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11 0 <br />Mit <br />6, 2016 <br />AGREEMENT FOR DEPOSITORY SERVICES <br />( "BANKING SERVICES") <br />(STRATEGIC PLAN NO. 4,1) <br />CITY MAN ER <br />M. 02 02 -06y WN, <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1st Reading <br />❑ <br />Ordinance on 2 "tl Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />_ d? TL,r1T�':7 <br />1. Adopt a resolution designating JPMorgan Chase Bank, N.A., ( "JPMorgan Chase Bank ") the <br />official depository for the City of Santa Ana for three (3) years commencing January 1, 2017 <br />through December, 31, 2019, with an option exercisable by the City Manager and City <br />Attorney for a single two -year extension. <br />2. Authorize the City Manager and the Executive Director of Finance and Management Services <br />Agency to execute a banking services agreement with JPMorgan Chase Bank for an initial <br />three -year term beginning January 1, 2017 through December 31, 2019, for an amount not to <br />exceed $65,000 annually, with a provision for a single two -year extension exercisable by the <br />City Manager and the City Attorney subject to non - substantive changes approved by the City <br />Manager and the City Attorney, with provision for payment of claims for a six month period <br />following the termination of said amended agreement. Any price changes for optional years <br />four and five must be agreed upon by the both parties during the third year. In the event price <br />changes exceed initial pricing, exercise of the option to extend the Agreement shall be subject <br />to City Council approval. <br />DISCUSSION <br />The Treasury and Customer Services Division ( "Treasury Division ") of the Finance and <br />Management Services Agency is responsible for maintaining all banking transactions for the City, <br />Successor Agency, and Housing Authority. Banking Services utilized include, but are not limited <br />to: daily deposit processing (electronic /physical checks, currency, and coin), check clearing, <br />ACH, wire services and account reconciliation. The current contract for full banking services with <br />JPMorgan Chase Bank will expire on December 31, 2016. In order to ensure the City is keeping <br />up with best practices as they relate to banking technology, banking services, and to assure <br />competitive pricing, the Treasury Division on September 1, 2016, issued a Request for Proposals <br />(RFP No. 16 -111) for banking services. <br />55E -1 <br />