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 third year of a seven year contract for banking services for the period of February 29, 2008 through February 28, 2009 as follows:
Fifth Third Bank -- Investment Safekeeping Account -- extend time only
JP Morgan Chase Bank -- Payroll Account -- extend time only
Huntington National Bank -- Credit Card Processing Account -- $337,800
JP Morgan Chase Bank -- Main 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 City Treasurer's Office recommends awarding to the lowest responsive, responsible and best bidder in compliance with the specifications, the Huntington National Bank. The contract is for a five (5) year period beginning February 29, 2008 through February 28, 2013 subject to annual appropriations and approval of the contract by Columbus City Council.
FISCAL IMPACT:
This ordinance is contin...
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