Explanation
Background: This ordinance authorizes the Franklin County Municipal Court Clerk to modify and increase the amount of the third year of a three year contract with Huntington National Bank for the provision of bank and credit card services, for the Clerk's office.
Contract Modification:
1. The amount of additional funds to be expended under this modification is $90,000.00.
2. As per agreement with Huntington National Bank the Clerk's office receives earnings credits on funds deposited with the Huntington National Bank, which are used to offset the bank service charges. These credits are based on the current federal fund rate (interest) set by the Federal Reserve. The recent decline in this rate caused a decrease in these earnings credit, causing a commensurate increase in the Court Clerk's banking service costs. As a result additional funds are needed to pay for the bank and credit card costs for the remaining term of the contract, ending December 31, 2009.
3. It is in the city's best interest to modify and increase the amount of the current contract with Huntington National Bank to maintain uninterrupted bank services for the Clerk's office.
Contracts:
2006 - Original Contract # EL006711- $40,000.00 - Ordinance 2167-2006
2007 - First Contract Modification # EL006711 - No Additional Funds Required.
2008 - Second Contract Modification # EL008390 - $80,000.00
2008 - Third Contract Modification # EL009021 - $41,517.00
2009 - Fourth Modification - $90,000.00
Contract Compliance Number: 31-0966785
Expiration Date: 09/21/2009
Fiscal Impact: Sufficient funds are available within the Clerk's 2009 general fund budget.
Emergency: To maintain uninterrupted bank services for the Franklin County Municipal Court Clerk's office.
Title
To authorize and direct the Franklin County Municipal Court Clerk to modify and increase the contract with Huntington National Bank for the provision of bank and credit card services; to authorize an expenditure of $90,000.00 from the Clerk's general fund; and to declare an emergency. ($90,000.00)
Body
Whereas, it is necessary for the Clerk to modify the contract for bank and credit card services with Huntington National Bank for the Clerk's office; and
Whereas, an emergency exists in the daily operations of the Franklin County Municipal Court Clerk's office in that it is necessary to authorize such contract modification in order to continue the bank services without interruption, for the immediate preservation of the public peace, health, safety and welfare, now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBES:
Section 1. That the Franklin County Municipal Court Clerk is authorized and directed to modify and increase the amount of the third year of a three year contract with Huntington National Bank in the amount of $90,000.00, for the provision of bank and credit card services.
Section 2. That the expenditure of $90,000.00 or so much thereof as may be necessary is hereby authorized to be expended from the Clerk's general fund, fund 010, subfund 01, department 2601, oca 260166, object level one 03, object level three 3348 to contract with the Huntington National Bank.
Section 3. That for reasons stated in the preamble hereto, where is hereby made a part hereof, this ordinance is hereby declared an emergency measure, which shall take effect and be in force from and after its passage and approved by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.