTOMOBILE LIABILITY 8100N81083421N2G 06/01/2021 06/01/2022 {Ea accident) :$1,000.000
X ANY AUTO BODILY INJURY (Per person)
SCHEDULED BODILY INJURY (Per accident) S
AUTOS ONLY AUTOS
NON-OWNED PROPERTY DAMAGE
X AUTOS ONLY [Pe accident)
X: UMBRELLA LIAB X OCCUR CUP9K54446521N2 06/01/2021 06/01/2022 EACH OCCURRENCE $15,000,000 EXCESS LIAB CLAIMS-MADE AGGREGATE . $15,000,000
DED X RETENTION$10000
WORKERS COMPENSATION OTH
C | 20WNJ76704 06/01/2021 06/01/2022 X SEATUTE
AND EMPLOYERS' LIABILITY Y / N
ANY PROPRIETOR PARTNER/EXECUTIVE EL EACH ACCIDENT $1,000,000 OFFICER/MEMBER EXCLUDED? N NIA
(Mandatory In NH) ¡ EL DISEASE - EA EMPLOYEE $1,000,000 ESCRIPTION OF OPERATIONS beton describe under ¡EL. DISEASE - POLICY LIMIT. $1,000,000 The Ceriteate Holder is included as Adilena Insured for General Lagity and Automobile Liability. when required by a written contract or agreement that has been executed prior to a loss, and as outlined in the policy forms referenced below. Additional insured status is not applicable to Workers Compensation.
As respects General Liability:
(See Attached Descriptions)
CERTIFICATE HOLDER CANCELLATION
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFOR City of Redondo Beach THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN 415 Diamond Street ACCORDANCE WITH THE POLICY PROVISIONS.
Redondo Beach, CA 90277-0000
AUTHORIZED REPRESENTATIVE
Danul D. Nite
© 1988-2015 ACORD CORPORATION. All rights reserved.
ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD 253845(3966366 of 2 BLT
DESCRIPTIONS (Continued from Page 1)
Blanket Additional Insured - Owners, Managers and Lessors of Premises (per Form CG T1 00 02 19) Blanket Additional Insured - Lessors of Leased Equipment (per Form CG T1 00 02 19) Blanket Additional Insured - Persons or Organizations For the Named Insured's Ongoing Operations As Required By Written Contract or Agreement (per Form CG D5 52) lanket Waiver of Subrogation as Required by Written Contract or Agreement (per Form CG D5 52 lanket Primary, Non-Contributory Status as Required by Written Contract (per Form CG T1 00 02 19 As Respects Auto Liability:
Blanket Additional Insured When Required by Written Contract or Agreement (per Form CA T3 53) Blanket Waiver of Subrogation When Required by Written Contract (per Form CA T3 53) As Respects Workers' Compensation:
Blanket Waiver of Subrogation (per Form WC 00 03 13) - as allowable by law Waiver of Our Rights to Recover From Others (WC420304) - applicable to Texas Waiver of Subrogation (WC430305) - applicable to Utah
lanket waiver of Subrogation (per Form VC 04 03 06) - applicable to Californi lanket Alternate Employer Endorsement (per Form WC 03 01 A) - as allowable by lar As Respects Umbrella/Excess Liability:
The Umbrella/Excess Liability provides excess limits over the underlying General Liability, Auto Liability and Employers Liability.
Coverage is subject to all of the terms, conditions, exclusions and definitions of the above-referenced policies, as issued by the carrier(s).
SAGITTA 25.3 (2016/03) 2 of 2
#S969845/M966366