AMENDMENT NO. 5
AGREEMENT FOR PROFESSIONAL SERVICES
INVESTMENT MANAGEMENT SERVICES
Th
is Amendment No. 5 to the Agreement for Professional Services is made and entered into July 1, 202 5, by and between PFM Asset Management LLC, a Delaware Limited Liability Corporation with an office in Harrisburg, Pennsylvania (“Contractor”), and the City of Santa Maria , a California Municipal Corporation and charter city (“City”), in Santa Maria, California, based on the following recitals:
WHE
REAS, on June 19, 2018, the City and the C ontractor entered into an Agreement for Professional Services concerning investment management services (the “Agreement”); and
WHE
REAS, on June 19, 2019, the City and the Contractor made and entered into Amendment No. 1 for an additional term of one (1) year; and WHE
REAS, on June 19, 2021, the City and the Contractor made and entered into Amendment No. 2 for an additional term of two (2) years; and WHE
REAS, on June 19, 2023, the City and the Contractor made and entered into Amendment No. 3 for an additional term of one (1) year; and WHE
REAS, on June 19, 2024, the City and the Contractor made and entered into Amendment No. 4 for an additional term of one (1) year; and WHE
REAS, the City held a request for proposal process and PFM is selected to perform investment management services; and
WHE
REAS, the City continues to not have available employees to perform the specialized services outlined in the Agreement; and
WHE
REAS, the City desires to engage the Contractor to provide these investment management services by reason of its qualifications and experience for performing such services and Contractor has offered to provide the required services on the terms and in the manner set forth in the original Agreement.
NOW
, THEREFORE, IT IS AGREED:
1. Reci
tals true. The above recitals are true.
2. General . 2.01. Term and Termination. The term of this Amendment is one (1) year, beginning on the date first written above. Following evaluation by the City at the end of the term, this Amendment may be extended up to two one -year terms upon mutual consent of the parties. This Amendment may be terminated for breach of the terms or conditions listed in the original Agreement, or because of discovery of any act which violates local, state, or federal law. Termination for breach is
ATTACHMENT B
effective fourteen (14) days after deposit of notice as specified in the original Agreement. This Amendment may also be terminated for convenience.
Termination is effective thirty (30) days after notice.
2.02. Services to be Performed. All other terms and conditions of the original Agreement dated June 19, 2018, remain the same.
IN WITNESS WHEREOF, this Agreement is executed by the parties on the date first written above.
PFM ASSET MANAGEMENT LLC
a Delaware Limited Liability Corporation
___________________________
MONIQUE SPYKE
Managing Director
CITY OF SANTA MARIA
a California Municipal Corporation
REBECCA CAMPBELL
Director of Finance
ATTEST:
Donna G. Schwartz
Chief Deputy City Clerk
APPROVED AS TO FORM:
_______________________________
Risk Manager
_______________________________
City Attorney