Explanation
BACKGROUND:
On October 3, 2012 a request for proposal SA004617 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 April 18, 2013. 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 28, 2012. The contracts are for a period of ten (10) years beginning June 1, 2013 through May 31, 2023 subject to annual appropriations and approval of contracts by the Columbus City Council.
The City Treasurer wishes to enter into contract for banking services for the period June 1, 2013 through May 31, 2014 as follows:
Fifth Third Bank -- Investment Safekeeping Account - $8,000
JP Morgan Chase Bank -- Payroll, Main Operating, and Utilities E-Pay Lockbox Accounts - $84,000
Huntington National Bank -- Credit Card Processing Account - $1,527,800
Huntington National Bank - Water Lockbox - $120,000
In addition, the Treasurer wishes to enter into contract to establish an account necessary to facilitate the processing of credit card and other payments with the Huntington National Bank for $10,000.
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.
FISCAL IMPACT:
Funds for these are budgeted and available within the various funds' 2013 budget appropriations.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/26/2014; Fifth Third Bank 310676865, expiration 10/22/2014; Huntington Na...
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