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' ' ' ., . . , . . - , , , ' . , I. . � .. , 1 � s:.l , . .Z . .. . ; . ' . � � ' � . . � � .,, CaiZ ta �rder 1. 9:43 a.m. � � � ' ._, � . , � , � . � ;... . ;�• � .. .� � . ... � ' . . . � � � �. , � , �� _ _ . : � 2. � • Approva� ;at M���tes: ' �.? f3f97 � 2. A�pravec! as correcter� by Clerk. , • � ,. , ;,�' -� .. � . � ,. , . . , . ,�. ` �3. ' �.l�ppro�e.co�firaat with AAM' � 3. Appro��d, � � ' ° .,. ��, , . r.'� �` � ' � Capital Advisors, Inc., as �a care ' � ' � -`�`` � : , � . � - . , . . ,. , . - . � , • fixed income manager, provide far.. � . � , • . . . , � .. • . . � � ,J;6, ;t:.'. � � . ': � smooth tr�ns�tion. for addition , . ' . � � ' .. � , . : , . , . - , • � through opening of safekeeping.. ' : . . � � '' . , . �: � . . , . . . , �� : . � account at SunTrust � . ' . . . , , � . � , i�`...; .�:, •4. . �#her Business: � . . . � . � , . . � -- `� ' , �; .., t� . , � , , ' � , . 4, Nonc�. . , � � ' . ' . ,. - � � � � � �. .' f ' ' � �� � � ,� , ; . 5. Adjournment. � , . . 5. � 9:05 a,m. � : . - � ' ' � �� , � - . , i���,; �.. � . . � . . ' .' � . . . � , . - �� , . ` � : ' . . . � . � � - � � 1 !� , �. . � . � . , , . . . . � ` �I i. . � ; .� ..� . , ; � . . , ., . , '� . �. '. .�. °�, ... . •. �. � ., ' '. . ' . , � ;� , �, � �� , � ,.. . : , , � ,�.. . , • ,. ,. ' : '� , . . ` , .' . . . ' , , �. ' � ' , , .' � � . , . , , . , _ , ' � � . . � i �� � .: . , . '. , ... , . • , . . �'. . � . . . � � � , . . . . , , � ., , . ` ' • ,' �f . � . . 1 . , . � � ' • �'d' �� : � �. ' . . � a r 1 i , . � ' . n r , e. �', . . , � 1 • ' � a � .. . . � , . . 1 , ., � . i ' . . � . ' � ' ' � � , �. � �r ''� . . , 031; , . . ii � ' : � . . � �`. . r ,� , . � , .., 1;i � r�3, `� • r�• i 3!►� . , 1 'L'rustee � Agenda Cover Memorandum � . Iterrt #; ; f Meeting Date: � r �ue�ECT: � Selec#ion of ARM Capital Advisors, inc. as a.core fixed incoma manager. RECOMM ENDATION1MOTiaN: Approve the rnntract with ARM Capi#al Advisors, lnc. as � co�e �xed income mana�er, pro�ide for the smooth transition for khe addition through the oper�ing of a safekeep9ng account at SunTrust, � and that the a ro riate officials be auihorized to execute same. � BA�KGROUNU: � . With the 7rustees approval, Ca(lan conducted a search for a r,ore fixed incc�m� manager. Callan presented the following frms to the Pension lnvestment Cammittee: 1. 2. 3. 4. 5. 6. ARM Capital AdvESOrs, inc. Sirach Capital Management, inc. Brinson Partners, �nc. Sovran �apitai Management Corp. Wellingfnn Management Company, L.LP Seix Investment Ad�isors. The Pension investment Committee ra�ked thsse �irms and recei�ed prssentations from the thres top ranked firms. As a result of the presentations, ARM was the top ranked firm. Un Qctober 22nd staff visited ARf1l�'s offices and re�iewed their faci�ities, equipment and personnel. Siaff was favorably impressed by ARM's abilities, resources, and past �erformar�ce. For the �asi seven years (longest time period available} ARM has ranked in the top ten percentile of all iixed-income core managers. F�r the lasi seven years in aggregate, they ranked in the top one percent�le. ARM Capital Advisors, Inc. has been managing tax-exempt funds as a team, without any change in their phitosaphy or process since the inception of this product in 1988. ARM manages $2.6 billion in tax-exempk funds, Iteview+d 6y: L.