Redondo Beach – Third Amendment May2026 v4 Page 1 of 7
THIRD AMENDMENT
TO
AGREEMENT FOR PROFESSIONAL SERVICES
THIS THIRD AMENDMENT is made as of this 19th day of May, 2026, by and between the CITY OF REDONDO BEACH (the “City”) and BANK OF AMERICA, N.A. (the “Bank”).
WHEREAS, the City and Bank previously entered into that certain Agreement for Professional Services dated as of May 23, 2017 (as amended, updated or modified, the “Agreement”) for the purposes of providing various banking services more specifically identified therein (the “Services”); and WHEREAS, the City and Bank previously entered into that certain First Amendment dated as of April 23, 2019 (the “First Amendment”); and
WHEREAS, the City and Bank previously entered into that certain Second Amendment dated as of August 15, 2023 (the “Second Amendment”) for purposes of revising and updating the Agreement as provided therein, and extending the Agreement through May 31, 2026, with two optional one-year renewals subject to mutual agreement of the parties; and
WHEREAS, pursuant to Exhibit B of Agreement as updated in the Second Amendment, the City and Bank wish to exercise the first optional one-year renewal and enter into this Third Amendment for the purpose of further extending the Agreement through May 31, 2027, and revising the compensation associated with the renewal term, as provided herein.
NOW THEREFORE, in consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration received, and notwithstanding anything to the contrary in the Agreement, the City and Bank hereby agree to amend the Agreement as follows:
1. Agreement Exhibit “B” of the Agreement, as amended, entitled “Schedule for Completion” is hereby deleted in its entirety and replaced by the updated Exhibit “B” – “Schedule for Completion” attached hereto.
2. Agreement Exhibit “C” of the Agreement, as amended, entitled “Compensation” is hereby deleted and replaced by the updated Exhibit “C” – “Compensation - Fee Schedule and Disclosures” attached hereto.
3. Confidentiality and Permitted Disclosures. Notwithstanding and in addition to any other term provided in the Agreement, as amended, either party may make disclosures of confidential information of the other if the information: (i) is or becomes generally known to the public through no fault of, or breach of this Agreement by, the receiving party; (ii) is rightfully in the receiving party’s possession at the time of disclosure without an obligation of confidentiality therefor; (iii) is independently developed by the receiving party without use of the disclosing party’s confidential information; (iv) is rightfully obtained by the receiving party from a third party without restriction on use or disclosure; (v) is required to be disclosed by the receiving party pursuant to any applicable law, rule, regulation, subpoena, or regulatory order or court order, including, but not limited to, the California Public Records Act; (vi) disclosed due to any rule, order, referral, or request, including without limitation any rule, order, referral, or request of the City Council of Redondo Beach; or (vii) disclosed as part of the City’s customary contract approval process.
4. Except as otherwise provided herein, all other terms and conditions of the Agreement, as previously amended by the First Amendment and Second Amendment, respectively, between the City and Bank shall remain in full force and effect.
Redondo Beach – Third Amendment May2026 v4 Page 2 of 7
IN WITNESS WHEREOF, each of the City and Bank has caused this Third Amendment to be executed on its behalf as of the date first above written by its officer or representative thereunto duly authorized.
CITY OF REDONDO BEACH BANK OF AMERICA, N.A.
By: ___________ By: ___________
Heidi Flores, VP and Client Manager
ATTEST:
By: ___________
APPROVED:
By: ___________
APPROVED AS TO FORM:
By: ___________
5/13/2026 | 9:04 AM PDT
Redondo Beach – Third Amendment May2026 v4 Page 3 of 7
EXHIBIT “B”
Schedule For Completion (Updated)
TERM. The Agreement shall be extended for an additional one-year term beginning as of June 1, 2026, and running until and through May 31, 2027. Following the term hereof, there shall be one optional renewal period of one (1) year, with all renewals subject to the mutual agreement of the City and Bank at such time. Notwithstanding the foregoing, the Agreement may be otherwise renewed or extended as mutually agreed by the parties or terminated earlier by either party in accordance with the terms of the Agreement, as amended, at any time.
