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HomeMy WebLinkAbout5065Contract Number: Vendor: Sub�ect: Department: File Class: Beqln Date: End Date: Review Date: Vault Date: 5065 DAVIDSON FIXED INCOME MANAGEMENT, INC. Advisory Agreement Finance LEG 12-1 8/15/2011 8/15/2012 2/15/2011 Comments: ' Davidson ' Fixed Income Management �,�o ��,� ��� DAVIDSON FIXED INCOME MANAGEMENT, INC. ADVISORY AGREEMENT Ttus Agreement is entered into on ttus 1 S ` day of September, 2011 between Davidson Fixed Income Management, Inc (Hereinafter referred to as the "ADVISOR") and The City of Bremerton (heremafter referred to as "THE CTTY") Services will be provided to THE CITY by the ADVISOR's portfolio managers located at 5550 S W Macadam Avenue, Suite 110, Portland, Oregon 97239 In considerat�on of the mutual prorYUSes, covenants and undertakmgs set forth herem, the parties hereby agree as follows APPOINTMENT OF ADVISOR THE CTTY hereby appomts the ADVISOR and the ADVISOR hereby agrees to provide mvestment advisory services for THE CITY's mvestment portfoho (heremafter referred to as the "ACCOLJNT") SCOPE OF SERVICES The ADVISOR shall provide the followmg services A Review and provide updates for Investment Policy changes B Evaluate each fund and deternune the appropnate benchmark and management strategy that balances nsk and return Includes hquidity and core fund analysis C Assist in the development and implementat�on of a nsk-controlled strategy designed to enhance portfolio performance wlule specifically addressing the ob�ectaves and constraints for each fund balance D Make recommendat�ons as to asset allocat�on to maintam the targeted nsk and return profile E Assist m effectmg and managing of mvestment transact�ons The ADVISOR will provide disclosure to THE CITY regardmg each transact�on that ident�fies the dealers contacted and the pnces offered by each The ADVISOR may open accounts on behalf of THE CITY du�ectly with its approved broker/dealer list The ADVISOR agrees to momtor all settlements for delivery versus payment transact�ons with THE CTTY between the custodial bank and the dealers F Provide reports for the fund accounts which include descnpt�on of each secunty with book and market value at least monthly, or more frequent if requested, nsk ratmg for each secunty and secunty type for all funds, and liquidity profiles of all funds, mdividually and collectively. Total return reports will be provided on a monthly basis compacYng the portfolio performance relat�ve the appropnate benchmazk G Provide techrucal support in analyzing portfoho mformat�on H Report relevant market informat�on in a t�mely manner Key econorruc mdicators, events and informat�on relevant to managed portfolios will be provided at least quarterly and more frequent as necessary or requested I Assist in reviewing third party custodial providers J Hold a review meehng wittun six months of the beginning of ttus contract, either at THE CITY's offices or ADVISOR's office. K. Other Investment advisory services as needed, mcludmg• (i) Consultataon on other mvestment funds as needed, such as reserve funds Page 1 of 5 THE CITY, by entenng into ttus agreement does not surrender ownerslup of the cash or secunt�es compnsmg the account The ADVISOR will not act as a custodian of assets in the account or have possession of any such assets DESIGNATED AUTHORIZED PERSON(S) T'his contract provides for the trading authonzat�on for THE CTTY The persons authonzed to affirm transact�ons recommended by the ADVISOR are Signature Rabecca R. Hasart — Director of Fanancaal Services Cathenne Johnson — Asst Director of Fanancial Servcces J �.� NON-DISCRETIONARY SERVICES THE ADVISOR will make recommendat� s with respect to the mvestments of the ACCOUNT but will not make discret�onary mvestment decisions The ADVISOR's recommendat�ons will be given in wnt�ng, by telephone or by email to the designated authonzed person at THE CITY and must receive affirmat�on to proceed with the transact�on from a designated authonzed person pnor to execut�ng the purchase or sale of any secunt�es REPORTS In order that THE CITY may be kept informed of the status and activit�es in the ACCOUNT the ADVISOR shall furnish monthly statements relat�ng to the ACCOUNT The statements the ADVISOR agrees to furnish to THE CITY will provide details of all transact�ons