Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />OCTOBER 18, 2010 <br />TITLE: <br />CONTRACT AWARD TO J.P. MORGAN CHASE <br />TO BE THE OFFICIAL CITY DEPOSITORY FOR <br />THREE-YEAR PERIOD COMMENCING <br />JANUARY 1, 2011 <br />???- <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />0 Ordinance on 1 a` Reading <br />0 Ordinance on 2i° Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution designating J.P. Morgan Chase, as the official depository for the City of <br />Santa Ana. <br />2. Authorize the City Manager and the Executive Director of Finance and Management <br />Services Agency to execute an agreement with J.P. Morgan Chase, the lowest responsible <br />bidder, for athree-year period, with provision for atwo-year extension in the annual amount <br />not to exceed $45,000 per year commencing January 1 , 201 1 . <br />3. Authorize the City Manager and the Executive Director of Finance and Management <br />Services Agency to extend the term of the Treasury Services Agreement with Bank of <br />America, N.A. through December 31 , 201 O, with provision for payment of claims for a six <br />month period, through June 30, 2011. <br />DISCUSSION <br />The Treasury Division of the Finance and Management Services Agency is responsible for <br />maintaining all banking transactions for the City, Redevelopment Agency and the Housing <br />Authority. Banking services utilized include daily deposit processing, check clearing, wire <br />services and account reconciliation. The current five-year contract for full banking services with <br />Bank of America expired June 30, 2010. In order to ensure the City is keeping with changes in <br />banking technology, services and assure competitive pricing, the Treasury Division issued a <br />Request for Proposals. <br />Notice inviting bids were sent to qualifying banks with branches located within the City of Santa <br />Ana in April, 2010. Six proposals were received. All bids submitted were responsive to the <br />specifications. Each respondent's proposal and price quotations were evaluated based on a <br />typical month's volume of transactions. <br />55A-1