Agreement With Suntrust Bank, N.A. 020/, -a joy s
AMENDMENT NO. 2 TO THE
TREASURY MANAGEMENT MASTER AGREEMENT
BETWEEN THE CITY OF MIAMI BEACH, FLORIDA
AND
SUNTRUST BANK, N.A.
This Amendment No. 2 (Amendment) to the Treasury Management Master Agreement,
dated February 1, 2013, by and between the City of Miami Beach, Florida ("City"), and
SunTrust Bank, N.A., ("SunTrust"), is entered into this P, 4kday of Oetober, 2019
(Effective Date): NCNB.ngE�
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, with the initial term
commencing on January 1, 2013, and expiring on December 31, 2017 (the "Agreement");
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, a copy of which is attached hereto as
Exhibit "A"; and
WHEREAS, Amendment No. 1 incorporated certain of the terms of the Settlement
Agreement; and
WHEREAS, City and SunTrust desire to renew the Agreement for an additional
one (1) year period, on the same terms and conditions as set forth in Amendment No. 1
and 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.
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 SunTrust 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. 1.
2. MODIFICATIONS.
The Agreement is hereby amended (deleted items struck through and inserted
items underlined) as follows:
(a) Section 17 to the Treasury Management Terms and Conditions, 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, 2019, this
agreement shall be renewed for one additional one-year term, commencing
on January 1, 2020 and expiring on December 31, 2020.
(b) Section 2 of the Agreement, entitled Organization of Agreement, is
hereby amended by adding a new Section 2(j) as follows:
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 SunTrust will apply a 1.5% earnings credit to the Accounts for any
balances used to cover the fees and expenses incurred for the Accounts; and
1.2.3 SunTrust will offer 1.5% 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.
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FOR CITY: CITY OF MIAMI BEACH, FLORIDA
ATTEST:
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Rafael E. Granado, City Clerk Jim 3 . M• m, City Manager
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FOR SUNTRUST BANK, N.A: i V**-•.
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APPROVED AS TO
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