Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Contract with J.P. Morgan Chase of Dallas, Texas for Primary Depository Banking Services
Summary
COUNCIL GOAL: Financially Sound Government
(4A: Provide funding and organizational framework to ensure continual economic improvements)
MEETING DATE: June 18, 2019
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
Trudy Mathis, Director of Finance
Kelvin Bryant, Investment and Treasury Manager
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution.
ITEM SUMMARY:
* This Resolution authorizes the City Manager to execute a contract with J.P. Morgan Chase of Dallas, TX for Primary Depository Banking Services.
* The contract is for a three-year term and includes a provision for two one-year continuations under the same terms and conditions of the contract, subject to the mutual agreement of both parties.
BACKGROUND INFORMATION:
* Section 110 of the City of McKinney Charter authorizes the City to receive sealed proposals from any bank doing business in the City of McKinney, Texas.
* Section 105.017 of the Local Government Code states that a municipal depository contract should not exceed five years.
* All pertinent requirements of Section 110 of the City City Charter; Section 105 of Local Government Code; Chapter 176 of Conflict of Interest Act; Chapter 2256 of Public Funds Investment Act; and Chapter 2257 of Public Funds Collateral Act have been complied with.
* The existing depository contract with American National Bank of Texas, will expire on June 30, 2019.
* The City engaged a consulting firm, Valley View Consulting, L.L.C., to provide depository contract advisory services.
* The City issued a Request for Application for Primary Depository Banking Services (19-23RFA) on March 10, 2019.
o Advertised in McKinney Courier Gazette and posted on McKinney TV
o 147 of matching eBid supplier notifications
* Purchasing received (10) ten responses ...
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