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DATE SUBMITTED: 07/13/2005
BILL # 05- /71
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
SUBJECT: Extension of Banking Services
Contract with Bank of America
Committee Meeting Date: 07/27/05
COUNCIL MEETING Date: 08/03/05
Department: Finance
Presenter: Cathy Johnson
Phone: 473-5296
SUMMARY: The city's banking service contract with Bank of America expired June 30, 2005.
Since the city has done business with Bank of America for many years and other banks have
expressed interest in our business, it is our intention to enter into a formal request for proposal process
to allow other banks the opportunity to bid for our services. Bank of America has offered to extend
the current contract for a period of up to one year which will allow sufficient time to prepare a request
for proposals and review the responses.
ATTACHMENTS: Bank of America Proposal to extend Banking Services Agreement
Historical Banking Service Fee Summary
FISCAL IMP ACTS (Include Budgeted Amount): The 2005 Finance budget currently contains
$37,500 for banking service fees. No change is requested.
FISCAL/BUDGET:
OPERATIONS:
COUNCIL PRESIDENT:
- CONSENT AGENDA ~;
&-,
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
RECOMMENDED MOTION: Move to approve an authorize the mayor to execute a contract
amendment extending the te7 of the City's banking service contract by one year.
COUNCIL ACTION: JAPprove 0 Deny 0 Table 0 Continue 0 No Action