�q�►I 9udp�t pnr_hes1� Rl�k Mymt I3 ACM C1h�r CFty Alanagrr � Pr1r�m1 on Oripin�tiny �p�rtmenl: Fln�nc� � � � ��.17lA U�er ikpartment� i � FUA WA Flnsnta AdWAlild: o.or: Pyp�r. ■ Hot Rsquind Affetted PaRlt�: 17 r�o�n.a S Not H�qulnd Gosts: Funding Sourc�: � C�pNallnpmwnNM: � Opsnllnp: � Othar. Conplbultpnd ApprnprlaUon Coqr �s-or4ti o.a�ot ooass.000 Commisaian Actlon: � ar p Approvid rotsl p Approv+d wlCondldons 5,AD0 C7 D�rtl�d Y�ar O Conllnu�d to: Attichmenta: 0 Norn .i. aE, i .. . . �. � . ... ' . . . . . ' . .. � � ' .. . � . � � Y' 4 • .. ' � � � •' • ' • � ` � � . 1 , � t r1 ' � I ' ', � f . � . � . , .. • . . . �• . . � � + � • • � � , . ' . ' . . . .• • , • , � � � . . . . , , .. . . . . `� ' , . . ' . � . f . ' : . 1 1 . . . + ' � . . . • i , . . . , . . . ' . , . . � � . ' . . � � � . , . � ' . :S,i • �1:�. � . . ' ,. • . . . �1 .. ° . � . . . .� , �. . i� • •,' • ' , . ' 1 r � ,. i . � � . � • - . , ' . � . . , f t.i !' � / . .. I, '' ' . •' 'r '� , f 1 � t i ' 1 , ' . ' 1 i . � �- � '. • ; ' � � <. 1� ' , .. . `, !1`,� ''�` , � .. . �'��.ftl . . �`�l1� .i • :1• • I ••. . 1. . ' ,�� ' . .. .' ' . . ' ' ' � ' -' . . ,S. , . . t 'f ' ` . . , � � � ' . • ^ ' ' � � � � � �a"it��i.��S` I:i:�, tI "Fd `'�.•. � .! � i . .' . ,'' . .• . . ' ; ' . . 1 . . . , . . � . , .� , k����"��i 6�.�%'a�r h ..' . . . . . � . i3� . . , . . ir � , . . +Y r' _ \': �tt �`Y 1(, �..: . ,J; . . . , . . � . . . . . , .. � � . ��'� � ;F.?� i ��r3 ���:ty � �'�� L� :� ry- ' � • ' • • . ' . . . : . . . . ' . . . . s'�z r ��,��•, �i i;� ,,', 1t,Y'�;�`'S�':.. ('�IV. . ��'is"}?llfl:• .ii.,:S',, . .. � � � .. , s. ' . � _.�., ` i�,'� :lr.: E'.' � .. 'r: . .f � ' . . � � �,�o � !i ��' �. � f ' P4 . � � � . . . , '� , 'if, a! . .,. 1. . ..., ,� ... , .. . ':f: .. . . :� , , � � � . .. . ' . . . . . . � . , 1� ; � �ri, ' , . 1 ' ' �, ' . ' , ' � ., ' • { ' � ARM's managerpent fee is as foiiows: . . . ` � � � �.,' ' . . . . , . , • . . . . . . � , . .40°% on the first $25 million . � � ; ` .25°% on the neict $75 mi�lion � , � � ' � �.2D°IG on the balance . � � . . . . ��, �. , 7he above fiees are about average with th� fees,other fixed income managers charge. This fee is also the '� Iowest fee that they charge. Given their past �uperior perfomnance staff ts very comfortablo with th�se �� � � . � fees: . � � . . � ;., �ta#f �recommend� that tho fundin� for �IRN!`s port�oli4 be $�5 miilion from Cickhoff, Pieper & Vllitiou�hby, . ��ne, an� $20 m���ian from Shiolds Allia�ce. This wil� start ARM's portfolio with $35 millian. �; ��' � � � � I `- � Staff will apen a safekeeping account at Sun Trus#, our safetce�ping service, and f�cifitete the transfer. �� t �:-� �The complete contract is ava�lable for review in the City Clerk �eParcm�nt .� .. ' � . � . " � � . ° . � s : . , i , • . • , , . , . . . 1 - , , „ � , � � ' . . � �. ' � . ' 4 � � � � i� � ',`. : .. ' . , . �• . . . . . a • � , � ' • ' � I . J �� � �� w , i �� �■ i \ �� � This is an INVE�TMFNi' MANAG�71�iEN'�` AGREEMENT (this "Agreement"), entered inta on this day of _, 1997, between City of Ciegrwater, I00 Sout6 Myrtle Avenue, Clearwatcr, Flarida 33755 (the "Clicnt"j and ARM Capital Ac3visors, Inc., 2QQ Park A�enue, New York, NY 10166 (the "Advisa�"). W�iEREAS, A. The Ctierif has �l�ocat�d all vr a gortiau of its assets to a separate custadia! accour►t (accc�unt number -_ - _.�. _ — _ � (the "Account") m�unkained wi�th SunTrust (tt�e "Custodian"); and � � B. The Ciieut dcsires to a�point the Advisor to m�nage the assets nqw ar hereafter cantained is� the Account (the "Assets"} and has dir�cted t�e G�stodian to respnnd tc� the investment ins�ction� of the Advisor, �d �kia Advisor agr�s to serve as investment advisnr tp the Account, NOW, THEREF.ORE, for gaod ar�d valuablc consid�ratian, the receipt and sufficiency of whic� are her�by ucknowted�ed, the Cfieni� and the Advisor da hcreby agree as follows: ;��• E ���i :�� :_ ���� . .�-:�f.