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.
The City Treasurer wishes to enter into the fifth year of a seven year contract for banking services for the period of March 1, 2010 through February 28, 2011 as follows:
Fifth Third Bank -- Investment Safekeeping Account -- extend time only
JP Morgan Chase Bank -- Payroll Account and Main Operating Account - $7,000
Huntington National Bank -- Credit Card Processing Account -- $618,600
Huntington National Bank - Operating Account - extend time only
In addition, the City Treasurer issued an RFP on October 26, 2007 for water lockbox services. Ten companies were solicited via the city's vendor services website. A proposal was received from one (1) local bank, the Huntington National Bank. The contract was for a five (5) year period beginning February 29, 2008 through February 28, 2013, subject to annual appropriations and approval of the contract by the Columbus City Council. The City Treasurer's Office wishes to enter into the third year of the five year contract for water lockbox services with the Huntington National Bank for the period Ma...
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