HomeMy WebLinkAbout01-144 AGENDA BILL
BREMERTON CITY COUNCIL
1. SUBJECT: FOR AGENDA OF: June 27.2001 (k ~,,)
ORIGINATING DEPT: ---~,~.~/~
EXTENTION ON BANKING SERVICES CONTRACT ORIGINATOR: Rich
WITH BANK OF AMERICA DATE SUBMITTED: 05/1,7/2001
~ Comment of back if necessary) 3. EXHIBITS:
Dir. Admin, Services~.~e.,=$,==.,m=~_..----'-- Bank Proposal
Pur, c_h asing Ma nager'~-~~;~
ORSEMENTS ~ INFORMATION APPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
4. SUMMARY STATEMENT AND REQUIREMENT FOR COUNCIL ACTIQN:
At the request of the City Treasurer, Bank of America has submitted the attached offer to extend the current contract
for banking services through June 2003. The proposal contains a revised pricing schedule for banking services
which is expected to increase the cost of services by approximately 1.5% from our current rates. Also included in the
proposal is an offer to refine the range of banking services to better meet the financial needs and security of the City.
8. RECOMMENDATION:
Motion to approve extention of the contract with Bank of America for banking services and authorize the Mayor to
execute the same.
9. RESPONSIBLE OFFICIAL: Treasurer
ENFORCEMENT OFFICIAL: Mayor
EXPIRATION DATE: 30-Jun-03
REVIEW DATE: N/A
10. NOTICE QF ACTION
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PULLED~ TABLED APPROVED ~ DISAPPROVED AMENDED
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~'""1~"~"~-'~'-- ~ 11. AGENDA BILL NO: O( '- 1 ~'/1~
2. CLEARANCE COMMENTS:
5. IMPACT ON NON-PASSAGE:
The City will attemp~ further contract negotiations or will re-bid banking services.
6. IMPACT ON STAFFING. BUDGETS. FACILITIES. EQUIPMENT OR OTHER RESOURCES:
No impact. The additional banking services proposed will provide the City with greater protection from fraudulent
transactions than are currently available.
7. RESEARCH $OURCE~:
Negotiations with Bank of America. Discussion and review with other municipal finance professionals.