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 ...
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