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<br />under this Agreement. The City will defme all reporting needs for information needed on a <br />daily, monthly, quarterly and annual basis. The Consultant will submit all reports to the City of <br />its transactions promptly after the end of each month. Such report will indicate the balances <br />remaining in the Portfolio and each account, the interest earned, all deposits and withdrawals, <br />and a statement of all investment securities held for each month. <br /> <br />Confirmations <br /> <br />3.3.7 Establish all necessary procedures for the City to receive independent trade confirmations <br />from all brokers/dealers for each transaction in the Portfolio. Independent confirmations will be <br />sent directly and promptly to the City for audit trail purposes. <br /> <br />3.4 ADDITIONAL SERVICES/CHANGE IN SERVICES <br /> <br />3.4.1 Since the Consultant's compensation is a fixed fee for Basic Services, including minor <br />deviations from those described in this Agreement, compensation to the Consultant for additional <br />services will only be for substantial deviations from the scope of services described in this <br />Agreement. The Consultant will submit a written estimate of fees to the City and obtain the <br />City's authorization before initiating any additional services. <br /> <br />3.4.2 Each material change (deletion or addition) in the services to be provided by Consultant <br />must be authorized by the City on the Authorization of Change in Services form attached to this <br />Agreement as Attachment C. Compensation for additional services will be in addition to that <br />specified for Basic Services in accordance with Section 5.2 of this Agreement. The approval of <br />the City's governing body is necessary for all additional services the compensation for which <br />exceeds $25,000. <br /> <br />ARTICLE 4 <br />THE CITY'S RESPONSIBILITIES <br /> <br />The City will: <br /> <br />4.1 Provide full infonnation to the Consultant regarding the City's requirements for the <br />Consultant's services under this Agreement. The City will furnish the Consultant with copies of <br />data and information in the City's possession needed by the Consultant at the Consultant's <br />request. <br /> <br />4.2 Designate Rodney Gonzales, Director of Finance, as the City's Project Manager and <br />authorized representative to act on the City's behalf with respect to this Agreement. The City <br />will examine the documents and information submitted by the Consultant and promptly render <br />responses to the Consultant on issues requiring a decision by the City. <br /> <br />4.3 Will select and identify to the Consultant a third-party custodian that will maintain <br />portfolio assets. <br /> <br />6 <br />