From
Becky Brooks
Title
Resolution awarding the City's Primary Bank Depository Services Agreement to Wells Fargo Bank, N.A. for two years, with three additional 12-month extension options; and authorize the City Manager to execute the renewal options with aggregate price fluctuations of the lesser of up to $50,000 or 25% of the original maximum price so long as sufficient funding is appropriated by the City Council to satisfy the City's obligation during the renewal terms
Presenter
E.K. Hufstedler, III, Valley View Consulting LLC
Recommended Action
Approve
Analysis
Texas Local Government Code Chapter 105 requires the city to solicit bank applications no less than every five years. The current agreement expires in February, 2019. City staff used Valley View Consulting LLC to assist with Bank Request for Application (RFA) process and analysis. Three banks submitted an application. Two were considered responsive bids and were considered: Wells Fargo (the incumbent depository) and JP Morgan Chase.
Valley View Consulting LLC compiled a summary of the process, the resulting analysis and comparison of the bids, as attached.
The initial term of the award is for two years, with three additional 12-month extension options.
Staff recommends that City Council award the Primary Bank Depository Services to Wells Fargo Bank NA and authorize the City Manager to proceed with final contract details and execution.
Financial Consideration
None expected. Fees for banking services are usually offset by earnings on the account, based on the balances maintained in the account.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AWARDING THE PRIMARY DEPOSITORY BANK SERVICES CONTRACT TO WELLS FARGO BANK, N.A. AND AUTHORIZING THE CITY MANAGER TO ACT ON THE CITY’S BEHALF IN EXECUTING THE AGREEMENTS NECESSARY FOR PRIMARY DEPOSITORY BANK SERVICES
Whereas, the State of Texas Local Government Codes: Chapter 105 Municipal Depository Act; Chapter 176 Conflict of Interest Act; Chapter 2256 Public Funds Investment Act; and Chapter 2257 Public Funds Collateral Act established the process for selecting a depository bank; and,
WHEREAS, the City received and considered the eligible applications from JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. and,
WHEREAS, in concert with Valley View Consulting, staff has reviewed the applications submitted and recommends that the primary Depository Bank Services contract be awarded to Wells Fargo Bank, N.A
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Approval and Authorization of Contract
The City Council hereby approves the contract award, subject to approval as to form by the City Attorney, for Primary Depository Bank Services, and authorizes the City Manager's execution of same. The City Manager is hereby authorized to execute all documents and to take all other actions necessary to finalize, act under, and enforce the contract.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, December 11, 2018.