Laserfiche WebLink
<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />~ <br />~ <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />JUNE 20, 2005 <br />TITLE: <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 1st Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />l' <br /> <br />DESIGNATION OF OFFICIAL CITY <br />DEPOSITORY FOR THREE-YEAR <br />PERIOD COMMENCING JULY 1, 2005 <br />(SPEC. NO. 2005-0 ) <br /> <br />~ .' <br />1 ,/ <br />. ;.. ~2- <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />1. Adopt a resolution designating Bank of America, as the official <br />depository for the City of Santa Ana. <br /> <br />2. Direct the City Attorney to prepare and authorize the City Manager <br />and the Clerk of the Council to execute an agreement with Bank of <br />America to provide banking services for the City for a three-year <br />term commencing July I, 2005, with a renewal option for two <br />additional years in the estimated annual amount of $72,000. <br /> <br />DISCUSSION <br /> <br />The Treasury Division of the Finance and Management Services Agency is <br />responsible for maintaining all banking transactions for the City, <br />Redevelopment Agency and the Housing Authority. Banking services utilized <br />include daily deposit processing, check clearing, wire services and <br />account reconciliation. The current five-year contract for full banking <br />services expires on June 30, 2005. In order to ensure the City is keeping <br />with changes in banking technology, services and assure competitive <br />pricing, the Treasury Division issued a Request for Proposals. <br /> <br />Notice inviting bids were sent to qualifying banks with branches located <br />within the City of Santa Ana. Five proposals were issued and four bids <br />were received. All bids submitted were responsive to the specifications. <br />Each respondent's proposal and price quotations were evaluated based on a <br />typical month's volume of transactions. <br /> <br />55C-1 <br /> <br />