Explanation
BACKGROUND:
On February 27, 2007 Columbus City Council passed ordinance number 0150-2007 authorizing the Columbus City Treasurer's Office to modify and extend various banking services contracts, among which was a contract extension for provision of the payroll and operating accounts with JP Morgan Chase Bank for the period of March 1, 2007 through February 28, 2008. At that time, no funds were added to the contracts.
The City Treasurer now wishes to modify its contracts with JP Morgan Chase Bank to provide funds for these contracts.
FISCAL IMPACT: Funds for these contracts are budgeted and available within the City Treasurer's 2007 appropriations.
Emergency action is requested to allow the financial transaction to be posted in the city's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/14/2008
Title
To authorize the City Treasurer to modify its contracts for banking services with JP Morgan Chase Bank; to authorize the expenditure of up to $30,000 from the general fund; and to declare an emergency. ($30,000.00)
Body
WHEREAS, the City Treasurer wishes to modify the existing contracts for provision of the payroll and main operating accounts with JP Morgan Chase Bank, originally authorized by Columbus City Council on February 27, 2007 by ordinance number 0150-2007; and
WHEREAS, the funds that are needed are budgeted and available within the City Treasurer's 2007 appropriations; and
WHEREAS, as an emergency exists in the usual daily operation of the City Treasurer, as it is immediately necessary to modify the existing contracts and authorize the expenditures with JP Morgan Chase Bank for the provision of providing for the main operating account and the payroll account of the City of Columbus necessary for the daily operation of normal business activities of the City of Columbus, thereby preserving the public health, peace, property, safety and welfare; 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 contracts with JP Morgan Chase Bank for the provision of the main operating account and the payroll account of the City of Columbus and to authorize the expenditure of $30,000, or so much thereof as may be necessary, as follows:
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $30,000.00 | City Treasurer
SECTION 2. 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.