Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Contract with J.P. Morgan Chase Bank, N.A. of Dallas, Texas for Primary Depository Bank Services
Summary
COUNCIL GOAL: Financially Sound Government
(4B: Provide funding and organizational framework to ensure continual economic improvements)
MEETING DATE: May 21, 2024
DEPARTMENT: Financial Services
Procurement Services
CONTACT: Mark Holloway, Chief Financial Officer
Trudy Mathis, Director of Finance
Kelvin Bryant, Investment and Treasury Manager
Tonya Hall, Procurement Services Supervisor
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution
ITEM SUMMARY:
* This Resolution authorizes the City Manager to execute a contract with J.P. Morgan Chase Bank, N.A. of Dallas, Texas for Primary Depository Bank 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 applications 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 (5) years.
* All pertinent requirements of Section 110 of the City City Charter; Section 105 of the Local Government Code; Chapter 176 of the Conflict of Interest Act; Chapter 2256 of the Public Funds Investment Act; and Chapter 2257 of the Public Funds Collateral Act have been complied with.
* The existing depository contract with J.P. Morgan Chase Bank will expire on June 30, 2024.
* The City engaged with a consulting firm, Valley View Consulting, L.L.C., to provide depository contract advisory services.
* The City issued a Request for Applications (RFA) for Primary Depository Bank Services (24-36RFA) on February 11, 2024.
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