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 28, 2012. The contracts were 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.
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.
On October 3, 2012 an RFP for various banking services was issued by the Columbus City Treasurer’s Office. The Columbus City Treasurer received proposals for the provision of various banking services on October 25, 2012. It was expected that the evaluation committee would have concluded its work in order to award of the aforementioned contracts by February 28, 2013. The committee will be unable to meet this date and, as a consequence, the City Treasurer wishes to modify and extend the city’s current banking contracts until May 31, 2013.
Fifth Third Bank -- Investment Safekeeping Account - $2,000 and extend time
JP Morgan Chase Ban...
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