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Contract Extension For Official Depository Services ( "Banking Services ") December 15, 2015 Page 2 To that end the Treasury Division is in the process of preparing a Banking Services Request for Proposal ( "RFP ") for these services in March 2016. To allow for the possibility that the RFP selection process may result in the City selecting a new banking services provider, staff recommends that a six month extension of the proposed amended Banking Services agreement be accompanied by an option, exercisable by the City, for a further six month extension to permit a smooth transition to a new banking services provider, if necessary. The proposed amended Banking Services agreement shall be comprised of the Amendment to Agreement together with the following documents referenced as follows (collectively attached thereto and incorporated therein as Exhibit A): • The City's RFP 10 -018, issued March 31, 2010, as amended and supplemented by Bank's responses to such RFP, inclusive of all appendices other than the Account Terms and the Consolidated Service Terms contained in such response. • The Account Terms and the Consolidated Service Terms documents respectively signed by Bank and City on November 19, 2010, as each may have been subsequently amended by their respective terms. • Bank's City of Santa Ana account analysis statements for the month of September 2015 setting out all applicable bank fees. The recommended six month extension period will commence January 1, 2016, and subject to any early termination rights in the current Banking Services agreement, expires on June 30, 2016, unless the City exercises its option to extend the proposed amended Banking Services agreement for an additional six month period. During this extension period and any further optional extension period exercised by the City, the following would apply as continuations, modifications, and /or enhancements to the existing Banking Services agreement: All bank charges ( "Bank Fees ") will remain the same as those described in City of Santa Ana's account analysis statements for the month of September 2015 (subject to increases in deposit insurance assessments, which would be passed through as and when incurred). STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #4 City Financial Stability, Objective #1 (Maintain a stable, efficient and transparent financial environment). 55A -2