Explanation
BACKGROUND
The City Treasurer respectfully requests authorization to modify contracts with Huntington and National City Bank by increasing the appropriation amounts by $2,000.00 and $5,000.00 respectively. Original cost estimates have proven to be lower than anticipated due to a decrease in the banks' earning credit rates. Therefore there is an immediate need to increase appropriation levels and authorize the expenditure as may be necessary from the General Fund for services within the guidelines set forth in the original bid document.
Title
To authorize the City Treasurer to modify contracts for banking services with Huntington for $2,000.00 and National City Bank for $5,000.00; to authorize the expenditure of up to $7,000.00 from the General Fund and to declare an emergency ($7,000.00).
Body
Whereas, the City Treasurer wishes to extend the contracts with National City Bank and Huntington for the provision of banking services as provided 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 28, 2002, and
Whereas an emergency exists in the usual daily operations of various City divisions, as it is immediately necessary to extend existing contracts cited below, providing banking services necessary for the daily operations of normal business activities of the City of Columbus; 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: (1) to authorize the expenditure of up to $5,000.00 or so much thereof as may be necessary from the General Fund 010, City Treasurer's Office 23-01 as follows:
OCA Object Level One Object Level Three Purpose Amount
230227 03 3348 Banking Services $5,000.00
Section 2. That the City Treasurer is hereby authorized to modify the existing contract with Huntington for the provision of a Payroll Account and Checking Account by: (1) to authorize the expenditure of up to $2,000.00 or so much thereof as may be necessary from the General Fund 010, City Treasurer's Office 23-01 as follows:
OCA Object Level One Object Level Three Purpose Amount
230227 03 3348 Banking Services $2,000.00
Section 3. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.