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AGREEMENT <br /> This Agreement is by and between Bank of America N.A. , 800 5th Avenue, Seattle <br /> Washington 98104-3176 ("Bank") and the City of Everett of the State of Washington <br /> and is effective as of _, 2004 (the "Effective Date"). <br /> WHEREAS, the City of Everett needs banking services; and <br /> WHEREAS, the City requested interested banks to submit proposals for such services; <br /> and <br /> WHEREAS, Bank submitted a proposal; and <br /> WHEREAS, the City's Evaluation Committee recommended Bank's proposal to City <br /> Council as being the proposal most advantageous to the City; and <br /> WHEREAS, Bank and City desire to contract for the banking services described in <br /> Bank's proposal; <br /> NOW, THEREFORE, in consideration of the premises and the mutual promises <br /> contained in this agreement, the parties agree as follow: <br /> 1. TERM <br /> The term of this Agreement shall be four (4) years from the Effective Date. The parties <br /> may agree in writing to extend the Agreement for a period of one (1) additional year. <br /> 2. REPRESENTATIONS <br /> A. Bank represents that it is, and warrants that for the term of this Agreement it will <br /> be: <br /> 1. A Federally chartered financial institution with branch banking facilities <br /> located within the city limits of the City of Everett. <br /> 2. Approved by the Washington Public Deposit Protection Commission as a <br /> qualified public depository. <br /> 3. Insured by the Federal Deposit Insurance Corporation (FDIC). <br /> 4. A full-service financial institution capable of providing the basic banking <br /> services identified in the Request for Proposals. <br /> 5. In compliance with and either meets or exceeds the requirements of RCW <br /> Chap. 39.58 (Public Fund Protection Act) as it exists as of the effective <br /> date of this Agreement and as it may be amended by the State Legislature <br /> in the future, including any successor statutes. <br /> 4l <br />