CONTRACT FOR BOND MANAGER SERVICES/CALLAN ASSOCIATES
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CONTRACT FOR BOND MANAGER SEARCH SERVICES
CALLAN ASSOCIATES INC.
AND
TRUSTEES OF THE CITY OF CLEARWATER EMPLOYEES' PENSION FUND
This agreement is made and entered into by and between CALLAN
ASSOCIATES INC., a California corporation (hereinafter referred
to as Callan), and the City commission of the City of Clearwater
acting as Trustees of the city of Clearwater Employees' Pension
Fund (hereinafter referred to as the "Trustees").
I. SCOPE OF WORK
Callan will assist the Trustees in selecting a bond manager
to invest a portion of the funds allocated to fixed income
investments. Callan's services will include, but not
necessarily be limited to, the following:
1. Identification of the most appropriate investment
style.
2. Development of a manager candidate profile.
3. Screening the Callan Manager Database for managers that
meet the candidate profile specifications.
4. Presentation of qualified manager candidates
credentials.
5. Coordination of finalist manager presentations.
6. Advise on manager fee negotiations.
7. Advise on cost effective asset transition.
II. TRAVEL AND EXPENSES
The fees quoted below cover all travel and expenses to
scheduled meetings in Clearwater.
III. CANCELLATION
The Trustees may cancel this Agreement upon ninety (90)
calendar days written notice to Callan. The effective date
of such notice shall begin three (3) calendar days after
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date of posting with the united states Postal Service by
regular mail, postage prepaid, addressed to the last known
address of Callan. The Trustees shall pay for the services
rendered by Callan to the Effective Date on a pro rata basis
consistent with the fees set forth in paragraph 5.
IV. FEES
The total fee for the services provided for herein is
$30,000 in fully-negotiated commissions (soft dollars)
directed by your investment managers.
V. PAYMENTS
The Trustees will have 18 months from the date of this
contract in which to accumulate the required amount of
commissions. Any amount remaining unpaid after 18 months
may be billed in cash, at Callan's discretion, at the rate
of $1 cash for each $2 in unrealized commissions.
VI. REPRESENTATION
Michael Beasley and Lesley Gentry will represent Callan on
this engagement. Should either of these individuals become
unavailable to the Trustees for any reason, the Trustees
shall have the unilateral right to terminate this agreement.
The Finance Director and other members of the City's
"Investment Committee" will represent the Trustees. It will
be the responsibility of the Finance Director to coordinate
with the Trustees, as necessary.
VII. APPLICABLE STATE LAW
To the extent that state laws apply, this Agreement shall be
construed and the rights and obligations of the parties
hereunder enforced in accordance with the laws of the State
of Florida.
VIII. ASSIGNMENT
Callan shall not assign this Agreement without the consent
of the Trustees.
IX. AMENDMENTS
This Agreement may be amended in whole or in part by Callan
or the Trustees upon mutual written consent of both parties.
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IN WITNESS WHEREOF the parties hereto have set their hands and
seals this 17th day of June, 1991.
ATTEST;.-
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OF CLEARWATER
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