header-left
Share to Facebook Share to Twitter Bookmark and Share
File #: 0456-2017    Version: 1
Type: Ordinance Status: Passed
File created: 2/15/2017 In control: Finance Committee
On agenda: 3/27/2017 Final action: 3/29/2017
Title: To authorize the City Treasurer to modify its contracts for various banking services with JP Morgan Chase Bank, Huntington Bank, and Fifth Third Bank; to authorize the expenditure of up to $2,811,000.00 from various funds within the city; and to declare an emergency. ($2,811,000.00)
Attachments: 1. banking 0456-2017, 2. appropriation 0456-2017.pdf
Explanation

BACKGROUND:
On October 3, 2012 the Columbus City Treasurer's Office issued a request for proposal SA004617 for various banking services. The Columbus Depository Commission received and reviewed proposals from six (6) local banks and recommended, subject to the approval of City Council, the award of banking services to specific banks on April 18, 2013. All such banks are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. At a meeting of the Columbus Depository Commission held on December 28, 2012, the commission approved Applications for the Deposit of Public Funds which each bank submitted for review. The contracts are for a period of ten (10) years beginning June 1, 2013 through May 31, 2023 subject to annual appropriations and approval of contracts by the Columbus City Council.

On May 6, 2013, Columbus City Council authorized contracts and expenditures for the first year of banking services, ordinance number 1040-2013, for the period of June 1, 2013 through May 31, 2014.

On May 19, 2014, Columbus City Council authorized contracts and expenditures for the second year of banking services, ordinance number 1073-2014, for the period of June 1, 2014 through May 31, 2015.

On June 1, 2015, Columbus City Council authorized contracts and expenditures for the third year of banking services, ordinance number 1101-2015 for the period of June 1 2015 through May 31, 2016.

On May 16, 2016, Columbus City Council authorized contracts and expenditures for the fourth year of banking services, ordinance number 1177-2016 for the period of June 1 2016 through May 31, 2017.

The City Treasurer’s Office now wishes to modify and extend its contracts for banking for the fifth year of the ten year contract for the period June 1, 2017 through May 31, 2018.

The Columbus City Treasurer requests emergency designation so as to post the financial transaction in the city's accounting system as soon as possible. Up...

Click here for full text