City of Columbus - File #: 0150-2007

• File #: 0150-2007
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 1/23/2007
• In control: Administration Committee
• On agenda: 2/26/2007
• Final action: 2/27/2007
• Title: To authorize the City Treasurer to modify and extend contracts for various banking services; to authorize the expenditure of up to $525,350 $344,350 from various funds within the city; and to declare an emergency. ($525,350.00) ($344,350.00)

Date	Ver.	Action By	Action	Result
2/27/2007	2	MAYOR	Signed
2/27/2007	2	CITY CLERK	Attest
2/26/2007	2	Columbus City Council	Amended as submitted to the Clerk	Pass
2/26/2007	2	Columbus City Council	Approved as Amended	Pass
2/26/2007	2	COUNCIL PRESIDENT	Signed
2/8/2007	1	FINANCE DIRECTOR	Reviewed and Approved
2/8/2007	1	Treasurer Drafter	Sent for Approval
2/8/2007	1	ODI DIRECTOR	Reviewed and Approved
2/8/2007	1	Treasurer Drafter	Sent for Approval
2/8/2007	1	CITY ATTORNEY	Reviewed and Approved
2/8/2007	1	Treasurer Drafter	Sent to Clerk's Office for Council
2/7/2007	1	Finance Reviewer	Reviewed and Approved
2/7/2007	1	Finance Reviewer	Reviewed and Approved
2/6/2007	1	Auditor Reviewer	Reviewed and Approved
2/6/2007	1	CITY AUDITOR	Reviewed and Approved
2/6/2007	1	Treasurer Drafter	Sent for Approval
2/5/2007	1	Treasurer Drafter	Sent for Approval
2/5/2007	1	CITY TREASURER	Reviewed and Approved
2/5/2007	1	Treasurer Drafter	Sent for Approval

Explanation
Ordinance 0150-2007

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 19, 2006. 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 second year of a seven year contract for banking services for the period of March 1, 2007 through February 28, 2008 as follows:

Investment Safekeeping Account Fifth Third Bank $6,000
Payroll Account JP Morgan Chase Bank Extend time only
Credit Card Processing Account Huntington National Bank $389,350 $208,350
Main Operating Account JP Morgan Chase Bank Extend time only


In addition, the City Treasurer wishes to extend the existing water lockbox contract with JP Morgan Chase for the same period of time. Bids were received for this contract for the period March 1, 2003 through February 28, 2008.

Water Lock Box JP Morgan Chase $ 130,000

Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/14/2008; Fifth Third Bank, 310740333, ...