+ (a� Thc Client hereby appoints thc Advisor, an� the Advisor her�by �ccep�s its nppointment, as in�estmcn# advisor with respect to the Assets. The Advisor shail manage the Account ��ith corr�plet� discretion in the investment and reinvestmcnt of the Assets in accord.a,nce with the Aavisor's b�st �u�gmcnt based on infomration avail�zbie to i�. Tl�e C�icmt may specify �eneral investment �aranneters app�icable ta the Accoun�. The �licnt agrees to provide {or to diract the Custndiar� to provide} the Advisar with suc1� additional inf'ormation as may bc requested by the Advisor frQm tims to time to �.ssist it in managing the Assets. The Adviso�s autt�ority under this t�grcement shal! remain in ef%ct wntil changed or termuiated by the Client in wntittg as provided herein. (b) Unless the investment paramcters specificfiliy provide athcrwise, the Advisor �s autharixcd, on bchalf of the Client, to svbscribe for and purchasc rights, w�is, or aay ather debt or equity securitics oiU,S. issuers offered to U.S, pers�ns in privatc pl�cemen4s in rcliance on RegulatiQn D und�r the Securities Act af 1933, as atnended {the "1933 Act"), or otlier cxemptio�is From the � 433 ACt {including, wichout limitation, Rule ��4A tiiercund�r}. The Client repre�ents �nd warranis ta tl�e Ad�ss�r that it is an "accredited investar" as sc�ch term is defined in �tegulation D under the 1933 Act and a"qualified isistitt�tionaf buysr" as that term is defined in Ru�c 144A of the ] 933 Act a��d that the Client shall promptly inform tiie Advisflr in writing shvuld its status as such change in the Future. �n connectian with any purehase far the Account of s�curities offereci to "accredited investors" in reli�ncc an Regulation U or ather exemptians under the 1933 Act or affere� to "qualifi�d institutinnal buyers" in reliance on Rule 144A of the 1933 Act, the Client at�tharizes the Advisor to: � (i) commit to purclu��c such sevurities for the Account �n thc terms and canditions under which securities are o€%red; �d {ii) on be�alf af the CGem, exeeute such documents, and make such commitments, as may be rcqwred by the issuer and/or the seller of such securities� includin�, but not limited ta, �t representation that the Clicnt is an "accredited invcstor" �ndlpr a "qua[ified institutiona3 buyer," and a commitrnent that such securities wi2f not bc affered or sald by th� C��ent except in campliance wath the registratian requiremcnts o� the � 933 Act or an exemption there&om. T�e Client understands �nd agree� to be bound by the terms of any cammitment entered into in connects'on with the purchase of securities on b�half of the Client pursuant to the authority granted ta tt�e Advisor by this A�ment nc�twithstandin� n subsc��cnt temtir�atian of this Agrecm�nt as �rovided hcrein. Th� authority grantec� to the Advisor pursuant to this Section i(b) may � revoked at any time upon the Client's prior writtcn notice to the Advisar, �, �wevec, that any stich revacation sf�a]1 not act as a rcvocatiQn of sut#�ority ta pure�ase securities subscribed for on ar prior to tt�e date such ;cvocation is received by the Ad�isor or to execute any required c3ocume�ts and make any required cammitments wil1� respect thercta. In addition, such revocatian shall not af�'ect of ihe validity of �ay action taken by ihc Advisor prior to receipt t�ereof. 2. ��.