Explanation
BACKGROUND:
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 are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. Approval is 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 27, 2007. The contracts are for a period of seven (7) years starting March 1, 2006 through February 28, 2013 subject to annual appropriations and approval of contracts by the Columbus City Council.
On February 8, 2010, ordinance 0137-2010 was passed by Columbus City Council authorizing the City Treasurer to enter into the fifth year of a seven year contract for banking services with JP Morgan Chase for the period of March 1, 2010 through February 28, 2011. At that time, $7,000.00 was authorized on behalf of the Division of Power and Water. The City Treasurer now wishes to add $25,000.00 to its contract.
These companies are not debarred according to the Excluded Party Listing System of the Federal Government or prohibited from being awarded a contract according to the Auditor of State Unresolved Findings for Recovery Certified Search.
FISCAL IMPACT:
Funds for these contracts are available within the City Treasurer's 2010 budget appropriations.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/9/2012
Title
To authorize the City Treasurer to modify its contract with JP Morgan Chase for banking services; to authorize a transfer of $9,000.00 within the City Treasurer's 2010 appropriations; to authorize the expenditure of up to $25,000 from the general fund; and to declare an emergency. ($25,000.00)
Body
WHEREAS, the City Treasurer awarded various contracts for the provision of banking services as provided for in a Request for Proposal issued on September 6, 2005 and for which approval for banking services was approved by the Columbus Depository Commission at a meeting held on December 2, 2005; and
WHEREAS, ordinance 0137-2010, passed by Columbus City Council, authorized the City Treasurer to enter into contract for the fifth year of a seven year contract with various banks including JP Morgan Chase; and
WHEREAS, the City Treasurer now wishes to provide additional funding for its contract with JP Morgan Chase; and
WHEREAS, as an emergency exists in the usual daily operation of the City Treasurer such that it is immediately necessary to modify the contract and authorize the expenditures as cited below, providing banking services 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 Auditor is hereby authorized and directed to transfer funds from within the 2010 appropriations of the City Treasurer's Office as follows:
From: Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 01 | Object level three code: 1101 | Amount: $9,000.00
To: Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $9,000.00
SECTION 2. That the City Treasurer is hereby authorized to modify its contract with JP Morgan Chase Bank for the provision of the main operating account (for the City Treasurer and the Department of Public Utilities) and the payroll account of the City of Columbus within the guidelines set forth in the original bid document with a contract ending date of February 28, 2011 and to authorize the expenditure of $25,000.00, 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: $25,000.00 | City Treasurer
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.