Amendment No.3 to the treasury management master agreement with Truist Bank F/K/A Suntrust Bank , N.A. DocuSign Envelope ID:4C2B0052-2364-41CD-A14E-5AF2007C2714 ,�2220 3152
AMENDMENT NO. 3 TO THE
TREASURY MANAGEMENT MASTER AGREEMENT
BETWEEN THE CITY OF MIAMI BEACH, FLORIDA
AND
TRUIST BANK F/K/A SUNTRUST BANK, N.A.
This Amendment No. 3 (Amendment) to the Treasury Management Master Agreement,
dated February 1, 2013, by and between the City of Miami Beach, Florida ("City"), and
TRUIST BANK f/k/a SUNTRUST BANK, N.A., ("SunTrust"), is entered into this 6 day
of January , 2021 (Effective Date):
RECITALS
WHEREAS, on November 14, 2012, the Mayor and City Commission adopted
Resolution No. 2012-28055, approving an agreement between the City and SunTrust,
pursuant to RFP No. 53-11/12, for the provision of various banking services for a five (5)
year term, with five (5) additional one (1) year renewal options, at the City's option; and
WHEREAS, pursuant to City Commission Resolution No. 2012-28055, the City
and SunTrust executed a Treasury Management Master Agreement (the "Agreement"),
with the initial term commencing on January 1, 2013, and expiring on December 31, 2017;
and
WHEREAS, on October 31, 2017, the Mayor and City Commission adopted
Resolution No. 2017-30085, approving a Settlement Agreement between the City and
SunTrust, and Amendment No. 1 to the Agreement, which incorporated certain terms of
the Settlement Agreement and renewed the Agreement for a one (1) year period ending
in December 31, 2019; and
WHEREAS, on February 7, 2019, SunTrust announced the merger of equals
between SunTrust Banks, Inc. and BB&T Corporation; and
WHEREAS,on June 12, 2019, SunTrust announced "Truist Bank" ("Truist")as the
successor in interest by merger; and
WHEREAS, on November 8, 2019, the City Manager approved and executed
Amendment No. 2, which renewed the Agreement for a one (1) year period ending on
December 31, 2020 pursuant to Section 17 of the Agreement and added a new Section
2(j)to the Agreement; and
WHEREAS, any references in the Agreement to SunTrust shall hereinafter refer
to Truist; and
WHEREAS, City and Truist desire to renew the Agreement for an additional one
(1) year period, on the same terms and conditions as set forth in the Agreement, except
with regard to the earnings credit and interest rate earned on the Accounts, which shall be
governed by the rates specified herein.
DocuSign Envelope ID:4C2B0052-23B4-41 CD-Al 4E-5AF2007C2714
NOW THEREFORE, in consideration of the mutual promises and conditions
contained herein, and other good and valuable consideration, the sufficiency of which is
hereby acknowledged, the City and Truist hereby agree to amend the Agreement as
follows:
1. ABOVE RECITALS.
The above recitals are true and correct and are incorporated as part of this
Amendment No. 3.
2. MODIFICATIONS.
The Agreement is hereby amended (deleted items and inserted
items underlined)as follows:
(a) Section 17 of the Agreement, entitled "Term and Termination," is hereby
amended by adding a new sentence at the end of Section 17, as follows:
At the conclusion of the current renewal term, on December 31, 2020, this
Agreement shall be renewed for one additional one-year term, commencing on
January 1, 2021 and expiring on December 31, 2021.
(b) Effective January 1, 2021, subsection 2(j) of Section 2 of the
Agreement, entitled "Organization of Agreement", is hereby deleted
and replaced as follows:
(j) The terms and conditions set forth in the Settlement Agreement,
attached as Exhibit "A" hereto, are hereby incorporated by reference,
except that Sections 1.2.2 and 1.2.3 of the Settlement Agreement shall be
deleted in their entirety and replaced with the following:
1.2.2 Truist will apply a 30 basis points earnings credit to the accounts for
any balances used to cover the fees and expenses incurred for the Accounts;
and
1.2.3 Truist will offer 5 basis points interest on any balances in the
Accounts that exceed the balances needed to cover the fees and expenses for
the Accounts as described in section 1.2.2. above.
3. RATIFICATION.
Except as amended herein, all other terms and conditions of the Agreement shall
remain unchanged and in full force and effect. In the event there is a conflict
between the provisions of this Amendment and the Agreement, the provisions of
this Amendment shall govern.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their appropriate officials, as of the date first entered above.
THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.
DocuSign Envelope ID:4C2B0052-23B4-41 CD-A14E-5AF2007C2714
FOR CITY: CITY OF MIAMI BEACH, FLORIDA
ATTEST:
�DocuSigned by: DocuSigned by:
► . �. � E.., J. Attii.,
By. RaGern4rInado, Raur
Aguila,
City Clerk Interim City Manager
1/6/2021 i 3:13 EST
Date
FOR TRUIST BANK: TRUIST BANK
ATTEST:
. 61/1)444, -
By: Senior Vice President
W. Dane Sheldon
Print Name Print Name and Title
1/6/2021 _
Date
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
PAttAk(--kNP — Elbt2D2-1
• Cily Attorney Date