involving the ACCOLJNT, a month end hst�ng of investments held m the ACCOUNT, and a reporhng on the performance of the ACCOUNT Such statements will be furmshed to THE CTTY wittun fifteen (15) days t�me after the close of each month INVESTMENT OBJECTIVES AND RESTRICTIONS: The ADVISOR mvestment declsions or recommendations for the ACCOLJNT will be m accordance with such investment pohcies and restrict�ons as THE CTTY may estabhsh for the ACCOUNT per the attached Statement of Investment Policy and Ob�ect�ves Extubit A All quest�ons regardmg any pohcies and restrict�ons will be addressed to the address and telephone number set forth in ttus agreement It will the responsibihty of the Chent to inform ADVISOR in wnt�ng of such policies and restrictions and of any changes therein, and to give the ADVISOR prompt wntten not�ce if Chent deems any investment decisions or recommendat�ons made for the ACCOUNT to be in violat�on of such policies or restrict�ons BEST EFFORT The ADVISOR will at all t�mes render the services called for m ttus Agreement m accordance with its best �udgment However, the ADVISOR does not imply or guarantee profits or freedom from loss in connect�on with its recommendations FEES In considerat�on of the services performed by the ADVISOR, THE CTI'Y agrees to pay the ADVISOR an annual mvestment advisory fee of $13,500 00 The quarterly fee is $3,375 dollars and will be paid at the end of each quarter SERVICES FOR OTHER CLIENTS It is understood that the ADVISOR provides mvestment advisory services for other clients It is further understood that the ADVISOR may take Page 2 of 5 mvestment act�on on behalf of such other clients, which differs from the investment act�on taken on behalf of the ACCOLJNT If the purchase or sale of secunt�es for the ACCOUNT and one or more such other clients is affected at or about the same t�me, such purchase or sale shall be allocated among the other chents m a manner deemed equitable by the ADVISOR ADVISOR REPRESENTATION The ADVISOR warrants that it is registered as an Investment Advisor under the Investment Advisors Act of 1940, and that the act�vit�es contemplated herem are to the best of its knowledge, in comphance with all laws and regulat�ons applicable to it and goverrung investments, and that all necessary act�ons required to authonze such act�vit�es have, to the best of its knowledge, been taken SAFEKEEPING THE CITY acknowledges that it will assign a th�rd party custodial bank to provide for the holding and delivery of all secunt�es. THE CTTY will control all fund transfers in and out of the account VEN�1E: In the event that either party deems it necessary to inst�tute legal act�on or proceedings to enforce any nght or obligat�on under tlus Agreement, the parhes agree that any such achon or proceeding shall be brought in the Supenor Court of the State of Waslungton m Kitsap County Each party is responsible for its own legal fees and costs unless otherwise allowed by law. TE�tM: The term of ttus agreement shall be for 1 year from the date hereof. This agreement may be ternunated for any reason by either party with or without cause, by givmg the other party at least 30 days wntten notice The agreement may not be assigned by e�ther of the parties without the pnor wntten consent of the other The Agreement const�tutes the entire Agreement of the parties with respect to the matters contained herein and no modificahon of ttus Agreement shall be effect�ve unless such modificat�on is m wnt�ng and signed but the parties hereto CONFIDENTIAL RELATIONSHIP All mformat�on and advice furcushed by either party to the other hereunder will be treated as confident�al and may not be disclosed to third parties except as required by operat�on of law or the legit�mate business necessity of the disclosmg party D�scLOSUx� S'rA�ME1v7' The ADVISOR represents that it has delivered to THE CTTY, at least two busmess days pnor to the execut�on of tYus Agreement, ADVISOR's current Form ADV, Part II By signing ttus Agreement below, THE CITY hereby acknowledges its receipt of said document at least two busmess days pnor to its execut�on of tlus Agreement KEY PERSONNEL The ADVISOR acknowledges and THE CTTY lured the ADVISOR because of the special qualificat�ons of Advisors key personnel. In particular, through this Contract, THE CITY is engaging the