Explanation
On July 11, 1995 a Request for Proposal (RFP) for various banking services was issued by the Columbus City Treasurer's Office. Proposals were received from seven (7) local banks and subsequently reviewed by the Columbus Depository Commission, which recommended the award of banking services to specific banks. Ordinance #24-96 authorized the City Treasurer to enter contracts with National City Bank and Huntington Bank. Currently, the City's main operating account is with National City Bank and the City's payroll and other services are with Huntington Bank.
On September 6,2005 a Request for Proposal (RFP) for various banking services was issued by the Columbus City Treasurer's Office. Proposals were received from six (6) local banks and subsequently reviewed by the Columbus Depository Commission, which recommended, subject to the approval of City Council, the award of banking services to specific banks on December 2, 2005. All such banks were approved as eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. As a result, effective March 1, 2006, the City Treasurer will switch its main operating account and payroll account to JP Morgan Formerly known as Bank One
The City Treasurer wishes to extend the contract ending date for the existing contract with National City Bank for payroll and checking service, as well as, the contract with Huntington for the City's main operating business to February 28, 2007 for the purpose of clearing out these accounts.
Both of these banks have been approved to accept deposits of the City of Columbus for the year 2006 as required in Chapter 321.04 of the Columbus City Code. Such approval was based upon Applications for the Deposit of Public Funds, which were submitted by each bank and approved at a meeting of the Columbus Depository Commission held on December 22, 2005.
Fiscal Impact: Exsisting contract funds are available to cover expenses associated with this important matter.
Title
To authorize the City Treasurer to extend the time on the existing contracts with National City Bank for its main operating account, as well as, the existing contract with Huntington Bank for payroll and other banking services until February 28, 2007 to enable the close out of these accounts for any outstanding warrants and payroll checks that need to clear these accounts. ($ -0-)
Body
Whereas, on September 6,2005 a Request for Proposal (RFP) for various banking services was issued by the Columbus City Treasurer's Office. Proposals were received from six (6) local banks and subsequently reviewed by the Columbus Depository Commission, which recommended, subject to the approval of City Council, the award of banking services to specific banks on December 2, 2005. All such banks were approved as eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code; and
Whereas, the City Treasurer wishes to extend the existing contract date for the provision of banking services with National City Bank and Huntington as provided for in a Request for Proposal issued on July 11, 1995 and for which approval for extensions of such contracts was approved by the Columbus Depository Commission at a meeting held on December 22, 2005; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS
Section 1. That the City Treasurer is hereby authorized to modify the existing contract with National City Bank for the provision of the Main Operating Account of the City of Columbus by extending the ending date of the contract to February 28, 2007, and
Section 2. That the City Treasurer is hereby authorized to modify the existing contract with the Huntington National Bank for the provision of a Payroll Account and Checking Account by extending the ending date of the contract to February 28, 2007, and
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.