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 Codes. 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 were 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.
On March 27, 2017, Columbus City Council authorized the contract modifications and expenditures for the fifth year of banking services by passage of ordinance number 0456-2017 for the period June 1, 2017 through May 31, 2018.
Columbus City Council authorized the contract modifications and expenditures for the sixth year o...
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