expertise, expenence, �udgment, and personal attent�on of Deanne Woodnng, CFA, Dave Westcott, CFA and Sally Walton ("key personnel") In the event the ADVISOR requests that THE CITY approve a reassignment or transfer of the key personnel, THE CTTY shall have the nght to approve or disapprove the proposed replacement(s) M�SCELLA1vEOUS This Agreement may not be assigned by either of the parhes without the pnor wntten consent of the other T'his Agreement const�tutes the entu�e agreement of the parhes with respect to the matters contained herein and no modification of tlus Agreement shall be effect�ve unless such modificat�on is m wnt�ng and signed by the parties hereto. Page 3 of 5 This Agreement shall be governed by the laws of the State of Wastungton, and furthermore by the Investment Advisors Act of 1940 and the rules and regulations promulgated by the Secunt�es and Exchange City under said act INSURANCE AND HOLD HARMLESS Pnor to and dunng the performance of the work covered under tlus Agreement, ADVISOR shall provide the Risk manager for the City of Bremerton with evidence that it has obtained and maintains m full force and effect dunng the term of ttus Agreement a policy of professional liability insurance, providing coverage of at least $1,000,000 agamst professional liability for errors and orrussions in connect�on with the work to be performed by ADVISOR under tYus Agreement Risk Manager shall be provided th�rty (30) days' wntten not�ce of any cancellation of said professional habihty insurance ADVISOR shall, at all t�mes, be solely responsible for the acts of failures to act of its personnel wluch occur or anse m any way out of the performance of this Agreement ADVISOR agrees to save and hold THE CTTY, its personnel and o�cials, harmless from all costs, expenses losses and damages, mcludmg the cost of defense, incurred as a result of any acts or onussions of ADVISOR personnel relat�ng solely to the performance of ttus Agreement Not�ces and reports as called for herein shall be mailed, m the care of AccoUiv�r: City of Bremerton 345 6�' Street , Suite 600 Bremerton, WA 98337 Phone (360) 473-5296 ADVISOR: Davidson Fixed Income Management, Inc 5550 SW Macadam Ave Suite 110 Portland, OR 97239 Phone (866) 999-2374 Cathenne Johnson Asst Director of Financaal Servaces AGREED TO AND ACCEPTED: CTTY OF BREMERTON Printed or Typed Name Asst Director of Financial Services Title `� Date Deanne Woodring, CFA Managing Darector Page 4 of 5 Cathenne Johnson AGREED TO AND ACCEPTED: DAVIDSON FIXED INCOME MANAGEMENT, INC Scgnature Deanne Woodnng Printed or Typed Name Managing Director Tatle �I����1 Date Page 5 of 5 ,ice DAVICOM-01 NKUNZ ACORO" •CERTIFICATE OF LIABILITY INSURANCE UATE(MM/°D/YYYY) kia.....-----' 9/29/2015 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER.THIS CERTIFICATE DOES NOT•AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S),AUTHORIZED REPRESENTATIVE OR PRODUCER,AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED,the policy(ies)must be endorsed. If SUBROGATION IS WAIVED,subject to the terms and conditions of the policy,certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT NAME: Missoula Office RECEIVED PHONE 406 721-1000 FAX 4 PayneWest Insurance,Inc. (A/c,No,Ext):( ) (A/c,No): ( 06)721-9230 P.O.BOX 4386 E-MAIL Missoula,MT 59808 r ADDRESS: OCT 0.9 2015 INSURER(S)AFFORDING COVERAGE NAIL fl INSURERA:Great Northern Insurance Co. INSURED INSURER B:Federal Insurance Company 20281 City of Bremertonp y Davidson Fixed Income Management,Inc.Risk Management INSURER c:Hartford Insurance Co of P 0 Box 5015 INSURER D:Axis Surplus Lines Company Great Falls,MT 59403 • INSURER E: INSURER F: COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR ADDL SPOLICY EFF POLICY EXP LTR TYPE OF INSURANCE NW SD VD POLICY NUMBER (MM/DD/YYYY) (MM/DD/YYYY) LIMITS A X COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ 1,000,000 CLAIMS-MADE X OCCUR 35809634 10/01/2015 10/01/2016 DAMAGE TO RENTED 1,000,000 PREMISES(Ea occurrence) $ MED EXP(Any one person) $ 5,000 PERSONAL&ADV INJURY $ 1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ 2,000,000 POLICY PRO- JECT LOC PRODUCTS-COMP/OP AGG $ 2,000,000 OTHER: $ AUTOMOBILE LIABILITY . COMBINED SINGLE LIMIT $ 1,000,000 (Ea accident) A X ANY AUTO 73564024 10/01/2015 10/01/2016 BODILY INJURY(Per person) $ ALL OWNED SCHEDULED