Explanation
Background: This ordinance authorizes the Franklin County Municipal Court Clerk to modify and increase the amount of the second year of a three contract with Huntington National Bank for the provision of bank and credit card services; to authorize an expenditure of $47,100.00 from the Clerk's general fund; to authorize an expenditure of $32,900.00 from the Clerk's computer fund; and to declare an emergency. ($80,000.00)
The Clerk's office receives earnings credits on funds deposited with the Huntington National Bank that are utilized to offset the bank charges. The earnings credit rate is based on Federal funds rate. The Federal funds rate decreased from 5.25% in 2007 to 2% in 2008, causing a shortfall in earnings credit; therefore, additional funds are needed to cover the bank and credit card charges for the remainder of the second year of the contract.
Ordinance 2167-2006 approved by Council on December 11, 2006 authorized the first year of a three contract with Huntington National Bank for the provisions of bank and credit card services.
The Ohio Revised Code, section 1901.31 (G), empowers the Franklin County Municipal Court Clerk to select the depository of its funds without engaging in competitive bidding. However, an informal bidding process was used to solicit for the services.
Fiscal Impact: Sufficient funds are available within the Clerk's 2008 general fund budget and computer fund budget.
2006 - Ordinance 2167-2006 - $40,000.00
2007 - Ordinance 1519 - 2007 - No Aditional Funds Required.
2008 - $80,000.00
Contract Compliance Number: 31-0966785
Expiration Date: 09/21/2009
Title
To authorize and direct the Franklin County Municipal Court Clerk to modify and increase the second year of a three year contract with Huntington National Bank for the provision of bank and credit card services; to authorize an expenditure of $47,100.00 from the Clerk's general fund; to authorize an expenditure of $32,900....
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