�todv. All transnctioris with respect to assets in the Account shall be r�rie�i out thxough the Custodian or such other custndinn{s) of the Account as the C�ient s1��11 appoint and infnrm the Advisor of in writing. The Advisnr shalf not hgve custody or possession of any of thc Assets. The Client shal� be soleZy respansible for paying all %es or charges of the Custodian and the Advisor shall have no responsibiliti�s or liabilities with respect to custody arrangement� mad� by the Client, ar with respect to any act, decisia� or othe�r conduci af any custad'zan ar of any ather person �aving possession of the Ciient's futads ar sccurities. The Client authoriz.es the Advisor to give the Custndiant instructiaas (and directs the Custodian Eo follow any such insEntctions when gi�ren} for the purchase, sa.fe, conversian, rcdemptioa, excbange, retentinn or ather trarisac�ions relating ta any security, ccrssslz or cush equi�a�ent or othec in�estment for the Account. The Client also authorizes the Advisor to instruct the Custodian {and directs the Custodian ta follnw �.ny sueh instruations when �i�en) ta provide �he Advisor with copies of all periodic statements and ather reparts relal�ng to the Acco�nt, including, without Iimitation, �ny repnrts that the Custodian typical�y sends to the Ctient. 3. . Ths Advisor shall arrat�ge far thc exe�ution of securities tr�nsactions for the Account throngh brokcrs ar dealers that the Advisar reasunably believes will provide best exec�tion. In selecting a broker or dealer, t}�e Ac�vi�ar may considcr, among other thin�s, the broker ar deaje�s execution capabilitics, fin�ncial circwnstances, reputation, eCC655 t0 the markets far thc securities being trade�, as we3l as the experiencc and skill of ihe firm's securities traders. The Advisor will cndeavar to Secure the best available price and execution for the Client. -2- . . ,� " . . . :�• � . ' r ' The Advisor shatl not bc responsible far any acts or amissions by any bro3cer�s) or dcalcr(s) selcxted by the Advisor, �rovided that thc Advisor is nat neg�igent in thc setection of sc�ch ��okcr(s) or dealer(s). Transactions for e�ch of the Advisar's client acGOUnts wi11 general�y be effected independently oft}�os� ir� nny other cliertt �ccaur�t, unless the Advisor decides to purchase or sell the sam� sccurities for scvera� clicnts at appraximate�y the same time. Not�etheIeas, the Adv�sor may {Uut is not abligated.to) .combine such urders to take �dv�nt3ge af econnmies of scaie and/or to pravide bctter executian. 'i�e Clicnt autharizes the Advisor to instruct aIl brokers and/or dealers exec�ting arc3ers for ihe Acco�nt to forward duplicate confirmatiorzs of lhose transact�ons to the Advisor at such p�a�e and in such manner as may be desigr�ated from time tn time by the Advisor (and dimct� any such brokers an�lor dealers to follow such instrvctions when given} and the C�ient authorizes t1�e Advisor to g�ve � copy nf this Agreem�nt to �ny brakcr, dcaler or othcr party to a transactian fo� the Accouni andlor to the Custoc�ian fts needed to evidenc�: the Advisar"s authority ta act on behalf of the C3ient with respect to investment ar reinvestment of tf�e Assets. 4. Allncatinn of ves g�� Op� ities. 'Ihe Ci�ent understands and agrees that the Ad�isor pet�'orms in�estment mnnagem�nt services for vario�as clients and may t�kc action with respect to any of it� clients whick� may dif%r from any �ctions taken (or from the timing ar nature of actions takeQ) with areespcct to, or an behalf of, the Account. 'I'f�e Advisor sha1� riot be obligaced to purchase or sell for the Account securities whiah the Advisor may pur�tsase or'seli #'ar itself or for the portfelias of othcr ciients, if the Advisor in its snle discretion deems that such investrnent ar transaction appears �uisuitab��, impractical� unp�roper, ill-ad�ised, or undesirable far t�e Accownt. 5. Investment t F�g��Y�an. The Advisor, its afft�fates, and any of the'v respective o£�r.