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<br /> <br />Category 2: Sensitive information <br />Category 2: For official use only / disclosure permissible by law. <br />BANKING SERVICES <br />MUNICIPAL MASTER AGREEMENT <br /> <br />This Municipal Master Agreement (this “Agreement”) is dated as of _________ and is by and between U.S. Bank <br />National Association (“Bank”) and the City of Everett, a Washington municipal corporation (the “City”). <br />RECITALS <br />A. The City and Bank have entered into agreements under which the Bank provides certain banking services <br />to the city. These agreements include, without limitation: (1) U.S. Bank Master Services Agreement, (2) <br />U.S. Bank Terms and Conditions, (3) Your Deposit Account Agreement, and (4) any documents referenced <br />or incorporated therein as well as other authorizations and agreements between the City and Bank. All of <br />these agreements are collectively referred to as the “Banking Services Agreements.” <br />B. The purpose of this Municipal Master Agreement is to set forth provisions that control all of the existing <br />and future Banking Services Agreements. <br />AGREEMENT <br />NOW, THEREFORE, in consideration of the premises and the mutual promises contained in this Agreement, the <br />parties agree as follows: <br />1. Term. The term of this Agreement begins on January 1, 2024, and ends on December 31, 2029. The parties <br />may agree in writing to two additional two-year terms. <br />2. Representations. The Bank represents and warrants that it is, and for the term of the Agreement, it will <br />remain: <br />A. A federally chartered financial institution with branch banking facilities located within the city <br />limits of the City of Everett; <br />B. Approved by the Washington Public Deposit Protection Commission as a qualified public <br />depository; <br />C. Insured by the Federal Deposit Insurance Corporation (FDIC); <br />D. A full-service financial institution capable of providing basic banking services; and <br />E. In compliance with and either meets or exceeds the requirements of RCW Chap. 39.58 (Public <br />Fund Protection Act) as it exists as of the effective date of this Agreement and as it may be <br />amended by the State Legislature in the future, including any successor statutes. <br />3. Services. Bank shall provide the services described in Exhibit A (“Banking Services”) in accordance with <br />the Banking Services Agreements and this Agreement. The parties may mutually agree in writing to add <br />or subtract services from Exhibit A. In order to be effective, such an agreement must be labelled as an <br />addendum to Exhibit A and must be signed by an authorized representative of Bank and by the City’s Chief <br />Financial Officer. <br />4. Compensation. City shall compensate Bank as described in Exhibit A for Banking Services. <br />5. Default. <br />A. Failure to cure any breach within the cure period included in any notice of breach of this <br />Agreement shall be deemed material. <br />B. An uncured patter of failure to accurately, timely or completely process transactions for the City <br />shall be deemed a material breach of this Agreement. In the event of such a material breach, City <br />shall provide written notice of such breach. Bank shall respond to any such notice of breach within