BODILY INJURY(Per accident) $ AUTOS AUTOS XX NON-OWNED PROPERTY DAMAGE $ HIRED AUTOS _ AUTOS (Per accident) • $ • X UMBRELLA LIAB X OCCUR EACH OCCURRENCE $ 15,000,000 B EXCESS LIAB CLAIMS-MADE 79842305 • 10/01/2015 10/01/2016 AGGREGATE $ 15,000,000 DED X RETENTION$ 0 $ WORKERS COMPENSATION PER OTH- AND EMPLOYERS'LIABILITY STATUTE ER C ANY PROPRIETOR/PARTNER/EXECUTIVE Y/N 41WEBV2782 10/01/2015 10/01/2016 E.L.EACH ACCIDENT $ 1,000,000 OFFICER/MEMBER.EXCLUDED? _ N/A (Mandatory in NH) E:L.DISEASE-EA EMPLOYEE $ 1,000,000 If yes,describe under 1,000,000 DESCRIPTION OF OPERATIONS below E.L.DISEASE-POLICY LIMIT $ D Professional Liab. MSN708207 10/01/2015 10/01/2016 Each Claim 5,000,000 DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES (ACORD 101,Additional Remarks Schedule,may be attached if more space is required) Re: Investment Advisory Agreetment PROFESSIONAL LIABILITY LIMITS:$5,000,000 PER CLAIM/$5,000,000 AGGREGATE. (REQUESTED BY VINCE LAMARCA) CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE City of Bremerton THE EXPIRATION DATE THEREOF, .NOTICE WILL BE DELIVERED IN 345 6th Street • ACCORDANCE WITH THE POLICY PROVISIONS. Suite 600 Bremerton,WA 98337 AUTHORIZED REPRESENTATIVE cite . �htitAniy I ©1988-2014 ACORD CORPORATION. All rights reserved. 1 ACORD 25(2014/01) The ACORD name and logo are registered marks of ACORD ��...,N DAVICOM-01 NGOETZ AC'URCr DATE(MM/DDIYYYY) ‘...------- CERTIFICATE OF LIABILITY INSURANCE 9/30/2016 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER.THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S),AUTHORIZED REPRESENTATIVE OR PRODUCER,AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED,the policy(ies)must be endorsed. If SUBROGATION IS WAIVED,subject to the terms and conditions of the policy,certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT NAME: Missoula Office PHONE FAX Paynewest Insurance,Inc. (A/c,No,Ext):(406)721-1000 (p/C,No): (406)721-9230 E-MAIL P.O.Box 4386RECEIVED ADDRESS: Missoula,MTTV 59808 V INSURER(S)AFFORDING COVERAGE NAIC# OCT 2�1G INSURER A:Quote Submission INSURED OCT L INSURERB:Great Northern Insurance Co. Davidson Fixed Income Management,Inc. INSURER C:Federal Insurance Company 20281 P 0 Box 5015 City of Bremerton INSURER D:Hartford Insurance Co of Great Falls,MT 59403 RiskManagement INSURER E:Axis Surplus Insurance Company INSURER F: COVERAGES .. CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR ADDL SUBR POLICY EFF POLICY EXP TYPE OF INSURANCE LTR INSD WVD POLICY NUMBER (MM/DDIYYYY) (MM/DDIYYYY) LIMITS A X COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ 1,000,000 CLAIMS-MADE X OCCUR 35809634 10/01/2016 10/01/2017 PREMISES(a Eoccur ence) $ 1,000,000 MED EXP(Any one person) $ 5,000 PERSONAL&ADV INJURY _$ 1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ 2,000,000 POLICY PRO- JECT LOC PRODUCTS-COMP/OP AGG $ 2,000,000 OTHER: ' $ AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT $ 1,000,000 (Ea accident) B X ANY AUTO 73564024 10/01/2016 10/01/2017 BODILY INJURY(Per person) $ ALL OWNED SCHEDULED BODILY INJURY(Per accident) $ AUTOS AUTOS X HIRED AUTOS X ANONGOWNED PROPERTY(Perm cidentDAMAGE $ $ X UMBRELLA LIAB XOCCUR EACH OCCURRENCE $ 15,000,000 C EXCESS LIAB CLAIMS-MADE 79842305 10/01/2016 10/01/2017 AGGREGATE $ 15,000,000 DED X RETENTION$ 0 $ WORKERS COMPENSATION X PER OTH- AND EMPLOYERS'LIABILITY STATUTE ER YIN D ANY PROPRIETOR/PARTNER/EXECUTIVE 41WEBV2782 10/01/2016 10/01/2017 E.L.EACH ACCIDENT $. 1,000,000 OFFICER/MEMBER EXCLUDED? _ N/A (Mandatory in NH) . , - EL.DISEASE-EA EMPLOYEE $ 1,000,000 If yes,describe under DESCRIPTION OF OPERATIONS below E.L.DISEASE-POLICY LIMIT $ 1,000,000 E Professional Liab. MSN708207 10/01/2016 10/01/2017 Each Claim 5,000,000 DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES (ACORD 101,Additional Remarks Schedule,may be attached if more space is required) Re: Investment Advisory Agreetment PROFESSIONAL LIABILITY LIMITS:$5,000,000 PER CLAIM/$5,000,000 AGGREGATE. (REQUESTED BY VINCE LAMARCA) CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE Cityof Bremerton THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. 345 6th Street Suite 600 Bremerton,WA 98337 AUTHORIZED REPRESENTATIVE 1\134/464 QtitlY ©1988-2014 ACORD CORPORATION. All rights reserved. ACORD 25(2014/01) The ACORD name and logo are registered marks of ACORD