�rs directo�, employees, agents �nd representatives (ihe "Aff�liated Persor�"), rr�ay from time to timc �ome into possession of rr�aterial, non-public or other confidctsd� infarmaiion that, if discloseci, might aff�ct an in�esto�'s dccision to buyy SeIY OC f�oid S SeCUCity. Under r�pplicable taw, the A�il�ated Pcrsons cunnot improperly disclase or use this infazn�ati4z� for theix personal benefit or for the beneSt of any person, includi�g the Advisor's clients. If'any Affiliaieci Person obtains non- pu��tic ar atfier Gonfidenti�.l mater�al information about any issuer� t�e Client acknowlerfges �an� agrees that �uch At�tiated Person will have no ob�igation ta disclase the informatiun to the Client or use it for th� Clien�'s �er�cfit, b. L j�j,p�. The Advisar cannot and c�oes not guarantee the futu�e performanc� of the Account, the success of �ny invcstment decis�an ar stmtegy that the Advisor may utili�.e with respect to the Assets, or the success af t�e Advisa�'s overa]] mAnAgemeni oF thc Account. Thc Csic�t und�rstands that the investment decisions made by the Advisor with respect to the Assets arc potenti�liy subject to v�iaus mazket, currency, econamie, polidcal a�td bu5iness risks, �Ila i�l�t SUC�] investment decisions may nat always be profitab�e. The Advisar will manage only the securitics, cash and ather in�•estment� held in the Accaunt o�i behaif of the Clie�t and in making investment decisions for the Account, the Advisar will not co�sider any other securities, cash or ather investments owned by the C�ient. Exccpt �.s may athcrwise be pro�ided by law, none of tlie -3- J r � � . I . � . �, , . , A�li�tted Persans s4ta11 bc liuble to the Clier�t ar any othcr party in cannectian with, or tor: �(i) any lass th�t the Cli�nt may suffer by Ycasaa of any investment dec�sicn madc or othcr �ctian t�ken or om�ttcd in govd �aith by the Advisor with that degree of care, ski11, pru�ence, arid diligenca unrier' the circumstances that � prudent person actin� in a similar capaeiry would use; {ii} any lass arising from t�e Advisac's adherence to t4�e Client's instructivns; ar (ii`s) �y act or failure ta gct by the Custpdian, any braker(s) or d�alcr(s) �ngaging in transactions for the Account, or any other third party. 'Ihe fc�cferal �nd state securities Saws impose liabilities under cert�in cir�umstances nn persons who uct in govc� iaith, and therefore nothing in this Ag�eemer�t v►►�1� waive or [imit any rights that the Clicn# may have under those Iaws. 7. �g�j,Q o�r Ass�nrnent. Tl�is Agreemcnt shal� be effective as ofthe date that tti� Client transf�rs immrdiatety avas�able funds into the Account for martagement here�ncier. It rr�ay 6c terminated by either tt�e Ctient ar the Advisor ugon thirty (30) �ays' �rior �vritten notice to thc other, Such terrninAt�an sh�ll b� ef�'ecdve upan the exp�rat�on ofsuch thirty {30) d�y period sub�e�t, �owever, �o the comp�etion of �y iransacrions init�ated by the Advisor prior to receipt a� such written natice, No assignrner�t (as such term is defincd in the Investment Advisers Act of 19�#0) of th�s Agteement s}za�l be mad� by either pariy wilhout the prior writt�n cansent of the okher; pravided, howevcr, that b�+ signing this Agre�ment, the Client specifica�ly �cknowled��s sts consent to the assig�ment oFthis Agmcment from the Advisor to ,4RM �apitftl Aclvisor, LLC ("ARMCA LLC") which assignmcnt sha11 become .automatically ef�'ective upon the later t� occur of (a) the cffectiveness af ARMCA LLCs investment adviser rcgistration with the SEC and (b) ttie transfer of SO% of �1RMCA LLC from ARM Financial Granp, Inc, to AItM Capita! Advisors Holdings, LLC, without fw�er actior� by either party hereto. ("�►ssi�nrnent," as used in this Section 7, includes, without limitation, any direct or indirect transfer or hy}�athecation af (i} an inve ,tment manag�m�nt cantra,ct hy the assignor ar (ii) a contrallirig block of t��e assignor's outstanding voiing securides,) 8. . The Advisar sf�all be entit�ed co receive as compensation far serviccs rendcreci � fe� deterniinec! ar�d paid as described in Exhibit A to this Agreement. S�ch fee st��ll f� paid quart�r�y in �rrears. With mspe�t to a�ny parti�I ca.