City of Columbus - File #: 1670-2010

• File #: 1670-2010
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/11/2010
• In control: Administration Committee
• On agenda: 12/6/2010
• Final action: 12/9/2010
• 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)

Date	Ver.	Action By	Action	Result
12/9/2010	1	CITY CLERK	Attest
12/7/2010	1	MAYOR	Signed
12/6/2010	1	Columbus City Council	Approved	Pass
12/6/2010	1	COUNCIL PRESIDENT	Signed
11/16/2010	1	Finance Reviewer	Reviewed and Approved
11/16/2010	1	Finance Reviewer	Reviewed and Approved
11/16/2010	1	FINANCE DIRECTOR	Reviewed and Approved
11/16/2010	1	Treasurer Drafter	Sent for Approval
11/16/2010	1	CITY ATTORNEY	Reviewed and Approved
11/16/2010	1	Treasurer Drafter	Sent to Clerk's Office for Council
11/15/2010	1	Treasurer Drafter	Sent for Approval
11/15/2010	1	CITY TREASURER	Reviewed and Approved
11/15/2010	1	Treasurer Drafter	Sent for Approval
11/15/2010	1	EBOCO Reviewer	Sent for Approval
11/15/2010	1	ODI DIRECTOR	Reviewed and Approved
11/15/2010	1	Treasurer Drafter	Sent for Approval
11/15/2010	1	Auditor Reviewer	Reviewed and Approved
11/15/2010	1	CITY AUDITOR	Reviewed and Approved
11/15/2010	1	Finance Reviewer	Reviewed and Approved

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 expen...