Explanation
On October 7, 2005, two responses to a Request for Proposal for City banking services issued by the City Treasurer were received. The RFP included specifications for the processing of various payments to the Division of Income Tax, Office of the Auditor. Representatives from the Auditor's Office and also the Columbus Depository Commission have approved the selection of JPMorgan Chase Bank, N.A as the lowest bid of those submitted by qualified service providers. Pursuant to the Request for Proposal, the contract for services to the Division of Income Tax shall be for a period of one (1) year with an option for the Division to renew annually for the following six years. The total allowable expenditure for the first contract year shall not exceed $200,000.00.
The contract for lockbox services provides for the direct deposit of known income tax receipts. The City benefits from greater investment earnings as less processing time is required prior to deposit of receipts. This contract relieves Division of Income Tax of the time consuming task of opening and sorting a large volume of mail during peak tax filing and payment periods, as well as reducing the workload of the City Treasurer's staff during those times.
Title
To authorize and direct the City Auditor to enter into a contract with JPMorgan Chase Bank, NA for certain banking services to be performed for the Division of Income tax for the period March 1, 2006 through February 28, 2007, to authorize the expenditure of $200,000.00 from the General Fund and to declare an emergency ($200,000.00).
Body
WHEREAS, the City Auditor wishes to enter into a contract for the provision of banking services to the Division of Income Tax, as specified within the Request for Proposal for city banking services, and
WHEREAS, the selection of JP Morgan Chase Bank, NA to provide such services was approved by the Columbus Depository Commission at its December 22, 2005...
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