�cndar quprter, #he Advisor's mana�ement fee will bc pro rated �ased upon the namber ofdays that cise Ace�unt was open dcu-ing sucb quarter. The Ctient acicnowledges its undcrstanding and agreement that any Assets invested in swe�p ncr.oun�s, money market acco�nts �ad other investment companies wi�I bc �cluded in Ca�cutating the va�ue oF the Account for �urposes of compt�ting the Advisor's fees and th�t such a.ssets may also be sub3ect to sepamte advisory and other fecs �nd cxpetnses chazged by any such funds wltich fe�s ana ex�cnses may be ad�itian� to any fees charged by 1he Advisor hereunder. Ex��pt as (a) sct forth on Exhibit A or otherwise agreed upon by the parties and (b) permissible und�r ag��icab�e Iaw, the Advis�r shall not be compensated on the basis of a shar� of the capita! gains on, or ihe capitai nppreciation of, the securities in the Account or any poriian thereof. 4. �licnt Brochu�, The Client acknowledges receipt of the Advisar's current client disclosure brochur�, Form ADV Part ��. -a- ' ,. �,�. ' � f . j� . ° '. .' � . . . • - . , j, � .. , • , . j� . • . , • , ,' �'�j `+� �i•.. ' i . �`,�'1 . . . � .•.!� . . . . , .. . . � . i . ' ' ' , j , . ��: . � ' 1 Q. �Yau�Y3W � '. . � a. . This Agreemeut shall i� construed in accardance with, and governed by, the laws of the 5taEe of New York, without gaving effect to the conflict of Zaw principles thereaf, except to the extent that suct� 1aws. confiict with the prnvisians of the , 1940 Act or any rulcs� regulations, or@ers or interpretations thereund�r (in which case sueh a�plicable provisions shail prevail}. . b. Norire�. � Al� notices and other written communications specified h�rein shaSl b� deemed duly given ii transmitted by mai� or facsimil� ta th�. Aclvisar at 200 Park Aven�e� New York, NY 1016b� facsimiJ,e n�mber (212) 973-2201, and to the Clie�� at 100 5auth Myrtle A�enue, Clea�water, F[anda 33756, facsimiic number {813} 562-4535, ar to snch other address or facsim'sle number as shall be specified in writing by one party tn the ather. Al1 such natices sttali b� effective upon receipt. � c, ,��. In case ane or more o� the provisio�s contained in this Agr�ernent s�all tre faund to be u�vali�, illegai �r unen�i'orceak�le in aay respect, the validity, tegaiity and �nfarceat�itity o� the remaining provisiQns contauiec# hereui shall nai in any way he �ffeCted or unQaiur�tl thereby. . a. Count�mnn,r. Ti� Agreemcnt may be executed in any numi�r of counterparts, each of whsch shall be deemed to be an ariginal 1nd all of whict� together sha[1 constitute a� and� the same instrumecnt. e. j,�te�r_ '� mett�. This Agreement is the entire agreement b�tweeu the parties t�ereto and s�persedes and replaces any previous ciiscussions ar agrcements� written or oral, between the parties hereto. No ternn or provisian af this Agreement may be amended, supplemented, waived or mndified, cxccpt pursuant ta an iz�swment in writi�� signed by the party or ather person a�ainst wham enforc�ment af suc� am�nciment, su�plement, wai�er or modification is saugt�� f, g��edie,� mu �ve: Na Waiver. No right, power or remedy granted ar reserved herein is intended to be exciusi�e of any other right, power or remedy, but each and e�ery such r�ght, pawer and remec�y si�all be� cumulative and concuirent and in ad�itian to any other right, remedy or pawer hereunder or under law. No delay ur amission by either party to exercise any right, power or remcdy in cannection with n default shall exhaust or impair any st�ch right, pawer or remedy nr shall bc construed to be a waiver of such defauit or acquiescencc therein. The AdV150i'S ��C�7C�1"dI1CC 111 SilY p�1CU�SF C758 StIS]] riUt � A W31�•cr �s to actian thac may be ta};cn by the Advisor wi� re�ard tn any future �an-compliance. ..