HomeMy WebLinkAboutC15-331 Cutwater Professional Service Agreement Amendment Insight
INVESTMENT
PROFESSIONAL SERVICES AGREEMENT
AMENDMENT
On December 20, 2000, Cutwater Investor Services Corp. ("Advisor", formerly known as MBIA
Municipal Investors Service Corporation) and Eagle County ("Client") entered into a Professional
Services Agreement ("Agreement") for the Advisor to provide investment advisory services to the
Client.
The Agreement provides that no modification shall be effective unless such modification is in
writing and signed by the parties hereto. The Advisor and Client agree to amend the Agreement,
effective August 1, 2015, as follows:
Account Management Section, Paragraph 1, is modified to add the following sentence to the end of
this paragraph:
"The Client shall provide the Advisor with its Investment Guidelines and agrees to notify the
Advisor promptly in writing of any modifications to the Investment Guidelines including changes
or other actions that are required to be put in place in order to comply with applicable statutory
or regulatory provisions."
Account Management Section, Paragraph 3, is modified to delete the last sentence and replace
with the following:
"The Advisor will place orders for the execution of transactions for the Advisory Account, through
such brokers, dealers, or issuers as the Advisor or Client may select. When placing orders for the
execution of transactions for the Advisory Account, the Advisor will take into consideration
available prices and other relevant factors such as, without limitation, execution and settlement
capabilities. The Advisor will exercise good faith in obtaining the best price and execution for
each transaction for the Advisory Account. "
Account Management Section, is modified to add the following language at the end of this section:
"The Client agrees that the Advisor assumes no responsibility or liability, for any Client
investments for which the Advisor has not been appointed as Investment Advisor. The Client
understands that this Agreement does not require or obligate the Advisor to provide legal or tax
advice services to the Client and that the Advisor is not providing such services to the Client.
The Advisor will not advise or take any action on behalf of the Client or provide advice for any
legal proceedings involving securities held in or formerly held in the Advisory Account, including
bankruptcies and class actions without the consent of the Client; provided however Client
acknowledges the Advisor may participate from time to time on ad hoc or official committees
related to the affairs of issuers whose securities or obligations may be held in the Advisory
Account."
BNY MELLON
CUTWATER INVESTOR SERVICES CORP. dba INSIGHT INVESTMENT 1 1331 Seventeenth Street, Suite 602, Denver, CO 80202
888-637-2662 I www.cutwater.com
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INVESTMENT
The Advisor's address has been updated to the following:
"1331 Seventeenth Street, Suite 602, Denver, CO 80202."
Appendix II Work to be Performed 7th bullet, is modified to delete the words "County's depository
and custodian banks and".
Appendix II Work to be Performed 10th bullet, "Monitor repurchase agreement documentation to
maintain the necessary paperwork." is hereby deleted.
Appendix II Work to be Performed 14th bullet, "Evaluate safekeeping and custodial procedures." is
hereby deleted.
Appendix V Fee Schedule for Investment Advisory Services, is deleted in its entirety and replaced
with the following:
"The annual fee for providing investment advisory services for Eagle County is as follows:
Assets Annual Fee
Up to and including the first $25 million 10 basis points (.10%)
Amounts over $25 million 7 basis points (.07%)
The fees for investment advisory services will be charged monthly based on the average market
value of the cash and securities in the portfolio (an average of last month's ending market value
and the current month's ending market value). A pro rata portion of the annual fee (1/12) is
billed each month for which this Agreement is in effect.
Monthly fees are based on the schedule outlined above, but at no time shall the monthly fee be
less than $2,000."
All other terms and conditions of the Agreement between the Advisor and the Client remain
unchanged.
Cutwater Investor Services Corp.
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Eagle 'ounty
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