City of Columbus - File #: 1495-2007

• File #: 1495-2007
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/12/2007
• In control: Administration Committee
• On agenda: 10/1/2007
• Final action: 10/5/2007
• Title: To authorize the City Treasurer to modify its contracts for banking services with JP Morgan Chase Bank; to authorize the expenditure of up to $30,000 from the general fund; and to declare an emergency. ($30,000.00)

Date	Ver.	Action By	Action	Result
10/5/2007	1	CITY CLERK	Attest
10/4/2007	1	MAYOR	Signed
10/1/2007	1	Columbus City Council	Approved	Pass
10/1/2007	1	COUNCIL PRESIDENT	Signed
9/19/2007	1	Treasurer Drafter	Sent to Clerk's Office for Council
9/18/2007	1	Treasurer Drafter	Sent for Approval
9/18/2007	1	CITY ATTORNEY	Reviewed and Approved
9/17/2007	1	Treasurer Drafter	Sent for Approval
9/17/2007	1	Auditor Reviewer	Reviewed and Approved
9/17/2007	1	CITY AUDITOR	Reviewed and Approved
9/14/2007	1	FINANCE DIRECTOR	Reviewed and Approved
9/13/2007	1	Finance Reviewer	Reviewed and Approved
9/13/2007	1	Finance Reviewer	Reviewed and Approved
9/12/2007	1	Treasurer Drafter	Sent for Approval
9/12/2007	1	CITY TREASURER	Reviewed and Approved
9/12/2007	1	Treasurer Drafter	Sent for Approval
9/12/2007	1	ODI DIRECTOR	Reviewed and Approved
9/12/2007	1	Treasurer Drafter	Sent for Approval

Explanation

BACKGROUND:
On February 27, 2007 Columbus City Council passed ordinance number 0150-2007 authorizing the Columbus City Treasurer's Office to modify and extend various banking services contracts, among which was a contract extension for provision of the payroll and operating accounts with JP Morgan Chase Bank for the period of March 1, 2007 through February 28, 2008. At that time, no funds were added to the contracts.

The City Treasurer now wishes to modify its contracts with JP Morgan Chase Bank to provide funds for these contracts.

FISCAL IMPACT: Funds for these contracts are budgeted and available within the City Treasurer's 2007 appropriations.

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.

Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/14/2008

Title

To authorize the City Treasurer to modify its contracts for banking services with JP Morgan Chase Bank; to authorize the expenditure of up to $30,000 from the general fund; and to declare an emergency. ($30,000.00)

Body

WHEREAS, the City Treasurer wishes to modify the existing contracts for provision of the payroll and main operating accounts with JP Morgan Chase Bank, originally authorized by Columbus City Council on February 27, 2007 by ordinance number 0150-2007; and

WHEREAS, the funds that are needed are budgeted and available within the City Treasurer's 2007 appropriations; and

WHEREAS, as an emergency exists in the usual daily operation of the City Treasurer, as it is immediately necessary to modify the existing contracts and authorize the expenditures with JP Morgan Chase Bank for the provision of providing for the main operating account and the payroll account of the City of Columbus necessary for the daily operation of normal business activities of the City of Columb...