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R �` R <br />A4111 \_ LOA 114 0 <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 15, 2015 <br />TITLE: <br />CONTRACT EXTENSION FOR OFFICIAL <br />DEPOSITORY SERVICES ( "BANKING <br />SERVICES ") FOR SIX MONTH PERIOD <br />COMMENCING JANUARY 1, 2016 <br />RECOMMENDED ACTION <br />CLERIC OF COUNCIL USE ONLY: <br />APPROVED <br />[] As Recommended <br />❑ As Amended <br />® Ordinance on 1®' Reading <br />0 Ordinance on 2nd Reading <br />El Implementing Resolution <br />71 Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Adopt a resolution extending JPMorgan Chase Bank, N.A. ( "Bank ") as the officially <br />designated depository for the City of Santa Ana for six months commencing January 1, <br />2016 through June 30, 2016, with an option exercisable by the City Manager and City <br />Attorney for a further extension of six months. <br />2. Authorize the City Manager and the Executive Director of Finance and Management <br />Services Agency to execute an amended agreement extending the existing Bank <br />Depository Services ( "Banking Services ") Agreement (A- 2010 -204) for a six month period <br />(January 1, 2016 through June 30, 2016), with provision for an optional additional six month <br />extension (July 1, 2016 through December 31, 2016), exercisable by the City Manager and <br />City Attorney, for an amount not to exceed $22,500 per each six month term, with provision <br />for payment of claims for a six month period following the termination of said amended <br />agreement. <br />DISCUSSION <br />The Treasury and Customer Services Division ( "Treasury Division ") of Finance and Management <br />Services Agency is responsible for maintaining all banking transactions for the City, Successor <br />Agency, and the Housing Authority. Banking Services utilized include, but are not limited to: <br />daily deposit processing, check clearing, ACH, wire services and account reconciliation. The <br />current contract for full banking services with Bank will expire on December 31, 2015. In order to <br />ensure the City is keeping up with best practices as they relate to banking technology, banking <br />services, and to assure competitive pricing staff recommends that the existing Banking Services <br />agreement be extended for six months to afford the City the time necessary to comprehensively <br />evaluate competitive offers for future banking services. <br />55A -1 <br />