�_ . , . , . . , ��.. . , , , . . r ' � . , � S , . � . . . � � � .%:� •,. �1 . • �' � ' � ..i ' , . � ` . � ,. ' .. � • �� . 1 ' . i ' .� � . I ' ' � . .1 I � • . . v . � � . � ' . . • . �;• 1 , y t . . . . .. " ' . 5 , . I , . � • . ' ' J ' - . � � . � ' . ' . • ,. ' , . . . ' i , . . . � . � . � . . . .. . . � ' ' . , � t �'P� I 'E.. : i �'i�.:i.��a���' .{. '�f. . . 1 ' ' . . .. .. . , ... .. 1 °r1:Y!' i-.. . , . . i.. . ... . . .. . ' . ' . . 1�1� .,�1� ��� , . ' ' � ��� �. " ., , � �. I , — ' ; ' ; . . } . . f �. � g, � uc�essor�_-and_�ssi�ns. As permitted hertunder and ur�der a�p�,icabla law�� thi.s Agioer�cnt s��l be bu�ciing an and inurc� to the bencfit uf thc sur.cessars and permitted assigns of the respective parties hcreto. � � , � . � h. �;t�EE. Thc headings anc� subheadings in this Agreemerit are for ` pusposes of referenc� only and shall nat limit or othe�rwisc �'ect the m�ning hereo% i. , d,�,� rra 'zalFon. Each parry hereEo represents �nd warrarjts that this Ap,�m�nt and its executian has beea duly antharized by any neccssary and appropriAte cotporate ar othcr action. In addidan, the Client shall inform the Advisor of any ev�nt or occ�nee that might affect the authority or the pmpricty of this Agrecment. � . �.� IIV WI'INESS �-iEI�OF, the Fartics ���reto ha;�c caus�d this Agreement to be entered inia on thc day and year fu�si abo�c written. A�iM CAPTTAL AD'VI54RS, INC. ° � By %� d2` �'� . . � � (Piease Print Name Above) � Tit�c: Cauntersignecl: By � Rita Garvey M�yoe Commissioner Approved as tn farm and lcgal su�cie�cy: sy Juhn Carassas . As�istant Cit�+ Attarney �, ..... . . .. .. . . . . . . . � C� OF CLEAR�VATER � By Michael Roberto City Mana�er � . Attest: sy . . Cyntt�ia E. G�udestu �•.� City Clerk Date ;f�i:`���. .Y�`;` . .. ,�i ' , ' '� , .' . ..' . ' � , , � ' . . e ` . : . , . � . ' . ,;'• : °. . . Si.Jp'J�u�.� ^��1.,5'�'i�''S. �'f�'� �i .�4'" �1.. . ' . . . ' . ,.. . . 1 . ' . � . .,-��" �.i: �'�� . . , , . .. •'�' , � , '��_�; ��'� . i .. , . ,:, •, '� . • � . . , ' , .' . . 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' �� f ' • . � _ . . .. � , , .. '. , . `;;::s'E. ', , .. . . . . , . ;' ., : . . � � � , . • � • • ,' . ' � � . � , . .t ' . � � - , � . • . � � � � . � � . . . .� . • �. . AR1V� CAPITAL,AR, t7R. �,1�I�. � . � . i�.,,,1_. . "� . . , i, . . . � , . � . . • ' ;t � . . � , , • , .! . . . ' . �� , � . .. ' ..�� ' ' ' . ` . . ' ' ' . . ' . . � ' 1 ' ��� . ' f`, • . ' ' , , � . . , ' . ., ., � r, , . , , , .. , 7 ; , . > � � . ��,.�. , : ° � . . '. .. :. � � . � � � . . . . . .4U% on fust $25 �million . . . . . ' , � . . . ; � • � � � , : � � � � ' `� ` .25 % an next $7S million , �� � � � � � , � , . � ; . . � � , .2Q% �ereafter, . � . � � , � .' . , � . . ,., . . , . , .. . ; . �. , , .. � , � � . � .� �. � � � : , ," , i. - •, . ' ' '` ` • , , � . ' . . ,. ' ' . . , . . �.' • . , �. . , . , . -. . ,�. Investment management fces are comp�ted quart�erly in arrears. Custodian va�uatians are . 1.'� '. � taken on the last day of each calendar quarter as a basis �oc. computing fces. 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