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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 07, 2008 <br />TITLE: <br />CONTRACT RENEWAL FOR BANK <br />DEPOSITORY SERVICES <br />. ~~ <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 15f Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Renew the contract with Bank of America for bank depository services for <br />a two-year period in an annual amount not to exceed $100,000. <br />DISCUSSION <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. On June 20, 2005, the <br />City Council awarded a contract for a three-year period with an option <br />for a two-year renewal. Bank of America continues to maintain the lowest <br />prices available and has performed satisfactorily during the past <br />contract period. As a result, staff recommends authorizing the renewal <br />of the contract. <br />FISCAL IMPACT <br />Monthly bank charges will be deducted from interest earned on account <br />balances. <br />\ a ~ ..-, <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />25X-1 <br />