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Home My WebLink AboutBank Of America PFIC Account Rate Change Letter (1 D V Bank of America ��. _. June 16. 2009 ' Ms. Kelly Iiala��ia C'ity oti Wintcr Springs l 126 r State Rd. 434 �Vintcr Springs, 1=I. �2708 Rc: Cily of V►-'intcr Springs Yl� IC account Dear Kcllv: 1-3ank of Amcrica is pleased lo bc able to offcr an alternative rate solution that will assist you in this challen�ing economic climate. 'I'his letter will be used to set forth our understandin� and agrccment �vith respect lo this solution, which rclates to the abovc- referenced Public Funds ln�erest Checking account {the `'Account") established by the City ol� Wintcr Sprines ("you" and '`your") at Bank of America, \.A. ("we,�° "us" and "our'). Account Rate: tJpon your appro�•al, ��e will change thc rate applicable to vour Account from an indexed ratc t� our Public r'unds Interest Checking "Managed" rate, which is currently set at .3U%. 1�his rate is subject to change from time to time at our discretion, which could result in the managed rate bc;ing higher or lower than the indcxed rate. Howevcr, ai �:�is time, lhc managed rate is higher than the rate that is currently applicable to your Account. Upon 30 days' prior «�ritten notice iTOm you, we ��711 move your rate back to thc original indexed rate structurc of f�cd I�unds Eifective less 40 ba.sis point�. If you ��,ould like to have the managed rate apply to your Account, please confirm your acceptance of and a�reement to the terms set forth in this letter by signing the enclosed copy of this letter, as indicated below, and retuming it to us at the address below. You agrce that the �rson signing below is authorized to sign on your behaif and agree to these tcrms. "I11e tenns set forth in this letter shall control notw�ithstanding anything to thc contrary in anv other agreement applicable to your Accouni. Upon our receipt of the signed letler from ��ou, we ��•ill implemcnt the above rate changc. liank uf :lmeriw, Grner.�mcnt 13eu�kin; . FI.B'..r..'Ei (M 01.1(x) �l' GAltllt:\ S"P, PLN�:1(X)Ir1 ,}'1. :t'.515::5HIK x.,,��.� ra,r. Sincerely yours, liank of Mierica, N.A. Fiy� . I�'amc: Rachel 1Zocdcl Titic: Salcs Support �lssociate ne1Z��- 'I�O AND ACCF,Y"t�1:D: City of Winter Springs 13v: Name: ,� cwNr y- s,.+'z+ '1 itlC: GT7 � A,,.v,�-� ; �,, ` w„d,�a � Ke11y Balagia From: Roedel, Rachel L [rachel.l.roedel@bankofamerica.com) Sent: Tuesday, June 16, 2009 1:01 PM To: Kelly Balagia Cc: Kevin Smith; Paul Green; Sikes, Kathryn Subject: RE: Investment option for your PFIC account Attachments: City of Winter Springs Rate Letter.pdf Hi Kelly, Sorry for the delay, I have been out of the office. Attached is the rate addendum I need to have signed and sent back to get the rate changed on your PFIC account. You can either email or fax a copy back and then mail the original. Upon receipt I will submit the rate change request. Please let me know if you have any questions. Thanks, Rnchel Roedel Sales Support Associate - Govemment Bank of America Merrill Lynch Bank of America N.A. 100 West Garden St. 4th Floor Pensacola, FL 32502 Office - 850.454.1008 Right Fax - 904.312.6182 raGhel.l.roedel�2i bankofamerica.com NOTICE: This E-mail (inGuding attachments) is confidential and maybe legalty privileged. If you are not the intended recipient, you are hereby notified that any retention, dissemination, distribution, or copying of this commun�ation is strictly prohibited. Please reply to the sender that you have received the message in error, then delete it. Thank you From: Kelty Balagia [mailto:kbalagia@winterspringsfl.org] Sent: Wednesday, June 10, 2009 5:16 PM To: Roedel, Rachel L Cc: Kevin Smith; Paul Green Subject: RE: Investment option for your PFIC account Hi Rachel, Michelle is no longer with the City and for a season I will be filling in as interim Finance Director. After speaking with our City Manager about our investment options we would like to exercise the managed rate plan offered below for our Public Funds Interest Checking accou�t. Please let me know the necessary steps to move forward. We certainfy appreaate the opportunity to maximize eamings. Thank you for your initiative. 7�elly Balagia, BudgetAnafyst 1126 �E. State �acC434 `W'interSprings, �FL 32708 Of�ct 407-327-7590 �Far, 407-327-6694 '�Be �rafer tfian necessary, for ecrryone you meet i.s figkting some kincl of 6attle. " _ _ __ _ _ .. -- - _ --- -- - From: Roedel, Rachel L [mailto:rachel.l.roedel@bankofamerica.com] Sent: Friday, April 17, 2009 4:53 PM To: Michelle Greco Cc: Sikes, Kathryn; Thompson, Glenna S Subject: Investment option for your PFIC account � Michelle, Due to today's challenging rate environmenf, Bank of America has reviewed it's pricing options for govemmenta/ clients and is pleased to be able to offer an enhanced rate altemative to the current Effective Funds Rate indexed formu/a. Based on your depository history with the bank, we have received approva/ to offer you a managed rate plan for your Public Funds Interest Checking account. The current rate of this account is 30 basis points. It is a managed rate, not indexed, and is subject to change week/y. This does not require any changes to your account, and it does not affect the collateral of the account. Only the rate parameter wou/d be modified. In the future should rates change and the Effecfive Federal Funds (EFF) index become more advantageous, you can choose to convert back to your prior indexed rate of EFF less 40 basis points with 30-days' prior written notice fir�m you or an authorized represenfative. If you would like to modify the rate structure of your account, please respond to this email a�rmative/y, and we will forward you a letter for your approval. Upon receipf of your signed letter, we will process the rate modification. This should take place within 7 to 10 business days. Should you have any quesfions, p/ease don't hesitate to contact Kathy Sikes at 407.420.2772, or Glenna Thompson at 813. 225.8373. Rnchel Rcedel Sales SuppoR Associate - Govemment Bank of America 100 West Garden St. 4th Floor Pensacola, FL 32502 Offioe - 850.454.1008 Rght Fax - 904.312.6182 rachel.l.roedel�bankofamerica com NOTICE: This E-mai! (inGuding attachments) is confidential and maybe legally privileged. If you are �ot the intended recipient, you are hereby notified that any retention, dissemination, distribution, or copying of this communication is strictly prohibited. Please reply to the sender that you have received the message in error, then delete it. Thank you C�nfdenti�l�ty Not his e ar;d any at:acFme��± to it ca��tain� :nfermatien inten�ed enly -or th� use of the ii�d�viduaiisi or 2nt ty nam2d on ?he e If the reader of tnis e f �s rat ;he ntendec re�•:p an?. or the emp{oye2 or agent �2spcnsEble for Czl�versnc d te the iniended rzap;zn?. you are hereby noLf2d that readr.g �t is s;rictiy prchib4ed. �f yeu have received this e-ma+1 m erar, please imn;ediate�y �eturn ;t to the sender and delete it from your system. Thank you 2