Redondo Beach – Third Amendment May2026 v4 Page 4 of 7
EXHIBIT “C”
Compensation – Fee Schedule and Disclosures (Updated)
1. Fees:
• Fees for services shall be fixed for the term of the Agreement, as amended, and in accordance with the pricing as outlined in the Pro Forma Analysis Statement included herein below. • The Earnings Credit Rate (“ECR”) and/or Interest-Bearing Rate (“IBR”) applicable for eligible balances in accounts is a Bank-managed rate, which may move up or down in the Bank’s sole discretion at any time. • ECR will be set at 2.15% and IBR shall be set at 2.35%, respectively, beginning as of June 1, 2026; provided, however, the ECR and IBR shall not be fixed for any period of time during any term of the Agreement, as amended.
• The Bank shall not be obligated to conduct any rate or fee reviews for any pricing or ECR and/or IBR adjustments at any time during any term of the Agreement.
2. Method of Payment:
• Bank shall provide a detailed account analysis which shall summarize the monthly fees. • The fees shall be offset by the earnings from the City accounts in which the amount of the offset shall be based on the ECR for the applicable month. The ECR is based on market rates and may vary monthly. • Bank shall also provide invoices which shall include the amount after the offset to the City for approval and payment. Invoices must be itemized adequately detailed based on accurate records and in a form reasonably satisfactory to City. Bank may be required to provide backup material upon request.
3. Schedule for Payment:
• City agrees to pay Bank within thirty 30 days of receipt of the monthly invoice; provided however that payments by City shall not exceed the proportion of the phase or task completed
4. Pro Forma Analysis Statement:
AFP
Code
Service Description Volume
Range
Number
of Units
Proposed
Price
Service
Charge
Balance
Required
Balance And Compensation Information
000230 DEPOSIT BANK ASSESSMENT 1+ 16,916 $0.1667 $2,819.90 $1,544,288.50 Total Balance And Compensation Information $2,819.90 $1,544,288.50 General Account Services
010000 ACCOUNT MAINTENANCE 1+ 3 $15.0000 $45.00 $24,643.80 010010 INTEREST BEARING ACCOUNT MAINT 1+ 10 $15.0000 $150.00 $82,146.00 010020 ZBA-DEPOSITORY+ MASTER MAINT 1+ 1 $19.0000 $19.00 $10,405.16 010021 ZBA-SUBSIDIARY ACCOUNT MAINT 1+ 2 $12.0000 $24.00 $13,143.36 010030 BLOCKED ACCOUNT PENDING MAINT 1+ 1 $201.0000 $201.00 $110,075.64 010100 DEBITS POSTED-OTHER 1+ 27 $0.0300 $0.81 $443.59
