City of Columbus - File #: 0102-2006

• File #: 0102-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 1/10/2006
• In control: Administration Committee
• On agenda: 2/27/2006
• Final action: 3/1/2006
• 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-)

Date	Ver.	Action By	Action	Result
3/1/2006	1	CITY CLERK	Attest
2/28/2006	1	MAYOR	Signed
2/27/2006	1	Columbus City Council	Approved	Pass
2/27/2006	1	COUNCIL PRESIDENT	Signed
2/13/2006	1	Columbus City Council	Read for the First Time
2/1/2006	1	CITY TREASURER	Sent to Clerk's Office for Council
1/31/2006	1	CITY ATTORNEY	Reviewed and Approved
1/27/2006	1	CITY TREASURER	Reviewed and Approved
1/26/2006	1	CITY AUDITOR	Reviewed and Approved
1/26/2006	1	CITY AUDITOR	Reviewed and Approved
1/25/2006	1	CITY TREASURER	Reviewed and Approved
1/17/2006	1	CITY TREASURER	Reviewed and Approved
1/17/2006	1	CITY TREASURER	Reviewed and Approved
1/17/2006	1	ODI DIRECTOR	Reviewed and Approved

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 availa...