010101 CREDITS POSTED-OTHER 1+ 513 $0.0300 $15.39 $8,428.18 010112 ZBA PER TRANSACTION 1+ 35 $0.1000 $3.50 $1,916.74 Total General Account Services $458.70 $251,202.47
Lockbox Services
050000 WLBX LOCKBOX MAINT PER BOX 1+ 1 $120.0000 $120.00 $65,716.80 050100 WLBX LOCKBOX PROC PER ITEM 1+ 212 $0.3500 $74.20 $40,634.89 050104 WLBX MINIMUM CHARGE 1+ 1 $0.0000 $0.00 $0.00
05011L WLBX NON-PROCESSED ITEM RPTG 1+ 1 $32.0000 $32.00 $17,524.48 05011U WLBX EXPRESS PKG PER ITEM 1+ 1 $2.0000 $2.00 $1,095.28 Redondo Beach – Third Amendment May2026 v4 Page 5 of 7
050126 WLBX DATA CAPTURE 1+ 6,643 $0.0200 $132.86 $72,759.45 050131 WLBX PAYEE VALIDATION PER ITEM 1+ 212 $0.1500 $31.80 $17,414.95 050144 WLBX DOCUMENTS IMAGED 1+ 712 $0.0350 $24.92 $13,647.19 050146 WLBX CORRESPONDENCE 1+ 10 $0.3000 $3.00 $1,642.92 050300 WLBX DEPOSIT PREP PER DEPOSIT 1+ 24 $1.5500 $37.20 $20,372.21 05031Z WLBX SPECIAL REPORTING 1+ 1 $0.0000 $0.00 $0.00
050401 WLBX DATA TRANS MAINT PER BOX 1+ 1 $65.0000 $65.00 $35,596.60 050401 WLBX DATA TRANS PER ITEM 1+ 212 $0.0600 $12.72 $6,965.98 050401 WLBX IMAGE RPTG MAINTENANCE 1+ 1 $20.0000 $20.00 $10,952.80 050401 WLBX IMAGEDROP PER FILE 1+ 1 $6.5000 $6.50 $3,559.66 050406 WLBX CASHPRO REC MAINTENANCE 1+ 1 $50.0000 $50.00 $27,382.00 050413 WLBX COURIER DELIVERY OF PKG 1+ 1 $175.0000 $175.00 $95,837.00 050424 WLBX CASHPRO REC PER IMAGE 1+ 712 $0.0200 $14.24 $7,798.39 050425 WLBX IMAGEDROP PER IMAGE 1+ 712 $0.0100 $7.12 $3,899.20 050427 WLBX IMAGE PDF MAINT RCL27626 1+ 1 $5.0000 $5.00 $2,738.20 050530 WLBX NON-PROCESSED ITEM 1+ 8 $0.2500 $2.00 $1,095.28 Total Lockbox Services $815.56 $446,633.28
Depository Services
100000 BANKING CENTER DEPOSIT 1+ 6 $6.0000 $36.00 $19,715.04 100040 CHANGE ORDER BKG CTR 1+ 1 $13.0000 $13.00 $7,119.32 100048 CURR SUPP $100-BKG CTR 1+ 3 $0.4000 $1.20 $657.17 100100 VAULT DEPOSIT 1+ 217 $1.7500 $379.75 $207,966.29 100106 DEP CONDITIONING-SURCHG-VAULT 1+ 1 $20.0000 $20.00 $10,952.80 100111 COIN DEPOSIT-NON STD BAG-VLT 1+ 49 $8.0000 $392.00 $214,674.88 100113 COIN DEPOSIT-STD BAG-VLT 1+ 34 $5.0000 $170.00 $93,098.80 100114 CURR DEPOSITED-PER NOTE-VLT 1+ 21,572 $0.0200 $431.44 $236,273.80 100141 CHANGE ORDER-AUTO OR STNDGVLT1+ 1 $15.0000 $15.00 $8,214.60 100144 COIN SUPP ROLL-VLT 1+ 1 $0.2000 $0.20 $109.53
10014B CURR SUPP-$100-NONSTD-VLT 1+ 6 $0.1500 $0.90 $492.88 100200 CHECK DEPOSIT-ICL or RDSO 1+ 21 $1.0000 $21.00 $11,500.44 10022Z CHECKS DEPOSITED-BKG CENTER 1+ 69 $0.3500 $24.15 $13,225.51 10022Z CHECKS DEPOSITED-CASH VAULT 1+ 184 $0.3500 $64.40 $35,268.02 10022Z CHECKS DEPOSITED-LOCKBOX 1+ 212 $0.1500 $31.80 $17,414.95 100400 RETURNS-CHARGEBACK 1+ 2 $3.0000 $6.00 $3,285.84
100401 RETURNS-ADDITIONAL ADVICE 1+ 2 $0.7500 $1.50 $821.46 100401 RETURNS-SPECIAL INSTRUCTIONS 1+ 3 $1.0000 $3.00 $1,642.92 100415 RETURNS-E-MAIL IMAGES 1+ 2 $0.7500 $1.50 $821.46 100501 DEPOSIT CORRECTION-CASH 1+ 2 $10.0000 $20.00 $10,952.80 100502 DEPOSIT CORRECTION-NONCASHRDS1+ 1 $1.0200 $1.02 $558.59 100740 TRANSMISSION MAINTENANCE 1+ 1 $100.0000 $100.00 $54,764.00 101321 IMAGE DEPOSITED ITEMS-ICL 1+ 436 $0.0439 $19.14 $10,482.05 Total Depository Services $1,753.00 $960,013.14
Paper Disbursement Services
Redondo Beach – Third Amendment May2026 v4 Page 6 of 7
150030 POSITIVE PAY MAINT- NO RECON 1+ 6 $29.0000 $174.00 $95,289.36 150100 GENERAL DISB CKS PAID-TRUNC 1+ 817 $0.0500 $40.85 $22,371.09 150120 POS PAY INPUT ITEMS-NO RECON 1+ 827 $0.0200 $16.54 $9,057.97 150122 PAYEE POSITIVE PAY ISSUE MATCH 1+ 827 $0.0200 $16.54 $9,057.97 150124 PAYEE POSITIVE PAY MAINTENANCE 1+ 6 $7.0000 $42.00 $23,000.88 150301 POSITIVE PAY EXCEPTIONS 1+ 2 $1.0000 $2.00 $1,095.28 150322 POSITIVE PAY RETURN-OTHER 1+ 1 $7.5000 $7.50 $4,107.30 150410 STOP PAY AUTOMATED<=12 MONTHS 1+ 1 $2.0000 $2.00 $1,095.28 150410 STOP PAY AUTOMATED>12 MONTHS 1+ 1 $40.0000 $40.00 $21,905.60 151342 PHOTOCOPY-MANUAL 1+ 1 $4.0000 $4.00 $2,190.56
151350 CASHPRO IMAGE SUBSCRIPTION 1+ 9 $0.0000 $0.00 $0.00 151352 CASHPRO ONLINE IMAGE RETRIEVAL 1+ 10 $0.1000 $1.00 $547.64 151354 IMAGEDROP FILE MAINTENANCE 1+ 4 $8.5400 $34.16 $18,707.38 151358 IMAGEDROP PER ITEM 1+ 814 $0.0100 $8.14 $4,457.79 15135A IMAGE ARCHIVE 1+ 1,062 $0.0000 $0.00 $0.00
Total Paper Disbursement Services $388.73 $212,884.10
Paper Disbursement Reconciliation Services
200201 ARP PPAY INPUT FILE-TRANS 1+ 14 $1.0000 $14.00 $7,666.96 200205 ARP VOID CANCEL ITEMS 1+ 5 $0.0000 $0.00 $0.00
200305 CASHPRO ARP REPORTS 1+ 1 $25.0000 $25.00 $13,691.00 Total Paper Disbursement Reconciliation Services $39.00 $21,357.96 General ACH Services
250000 ACH MONTHLY MAINTENANCE 1+ 4 $57.5000 $230.00 $125,957.20 250101 ACH OFF US CREDITS 1+ 1,500 $0.0300 $45.00 $24,643.80 250101 ACH OFF US CREDITS-SAME DAY 1+ 1 $2.0000 $2.00 $1,095.28 250101 ACH ON US CREDITS 1+ 283 $0.0300 $8.49 $4,649.46 250101 ACH ON US CREDITS-SAME DAY 1+ 1 $0.0400 $0.04 $21.91 250200 ACH DEBIT RECEIVED ITEM 1+ 98 $0.0300 $2.94 $1,610.06 250201 ACH CREDIT RECEIVED ITEM 1+ 493 $0.0300 $14.79 $8,099.60 250302 ACH RETURN ITEM 1+ 1 $1.0000 $1.00 $547.64
250501 ACH INPUT-FILE 1+ 7 $5.0000 $35.00 $19,167.40
250704 ACH REPORTS-ELECTRONIC 1+ 32 $1.0963 $35.08 $19,212.09 250706 ACH REPORTS-FAX 1+ 4 $2.0000 $8.00 $4,381.12
251050 ACH BLOCKS AUTH MAINTENANCE 1+ 13 $8.0000 $104.00 $56,954.56 251051 ACH BLOCKS AUTH ADD-CHANGE 1+ 1 $2.0000 $2.00 $1,095.28 251057 ACH BLOCKS AUTH INSTRUCTIONS 1+ 52 $0.5000 $26.00 $14,238.64 251070 ACH NOTIF OF CHANGE (NOC) 1+ 21 $1.0000 $21.00 $11,500.44 Total General ACH Services $535.34 $293,174.47
Wire and Other Funds Transfer Services
350000 WIRE MONTHLY SUBSCRIPTION 1+ 1 $16.0000 $16.00 $8,762.24 350103 ELEC WIRE OUT-DOMESTIC 1+ 13 $3.0000 $39.00 $21,357.96 350120 CASHPRO ACCOUNT TRANSFER 1+ 2 $7.0000 $14.00 $7,666.96 350123 ELEC WIRE OUT-BOOK DB 1+ 2 $5.0000 $10.00 $5,476.40 350300 INCOMING DOMESTIC WIRE 1+ 7 $5.0000 $35.00 $19,167.40 Redondo Beach – Third Amendment May2026 v4 Page 7 of 7
350320 BOOK CREDIT 1+ 2 $2.0000 $4.00 $2,190.56
350412 WIRE ADVICE-MAIL 1+ 9 $1.0000 $9.00 $4,928.76
350551 CASHPRO GP CUST MNT TMPLT STRG 1+ 41 $0.0000 $0.00 $0.00 350551 PH OR STND ORDER TMPLT STORG 1+ 5 $0.0000 $0.00 $0.00 Total Wire and Other Funds Transfer Services $127.00 $69,550.28 Information Services
400052 CASHPRO ONLINE PDR ACCOUNT 1+ 9 $20.0000 $180.00 $98,575.20 400055 CASHPRO ONLINE CDR ACCOUNT 1+ 1 $120.0000 $120.00 $65,716.80 400272 CASHPRO ONLINE PDR ITEM 1+ 3,356 $0.0400 $134.24 $73,515.19 400275 CASHPRO ONLINE CDR ITEM 1+ 26 $0.1800 $4.68 $2,562.96 40027Z CASHPRO ONLINE SUBSCRIPTION 1+ 1 $0.0000 $0.00 $0.00 40027Z CASHPRO REPORTING SUBSCRIPTION 1+ 1 $7.0000 $7.00 $3,833.48 400299 CASHPRO REPORT EMAIL
SCHEDULED
1+ 2 $0.0000 $0.00 $0.00
Total Information Services $445.92 $244,203.63
TOTAL ACTIVITY CHARGES $7,383.15 $4,043,307.83
One Time Service
Charges
General Account Services
014100 CASHPRO TOKEN-PHYSICAL 1+ 0 $350.0000 $0.00 $0.00 Total General Account Services $0.00 $0.00
Depository Services
1008ZZ VAULT-BKG CTR DEPOSIT SUPPLIES 1+ 1 $800.0000 $800.00 $438,112.00 Total Depository Services $800.00 $438,112.00
TOTAL ONE TIME SERVICE CHARGES $800.00 $438,112.00
Pricing shown is subject to change at the Bank’s discretion, per the Bank of America Terms and Conditions.
Other fees may be assessed in accordance with Bank of America's Schedule of Fees.
Confidential to Bank of America